Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Registrant Name | 'ENTERGY CORP /DE/ | ' |
Entity Central Index Key | '0000065984 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 179,381,728 |
Entergy Arkansas [Member] | ' | ' |
Entity Registrant Name | 'Entergy Arkansas, Inc. | ' |
Entity Central Index Key | '0000007323 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entergy Gulf States Louisiana [Member] | ' | ' |
Entity Registrant Name | 'ENTERGY GULF STATES LOUISIANA, L.L.C. | ' |
Entity Central Index Key | '0000044570 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entergy Louisiana [Member] | ' | ' |
Entity Registrant Name | 'ENTERGY LOUISIANA, LLC | ' |
Entity Central Index Key | '0001348952 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entergy Mississippi [Member] | ' | ' |
Entity Registrant Name | 'ENTERGY MISSISSIPPI, INC. | ' |
Entity Central Index Key | '0000066901 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entergy New Orleans [Member] | ' | ' |
Entity Registrant Name | 'ENTERGY NEW ORLEANS, INC. | ' |
Entity Central Index Key | '0000071508 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entergy Texas [Member] | ' | ' |
Entity Registrant Name | 'ENTERGY TEXAS, INC. | ' |
Entity Central Index Key | '0001427437 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
System Energy [Member] | ' | ' |
Entity Registrant Name | 'SYSTEM ENERGY RESOURCES, Inc. | ' |
Entity Central Index Key | '0000202584 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING REVENUES | ' | ' | |
Electric | $2,226,463 | $1,949,280 | |
Natural gas | 78,220 | 53,321 | |
Competitive businesses | 904,160 | 606,273 | |
TOTAL | 3,208,843 | 2,608,874 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 543,829 | 510,333 | |
Purchased power | 574,627 | 373,129 | |
Nuclear refueling outage expenses | 59,544 | 60,719 | |
Other operation and maintenance | 737,980 | 754,258 | |
Decommissioning | 65,799 | 59,104 | |
Taxes other than income taxes | 154,468 | 151,095 | |
Depreciation and amortization | 328,724 | 300,876 | |
Other regulatory charges (credits) - net | 3,995 | 5,315 | |
TOTAL | 2,468,966 | 2,214,829 | |
OPERATING INCOME | 739,877 | 394,045 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 15,129 | 12,751 | |
Interest and investment income | 35,248 | 38,306 | |
Miscellaneous - net | -11,704 | -13,623 | |
TOTAL | 38,673 | 37,434 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 162,551 | 153,149 | |
Allowance for borrowed funds used during construction | -7,020 | -5,188 | |
TOTAL | 155,531 | 147,961 | |
INCOME BEFORE INCOME TAXES | 623,019 | 283,518 | |
Income taxes | 216,966 | 116,536 | |
CONSOLIDATED NET INCOME | 406,053 | 166,982 | [1] |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,879 | 5,582 | |
EARNINGS APPLICABLE TO COMMON STOCK | 401,174 | 161,400 | |
Earnings per average common share: | ' | ' | |
Basic (in dollars per share) | $2.24 | $0.91 | |
Diluted (in dollars per share) | $2.24 | $0.90 | |
Dividends declared per common share (in dollars per share) | $0.83 | $0.83 | |
Basic average number of common shares outstanding (in shares) | 178,797,829 | 178,027,961 | |
Diluted average number of common shares outstanding (in shares) | 179,055,967 | 178,413,287 | |
Entergy Arkansas [Member] | ' | ' | |
OPERATING REVENUES | ' | ' | |
Electric | 514,981 | 542,392 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 92,153 | 147,773 | |
Purchased power | 118,848 | 106,314 | |
Nuclear refueling outage expenses | 8,677 | 11,540 | |
Other operation and maintenance | 138,545 | 141,620 | |
Decommissioning | 11,186 | 10,517 | |
Taxes other than income taxes | 21,908 | 23,252 | |
Depreciation and amortization | 57,721 | 58,636 | |
Other regulatory charges (credits) - net | -417 | -574 | |
TOTAL | 448,621 | 499,078 | |
OPERATING INCOME | 66,360 | 43,314 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 1,753 | 2,226 | |
Interest and investment income | 4,017 | 5,775 | |
Miscellaneous - net | -364 | -1,165 | |
TOTAL | 5,406 | 6,836 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 22,833 | 22,579 | |
Allowance for borrowed funds used during construction | -638 | -776 | |
TOTAL | 22,195 | 21,803 | |
INCOME BEFORE INCOME TAXES | 49,571 | 28,347 | |
Income taxes | 21,201 | 13,628 | |
CONSOLIDATED NET INCOME | 28,370 | 14,719 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 1,718 | 1,718 | |
EARNINGS APPLICABLE TO COMMON STOCK | 26,652 | 13,001 | |
Entergy Gulf States Louisiana [Member] | ' | ' | |
OPERATING REVENUES | ' | ' | |
Electric | 481,422 | 399,137 | |
Natural gas | 31,873 | 20,818 | |
TOTAL | 513,295 | 419,955 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 59,205 | 47,838 | |
Purchased power | 219,708 | 162,077 | |
Nuclear refueling outage expenses | 5,273 | 4,326 | |
Other operation and maintenance | 87,097 | 92,722 | |
Decommissioning | 4,121 | 3,892 | |
Taxes other than income taxes | 21,009 | 19,238 | |
Depreciation and amortization | 38,242 | 37,372 | |
Other regulatory charges (credits) - net | -3,936 | 407 | |
TOTAL | 430,719 | 367,872 | |
OPERATING INCOME | 82,576 | 52,083 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 1,646 | 1,650 | |
Interest and investment income | 10,057 | 10,855 | |
Miscellaneous - net | -1,718 | -2,640 | |
TOTAL | 9,985 | 9,865 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 20,278 | 20,199 | |
Allowance for borrowed funds used during construction | -761 | -691 | |
TOTAL | 19,517 | 19,508 | |
INCOME BEFORE INCOME TAXES | 73,044 | 42,440 | |
Income taxes | 26,572 | 15,275 | |
CONSOLIDATED NET INCOME | 46,472 | 27,165 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 206 | 206 | |
EARNINGS APPLICABLE TO COMMON STOCK | 46,266 | 26,959 | |
Entergy Louisiana [Member] | ' | ' | |
OPERATING REVENUES | ' | ' | |
Electric | 623,494 | 606,085 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 90,787 | 118,707 | |
Purchased power | 249,119 | 229,009 | |
Nuclear refueling outage expenses | 8,878 | 6,852 | |
Other operation and maintenance | 109,122 | 105,127 | |
Decommissioning | 6,046 | 5,301 | |
Taxes other than income taxes | 19,745 | 18,800 | |
Depreciation and amortization | 62,375 | 59,838 | |
Other regulatory charges (credits) - net | -7,635 | -2,277 | |
TOTAL | 538,437 | 541,357 | |
OPERATING INCOME | 85,057 | 64,728 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 8,877 | 5,742 | |
Interest and investment income | 21,178 | 21,789 | |
Miscellaneous - net | -169 | -860 | |
TOTAL | 29,886 | 26,671 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 40,689 | 36,429 | |
Allowance for borrowed funds used during construction | -4,463 | -2,448 | |
TOTAL | 36,226 | 33,981 | |
INCOME BEFORE INCOME TAXES | 78,717 | 57,418 | |
Income taxes | 20,339 | 12,042 | |
CONSOLIDATED NET INCOME | 58,378 | 45,376 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 1,738 | 1,738 | |
EARNINGS APPLICABLE TO COMMON STOCK | 56,640 | 43,638 | |
Entergy Mississippi [Member] | ' | ' | |
OPERATING REVENUES | ' | ' | |
Electric | 348,196 | 291,641 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 57,315 | 73,561 | |
Purchased power | 128,052 | 84,912 | |
Other operation and maintenance | 55,358 | 57,950 | |
Taxes other than income taxes | 22,267 | 19,887 | |
Depreciation and amortization | 28,111 | 26,651 | |
Other regulatory charges (credits) - net | -39 | -8,443 | |
TOTAL | 291,064 | 254,518 | |
OPERATING INCOME | 57,132 | 37,123 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 435 | 733 | |
Interest and investment income | 338 | 139 | |
Miscellaneous - net | -839 | -858 | |
TOTAL | -66 | 14 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 14,428 | 15,293 | |
Allowance for borrowed funds used during construction | -228 | -455 | |
TOTAL | 14,200 | 14,838 | |
INCOME BEFORE INCOME TAXES | 42,866 | 22,299 | |
Income taxes | 17,027 | 8,365 | |
CONSOLIDATED NET INCOME | 25,839 | 13,934 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 707 | 707 | |
EARNINGS APPLICABLE TO COMMON STOCK | 25,132 | 13,227 | |
Entergy New Orleans [Member] | ' | ' | |
OPERATING REVENUES | ' | ' | |
Electric | 140,227 | 113,963 | |
Natural gas | 46,340 | 32,503 | |
TOTAL | 186,567 | 146,466 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 51,162 | 28,863 | |
Purchased power | 69,145 | 60,159 | |
Other operation and maintenance | 28,131 | 31,233 | |
Taxes other than income taxes | 13,135 | 12,246 | |
Depreciation and amortization | 9,465 | 9,443 | |
Other regulatory charges (credits) - net | 248 | 250 | |
TOTAL | 171,286 | 142,194 | |
OPERATING INCOME | 15,281 | 4,272 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 355 | 170 | |
Interest and investment income | 17 | 21 | |
Miscellaneous - net | -347 | -316 | |
TOTAL | 25 | -125 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 3,362 | 3,203 | |
Allowance for borrowed funds used during construction | -173 | -86 | |
TOTAL | 3,189 | 3,117 | |
INCOME BEFORE INCOME TAXES | 12,117 | 1,030 | |
Income taxes | 3,823 | -277 | |
CONSOLIDATED NET INCOME | 8,294 | 1,307 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 241 | 241 | |
EARNINGS APPLICABLE TO COMMON STOCK | 8,053 | 1,066 | |
Entergy Texas [Member] | ' | ' | |
OPERATING REVENUES | ' | ' | |
Electric | 440,256 | 306,173 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 50,968 | -26,100 | |
Purchased power | 234,826 | 192,719 | |
Other operation and maintenance | 51,210 | 56,490 | |
Taxes other than income taxes | 16,498 | 14,650 | |
Depreciation and amortization | 24,515 | 23,360 | |
Other regulatory charges (credits) - net | 19,183 | 18,777 | |
TOTAL | 397,200 | 279,896 | |
OPERATING INCOME | 43,056 | 26,277 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 845 | 759 | |
Interest and investment income | 303 | 347 | |
Miscellaneous - net | -464 | -858 | |
TOTAL | 684 | 248 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 22,661 | 23,181 | |
Allowance for borrowed funds used during construction | -589 | -555 | |
TOTAL | 22,072 | 22,626 | |
INCOME BEFORE INCOME TAXES | 21,668 | 3,899 | |
Income taxes | 8,503 | 2,977 | |
CONSOLIDATED NET INCOME | 13,165 | 922 | |
System Energy [Member] | ' | ' | |
OPERATING REVENUES | ' | ' | |
Electric | 157,667 | 168,578 | |
Operating and Maintenance: | ' | ' | |
Fuel, fuel-related expenses, and gas purchased for resale | 14,148 | 21,517 | |
Nuclear refueling outage expenses | 6,182 | 7,357 | |
Other operation and maintenance | 34,678 | 39,941 | |
Decommissioning | 10,192 | 8,631 | |
Taxes other than income taxes | 6,522 | 6,489 | |
Depreciation and amortization | 37,326 | 35,416 | |
Other regulatory charges (credits) - net | -3,410 | -2,825 | |
TOTAL | 105,638 | 116,526 | |
OPERATING INCOME | 52,029 | 52,052 | |
OTHER INCOME | ' | ' | |
Allowance for equity funds used during construction | 1,218 | 1,471 | |
Interest and investment income | 4,415 | 2,677 | |
Miscellaneous - net | -105 | -168 | |
TOTAL | 5,528 | 3,980 | |
INTEREST EXPENSE | ' | ' | |
Interest expense | 14,247 | 9,204 | |
Allowance for borrowed funds used during construction | -167 | -178 | |
TOTAL | 14,080 | 9,026 | |
INCOME BEFORE INCOME TAXES | 43,477 | 47,006 | |
Income taxes | 18,858 | 19,000 | |
CONSOLIDATED NET INCOME | $24,619 | $28,006 | |
[1] | Consolidated net income and preferred dividend requirements of subsidiaries for 2014 and 2013 include $3.2 million and $3.9 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | $406,053 | $166,982 | [1] |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 516,442 | 472,933 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 234,102 | 98,671 | |
Changes in working capital: | ' | ' | |
Receivables | 49,107 | -29,845 | |
Fuel inventory | 15,940 | -5,147 | |
Accounts payable | 32,870 | -40,861 | |
Prepaid taxes and taxes accrued | -79,829 | -35,648 | |
Interest accrued | -24,802 | -30,570 | |
Deferred fuel costs | -161,189 | -2,149 | |
Other working capital accounts | -115,060 | -151,958 | |
Changes in provisions for estimated losses | 3,319 | -245,972 | |
Changes in other regulatory assets | 18,627 | 167,634 | |
Changes in other regulatory liabilities | 19,634 | 147,492 | |
Changes in pensions and other postretirement liabilities | -46,174 | 32,696 | |
Other | -101,883 | -269 | |
Net cash flow provided by operating activities | 767,157 | 543,989 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -483,350 | -631,857 | |
Allowance for equity funds used during construction | 15,883 | 13,672 | |
Nuclear fuel purchases | -142,672 | -145,168 | |
Proceeds from sale of assets and businesses | 10,100 | 0 | |
Changes in securitization account | -2,219 | 1,601 | |
NYPA value sharing payment | -72,000 | -71,736 | |
Payments to storm reserve escrow account | -1,897 | -2,219 | |
Receipts from storm reserve escrow account | 0 | 252,482 | |
Decrease (increase) in other investments | 18,093 | -44,298 | |
Proceeds from nuclear decommissioning trust fund sales | 536,515 | 398,010 | |
Investment in nuclear decommissioning trust funds | -562,278 | -432,247 | |
Proceeds from insurance | 28,226 | 0 | |
Net cash flow used in investing activities | -655,599 | -661,760 | |
Proceeds from the issuance of: | ' | ' | |
Proceeds from the issuance of long-term debt | 753,244 | 564,717 | |
Common stock and treasury stock | 35,538 | 8,102 | |
Retirement of long-term debt | -735,794 | -849,860 | |
Changes in credit borrowings and commercial paper - net | 157,959 | 277,886 | |
Dividends paid: | ' | ' | |
Common stock | -148,275 | -147,902 | |
Preferred stock | -4,873 | -5,582 | |
Net cash flow provided by (used in) financing activities | 57,799 | -152,639 | |
Effect of exchange rates on cash and cash equivalents | 0 | 772 | |
Net increase (decrease) in cash and cash equivalents | 169,357 | -269,638 | |
Cash and cash equivalents at beginning of period | 739,126 | 532,569 | |
Cash and cash equivalents at end of period | 908,483 | 262,931 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 181,112 | 179,119 | |
Income taxes | 4,196 | 12,341 | |
Entergy Arkansas [Member] | ' | ' | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | 28,370 | 14,719 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 95,346 | 92,988 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 59,118 | 24,215 | |
Changes in working capital: | ' | ' | |
Receivables | -2,984 | 2,124 | |
Fuel inventory | 9,648 | 5,103 | |
Accounts payable | -24,908 | -9,139 | |
Prepaid taxes and taxes accrued | -23,229 | -6,164 | |
Interest accrued | -3,476 | -10,117 | |
Deferred fuel costs | -19,638 | 43,740 | |
Other working capital accounts | -55,519 | -2,572 | |
Changes in provisions for estimated losses | -321 | 95 | |
Changes in other regulatory assets | -17,558 | 16,763 | |
Changes in pensions and other postretirement liabilities | -16,342 | -1,327 | |
Other | 52,017 | 2,963 | |
Net cash flow provided by operating activities | 80,524 | 173,391 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -140,439 | -126,629 | |
Allowance for equity funds used during construction | 2,507 | 3,147 | |
Nuclear fuel purchases | -95,644 | -32,561 | |
Proceeds from sale of nuclear fuel | 76,808 | 36,478 | |
Changes in securitization account | -4,290 | -3,459 | |
Proceeds from nuclear decommissioning trust fund sales | 45,317 | 56,118 | |
Investment in nuclear decommissioning trust funds | -47,603 | -59,540 | |
Change in money pool receivable - net | -29,876 | -33,443 | |
Proceeds from insurance | 24,156 | 0 | |
Other | -800 | 0 | |
Net cash flow used in investing activities | -169,864 | -159,889 | |
Proceeds from the issuance of: | ' | ' | |
Proceeds from the issuance of long-term debt | 372,063 | 98,660 | |
Retirement of long-term debt | -250,003 | -99,703 | |
Changes in credit borrowings and commercial paper - net | 62,493 | -15,352 | |
Dividends paid: | ' | ' | |
Common stock | 0 | -15,000 | |
Preferred stock | -1,718 | -1,718 | |
Net cash flow provided by (used in) financing activities | 182,835 | -33,113 | |
Net increase (decrease) in cash and cash equivalents | 93,495 | -19,611 | |
Cash and cash equivalents at beginning of period | 127,022 | 34,533 | |
Cash and cash equivalents at end of period | 220,517 | 14,922 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 24,977 | 31,358 | |
Income taxes | 1,620 | 4,107 | |
Entergy Gulf States Louisiana [Member] | ' | ' | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | 46,472 | 27,165 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 58,109 | 51,283 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 28,882 | 27,177 | |
Changes in working capital: | ' | ' | |
Receivables | -53,949 | -38,252 | |
Fuel inventory | -831 | -5,231 | |
Accounts payable | 2,019 | 36,618 | |
Prepaid taxes and taxes accrued | 16,865 | 383 | |
Interest accrued | 3,552 | 5,631 | |
Deferred fuel costs | -27,051 | -16,866 | |
Other working capital accounts | 33,674 | -42,526 | |
Changes in provisions for estimated losses | -601 | -64,253 | |
Changes in other regulatory assets | 856 | 27,154 | |
Changes in pensions and other postretirement liabilities | -2,197 | 4,004 | |
Other | -29,272 | 74,352 | |
Net cash flow provided by operating activities | 76,528 | 86,639 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -61,683 | -70,474 | |
Allowance for equity funds used during construction | 1,646 | 1,650 | |
Nuclear fuel purchases | -17,553 | -130,406 | |
Proceeds from sale of nuclear fuel | 55,147 | 19,401 | |
Payments to storm reserve escrow account | -3 | -15 | |
Receipts from storm reserve escrow account | 0 | 65,475 | |
Proceeds from nuclear decommissioning trust fund sales | 30,268 | 23,305 | |
Investment in nuclear decommissioning trust funds | -35,264 | -28,712 | |
Change in money pool receivable - net | -1,340 | 0 | |
Net cash flow used in investing activities | -28,782 | -119,776 | |
Proceeds from the issuance of: | ' | ' | |
Proceeds from the issuance of long-term debt | 0 | 69,804 | |
Change in money pool payable - net | 0 | 1,662 | |
Changes in credit borrowings and commercial paper - net | -14,500 | 50,000 | |
Dividends paid: | ' | ' | |
Common stock | -33,317 | -119,900 | |
Preferred stock | -206 | -206 | |
Other | -145 | 0 | |
Net cash flow provided by (used in) financing activities | -48,168 | 1,360 | |
Net increase (decrease) in cash and cash equivalents | -422 | -31,777 | |
Cash and cash equivalents at beginning of period | 15,581 | 35,686 | |
Cash and cash equivalents at end of period | 15,159 | 3,909 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 16,011 | 13,845 | |
Entergy Louisiana [Member] | ' | ' | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | 58,378 | 45,376 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 88,186 | 79,633 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 81,091 | 41,558 | |
Changes in working capital: | ' | ' | |
Receivables | 41,296 | -57,924 | |
Fuel inventory | 4,531 | 454 | |
Accounts payable | -21,861 | -69,131 | |
Prepaid taxes and taxes accrued | -41,033 | 3,550 | |
Interest accrued | -5,899 | -2,113 | |
Deferred fuel costs | -63,587 | 30,741 | |
Other working capital accounts | 5,648 | -8,040 | |
Changes in provisions for estimated losses | -237 | -186,070 | |
Changes in other regulatory assets | -3,935 | 82,089 | |
Changes in pensions and other postretirement liabilities | -5,153 | 5,231 | |
Other | -36,495 | 104,580 | |
Net cash flow provided by operating activities | 100,930 | 69,934 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -118,854 | -223,758 | |
Allowance for equity funds used during construction | 8,877 | 5,742 | |
Nuclear fuel purchases | -89,474 | -16,368 | |
Proceeds from sale of nuclear fuel | 46,646 | 23,438 | |
Remittances to transition charge account | -5,709 | -5,270 | |
Receipts from storm reserve escrow account | 0 | 186,985 | |
Proceeds from nuclear decommissioning trust fund sales | 18,140 | 3,639 | |
Investment in nuclear decommissioning trust funds | -20,395 | -6,981 | |
Change in money pool receivable - net | 1,842 | -22,909 | |
Net cash flow used in investing activities | -158,927 | -55,482 | |
Proceeds from the issuance of: | ' | ' | |
Proceeds from the issuance of long-term debt | 39,782 | 0 | |
Retirement of long-term debt | -17,018 | -12,237 | |
Changes in credit borrowings and commercial paper - net | 28,774 | 0 | |
Dividends paid: | ' | ' | |
Common stock | -43,434 | -20,000 | |
Preferred stock | -1,738 | -1,738 | |
Other | 0 | -550 | |
Net cash flow provided by (used in) financing activities | 6,366 | -34,525 | |
Net increase (decrease) in cash and cash equivalents | -51,631 | -20,073 | |
Cash and cash equivalents at beginning of period | 124,007 | 30,086 | |
Cash and cash equivalents at end of period | 72,376 | 10,013 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 45,156 | 37,215 | |
Entergy Mississippi [Member] | ' | ' | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | 25,839 | 13,934 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 28,111 | 26,651 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | -5,525 | 4,806 | |
Changes in working capital: | ' | ' | |
Receivables | -12,663 | -3,831 | |
Fuel inventory | 1,536 | -255 | |
Accounts payable | 13,498 | -5,222 | |
Prepaid taxes and taxes accrued | -11,595 | -41,260 | |
Interest accrued | 136 | 1,892 | |
Deferred fuel costs | -22,302 | 12,216 | |
Other working capital accounts | 4,401 | -8,852 | |
Changes in provisions for estimated losses | 1,391 | -1 | |
Changes in other regulatory assets | 4,842 | -1,169 | |
Changes in pensions and other postretirement liabilities | -3,188 | -174 | |
Other | 1,700 | 5,924 | |
Net cash flow provided by operating activities | 26,181 | 4,659 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -34,877 | -39,730 | |
Allowance for equity funds used during construction | 435 | 733 | |
Change in money pool receivable - net | -15,427 | 16,878 | |
Other | -1 | -4 | |
Net cash flow used in investing activities | -49,870 | -22,123 | |
Proceeds from the issuance of: | ' | ' | |
Proceeds from the issuance of long-term debt | 99,237 | 0 | |
Retirement of long-term debt | 0 | -100,000 | |
Change in money pool payable - net | -3,536 | 4,101 | |
Changes in credit borrowings and commercial paper - net | 0 | 70,000 | |
Dividends paid: | ' | ' | |
Common stock | 0 | -7,400 | |
Preferred stock | -707 | -707 | |
Other | 0 | -38 | |
Net cash flow provided by (used in) financing activities | 94,994 | -34,044 | |
Net increase (decrease) in cash and cash equivalents | 71,305 | -51,508 | |
Cash and cash equivalents at beginning of period | 31 | 52,970 | |
Cash and cash equivalents at end of period | 71,336 | 1,462 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 13,616 | 12,700 | |
Income taxes | -9,440 | 901 | |
Entergy New Orleans [Member] | ' | ' | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | 8,294 | 1,307 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 9,465 | 9,443 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 5,931 | -11,851 | |
Changes in working capital: | ' | ' | |
Receivables | -2,055 | 281 | |
Fuel inventory | 1,246 | 368 | |
Accounts payable | 454 | -7,777 | |
Prepaid taxes and taxes accrued | -335 | -399 | |
Interest accrued | -1,357 | -1,126 | |
Deferred fuel costs | -1,710 | 4,936 | |
Other working capital accounts | -13,158 | -8,668 | |
Changes in provisions for estimated losses | 3,974 | 2,261 | |
Changes in other regulatory assets | 537 | 3,421 | |
Changes in pensions and other postretirement liabilities | -1,367 | -42 | |
Other | -2,468 | 10,190 | |
Net cash flow provided by operating activities | 7,451 | 2,344 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -12,563 | -18,533 | |
Allowance for equity funds used during construction | 355 | 170 | |
Payments to storm reserve escrow account | -1,893 | -2,178 | |
Change in money pool receivable - net | -693 | -11,404 | |
Net cash flow used in investing activities | -14,794 | -31,945 | |
Proceeds from the issuance of: | ' | ' | |
Changes in credit borrowings and commercial paper - net | 0 | 25,000 | |
Dividends paid: | ' | ' | |
Preferred stock | -241 | -241 | |
Other | -19 | 22 | |
Net cash flow provided by (used in) financing activities | -260 | 24,781 | |
Net increase (decrease) in cash and cash equivalents | -7,603 | -4,820 | |
Cash and cash equivalents at beginning of period | 33,489 | 9,391 | |
Cash and cash equivalents at end of period | 25,886 | 4,571 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 4,491 | 4,066 | |
Entergy Texas [Member] | ' | ' | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | 13,165 | 922 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 24,515 | 23,360 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | -49,904 | -31,998 | |
Changes in working capital: | ' | ' | |
Receivables | -38,870 | 21,476 | |
Fuel inventory | 79 | -3,453 | |
Accounts payable | -15,089 | 12,838 | |
Prepaid taxes and taxes accrued | 43,701 | 17,881 | |
Interest accrued | -8,948 | -8,763 | |
Deferred fuel costs | -26,901 | -76,915 | |
Other working capital accounts | 32,814 | -3,839 | |
Changes in provisions for estimated losses | 54 | 1,689 | |
Changes in other regulatory assets | 25,034 | 24,771 | |
Changes in pensions and other postretirement liabilities | -3,135 | -2,114 | |
Other | 2,166 | -916 | |
Net cash flow provided by operating activities | -1,319 | -25,061 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -34,677 | -43,382 | |
Allowance for equity funds used during construction | 845 | 759 | |
Remittances to transition charge account | 7,781 | 10,330 | |
Change in money pool receivable - net | 6,287 | 19,175 | |
Net cash flow used in investing activities | -19,764 | -13,118 | |
Proceeds from the issuance of: | ' | ' | |
Retirement of long-term debt | -22,519 | -21,967 | |
Change in money pool payable - net | 39,155 | 180 | |
Dividends paid: | ' | ' | |
Common stock | -40,000 | 0 | |
Other | -117 | -160 | |
Net cash flow provided by (used in) financing activities | -23,481 | -21,947 | |
Net increase (decrease) in cash and cash equivalents | -44,564 | -60,126 | |
Cash and cash equivalents at beginning of period | 46,488 | 60,236 | |
Cash and cash equivalents at end of period | 1,924 | 110 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 30,646 | 30,909 | |
Income taxes | -928 | -1,941 | |
System Energy [Member] | ' | ' | |
OPERATING ACTIVITIES | ' | ' | |
Consolidated net income | 24,619 | 28,006 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ' | ' | |
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 57,987 | 61,067 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 28,873 | 16,477 | |
Changes in working capital: | ' | ' | |
Receivables | 47,002 | 10,146 | |
Accounts payable | 21,210 | -11,351 | |
Prepaid taxes and taxes accrued | -26,542 | -17,238 | |
Interest accrued | 7,477 | 161 | |
Other working capital accounts | -46,388 | 33 | |
Changes in other regulatory assets | 2,890 | 5,784 | |
Changes in pensions and other postretirement liabilities | -1,981 | 266 | |
Other | -29,477 | 827 | |
Net cash flow provided by operating activities | 85,670 | 94,178 | |
INVESTING ACTIVITIES | ' | ' | |
Construction/capital expenditures | -19,056 | -21,349 | |
Allowance for equity funds used during construction | 1,218 | 1,471 | |
Nuclear fuel purchases | -128,204 | -22,932 | |
Proceeds from sale of nuclear fuel | 43,992 | 26,522 | |
Proceeds from nuclear decommissioning trust fund sales | 130,315 | 25,612 | |
Investment in nuclear decommissioning trust funds | -138,776 | -33,876 | |
Change in money pool receivable - net | -9,021 | -24,687 | |
Net cash flow used in investing activities | -119,532 | -49,239 | |
Proceeds from the issuance of: | ' | ' | |
Retirement of long-term debt | -46,743 | -40,902 | |
Changes in credit borrowings and commercial paper - net | 52,684 | -19,797 | |
Dividends paid: | ' | ' | |
Common stock | -15,000 | -50,000 | |
Other | -16 | -757 | |
Net cash flow provided by (used in) financing activities | -9,075 | -111,456 | |
Net increase (decrease) in cash and cash equivalents | -42,937 | -66,517 | |
Cash and cash equivalents at beginning of period | 127,142 | 83,622 | |
Cash and cash equivalents at end of period | 84,205 | 17,105 | |
Cash paid / (received) during the period for: | ' | ' | |
Interest - net of amount capitalized | 4,894 | 5,938 | |
Income taxes | $5,564 | $4,334 | |
[1] | Consolidated net income and preferred dividend requirements of subsidiaries for 2014 and 2013 include $3.2 million and $3.9 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ' | ' |
Cash | $108,053 | $129,979 |
Temporary cash investments | 800,430 | 609,147 |
Total cash and cash equivalents | 908,483 | 739,126 |
Accounts receivable: | ' | ' |
Customer | 701,534 | 670,641 |
Allowance for doubtful accounts | -34,064 | -34,311 |
Other | 184,623 | 195,028 |
Accrued unbilled revenues | 276,099 | 340,828 |
Total accounts receivable | 1,128,192 | 1,172,186 |
Deferred fuel costs | 241,372 | 116,379 |
Accumulated deferred income taxes | 64,889 | 175,073 |
Fuel inventory - at average cost | 193,018 | 208,958 |
Materials and supplies - at average cost | 926,256 | 915,006 |
Deferred nuclear refueling outage costs | 306,355 | 192,474 |
Prepayments and other | 424,751 | 410,489 |
TOTAL | 4,193,316 | 3,929,691 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Investment in affiliates - at equity | 39,370 | 40,350 |
Decommissioning trust funds | 4,991,062 | 4,903,144 |
Non-utility property - at cost (less accumulated depreciation) | 199,251 | 199,375 |
Other | 167,569 | 210,616 |
TOTAL | 5,397,252 | 5,353,485 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 43,180,962 | 42,935,712 |
Property under capital lease | 940,996 | 941,299 |
Natural gas | 368,094 | 366,365 |
Construction work in progress | 1,645,580 | 1,514,857 |
Nuclear fuel | 1,563,851 | 1,566,904 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 47,699,483 | 47,325,137 |
Less - accumulated depreciation and amortization | 19,690,826 | 19,443,493 |
PROPERTY, PLANT AND EQUIPMENT - NET | 28,008,657 | 27,881,644 |
Regulatory assets: | ' | ' |
Regulatory asset for income taxes - net | 847,868 | 849,718 |
Other regulatory assets | 3,876,586 | 3,893,363 |
Deferred fuel costs | 172,202 | 172,202 |
Goodwill | 377,172 | 377,172 |
Accumulated deferred income taxes | 42,500 | 62,011 |
Other | 961,216 | 887,160 |
TOTAL | 6,277,544 | 6,241,626 |
TOTAL ASSETS | 43,876,769 | 43,406,446 |
CURRENT LIABILITIES | ' | ' |
Currently maturing long-term debt | 422,666 | 457,095 |
Notes payable and commercial paper | 1,204,846 | 1,046,887 |
Accounts payable | 1,145,591 | 1,173,313 |
Customer deposits | 372,723 | 370,997 |
Taxes accrued | 111,264 | 191,093 |
Accumulated deferred income taxes | 28,382 | 28,307 |
Interest accrued | 156,195 | 180,997 |
Deferred fuel costs | 21,435 | 57,631 |
Obligations under capital leases | 2,368 | 2,323 |
Pension and other postretirement liabilities | 57,109 | 67,419 |
Other | 394,882 | 484,510 |
TOTAL | 3,917,461 | 4,060,572 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 8,876,125 | 8,724,635 |
Accumulated deferred investment tax credits | 260,714 | 263,765 |
Obligations under capital leases | 31,608 | 32,218 |
Other regulatory liabilities | 1,315,589 | 1,295,955 |
Decommissioning and asset retirement cost liabilities | 4,040,099 | 3,933,416 |
Accumulated provisions | 118,741 | 115,139 |
Pension and other postretirement liabilities | 2,284,840 | 2,320,704 |
Long-term debt | 12,198,641 | 12,139,149 |
Other | 579,763 | 583,667 |
TOTAL | 29,706,120 | 29,408,648 |
Subsidiaries’ preferred stock without sinking fund | 210,760 | 210,760 |
Common Shareholders’ Equity: | ' | ' |
Common stock | 2,548 | 2,548 |
Paid-in capital | 5,350,632 | 5,368,131 |
Retained earnings | 10,077,952 | 9,825,053 |
Accumulated other comprehensive loss | -5,202 | -29,324 |
Less - treasury stock, at cost | 5,477,502 | 5,533,942 |
Total common shareholders’ equity | 9,948,428 | 9,632,466 |
’Subsidiaries’ preferred stock without sinking fund | 94,000 | 94,000 |
TOTAL | 10,042,428 | 9,726,466 |
TOTAL LIABILITIES AND EQUITY | 43,876,769 | 43,406,446 |
Entergy Arkansas [Member] | ' | ' |
Cash and cash equivalents: | ' | ' |
Cash | 4,417 | 4,181 |
Temporary cash investments | 216,100 | 122,841 |
Total cash and cash equivalents | 220,517 | 127,022 |
Securitization recovery trust account | 8,125 | 3,835 |
Accounts receivable: | ' | ' |
Customer | 108,358 | 102,328 |
Allowance for doubtful accounts | -30,399 | -30,113 |
Associated companies | 102,133 | 68,875 |
Other | 102,484 | 94,256 |
Accrued unbilled revenues | 70,968 | 82,298 |
Total accounts receivable | 353,544 | 317,644 |
Deferred fuel costs | 88,334 | 68,696 |
Accumulated deferred income taxes | 20,157 | 33,556 |
Fuel inventory - at average cost | 31,856 | 41,504 |
Materials and supplies - at average cost | 160,070 | 152,429 |
Deferred nuclear refueling outage costs | 24,362 | 31,135 |
System agreement cost equalization | 97,511 | 30,000 |
Prepaid taxes | 13,250 | 0 |
Prepayments and other | 32,266 | 58,911 |
TOTAL | 1,049,992 | 864,732 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Decommissioning trust funds | 721,534 | 710,913 |
Non-utility property - at cost (less accumulated depreciation) | 1,663 | 1,664 |
Other | 29,181 | 29,181 |
TOTAL | 752,378 | 741,758 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 8,873,709 | 8,798,458 |
Property under capital lease | 1,040 | 1,064 |
Construction work in progress | 229,577 | 209,036 |
Nuclear fuel | 262,240 | 321,901 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 9,366,566 | 9,330,459 |
Less - accumulated depreciation and amortization | 4,050,647 | 4,034,880 |
PROPERTY, PLANT AND EQUIPMENT - NET | 5,315,919 | 5,295,579 |
Regulatory assets: | ' | ' |
Regulatory asset for income taxes - net | 72,272 | 73,864 |
Other regulatory assets | 1,033,542 | 1,014,392 |
Other | 49,942 | 44,565 |
TOTAL | 1,155,756 | 1,132,821 |
TOTAL ASSETS | 8,274,045 | 8,034,890 |
CURRENT LIABILITIES | ' | ' |
Currently maturing long-term debt | 70,000 | 70,000 |
Short-term borrowings | 62,493 | 0 |
Associated companies accounts payable | 140,008 | 149,802 |
Other | 187,057 | 228,160 |
Customer deposits | 87,487 | 86,512 |
Taxes accrued | 0 | 9,979 |
Accumulated deferred income taxes | 12,425 | 9,231 |
Interest accrued | 18,560 | 22,036 |
Other | 48,195 | 55,656 |
TOTAL | 626,225 | 631,376 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 1,940,835 | 1,906,562 |
Accumulated deferred investment tax credits | 38,461 | 38,958 |
Other regulatory liabilities | 232,442 | 219,370 |
Decommissioning and asset retirement cost liabilities | 778,512 | 723,771 |
Accumulated provisions | 5,425 | 5,746 |
Pension and other postretirement liabilities | 302,874 | 319,211 |
Long-term debt | 2,460,596 | 2,335,802 |
Other | 25,955 | 18,026 |
TOTAL | 5,785,100 | 5,567,446 |
Subsidiaries’ preferred stock without sinking fund | 116,350 | 116,350 |
Common Shareholders’ Equity: | ' | ' |
Common stock | 470 | 470 |
Paid-in capital | 588,471 | 588,471 |
Retained earnings | 1,157,429 | 1,130,777 |
TOTAL | 1,746,370 | 1,719,718 |
TOTAL LIABILITIES AND EQUITY | 8,274,045 | 8,034,890 |
Entergy Gulf States Louisiana [Member] | ' | ' |
Cash and cash equivalents: | ' | ' |
Cash | 179 | 1,739 |
Temporary cash investments | 14,980 | 13,842 |
Total cash and cash equivalents | 15,159 | 15,581 |
Accounts receivable: | ' | ' |
Customer | 87,177 | 69,648 |
Allowance for doubtful accounts | -704 | -909 |
Associated companies | 140,997 | 107,723 |
Other | 30,880 | 22,945 |
Accrued unbilled revenues | 55,213 | 58,867 |
Total accounts receivable | 313,563 | 258,274 |
Deferred fuel costs | 36,676 | 9,625 |
Fuel inventory - at average cost | 27,386 | 26,555 |
Materials and supplies - at average cost | 125,344 | 122,909 |
Deferred nuclear refueling outage costs | 20,686 | 25,975 |
Gas hedge contracts | 2,960 | 2,238 |
Prepaid taxes | 5,143 | 22,008 |
Prepayments and other | 13,674 | 12,452 |
TOTAL | 560,591 | 495,617 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Investment in affiliates - at equity | 289,664 | 289,664 |
Decommissioning trust funds | 586,198 | 573,744 |
Non-utility property - at cost (less accumulated depreciation) | 175,023 | 174,134 |
Escrow accounts | 21,541 | 21,538 |
Other | 14,574 | 14,145 |
TOTAL | 1,087,000 | 1,073,225 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 7,436,035 | 7,400,689 |
Natural gas | 145,230 | 143,902 |
Construction work in progress | 114,970 | 105,314 |
Nuclear fuel | 153,715 | 196,508 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 7,849,950 | 7,846,413 |
Less - accumulated depreciation and amortization | 4,098,559 | 4,071,762 |
PROPERTY, PLANT AND EQUIPMENT - NET | 3,751,391 | 3,774,651 |
Regulatory assets: | ' | ' |
Regulatory asset for income taxes - net | 164,707 | 165,456 |
Other regulatory assets | 321,359 | 321,466 |
Deferred fuel costs | 100,124 | 100,124 |
Other | 15,841 | 12,049 |
TOTAL | 602,031 | 599,095 |
TOTAL ASSETS | 6,001,013 | 5,942,588 |
CURRENT LIABILITIES | ' | ' |
Associated companies accounts payable | 94,704 | 95,853 |
Other | 101,035 | 103,314 |
Customer deposits | 52,875 | 51,839 |
Accumulated deferred income taxes | 35,920 | 36,330 |
Interest accrued | 29,360 | 25,808 |
Pension and other postretirement liabilities | 9,076 | 9,065 |
System agreement cost equalization | 48,356 | 15,000 |
Other | 15,205 | 19,032 |
TOTAL | 386,531 | 356,241 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 1,535,724 | 1,512,547 |
Accumulated deferred investment tax credits | 74,540 | 75,295 |
Other regulatory liabilities | 166,714 | 159,429 |
Decommissioning and asset retirement cost liabilities | 408,851 | 403,084 |
Accumulated provisions | 36,545 | 37,146 |
Pension and other postretirement liabilities | 272,107 | 274,315 |
Long-term debt | 1,513,024 | 1,527,465 |
Long-term payables of associated companies | 27,363 | 27,900 |
Other | 105,576 | 108,189 |
TOTAL | 4,140,444 | 4,125,370 |
Common Shareholders’ Equity: | ' | ' |
Accumulated other comprehensive loss | -28,080 | -28,202 |
Total common shareholders’ equity | 1,492,118 | 1,479,179 |
’Subsidiaries’ preferred stock without sinking fund | 10,000 | 10,000 |
TOTAL | 1,474,038 | 1,460,977 |
TOTAL LIABILITIES AND EQUITY | 6,001,013 | 5,942,588 |
Entergy Louisiana [Member] | ' | ' |
Cash and cash equivalents: | ' | ' |
Cash | 351 | 427 |
Temporary cash investments | 72,025 | 123,580 |
Total cash and cash equivalents | 72,376 | 124,007 |
Securitization recovery trust account | 10,248 | 4,539 |
Accounts receivable: | ' | ' |
Customer | 140,740 | 144,836 |
Allowance for doubtful accounts | -1,031 | -965 |
Associated companies | 79,747 | 87,820 |
Other | 8,977 | 21,420 |
Accrued unbilled revenues | 74,613 | 93,073 |
Total accounts receivable | 303,046 | 346,184 |
Deferred fuel costs | 33,195 | 0 |
Accumulated deferred income taxes | 87,386 | 100,022 |
Fuel inventory - at average cost | 18,780 | 23,311 |
Materials and supplies - at average cost | 156,373 | 156,487 |
Deferred nuclear refueling outage costs | 7,711 | 13,670 |
Gas hedge contracts | 3,715 | 2,889 |
Prepaid taxes | 225,536 | 184,503 |
Prepayments and other | 15,938 | 15,223 |
TOTAL | 934,304 | 970,835 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Investment in affiliates - at equity | 807,423 | 807,423 |
Decommissioning trust funds | 353,629 | 347,274 |
Non-utility property - at cost (less accumulated depreciation) | 351 | 396 |
TOTAL | 1,161,403 | 1,155,093 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 8,819,528 | 8,799,393 |
Property under capital lease | 331,895 | 331,895 |
Construction work in progress | 742,515 | 672,883 |
Nuclear fuel | 196,805 | 147,385 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 10,090,743 | 9,951,556 |
Less - accumulated depreciation and amortization | 3,810,294 | 3,763,234 |
PROPERTY, PLANT AND EQUIPMENT - NET | 6,280,449 | 6,188,322 |
Regulatory assets: | ' | ' |
Regulatory asset for income taxes - net | 311,769 | 309,617 |
Other regulatory assets | 717,286 | 715,503 |
Deferred fuel costs | 67,998 | 67,998 |
Other | 47,399 | 43,025 |
TOTAL | 1,144,452 | 1,136,143 |
TOTAL ASSETS | 9,520,608 | 9,450,393 |
CURRENT LIABILITIES | ' | ' |
Currently maturing long-term debt | 319,296 | 320,231 |
Short-term borrowings | 31,697 | 2,923 |
Associated companies accounts payable | 56,264 | 83,655 |
Other | 160,852 | 162,507 |
Customer deposits | 91,030 | 90,393 |
Accumulated deferred income taxes | 1,677 | 338 |
Interest accrued | 36,173 | 42,072 |
Deferred fuel costs | 0 | 30,392 |
Pension and other postretirement liabilities | 10,195 | 10,255 |
System agreement cost equalization | 17,000 | 17,000 |
Other | 18,053 | 19,443 |
TOTAL | 742,237 | 779,209 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 1,338,052 | 1,275,584 |
Accumulated deferred investment tax credits | 66,703 | 67,347 |
Other regulatory liabilities | 535,876 | 533,247 |
Decommissioning and asset retirement cost liabilities | 485,132 | 479,086 |
Accumulated provisions | 7,496 | 7,733 |
Pension and other postretirement liabilities | 352,924 | 358,017 |
Long-term debt | 2,923,288 | 2,899,285 |
Other | 80,344 | 75,233 |
TOTAL | 5,789,815 | 5,695,532 |
Common Shareholders’ Equity: | ' | ' |
Accumulated other comprehensive loss | -9,937 | -9,635 |
Total common shareholders’ equity | 2,898,493 | 2,885,287 |
’Subsidiaries’ preferred stock without sinking fund | 100,000 | 100,000 |
TOTAL | 2,988,556 | 2,975,652 |
TOTAL LIABILITIES AND EQUITY | 9,520,608 | 9,450,393 |
Entergy Mississippi [Member] | ' | ' |
Cash and cash equivalents: | ' | ' |
Cash | 1,031 | 22 |
Temporary cash investments | 70,305 | 9 |
Total cash and cash equivalents | 71,336 | 31 |
Accounts receivable: | ' | ' |
Customer | 85,560 | 76,534 |
Allowance for doubtful accounts | -947 | -906 |
Associated companies | 46,085 | 13,794 |
Other | 7,131 | 9,117 |
Accrued unbilled revenues | 33,577 | 44,777 |
Total accounts receivable | 171,406 | 143,316 |
Deferred fuel costs | 60,359 | 38,057 |
Fuel inventory - at average cost | 47,363 | 48,899 |
Materials and supplies - at average cost | 41,251 | 40,849 |
System agreement cost equalization | 15,000 | 15,000 |
Prepayments and other | 11,327 | 4,813 |
TOTAL | 418,042 | 290,965 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Non-utility property - at cost (less accumulated depreciation) | 4,663 | 4,670 |
Escrow accounts | 51,796 | 51,795 |
TOTAL | 56,459 | 56,465 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 3,897,131 | 3,875,737 |
Property under capital lease | 5,051 | 5,329 |
Construction work in progress | 50,240 | 37,316 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 3,952,422 | 3,918,382 |
Less - accumulated depreciation and amortization | 1,437,523 | 1,413,484 |
PROPERTY, PLANT AND EQUIPMENT - NET | 2,514,899 | 2,504,898 |
Regulatory assets: | ' | ' |
Regulatory asset for income taxes - net | 58,088 | 58,716 |
Other regulatory assets | 314,248 | 318,462 |
Other | 21,886 | 20,819 |
TOTAL | 394,222 | 397,997 |
TOTAL ASSETS | 3,383,622 | 3,250,325 |
CURRENT LIABILITIES | ' | ' |
Associated companies accounts payable | 68,075 | 74,144 |
Other | 71,391 | 52,129 |
Customer deposits | 74,806 | 74,211 |
Taxes accrued | 41,652 | 53,247 |
Accumulated deferred income taxes | 25,686 | 15,413 |
Interest accrued | 20,519 | 20,383 |
System agreement cost equalization | 11,223 | 0 |
Other | 18,544 | 19,021 |
TOTAL | 331,896 | 308,548 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 728,164 | 746,939 |
Accumulated deferred investment tax credits | 8,912 | 8,530 |
Obligations under capital leases | 3,883 | 4,185 |
Other regulatory liabilities | 7,703 | 2,509 |
Decommissioning and asset retirement cost liabilities | 6,495 | 6,401 |
Accumulated provisions | 37,065 | 35,674 |
Pension and other postretirement liabilities | 63,535 | 66,722 |
Long-term debt | 1,153,675 | 1,053,670 |
Other | 15,204 | 15,189 |
TOTAL | 2,024,636 | 1,939,819 |
Subsidiaries’ preferred stock without sinking fund | 50,381 | 50,381 |
Common Shareholders’ Equity: | ' | ' |
Common stock | 199,326 | 199,326 |
Paid-in capital | -690 | -690 |
Retained earnings | 778,073 | 752,941 |
TOTAL | 976,709 | 951,577 |
TOTAL LIABILITIES AND EQUITY | 3,383,622 | 3,250,325 |
Entergy New Orleans [Member] | ' | ' |
Cash and cash equivalents: | ' | ' |
Cash | 1,141 | 317 |
Temporary cash investments | 24,745 | 33,172 |
Total cash and cash equivalents | 25,886 | 33,489 |
Accounts receivable: | ' | ' |
Customer | 48,287 | 38,872 |
Allowance for doubtful accounts | -458 | -974 |
Associated companies | 32,140 | 32,273 |
Other | 2,516 | 2,667 |
Accrued unbilled revenues | 11,846 | 18,745 |
Total accounts receivable | 94,331 | 91,583 |
Accumulated deferred income taxes | 10,977 | 12,018 |
Fuel inventory - at average cost | 1,753 | 2,999 |
Materials and supplies - at average cost | 12,464 | 11,696 |
Prepayments and other | 14,894 | 4,178 |
TOTAL | 160,305 | 155,963 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Non-utility property - at cost (less accumulated depreciation) | 1,016 | 1,016 |
Escrow accounts | 12,406 | 10,513 |
TOTAL | 13,422 | 11,529 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 900,433 | 889,629 |
Natural gas | 222,864 | 222,463 |
Construction work in progress | 25,348 | 29,312 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 1,148,645 | 1,141,404 |
Less - accumulated depreciation and amortization | 574,186 | 566,948 |
PROPERTY, PLANT AND EQUIPMENT - NET | 574,459 | 574,456 |
Regulatory assets: | ' | ' |
Other regulatory assets | 136,654 | 137,191 |
Deferred fuel costs | 4,080 | 4,080 |
Other | 6,900 | 5,577 |
TOTAL | 147,634 | 146,848 |
TOTAL ASSETS | 895,820 | 888,796 |
CURRENT LIABILITIES | ' | ' |
Associated companies accounts payable | 30,503 | 36,193 |
Other | 32,325 | 27,840 |
Customer deposits | 23,560 | 22,959 |
Taxes accrued | 1,174 | 1,509 |
Interest accrued | 2,241 | 3,598 |
Deferred fuel costs | 21,435 | 23,145 |
System agreement cost equalization | 14,823 | 17,040 |
Other | 4,328 | 4,387 |
TOTAL | 130,389 | 136,671 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 189,536 | 183,636 |
Accumulated deferred investment tax credits | 1,027 | 1,082 |
Regulatory liability for income taxes - net | 563 | 2,495 |
Other regulatory liabilities | 27,005 | 26,361 |
Decommissioning and asset retirement cost liabilities | 2,387 | 2,347 |
Accumulated provisions | 18,974 | 15,000 |
Pension and other postretirement liabilities | 31,130 | 32,497 |
Long-term debt | 225,943 | 225,944 |
Gas system rebuild insurance proceeds | 30,882 | 32,760 |
Other | 3,868 | 3,940 |
TOTAL | 531,315 | 526,062 |
Subsidiaries’ preferred stock without sinking fund | 19,780 | 19,780 |
Common Shareholders’ Equity: | ' | ' |
Common stock | 33,744 | 33,744 |
Paid-in capital | 36,294 | 36,294 |
Retained earnings | 144,298 | 136,245 |
TOTAL | 214,336 | 206,283 |
TOTAL LIABILITIES AND EQUITY | 895,820 | 888,796 |
Entergy Texas [Member] | ' | ' |
Cash and cash equivalents: | ' | ' |
Cash | 1,894 | 2,432 |
Temporary cash investments | 30 | 44,056 |
Total cash and cash equivalents | 1,924 | 46,488 |
Securitization recovery trust account | 29,730 | 37,511 |
Accounts receivable: | ' | ' |
Customer | 86,256 | 76,957 |
Allowance for doubtful accounts | -524 | -443 |
Associated companies | 106,663 | 76,494 |
Other | 17,278 | 10,897 |
Accrued unbilled revenues | 29,882 | 43,067 |
Total accounts receivable | 239,555 | 206,972 |
Deferred fuel costs | 22,808 | 0 |
Fuel inventory - at average cost | 55,256 | 55,335 |
Materials and supplies - at average cost | 33,920 | 34,068 |
System agreement cost equalization | 16,040 | 16,040 |
Prepaid taxes | 11,934 | 55,635 |
Prepayments and other | 18,710 | 34,458 |
TOTAL | 429,877 | 486,507 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Investment in affiliates - at equity | 678 | 687 |
Non-utility property - at cost (less accumulated depreciation) | 376 | 376 |
Other | 18,657 | 18,161 |
TOTAL | 19,711 | 19,224 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 3,664,600 | 3,616,061 |
Construction work in progress | 74,342 | 94,743 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 3,738,942 | 3,710,804 |
Less - accumulated depreciation and amortization | 1,405,577 | 1,387,303 |
PROPERTY, PLANT AND EQUIPMENT - NET | 2,333,365 | 2,323,501 |
Regulatory assets: | ' | ' |
Regulatory asset for income taxes - net | 128,271 | 129,069 |
Other regulatory assets | 894,998 | 919,234 |
Long-term receivables - associated companies | 27,363 | 27,900 |
Other | 19,039 | 16,425 |
TOTAL | 1,069,671 | 1,092,628 |
TOTAL ASSETS | 3,852,624 | 3,921,860 |
CURRENT LIABILITIES | ' | ' |
Associated companies accounts payable | 135,367 | 112,309 |
Other | 73,598 | 73,682 |
Customer deposits | 40,070 | 38,721 |
Accumulated deferred income taxes | 33,443 | 33,847 |
Interest accrued | 22,298 | 31,246 |
Deferred fuel costs | 0 | 4,093 |
Pension and other postretirement liabilities | 764 | 786 |
System agreement cost equalization | 37,149 | 12,000 |
Other | 13,910 | 23,490 |
TOTAL | 356,599 | 330,174 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 970,896 | 1,022,955 |
Accumulated deferred investment tax credits | 15,781 | 16,147 |
Other regulatory liabilities | 6,584 | 5,194 |
Decommissioning and asset retirement cost liabilities | 4,412 | 4,349 |
Accumulated provisions | 9,133 | 9,079 |
Pension and other postretirement liabilities | 48,140 | 51,253 |
Long-term debt | 1,534,531 | 1,556,939 |
Other | 46,356 | 38,743 |
TOTAL | 2,635,833 | 2,704,659 |
Common Shareholders’ Equity: | ' | ' |
Common stock | 49,452 | 49,452 |
Paid-in capital | 481,994 | 481,994 |
Retained earnings | 328,746 | 355,581 |
TOTAL | 860,192 | 887,027 |
TOTAL LIABILITIES AND EQUITY | 3,852,624 | 3,921,860 |
System Energy [Member] | ' | ' |
Cash and cash equivalents: | ' | ' |
Cash | 1,074 | 62,561 |
Temporary cash investments | 83,131 | 64,581 |
Total cash and cash equivalents | 84,205 | 127,142 |
Accounts receivable: | ' | ' |
Associated companies | 67,064 | 104,419 |
Other | 5,774 | 6,400 |
Total accounts receivable | 72,838 | 110,819 |
Materials and supplies - at average cost | 82,753 | 85,118 |
Deferred nuclear refueling outage costs | 52,885 | 7,853 |
Prepaid taxes | 15,421 | 0 |
Prepayments and other | 7,963 | 1,727 |
TOTAL | 316,065 | 332,659 |
OTHER PROPERTY AND INVESTMENTS | ' | ' |
Decommissioning trust funds | 619,323 | 603,896 |
TOTAL | 619,323 | 603,896 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric | 4,142,592 | 4,124,647 |
Property under capital lease | 570,872 | 570,872 |
Construction work in progress | 29,676 | 29,061 |
Nuclear fuel | 278,636 | 188,824 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 5,021,776 | 4,913,404 |
Less - accumulated depreciation and amortization | 2,732,722 | 2,699,263 |
PROPERTY, PLANT AND EQUIPMENT - NET | 2,289,054 | 2,214,141 |
Regulatory assets: | ' | ' |
Regulatory asset for income taxes - net | 113,324 | 115,492 |
Other regulatory assets | 261,018 | 261,740 |
Other | 15,555 | 15,996 |
TOTAL | 389,897 | 393,228 |
TOTAL ASSETS | 3,614,339 | 3,543,924 |
CURRENT LIABILITIES | ' | ' |
Currently maturing long-term debt | 15,160 | 48,653 |
Short-term borrowings | 52,684 | 0 |
Associated companies accounts payable | 2,826 | 12,778 |
Other | 63,793 | 31,862 |
Taxes accrued | 0 | 11,121 |
Accumulated deferred income taxes | 19,609 | 2,310 |
Interest accrued | 19,302 | 11,825 |
Other | 2,325 | 2,312 |
TOTAL | 175,699 | 120,861 |
NON-CURRENT LIABILITIES | ' | ' |
Accumulated deferred income taxes and taxes accrued | 760,607 | 737,973 |
Accumulated deferred investment tax credits | 53,703 | 54,786 |
Other regulatory liabilities | 339,264 | 349,846 |
Decommissioning and asset retirement cost liabilities | 626,349 | 616,157 |
Pension and other postretirement liabilities | 77,430 | 79,411 |
Long-term debt | 695,561 | 708,783 |
TOTAL | 2,552,914 | 2,546,956 |
Common Shareholders’ Equity: | ' | ' |
Common stock | 789,350 | 789,350 |
Retained earnings | 96,376 | 86,757 |
TOTAL | 885,726 | 876,107 |
TOTAL LIABILITIES AND EQUITY | $3,614,339 | $3,543,924 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Securitization property | $796,806 | $822,218 |
Securitization bonds | 860,501 | 883,013 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 254,752,788 | 254,752,788 |
Treasury stock, shares | 75,608,733 | 76,381,936 |
Entergy Arkansas [Member] | ' | ' |
Securitization property | 77,014 | 80,963 |
Securitization bonds | 88,962 | 88,961 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 325,000,000 | 325,000,000 |
Common stock, shares issued | 46,980,196 | 46,980,196 |
Common stock, shares outstanding | 46,980,196 | 46,980,196 |
Entergy Louisiana [Member] | ' | ' |
Securitization property | 151,087 | 156,103 |
Securitization bonds | 164,966 | 164,965 |
Entergy Mississippi [Member] | ' | ' |
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 8,666,357 | 8,666,357 |
Common stock, shares outstanding | 8,666,357 | 8,666,357 |
Entergy New Orleans [Member] | ' | ' |
Common stock, par value | $4 | $4 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 8,435,900 | 8,435,900 |
Common stock, shares outstanding | 8,435,900 | 8,435,900 |
Entergy Texas [Member] | ' | ' |
Securitization property | 568,705 | 585,152 |
Securitization bonds | $606,573 | $629,087 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 46,525,000 | 46,525,000 |
Common stock, shares outstanding | 46,525,000 | 46,525,000 |
System Energy [Member] | ' | ' |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 789,350 | 789,350 |
Common stock, shares outstanding | 789,350 | 789,350 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Total | Subsidiaries' Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Entergy Arkansas [Member] | Entergy Arkansas [Member] | Entergy Arkansas [Member] | Entergy Arkansas [Member] | Entergy Gulf States Louisiana [Member] | Entergy Gulf States Louisiana [Member] | Entergy Gulf States Louisiana [Member] | Entergy Gulf States Louisiana [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member] | Entergy Mississippi [Member] | Entergy Mississippi [Member] | Entergy Mississippi [Member] | Entergy Mississippi [Member] | Entergy New Orleans [Member] | Entergy New Orleans [Member] | Entergy New Orleans [Member] | Entergy New Orleans [Member] | Entergy Texas [Member] | Entergy Texas [Member] | Entergy Texas [Member] | Entergy Texas [Member] | System Energy [Member] | System Energy [Member] | System Energy [Member] | |||
In Thousands, unless otherwise specified | Common Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Preferred Membership Interest | Member's Equity [Member] | Accumulated Other Comprehensive Income [Member] | Preferred Membership Interest | Member's Equity [Member] | Accumulated Other Comprehensive Income [Member] | Common Stock [Member] | Capital Stock Expense and Other [Member] | Retained Earnings [Member] | Common Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Common Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Common Stock [Member] | Retained Earnings [Member] | |||||||||||||||||
Beginning Balance at Dec. 31, 2012 | $9,291,089 | $94,000 | $2,548 | ($5,574,819) | $5,357,852 | $9,704,591 | ($293,083) | $1,579,616 | $470 | $588,444 | $990,702 | $1,383,004 | $10,000 | $1,438,233 | ($65,229) | $3,070,496 | $100,000 | $3,016,628 | ($46,132) | $879,646 | $199,326 | ($690) | $681,010 | $195,565 | $33,744 | $36,294 | $125,527 | $854,146 | $49,452 | $481,994 | $322,700 | $832,729 | $789,350 | $43,379 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consolidated net income | 166,982 | [1] | 5,582 | [1] | 0 | 0 | 0 | 161,400 | [1] | 0 | 14,719 | 0 | 0 | 14,719 | 27,165 | 0 | 27,165 | 0 | 45,376 | 0 | 45,376 | 0 | 13,934 | 0 | 0 | 13,934 | 1,307 | 0 | 0 | 1,307 | 922 | 0 | 0 | 922 | 28,006 | 0 | 28,006 |
Distribution to parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -40,601 | 0 | -40,601 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other comprehensive income (loss) | -10,575 | 0 | 0 | 0 | 0 | 0 | -10,575 | ' | ' | ' | ' | 955 | 0 | 0 | 955 | 678 | 0 | 0 | 678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock issuances related to stock plans | 12,982 | 0 | 0 | 20,949 | -7,967 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock dividends declared | -147,820 | 0 | 0 | 0 | 0 | -147,820 | 0 | 15,000 | 0 | 0 | 15,000 | -119,900 | 0 | -119,900 | 0 | ' | ' | ' | ' | 7,400 | 0 | 0 | 7,400 | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | 0 | -50,000 | |||
Preferred dividend requirements of subsidiaries | -5,582 | [1] | -5,582 | [1] | 0 | 0 | 0 | 0 | 0 | -1,718 | 0 | 0 | -1,718 | -206 | 0 | -206 | 0 | -1,738 | 0 | -1,738 | 0 | -707 | 0 | 0 | -707 | -241 | 0 | 0 | -241 | ' | ' | ' | ' | ' | ' | ' | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | -10 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ending Balance at Mar. 31, 2013 | 9,307,076 | 94,000 | 2,548 | -5,553,870 | 5,349,885 | 9,718,171 | -303,658 | 1,577,617 | 470 | 588,444 | 988,703 | 1,291,008 | 10,000 | 1,345,282 | -64,274 | 3,074,211 | 100,000 | 3,019,665 | -45,454 | 885,473 | 199,326 | -690 | 686,837 | 196,631 | 33,744 | 36,294 | 126,593 | 855,068 | 49,452 | 481,994 | 323,622 | 810,735 | 789,350 | 21,385 | |||
Beginning Balance at Dec. 31, 2013 | 9,726,466 | 94,000 | 2,548 | -5,533,942 | 5,368,131 | 9,825,053 | -29,324 | 1,719,718 | 470 | 588,471 | 1,130,777 | 1,460,977 | 10,000 | 1,479,179 | -28,202 | 2,975,652 | 100,000 | 2,885,287 | -9,635 | 951,577 | 199,326 | -690 | 752,941 | 206,283 | 33,744 | 36,294 | 136,245 | 887,027 | 49,452 | 481,994 | 355,581 | 876,107 | 789,350 | 86,757 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consolidated net income | 406,053 | 4,879 | ' | 0 | 0 | 401,174 | 0 | 28,370 | 0 | 0 | 28,370 | 46,472 | 0 | 46,472 | 0 | 58,378 | 0 | 58,378 | 0 | 25,839 | 0 | 0 | 25,839 | 8,294 | 0 | 0 | 8,294 | 13,165 | 0 | 0 | 13,165 | 24,619 | 0 | 24,619 | |||
Distribution to parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43,434 | 0 | -43,434 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other comprehensive income (loss) | 24,122 | 0 | 0 | 0 | 0 | 0 | 24,122 | ' | ' | ' | ' | 122 | 0 | 0 | 122 | -302 | 0 | 0 | -302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock issuances related to stock plans | 38,941 | 0 | 0 | 56,440 | -17,499 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock dividends declared | -148,275 | 0 | ' | 0 | 0 | -148,275 | 0 | ' | ' | ' | ' | -33,317 | 0 | -33,317 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -40,000 | 0 | 0 | -40,000 | -15,000 | 0 | -15,000 | |||
Preferred dividend requirements of subsidiaries | -4,879 | [1] | -4,879 | [1] | ' | 0 | ' | 0 | 0 | -1,718 | 0 | 0 | -1,718 | -206 | 0 | -206 | 0 | -1,738 | 0 | -1,738 | 0 | -707 | 0 | 0 | -707 | -241 | 0 | 0 | -241 | ' | ' | ' | ' | ' | ' | ' | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | -10 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ending Balance at Mar. 31, 2014 | $10,042,428 | $94,000 | $2,548 | ($5,477,502) | $5,350,632 | $10,077,952 | ($5,202) | $1,746,370 | $470 | $588,471 | $1,157,429 | $1,474,038 | $10,000 | $1,492,118 | ($28,080) | $2,988,556 | $100,000 | $2,898,493 | ($9,937) | $976,709 | $199,326 | ($690) | $778,073 | $214,336 | $33,744 | $36,294 | $144,298 | $860,192 | $49,452 | $481,994 | $328,746 | $885,726 | $789,350 | $96,376 | |||
[1] | Consolidated net income and preferred dividend requirements of subsidiaries for 2014 and 2013 include $3.2 million and $3.9 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Preferred dividends on subsidiaries' preferred stock | $3.20 | $3.90 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net income | $406,053 | $166,982 | [1] | |
Other comprehensive income (loss) | ' | ' | ||
Cash flow hedges net unrealized gain (loss) | 13,754 | -75,975 | ||
Pension and other postretirement liabilities | -12,696 | 9,795 | ||
Net unrealized investment gains | 22,989 | 56,377 | ||
Foreign currency translation | 75 | -772 | ||
Other comprehensive income (loss) | 24,122 | -10,575 | ||
Total comprehensive income | 430,175 | 156,407 | ||
Preferred dividend requirements of subsidiaries | 4,879 | [1] | 5,582 | [1] |
Comprehensive Income Attributable to Entergy Corporation | 425,296 | 150,825 | ||
Entergy Gulf States Louisiana [Member] | ' | ' | ||
Net income | 46,472 | 27,165 | ||
Other comprehensive income (loss) | ' | ' | ||
Pension and other postretirement liabilities | 122 | 955 | ||
Other comprehensive income (loss) | 122 | 955 | ||
Total comprehensive income | 46,594 | 28,120 | ||
Preferred dividend requirements of subsidiaries | 206 | 206 | ||
Entergy Louisiana [Member] | ' | ' | ||
Net income | 58,378 | 45,376 | ||
Other comprehensive income (loss) | ' | ' | ||
Pension and other postretirement liabilities | -302 | 678 | ||
Other comprehensive income (loss) | -302 | 678 | ||
Total comprehensive income | 58,076 | 46,054 | ||
Preferred dividend requirements of subsidiaries | $1,738 | $1,738 | ||
[1] | Consolidated net income and preferred dividend requirements of subsidiaries for 2014 and 2013 include $3.2 million and $3.9 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flow hedges net unrealized gain (loss), tax expense (benefit) | $7,225 | ($41,135) |
Pension and other postretirement liabilities, tax expense | 17,761 | 5,869 |
Net unrealized investment gains, tax expense | 5,748 | 54,311 |
Foreign currency translation, tax expense | 40 | -416 |
Entergy Gulf States Louisiana [Member] | ' | ' |
Pension and other postretirement liabilities, tax expense | 101 | 786 |
Entergy Louisiana [Member] | ' | ' |
Pension and other postretirement liabilities, tax expense | ($164) | $547 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. | |
Entergy Arkansas [Member] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. | |
Entergy Gulf States Louisiana [Member] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. | |
Entergy Louisiana [Member] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. | |
Entergy Mississippi [Member] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. | |
Entergy New Orleans [Member] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. | |
Entergy Texas [Member] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. | |
System Energy [Member] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. | |
ANO Damage and Outage | |
See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident. The total cost of assessment, restoration of off-site power, site restoration, debris removal, and replacement of damaged property and equipment was $95 million as of March 31, 2014. In addition, Entergy Arkansas incurred replacement power costs for ANO 2 power during its outage and incurred incremental replacement power costs for ANO 1 power because the outage extended beyond the originally-planned duration of the refueling outage. In February 2014, the APSC approved Entergy Arkansas’s request to exclude from the calculation of its revised energy cost rate $65.9 million of deferred fuel and purchased energy costs incurred in 2013 as a result of the ANO stator incident. The APSC authorized Entergy Arkansas to retain the $65.9 million in its deferred fuel balance with recovery to be reviewed in a later period after more information regarding various claims associated with the ANO stator incident is available. Entergy Arkansas is assessing its options for recovering damages that resulted from the stator drop, including its insurance coverage and legal action. Entergy is a member of Nuclear Electric Insurance Limited (NEIL), a mutual insurance company that provides property damage coverage to the members’ nuclear generating plants, including ANO. NEIL has notified Entergy that it believes that a $50 million course of construction sublimit applies to any loss associated with the lifting apparatus failure and stator drop at ANO. Entergy has responded that it disagrees with NEIL’s position and is evaluating its options for enforcing its rights under the policy. On July 12, 2013, Entergy Arkansas filed a complaint in the Circuit Court in Pope County, Arkansas against the owner of the heavy-lifting apparatus that collapsed, an engineering firm, a general contractor, and certain individuals asserting claims of breach of contract, negligence, and gross negligence in connection with their responsibility for the stator drop. During the first quarter of 2014, Entergy Arkansas collected $33 million from NEIL and is pursuing additional recoveries due under the policy. | |
Baxter Wilson Plant Event | |
On September 11, 2013, Entergy Mississippi’s Baxter Wilson (Unit 1) power plant experienced a significant unplanned outage event. Entergy Mississippi completed the process of assessing the nature and extent of the damage to the unit and repairs are in progress. The current estimate of costs to return the unit to service is in the range of $45 million to $60 million. This estimate may change as restorative activities occur. The costs necessary to return the plant to service are expected to be incurred into late 2014. Entergy Mississippi believes that the damage is covered by its property insurance policy, subject to a $20 million deductible. In December 2013, Entergy Mississippi made a filing with the MPSC requesting approval for Entergy Mississippi to defer and accumulate the costs incurred in connection with Baxter Wilson repair activities, net of applicable insurance proceeds, with such costs to be recoverable in a manner to be determined by the MPSC. The MPSC has not acted on Entergy Mississippi’s request. | |
Nuclear Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. | |
Conventional Property Insurance | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. | |
Employment Litigation | |
See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. | |
Asbestos Litigation (Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) | |
See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Gulf States Louisiana, Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
Rate_And_Regulatory_Matters
Rate And Regulatory Matters | 3 Months Ended | ||
Mar. 31, 2014 | |||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. | |||
Entergy Arkansas [Member] | ' | ||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. | |||
Entergy Gulf States Louisiana [Member] | ' | ||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. | |||
Entergy Louisiana [Member] | ' | ||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. | |||
Entergy Mississippi [Member] | ' | ||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. | |||
Entergy New Orleans [Member] | ' | ||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. | |||
Entergy Texas [Member] | ' | ||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. | |||
System Energy [Member] | ' | ||
Rate And Regulatory Matters | ' | ||
RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||
Regulatory Assets | |||
See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. | |||
Retail Rate Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. | |||
Filings with the LPSC | |||
Retail Rates - Gas (Entergy Gulf States Louisiana) | |||
In January 2014, Entergy Gulf States Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2013. The filing showed an earned return on common equity of 5.47%, which results in a $1.5 million rate increase. In April 2014 the LPSC Staff issued a report indicating "that Entergy Gulf States Louisiana has properly determined its earnings for the test year ended September 30, 2013." The $1.5 million rate increase was implemented effective with the first billing cycle of April 2014. | |||
Filings with the City Council (Entergy Louisiana) | |||
In March 2013, Entergy Louisiana filed a rate case for the Algiers area, which is in New Orleans and is regulated | |||
by the City Council. Entergy Louisiana is requesting a rate increase of $13 million over three years, including a 10.4% | |||
return on common equity and a formula rate plan mechanism identical to its LPSC request made in February 2013. In January 2014, the City Council Advisors filed direct testimony recommending a rate increase of $5.56 million over three years, including an 8.13% return on common equity. New rates are currently expected to become effective in second quarter 2014. The procedural schedule calls for the hearing on the merits to commence on May 20, 2014. | |||
Filings with the PUCT (Entergy Texas) | |||
2013 Rate Case | |||
In September 2013, Entergy Texas filed a rate case requesting a $38.6 million base rate increase reflecting a 10.4% return on common equity based on an adjusted test year ending March 31, 2013. The rate case also proposed (1) a rough production cost equalization adjustment rider recovering Entergy Texas’s payment to Entergy New Orleans to achieve rough production cost equalization based on calendar year 2012 production costs and (2) a rate case expense rider recovering the cost of the 2013 rate case and certain costs associated with previous rate cases. The rate case filing also included a request to reconcile $0.9 billion of fuel and purchased power costs and fuel revenues covering the period July 2011 through March 2013. The fuel reconciliation also reflects special circumstances fuel cost recovery of approximately $22 million of purchased power capacity costs. In January 2014 the PUCT staff filed direct testimony recommending a retail rate reduction of $0.3 million and a 9.2% return on common equity. In March 2014, Entergy Texas filed an Agreed Motion for Interim Rates. The motion explained that the parties to this proceeding have agreed that Entergy Texas should be allowed to implement new rates reflecting an $18.5 million base rate increase, effective for usage on and after April 1, 2014, as well as recovery of charges for rough production cost equalization and rate case expenses. In March 2014, the State Office of Administrative Hearings, the body assigned to hear the case, approved the motion. In April 2014, Entergy Texas filed a unanimous stipulation in this case. Among other things, the stipulation provides for an $18.5 million base rate increase, recovery over three years of rough production cost equalization charges and rate case expenses (the same as the interim rates currently in effect), and states a 9.8% return on common equity. In addition, the stipulation finalizes the fuel and purchased power reconciliation covering the period July 2011 through March 2013, with the parties stipulating an immaterial fuel disallowance. No special circumstances recovery of purchased power costs was allowed. In April 2014, the State Office of Administrative Hearings remanded the case back to the PUCT for final processing. A memorandum filed in this matter by the PUCT’s ALJ indicates that the PUCT will consider this matter at its open meeting currently scheduled for May 16, 2014. | |||
System Agreement Cost Equalization Proceedings | |||
See Note 2 to the financial statements in the Form 10-K for a discussion of the proceedings regarding the System Agreement, including the FERC’s October 2011 order and Entergy’s December 2011 compliance filing in response to that order. In February 2014 the FERC issued a rehearing order addressing its October 2011 order. The FERC denied the LPSC’s request for rehearing on the issues of whether the bandwidth remedy should be made effective earlier than June 1, 2005, and whether refunds should be ordered for the 20-month refund effective period. The FERC granted the LPSC’s rehearing request on the issue of interest on the bandwidth payments/receipts for the June - December 2005 period, requiring that interest be accrued from June 1, 2006 until the date those bandwidth payments/receipts are made. Also in February 2014 the FERC issued an order rejecting the December 2011 compliance filing that calculated the bandwidth payments/receipts for the June - December 2005 period. The FERC order requires a new compliance filing that calculates the bandwidth payments/receipts for the June - December 2005 period based on monthly data for the seven individual months and that includes interest pursuant to the February 2014 rehearing order. Entergy has sought rehearing of the February 2014 orders with respect to the FERC’s determinations regarding interest. | |||
In April 2014, Entergy filed with the FERC a compliance filing that provides the payments and receipts among the Utility operating companies pursuant to the FERC’s February 2014 orders. The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Storm Cost Recovery Filings with Retail Regulators | |||
Entergy New Orleans | |||
As discussed in the Form 10-K, total restoration costs for the repair and replacement of Entergy New Orleans’s electric facilities damaged by Hurricane Isaac were $47.3 million. Entergy New Orleans withdrew $17.4 million from the storm reserve escrow account to partially offset these costs. In February 2014, Entergy New Orleans made a filing with the City Council seeking certification of the Hurricane Isaac costs. |
Equity
Equity | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Equity | ' | |||||||||||||||||||||
EQUITY (Entergy Corporation, Entergy Gulf States Louisiana, and Entergy Louisiana) | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||
The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements: | ||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||||
Basic earnings per share | Income | Shares | $/share | Income | Shares | $/share | ||||||||||||||||
Net income attributable to Entergy Corporation | $401.20 | 178.8 | $2.24 | $161.40 | 178 | $0.91 | ||||||||||||||||
Average dilutive effect of: | ||||||||||||||||||||||
Stock options | — | — | 0.1 | — | ||||||||||||||||||
Other equity plans | 0.3 | — | 0.3 | (0.01 | ) | |||||||||||||||||
Diluted earnings per share | $401.20 | 179.1 | $2.24 | $161.40 | 178.4 | $0.90 | ||||||||||||||||
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 9.0 million and 8.9 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||
Entergy’s stock options and other equity compensation plans are discussed in Note 5 herein and in Note 12 to the financial statements in the Form 10-K. | ||||||||||||||||||||||
Treasury Stock | ||||||||||||||||||||||
During the three months ended March 31, 2014, Entergy Corporation issued 773,203 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2014. | ||||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||||
On April 17, 2014, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.83 per share, payable on June 2, 2014 to holders of record as of May 15, 2014. | ||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||
Accumulated other comprehensive loss is included in the equity section of the balance sheets of Entergy, Entergy Gulf States Louisiana, and Entergy Louisiana. The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2014 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
loss | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | ($81,777 | ) | ($288,223 | ) | $337,256 | $3,420 | ($29,324 | ) | ||||||||||||||
Other comprehensive income before reclassifications | 140,052 | — | 24,723 | 75 | 164,850 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (126,298 | ) | (12,696 | ) | (1,734 | ) | — | (140,728 | ) | |||||||||||||
Net other comprehensive income (loss) for the period | 13,754 | (12,696 | ) | 22,989 | 75 | 24,122 | ||||||||||||||||
Ending balance, March 31, 2014 | ($68,023 | ) | ($300,919 | ) | $360,245 | $3,495 | ($5,202 | ) | ||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2013 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
gain | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | $79,905 | ($590,712 | ) | $214,547 | $3,177 | ($293,083 | ) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (77,561 | ) | — | 57,372 | (772 | ) | (20,961 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 1,586 | 9,795 | (995 | ) | — | 10,386 | ||||||||||||||||
Net other comprehensive income (loss) for the period | (75,975 | ) | 9,795 | 56,377 | (772 | ) | (10,575 | ) | ||||||||||||||
Ending balance, March 31, 2013 | $3,930 | ($580,917 | ) | $270,924 | $2,405 | ($303,658 | ) | |||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance December 31, 2013 | ($28,202 | ) | ($9,635 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 122 | (302 | ) | |||||||||||||||||||
comprehensive income (loss) | ||||||||||||||||||||||
Net other comprehensive income (loss) for the period | 122 | (302 | ) | |||||||||||||||||||
Ending balance, March 31, 2014 | ($28,080 | ) | ($9,937 | ) | ||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | ($65,229 | ) | ($46,132 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 955 | 678 | ||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||
Net other comprehensive income for the period | 955 | 678 | ||||||||||||||||||||
Ending balance, March 31, 2013 | ($64,274 | ) | ($45,454 | ) | ||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | $194,603 | Competitive business operating revenues | ||||||||||||||||||||
Interest rate swaps | (298 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized gains on cash flow hedges | 194,305 | |||||||||||||||||||||
(68,007 | ) | Income taxes | ||||||||||||||||||||
Total realized gains on cash flow hedges (net of tax) | $126,298 | |||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $5,078 | (a) | ||||||||||||||||||||
Amortization of loss | (8,981 | ) | (a) | |||||||||||||||||||
Settlement loss | (1,162 | ) | (a) | |||||||||||||||||||
Total amortization | (5,065 | ) | ||||||||||||||||||||
17,761 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | $12,696 | |||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $3,400 | Interest and investment income | ||||||||||||||||||||
(1,666 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $1,734 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | $140,728 | |||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | ($2,117 | ) | Competitive business operating revenues | |||||||||||||||||||
Interest rate swaps | (405 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized losses on cash flow hedges | (2,522 | ) | ||||||||||||||||||||
936 | Income taxes | |||||||||||||||||||||
Total realized losses on cash flow hedges (net of tax) | ($1,586 | ) | ||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $2,384 | (a) | ||||||||||||||||||||
Amortization of loss | (18,048 | ) | (a) | |||||||||||||||||||
Total amortization | (15,664 | ) | ||||||||||||||||||||
5,869 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | ($9,795 | ) | ||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $1,951 | Interest and investment income | ||||||||||||||||||||
(956 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $995 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | ($10,386 | ) | ||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $559 | $844 | (a) | |||||||||||||||||||
Amortization of loss | (782 | ) | (378 | ) | (a) | |||||||||||||||||
Total amortization | (223 | ) | 466 | |||||||||||||||||||
101 | (164 | ) | Income tax expense (benefit) | |||||||||||||||||||
Total amortization (net of tax) | (122 | ) | 302 | |||||||||||||||||||
Total reclassifications for the period (net of tax) | ($122 | ) | $302 | |||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $206 | $62 | (a) | |||||||||||||||||||
Amortization of loss | (1,947 | ) | (1,287 | ) | (a) | |||||||||||||||||
Total amortization | (1,741 | ) | (1,225 | ) | ||||||||||||||||||
786 | 547 | Income taxes | ||||||||||||||||||||
Total amortization (net of tax) | (955 | ) | (678 | ) | ||||||||||||||||||
Total reclassifications for the period (net of tax) | ($955 | ) | ($678 | ) | ||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | |||||||||||||||||||||
Equity | ' | |||||||||||||||||||||
EQUITY (Entergy Corporation, Entergy Gulf States Louisiana, and Entergy Louisiana) | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||
The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements: | ||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||||
Basic earnings per share | Income | Shares | $/share | Income | Shares | $/share | ||||||||||||||||
Net income attributable to Entergy Corporation | $401.20 | 178.8 | $2.24 | $161.40 | 178 | $0.91 | ||||||||||||||||
Average dilutive effect of: | ||||||||||||||||||||||
Stock options | — | — | 0.1 | — | ||||||||||||||||||
Other equity plans | 0.3 | — | 0.3 | (0.01 | ) | |||||||||||||||||
Diluted earnings per share | $401.20 | 179.1 | $2.24 | $161.40 | 178.4 | $0.90 | ||||||||||||||||
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 9.0 million and 8.9 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||
Entergy’s stock options and other equity compensation plans are discussed in Note 5 herein and in Note 12 to the financial statements in the Form 10-K. | ||||||||||||||||||||||
Treasury Stock | ||||||||||||||||||||||
During the three months ended March 31, 2014, Entergy Corporation issued 773,203 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2014. | ||||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||||
On April 17, 2014, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.83 per share, payable on June 2, 2014 to holders of record as of May 15, 2014. | ||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||
Accumulated other comprehensive loss is included in the equity section of the balance sheets of Entergy, Entergy Gulf States Louisiana, and Entergy Louisiana. The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2014 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
loss | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | ($81,777 | ) | ($288,223 | ) | $337,256 | $3,420 | ($29,324 | ) | ||||||||||||||
Other comprehensive income before reclassifications | 140,052 | — | 24,723 | 75 | 164,850 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (126,298 | ) | (12,696 | ) | (1,734 | ) | — | (140,728 | ) | |||||||||||||
Net other comprehensive income (loss) for the period | 13,754 | (12,696 | ) | 22,989 | 75 | 24,122 | ||||||||||||||||
Ending balance, March 31, 2014 | ($68,023 | ) | ($300,919 | ) | $360,245 | $3,495 | ($5,202 | ) | ||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2013 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
gain | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | $79,905 | ($590,712 | ) | $214,547 | $3,177 | ($293,083 | ) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (77,561 | ) | — | 57,372 | (772 | ) | (20,961 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 1,586 | 9,795 | (995 | ) | — | 10,386 | ||||||||||||||||
Net other comprehensive income (loss) for the period | (75,975 | ) | 9,795 | 56,377 | (772 | ) | (10,575 | ) | ||||||||||||||
Ending balance, March 31, 2013 | $3,930 | ($580,917 | ) | $270,924 | $2,405 | ($303,658 | ) | |||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance December 31, 2013 | ($28,202 | ) | ($9,635 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 122 | (302 | ) | |||||||||||||||||||
comprehensive income (loss) | ||||||||||||||||||||||
Net other comprehensive income (loss) for the period | 122 | (302 | ) | |||||||||||||||||||
Ending balance, March 31, 2014 | ($28,080 | ) | ($9,937 | ) | ||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | ($65,229 | ) | ($46,132 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 955 | 678 | ||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||
Net other comprehensive income for the period | 955 | 678 | ||||||||||||||||||||
Ending balance, March 31, 2013 | ($64,274 | ) | ($45,454 | ) | ||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | $194,603 | Competitive business operating revenues | ||||||||||||||||||||
Interest rate swaps | (298 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized gains on cash flow hedges | 194,305 | |||||||||||||||||||||
(68,007 | ) | Income taxes | ||||||||||||||||||||
Total realized gains on cash flow hedges (net of tax) | $126,298 | |||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $5,078 | (a) | ||||||||||||||||||||
Amortization of loss | (8,981 | ) | (a) | |||||||||||||||||||
Settlement loss | (1,162 | ) | (a) | |||||||||||||||||||
Total amortization | (5,065 | ) | ||||||||||||||||||||
17,761 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | $12,696 | |||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $3,400 | Interest and investment income | ||||||||||||||||||||
(1,666 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $1,734 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | $140,728 | |||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | ($2,117 | ) | Competitive business operating revenues | |||||||||||||||||||
Interest rate swaps | (405 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized losses on cash flow hedges | (2,522 | ) | ||||||||||||||||||||
936 | Income taxes | |||||||||||||||||||||
Total realized losses on cash flow hedges (net of tax) | ($1,586 | ) | ||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $2,384 | (a) | ||||||||||||||||||||
Amortization of loss | (18,048 | ) | (a) | |||||||||||||||||||
Total amortization | (15,664 | ) | ||||||||||||||||||||
5,869 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | ($9,795 | ) | ||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $1,951 | Interest and investment income | ||||||||||||||||||||
(956 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $995 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | ($10,386 | ) | ||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $559 | $844 | (a) | |||||||||||||||||||
Amortization of loss | (782 | ) | (378 | ) | (a) | |||||||||||||||||
Total amortization | (223 | ) | 466 | |||||||||||||||||||
101 | (164 | ) | Income tax expense (benefit) | |||||||||||||||||||
Total amortization (net of tax) | (122 | ) | 302 | |||||||||||||||||||
Total reclassifications for the period (net of tax) | ($122 | ) | $302 | |||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $206 | $62 | (a) | |||||||||||||||||||
Amortization of loss | (1,947 | ) | (1,287 | ) | (a) | |||||||||||||||||
Total amortization | (1,741 | ) | (1,225 | ) | ||||||||||||||||||
786 | 547 | Income taxes | ||||||||||||||||||||
Total amortization (net of tax) | (955 | ) | (678 | ) | ||||||||||||||||||
Total reclassifications for the period (net of tax) | ($955 | ) | ($678 | ) | ||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Entergy Louisiana [Member] | ' | |||||||||||||||||||||
Equity | ' | |||||||||||||||||||||
EQUITY (Entergy Corporation, Entergy Gulf States Louisiana, and Entergy Louisiana) | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||
The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements: | ||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||||
Basic earnings per share | Income | Shares | $/share | Income | Shares | $/share | ||||||||||||||||
Net income attributable to Entergy Corporation | $401.20 | 178.8 | $2.24 | $161.40 | 178 | $0.91 | ||||||||||||||||
Average dilutive effect of: | ||||||||||||||||||||||
Stock options | — | — | 0.1 | — | ||||||||||||||||||
Other equity plans | 0.3 | — | 0.3 | (0.01 | ) | |||||||||||||||||
Diluted earnings per share | $401.20 | 179.1 | $2.24 | $161.40 | 178.4 | $0.90 | ||||||||||||||||
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 9.0 million and 8.9 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||
Entergy’s stock options and other equity compensation plans are discussed in Note 5 herein and in Note 12 to the financial statements in the Form 10-K. | ||||||||||||||||||||||
Treasury Stock | ||||||||||||||||||||||
During the three months ended March 31, 2014, Entergy Corporation issued 773,203 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2014. | ||||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||||
On April 17, 2014, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.83 per share, payable on June 2, 2014 to holders of record as of May 15, 2014. | ||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||
Accumulated other comprehensive loss is included in the equity section of the balance sheets of Entergy, Entergy Gulf States Louisiana, and Entergy Louisiana. The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2014 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
loss | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | ($81,777 | ) | ($288,223 | ) | $337,256 | $3,420 | ($29,324 | ) | ||||||||||||||
Other comprehensive income before reclassifications | 140,052 | — | 24,723 | 75 | 164,850 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (126,298 | ) | (12,696 | ) | (1,734 | ) | — | (140,728 | ) | |||||||||||||
Net other comprehensive income (loss) for the period | 13,754 | (12,696 | ) | 22,989 | 75 | 24,122 | ||||||||||||||||
Ending balance, March 31, 2014 | ($68,023 | ) | ($300,919 | ) | $360,245 | $3,495 | ($5,202 | ) | ||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2013 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
gain | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | $79,905 | ($590,712 | ) | $214,547 | $3,177 | ($293,083 | ) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (77,561 | ) | — | 57,372 | (772 | ) | (20,961 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 1,586 | 9,795 | (995 | ) | — | 10,386 | ||||||||||||||||
Net other comprehensive income (loss) for the period | (75,975 | ) | 9,795 | 56,377 | (772 | ) | (10,575 | ) | ||||||||||||||
Ending balance, March 31, 2013 | $3,930 | ($580,917 | ) | $270,924 | $2,405 | ($303,658 | ) | |||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance December 31, 2013 | ($28,202 | ) | ($9,635 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 122 | (302 | ) | |||||||||||||||||||
comprehensive income (loss) | ||||||||||||||||||||||
Net other comprehensive income (loss) for the period | 122 | (302 | ) | |||||||||||||||||||
Ending balance, March 31, 2014 | ($28,080 | ) | ($9,937 | ) | ||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | ($65,229 | ) | ($46,132 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 955 | 678 | ||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||
Net other comprehensive income for the period | 955 | 678 | ||||||||||||||||||||
Ending balance, March 31, 2013 | ($64,274 | ) | ($45,454 | ) | ||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | $194,603 | Competitive business operating revenues | ||||||||||||||||||||
Interest rate swaps | (298 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized gains on cash flow hedges | 194,305 | |||||||||||||||||||||
(68,007 | ) | Income taxes | ||||||||||||||||||||
Total realized gains on cash flow hedges (net of tax) | $126,298 | |||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $5,078 | (a) | ||||||||||||||||||||
Amortization of loss | (8,981 | ) | (a) | |||||||||||||||||||
Settlement loss | (1,162 | ) | (a) | |||||||||||||||||||
Total amortization | (5,065 | ) | ||||||||||||||||||||
17,761 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | $12,696 | |||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $3,400 | Interest and investment income | ||||||||||||||||||||
(1,666 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $1,734 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | $140,728 | |||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | ($2,117 | ) | Competitive business operating revenues | |||||||||||||||||||
Interest rate swaps | (405 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized losses on cash flow hedges | (2,522 | ) | ||||||||||||||||||||
936 | Income taxes | |||||||||||||||||||||
Total realized losses on cash flow hedges (net of tax) | ($1,586 | ) | ||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $2,384 | (a) | ||||||||||||||||||||
Amortization of loss | (18,048 | ) | (a) | |||||||||||||||||||
Total amortization | (15,664 | ) | ||||||||||||||||||||
5,869 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | ($9,795 | ) | ||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $1,951 | Interest and investment income | ||||||||||||||||||||
(956 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $995 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | ($10,386 | ) | ||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $559 | $844 | (a) | |||||||||||||||||||
Amortization of loss | (782 | ) | (378 | ) | (a) | |||||||||||||||||
Total amortization | (223 | ) | 466 | |||||||||||||||||||
101 | (164 | ) | Income tax expense (benefit) | |||||||||||||||||||
Total amortization (net of tax) | (122 | ) | 302 | |||||||||||||||||||
Total reclassifications for the period (net of tax) | ($122 | ) | $302 | |||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $206 | $62 | (a) | |||||||||||||||||||
Amortization of loss | (1,947 | ) | (1,287 | ) | (a) | |||||||||||||||||
Total amortization | (1,741 | ) | (1,225 | ) | ||||||||||||||||||
786 | 547 | Income taxes | ||||||||||||||||||||
Total amortization (net of tax) | (955 | ) | (678 | ) | ||||||||||||||||||
Total reclassifications for the period (net of tax) | ($955 | ) | ($678 | ) | ||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. |
Revolving_Credit_Facilities_Li
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Arkansas [Member] | ' | ||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | ||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Louisiana [Member] | ' | ||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Mississippi [Member] | ' | ||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy New Orleans [Member] | ' | ||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Texas [Member] | ' | ||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
System Energy [Member] | ' | ||||||||||||||
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | ' | ||||||||||||||
REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||
Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2014 was 1.93% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. | |||||||||||||||
Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At March 31, 2014, Entergy Corporation had $1,059 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2014 was 0.91%. | |||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. | |||||||||||||||
In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit | |||||||||||||||
facility in 2013 as a means to post collateral to support its obligations related to MISO. As of March 31, 2014, a $25 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and an $8.5 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of March 31, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. | |||||||||||||||
The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | |||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. | |||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. | |||||||||||||||
Debt Issuances and Redemptions | |||||||||||||||
(Entergy Arkansas) | |||||||||||||||
In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, in March 2014, its $250 million term loan and, in April 2014, its $115 million 5.0% Series first mortgage bonds due July 2018 and for general corporate purposes. | |||||||||||||||
(Entergy Mississippi) | |||||||||||||||
In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay in April 2014, prior to maturity, its $95 million 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. | |||||||||||||||
Fair Value | |||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock-Based Compensation | ' | |||||||
STOCK-BASED COMPENSATION (Entergy Corporation) | ||||||||
Entergy grants stock awards, which are described more fully in Note 12 to the financial statements in the Form 10-K. Awards under Entergy’s plans generally vest over three years. | ||||||||
Stock Options | ||||||||
Entergy granted 611,700 stock options during the first quarter 2014 with a weighted-average fair value of $8.71 per option. At March 31, 2014, there are 9,557,667 stock options outstanding with a weighted-average exercise price of $80.32. The intrinsic value, which has no effect on net income, of the outstanding stock options is calculated by the difference in the weighted average exercise price of the stock options granted and Entergy Corporation’s common stock price as of March 31, 2014. Because Entergy’s stock price at March 31, 2014 is less than the weighted average exercise price, the aggregate intrinsic value of the stock options outstanding as of March 31, 2014 is zero. The intrinsic value of “in the money” stock options is $3.6 million as of March 31, 2014. | ||||||||
The following table includes financial information for stock options for the three months ended March 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(In Millions) | ||||||||
Compensation expense included in Entergy’s net income | $1.30 | $1.30 | ||||||
Tax benefit recognized in Entergy’s net income | $0.50 | $0.50 | ||||||
Compensation cost capitalized as part of fixed assets and inventory | $0.20 | $0.20 | ||||||
Other Equity Plans | ||||||||
In January 2014 the Board approved and Entergy granted 352,600 restricted stock awards and 226,792 long-term incentive awards under the 2011 Equity Ownership and Long-term Cash Incentive Plan. The restricted stock awards were made effective as of January 30, 2014 and were valued at $63.17 per share, which was the closing price of Entergy’s common stock on that date. One-third of the restricted stock awards will vest upon each anniversary of the grant date. The long-term incentive awards are granted in the form of performance units, which are equal to the cash value of shares of Entergy Corporation at the end of the performance period, which is the last day of the year. The performance units were made effective as of January 30, 2014 and were valued at $67.16 per share. Entergy considers various factors, primarily market conditions, in determining the value of the performance units. Shares of the restricted stock awards have the same dividend and voting rights as other common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the 3-year vesting period. Shares of the performance units have the same dividend rights as other common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the 3-year vesting period. | ||||||||
The following table includes financial information for other equity plans for the three months ended March 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(In Millions) | ||||||||
Compensation expense included in Entergy’s net income | $7.40 | $5.90 | ||||||
Tax benefit recognized in Entergy’s net income | $2.90 | $2.30 | ||||||
Compensation cost capitalized as part of fixed assets and inventory | $1.10 | $0.70 | ||||||
Retirement_And_Other_Postretir
Retirement And Other Postretirement Benefits | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Arkansas [Member] | ' | ||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | ||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Louisiana [Member] | ' | ||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Mississippi [Member] | ' | ||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy New Orleans [Member] | ' | ||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Texas [Member] | ' | ||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
System Energy [Member] | ' | ||||||||||||||||||||||||||||
Retirement And Other Postretirement Benefits | ' | ||||||||||||||||||||||||||||
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||||||||||
Components of Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Non-Qualified Net Pension Cost | |||||||||||||||||||||||||||||
Entergy recognized $10.0 million and $5.5 million in pension cost for its non-qualified pension plans in the first quarters of 2014 and 2013, respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter 2014 is a $5.5 million settlement charge recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Reflected in Entergy Arkansas’s and Entergy Texas’s non-qualified pension costs in the first quarter 2014 are $51 thousand and $6 thousand, respectively, in settlement charges recognized in March 2014 related to the payment of lump sum benefits out of the plan. | |||||||||||||||||||||||||||||
Components of Net Other Postretirement Benefit Cost | |||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Employer Contributions | |||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. | |||||||||||||||||||||
Entergy Arkansas [Member] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. | |||||||||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. | |||||||||||||||||||||
Entergy Louisiana [Member] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. | |||||||||||||||||||||
Entergy Mississippi [Member] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. | |||||||||||||||||||||
Entergy New Orleans [Member] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. | |||||||||||||||||||||
Entergy Texas [Member] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. | |||||||||||||||||||||
System Energy [Member] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |||||||||||||||||||||
Entergy Corporation | |||||||||||||||||||||
Entergy’s reportable segments as of March 31, 2014 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. | |||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. | |||||||||||||||||||||
Registrant Subsidiaries | |||||||||||||||||||||
Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Risk_Management_And_Fair_Value
Risk Management And Fair Values | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Arkansas [Member] | ' | |||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | |||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Louisiana [Member] | ' | |||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Mississippi [Member] | ' | |||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy New Orleans [Member] | ' | |||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Texas [Member] | ' | |||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
System Energy [Member] | ' | |||||||||||||||||||||||
Risk Management And Fair Values | ' | |||||||||||||||||||||||
RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | ||||||||||||||||||||||||
Market Risk | ||||||||||||||||||||||||
In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. | ||||||||||||||||||||||||
The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. | ||||||||||||||||||||||||
As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. | ||||||||||||||||||||||||
Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. | ||||||||||||||||||||||||
Entergy enters into derivatives only to manage natural risks inherent in its physical or financial assets or liabilities. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2014 is approximately 2.75 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 75% for the remainder of 2014, of which approximately 45% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2014 is 30 TWh. | ||||||||||||||||||||||||
Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation and projected winter purchases for gas distribution at Entergy Gulf States Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2014 is 42,490,000 MMBtu for Entergy, 16,070,000 MMBtu for Entergy Gulf States Louisiana, 19,180,000 MMBtu for Entergy Louisiana, and 7,240,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. | ||||||||||||||||||||||||
In connection with joining MISO, Entergy received a direct allocation of FTRs in November 2013. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2014 is 15,554 GWh for Entergy, including 3,540 GWh for Entergy Arkansas, 2,613 GWh for Entergy Gulf States Louisiana, 3,998 GWh for Entergy Louisiana, 2,319 GWh for Entergy Mississippi, 523 GWh for Entergy New Orleans, and 2,423 GWh for Entergy Texas. Credit support for FTRs held by the Utility operating companies is covered by cash or letters of credit issued by each Utility operating company as required by MISO. Credit support for FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2014, Entergy Arkansas posted $1 million in cash collateral. | ||||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants. The related gains or losses from hedging power are included in operating revenues when realized. Gains (losses) totaling approximately ($195) million and ($2) million were realized on the maturity of cash flow hedges, before taxes (benefit) of ($68) million and ($1) million, for the three months ended March 31, 2014 and 2013, respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2014 and 2013 was $1 million and ($1.3) million, respectively. The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues. | ||||||||||||||||||||||||
Based on market prices as of March 31, 2014, unrealized losses recorded in AOCI on cash flow hedges relating to power sales totaled $98 million of net unrealized losses. Approximately $74 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. | ||||||||||||||||||||||||
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices. The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2014, derivative contracts with nine counterparties were in a liability position (approximately $98 million total) and, in addition to the corporate guarantee, $64 million in cash collateral was required to be posted. As of March 31, 2013, derivative contracts with six counterparties were in a liability position (approximately $25 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. | ||||||||||||||||||||||||
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. | ||||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
Due to regulatory treatment, the changes in the estimated fair value of FTRs are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the FTRs are settled are recovered or refunded through fuel cost recovery mechanisms. | ||||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Fair Values | ||||||||||||||||||||||||
The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||
Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. | ||||||||||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: | ||||||||||||||||||||||||
• | 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 2 consists primarily of individually-owned debt instruments or shares in common trusts. Common trust funds are stated at estimated fair value based on the fair market value of the underlying investments. | ||||||||||||||||||||||||
• | Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. | |||||||||||||||||||||||
The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group and the Entergy Wholesale Commodities Accounting Policy and External Reporting group. The primary functions of the Entergy Wholesale Commodities Risk Control Group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting Policy and External Reporting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control Group reports to the Vice President, Treasury while the Entergy Wholesale Commodities Accounting Policy and External Reporting group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. | ||||||||||||||||||||||||
The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and US Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. | ||||||||||||||||||||||||
On a daily basis, Entergy Wholesale Commodities Risk Control Group calculated the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities Risk Control Group also validated forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences were analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options were also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available, and used multiple sources of market implied volatilities. Moreover, on at least a monthly basis, the Office of Corporate Risk Oversight confirmed the mark-to-market calculations and prepared price scenarios and credit downgrade scenario analysis. The scenario analysis was communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis was completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’s portfolio. In particular, the credit, liquidity, and financial metrics impacts were calculated for this analysis. This analysis was communicated to senior management within Entergy and Entergy Wholesale Commodities. | ||||||||||||||||||||||||
The values of FTRs are based on unobservable inputs, including estimates of future congestion costs in MISO between applicable sink and source pricing nodes based on prices published by MISO. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control Group for the unregulated business and by the System Planning and Operations Risk Control Group for the Utility operating companies. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The System Planning and Operations Risk Control Group reports to the Vice President, Treasury. The Accounting Policy group reports to the Vice President, Accounting Policy and External Reporting. | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
The following table sets forth an analysis of each of the types of unobservable inputs impacting the fair value of items classified as Level 3 within the fair value hierarchy, and the sensitivity to changes to those inputs: | ||||||||||||||||||||||||
Significant | Transaction Type | Position | Change to Input | Effect on | ||||||||||||||||||||
Unobservable | Fair Value | |||||||||||||||||||||||
Input | ||||||||||||||||||||||||
Unit contingent discount | Electricity swaps | Sell | Increase (Decrease) | Decrease (Increase) | ||||||||||||||||||||
Implied volatility | Electricity options | Sell | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
Implied volatility | Electricity options | Buy | Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
(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. | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Decommissioning_Trust_Funds
Decommissioning Trust Funds | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Decommissioning Trust Funds | ' | |||||||||||||||
DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | ||||||||||||||||
Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. | ||||||||||||||||
Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the nonregulated portion of River Bend, Entergy Gulf States Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available for sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. | ||||||||||||||||
The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $3,061 | $1,290 | $1 | |||||||||||||
Debt Securities | 1,930 | 55 | 15 | |||||||||||||
Total | $4,991 | $1,345 | $16 | |||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2013 | ||||||||||||||||
Equity Securities | $3,073 | $1,260 | $— | |||||||||||||
Debt Securities | 1,830 | 47 | 29 | |||||||||||||
Total | $4,903 | $1,307 | $29 | |||||||||||||
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $335 million and $329 million as of March 31, 2014 and December 31, 2013, respectively. The amortized cost of debt securities was $1,895 million as of March 31, 2014 and $1,843 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.36%, an average duration of approximately 5.13 years, and an average maturity of approximately 7.60 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $5 | $1 | $627 | $10 | ||||||||||||
More than 12 months | — | — | 82 | 5 | ||||||||||||
Total | $5 | $1 | $709 | $15 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $892 | $24 | ||||||||||||
More than 12 months | — | — | 60 | 5 | ||||||||||||
Total | $— | $— | $952 | $29 | ||||||||||||
The unrealized losses in excess of twelve months on equity securities above relate to Entergy’s Utility operating companies and System Energy. | ||||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $95 | $83 | ||||||||||||||
1 year - 5 years | 787 | 752 | ||||||||||||||
5 years - 10 years | 637 | 620 | ||||||||||||||
10 years - 15 years | 168 | 169 | ||||||||||||||
15 years - 20 years | 51 | 52 | ||||||||||||||
20 years+ | 192 | 154 | ||||||||||||||
Total | $1,930 | $1,830 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $537 million and $398 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $6 million and $6 million, respectively, and gross losses of $2 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Arkansas | ||||||||||||||||
Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $460.80 | $218.60 | $— | |||||||||||||
Debt Securities | 260.7 | 5.7 | 2.9 | |||||||||||||
Total | $721.50 | $224.30 | $2.90 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $463.30 | $214.00 | $— | |||||||||||||
Debt Securities | 247.6 | 5.3 | 5.2 | |||||||||||||
Total | $710.90 | $219.30 | $5.20 | |||||||||||||
The amortized cost of debt securities was $259 million as of March 31, 2014 and $248.9 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 2.78%, an average duration of approximately 4.89 years, and an average maturity of approximately 5.60 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $115.40 | $1.80 | ||||||||||||
More than 12 months | — | — | 21.9 | 1.1 | ||||||||||||
Total | $0.10 | $— | $137.30 | $2.90 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $153.20 | $4.80 | ||||||||||||
More than 12 months | — | — | 6.9 | 0.4 | ||||||||||||
Total | $— | $— | $160.10 | $5.20 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.10 | $8.10 | ||||||||||||||
1 year - 5 years | 125.5 | 110.9 | ||||||||||||||
5 years - 10 years | 116.4 | 118 | ||||||||||||||
10 years - 15 years | 3.3 | 3.9 | ||||||||||||||
15 years - 20 years | 1 | 0.9 | ||||||||||||||
20 years+ | 6.4 | 5.8 | ||||||||||||||
Total | $260.70 | $247.60 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $45.3 million and $56.1 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.1 million and $1.4 million, respectively, and gross losses of $0.2 million and $0.1 million, respectively were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||
Entergy Gulf States Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $359.90 | $145.40 | $— | |||||||||||||
Debt Securities | 226.3 | 8.8 | 1.8 | |||||||||||||
Total | $586.20 | $154.20 | $1.80 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $370.80 | $141.80 | $— | |||||||||||||
Debt Securities | 202.9 | 7.4 | 3.5 | |||||||||||||
Total | $573.70 | $149.20 | $3.50 | |||||||||||||
The amortized cost of debt securities was $219.5 million as of March 31, 2014 and $199.1 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 4.42%, an average duration of approximately 5.53 years, and an average maturity of approximately 8.08 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $70.10 | $1.40 | ||||||||||||
More than 12 months | — | — | 5.7 | 0.4 | ||||||||||||
Total | $— | $— | $75.80 | $1.80 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $91.90 | $3.10 | ||||||||||||
More than 12 months | — | — | 4.6 | 0.4 | ||||||||||||
Total | $— | $— | $96.50 | $3.50 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $7.80 | $7.90 | ||||||||||||||
1 year - 5 years | 52.7 | 51.2 | ||||||||||||||
5 years - 10 years | 91.2 | 75.5 | ||||||||||||||
10 years - 15 years | 59.6 | 55.8 | ||||||||||||||
15 years - 20 years | 4.6 | 4.6 | ||||||||||||||
20 years+ | 10.4 | 7.9 | ||||||||||||||
Total | $226.30 | $202.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $30.3 million and $23.3 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $1.1 million, respectively, and gross losses of $0.2 million and $1.7 thousand, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Louisiana | ||||||||||||||||
Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $225.00 | $98.30 | $— | |||||||||||||
Debt Securities | 128.6 | 5.2 | 1.2 | |||||||||||||
Total | $353.60 | $103.50 | $1.20 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $224.20 | $96.10 | $— | |||||||||||||
Debt Securities | 123.1 | 4.7 | 1.9 | |||||||||||||
Total | $347.30 | $100.80 | $1.90 | |||||||||||||
The amortized cost of debt securities was $124.7 million as of March 31, 2014 and $120.6 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.06%, an average duration of approximately 4.86 years, and an average maturity of approximately 7.83 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $35.70 | $1.00 | ||||||||||||
More than 12 months | — | — | 2.1 | 0.2 | ||||||||||||
Total | $— | $— | $37.80 | $1.20 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $38.30 | $1.70 | ||||||||||||
More than 12 months | — | — | 1.7 | 0.2 | ||||||||||||
Total | $— | $— | $40.00 | $1.90 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.70 | $14.80 | ||||||||||||||
1 year - 5 years | 44.9 | 41.9 | ||||||||||||||
5 years - 10 years | 44.4 | 37 | ||||||||||||||
10 years - 15 years | 6.5 | 6.6 | ||||||||||||||
15 years - 20 years | 6.7 | 6.2 | ||||||||||||||
20 years+ | 17.4 | 16.6 | ||||||||||||||
Total | $128.60 | $ | 123.1 | |||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $18.1 million and $3.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $0.04 million, respectively, and gross losses of $3.9 thousand and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
System Energy | ||||||||||||||||
System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $385.90 | $154.80 | $— | |||||||||||||
Debt Securities | 233.4 | 3.5 | 0.7 | |||||||||||||
Total | $619.30 | $158.30 | $0.70 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $380.00 | $150.80 | $— | |||||||||||||
Debt Securities | 223.9 | 3.5 | 1.8 | |||||||||||||
Total | $603.90 | $154.30 | $1.80 | |||||||||||||
The amortized cost of debt securities was $230.5 million as of March 31, 2014 and $223.4 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 1.98%, an average duration of approximately 4.38 years, and an average maturity of approximately 6.11 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $88.30 | $0.60 | ||||||||||||
More than 12 months | — | — | 1.4 | 0.1 | ||||||||||||
Total | $0.10 | $— | $89.70 | $0.70 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $121.70 | $1.70 | ||||||||||||
More than 12 months | — | — | 0.9 | 0.1 | ||||||||||||
Total | $— | $— | $122.60 | $1.80 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.80 | $5.50 | ||||||||||||||
1 year - 5 years | 157.8 | 144.9 | ||||||||||||||
5 years - 10 years | 39.8 | 44.3 | ||||||||||||||
10 years - 15 years | 3.5 | 9.3 | ||||||||||||||
15 years - 20 years | 1.3 | 1.6 | ||||||||||||||
20 years+ | 22.2 | 18.3 | ||||||||||||||
Total | $233.40 | $223.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $130.3 million and $25.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $1.0 million and $0.02 million, respectively, and gross losses of $0.3 million and $0.07 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Other-than-temporary impairments and unrealized gains and losses | ||||||||||||||||
Entergy, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2014 and 2013. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not record material charges to other income in the three months ended March 31, 2014 and 2013, respectively, resulting from the recognition of the other-than-temporary impairment of certain equity securities held in its decommissioning trust funds. | ||||||||||||||||
Entergy Arkansas [Member] | ' | |||||||||||||||
Decommissioning Trust Funds | ' | |||||||||||||||
DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | ||||||||||||||||
Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. | ||||||||||||||||
Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the nonregulated portion of River Bend, Entergy Gulf States Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available for sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. | ||||||||||||||||
The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $3,061 | $1,290 | $1 | |||||||||||||
Debt Securities | 1,930 | 55 | 15 | |||||||||||||
Total | $4,991 | $1,345 | $16 | |||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2013 | ||||||||||||||||
Equity Securities | $3,073 | $1,260 | $— | |||||||||||||
Debt Securities | 1,830 | 47 | 29 | |||||||||||||
Total | $4,903 | $1,307 | $29 | |||||||||||||
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $335 million and $329 million as of March 31, 2014 and December 31, 2013, respectively. The amortized cost of debt securities was $1,895 million as of March 31, 2014 and $1,843 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.36%, an average duration of approximately 5.13 years, and an average maturity of approximately 7.60 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $5 | $1 | $627 | $10 | ||||||||||||
More than 12 months | — | — | 82 | 5 | ||||||||||||
Total | $5 | $1 | $709 | $15 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $892 | $24 | ||||||||||||
More than 12 months | — | — | 60 | 5 | ||||||||||||
Total | $— | $— | $952 | $29 | ||||||||||||
The unrealized losses in excess of twelve months on equity securities above relate to Entergy’s Utility operating companies and System Energy. | ||||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $95 | $83 | ||||||||||||||
1 year - 5 years | 787 | 752 | ||||||||||||||
5 years - 10 years | 637 | 620 | ||||||||||||||
10 years - 15 years | 168 | 169 | ||||||||||||||
15 years - 20 years | 51 | 52 | ||||||||||||||
20 years+ | 192 | 154 | ||||||||||||||
Total | $1,930 | $1,830 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $537 million and $398 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $6 million and $6 million, respectively, and gross losses of $2 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Arkansas | ||||||||||||||||
Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $460.80 | $218.60 | $— | |||||||||||||
Debt Securities | 260.7 | 5.7 | 2.9 | |||||||||||||
Total | $721.50 | $224.30 | $2.90 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $463.30 | $214.00 | $— | |||||||||||||
Debt Securities | 247.6 | 5.3 | 5.2 | |||||||||||||
Total | $710.90 | $219.30 | $5.20 | |||||||||||||
The amortized cost of debt securities was $259 million as of March 31, 2014 and $248.9 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 2.78%, an average duration of approximately 4.89 years, and an average maturity of approximately 5.60 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $115.40 | $1.80 | ||||||||||||
More than 12 months | — | — | 21.9 | 1.1 | ||||||||||||
Total | $0.10 | $— | $137.30 | $2.90 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $153.20 | $4.80 | ||||||||||||
More than 12 months | — | — | 6.9 | 0.4 | ||||||||||||
Total | $— | $— | $160.10 | $5.20 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.10 | $8.10 | ||||||||||||||
1 year - 5 years | 125.5 | 110.9 | ||||||||||||||
5 years - 10 years | 116.4 | 118 | ||||||||||||||
10 years - 15 years | 3.3 | 3.9 | ||||||||||||||
15 years - 20 years | 1 | 0.9 | ||||||||||||||
20 years+ | 6.4 | 5.8 | ||||||||||||||
Total | $260.70 | $247.60 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $45.3 million and $56.1 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.1 million and $1.4 million, respectively, and gross losses of $0.2 million and $0.1 million, respectively were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||
Entergy Gulf States Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $359.90 | $145.40 | $— | |||||||||||||
Debt Securities | 226.3 | 8.8 | 1.8 | |||||||||||||
Total | $586.20 | $154.20 | $1.80 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $370.80 | $141.80 | $— | |||||||||||||
Debt Securities | 202.9 | 7.4 | 3.5 | |||||||||||||
Total | $573.70 | $149.20 | $3.50 | |||||||||||||
The amortized cost of debt securities was $219.5 million as of March 31, 2014 and $199.1 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 4.42%, an average duration of approximately 5.53 years, and an average maturity of approximately 8.08 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $70.10 | $1.40 | ||||||||||||
More than 12 months | — | — | 5.7 | 0.4 | ||||||||||||
Total | $— | $— | $75.80 | $1.80 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $91.90 | $3.10 | ||||||||||||
More than 12 months | — | — | 4.6 | 0.4 | ||||||||||||
Total | $— | $— | $96.50 | $3.50 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $7.80 | $7.90 | ||||||||||||||
1 year - 5 years | 52.7 | 51.2 | ||||||||||||||
5 years - 10 years | 91.2 | 75.5 | ||||||||||||||
10 years - 15 years | 59.6 | 55.8 | ||||||||||||||
15 years - 20 years | 4.6 | 4.6 | ||||||||||||||
20 years+ | 10.4 | 7.9 | ||||||||||||||
Total | $226.30 | $202.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $30.3 million and $23.3 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $1.1 million, respectively, and gross losses of $0.2 million and $1.7 thousand, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Louisiana | ||||||||||||||||
Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $225.00 | $98.30 | $— | |||||||||||||
Debt Securities | 128.6 | 5.2 | 1.2 | |||||||||||||
Total | $353.60 | $103.50 | $1.20 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $224.20 | $96.10 | $— | |||||||||||||
Debt Securities | 123.1 | 4.7 | 1.9 | |||||||||||||
Total | $347.30 | $100.80 | $1.90 | |||||||||||||
The amortized cost of debt securities was $124.7 million as of March 31, 2014 and $120.6 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.06%, an average duration of approximately 4.86 years, and an average maturity of approximately 7.83 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $35.70 | $1.00 | ||||||||||||
More than 12 months | — | — | 2.1 | 0.2 | ||||||||||||
Total | $— | $— | $37.80 | $1.20 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $38.30 | $1.70 | ||||||||||||
More than 12 months | — | — | 1.7 | 0.2 | ||||||||||||
Total | $— | $— | $40.00 | $1.90 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.70 | $14.80 | ||||||||||||||
1 year - 5 years | 44.9 | 41.9 | ||||||||||||||
5 years - 10 years | 44.4 | 37 | ||||||||||||||
10 years - 15 years | 6.5 | 6.6 | ||||||||||||||
15 years - 20 years | 6.7 | 6.2 | ||||||||||||||
20 years+ | 17.4 | 16.6 | ||||||||||||||
Total | $128.60 | $ | 123.1 | |||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $18.1 million and $3.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $0.04 million, respectively, and gross losses of $3.9 thousand and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
System Energy | ||||||||||||||||
System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $385.90 | $154.80 | $— | |||||||||||||
Debt Securities | 233.4 | 3.5 | 0.7 | |||||||||||||
Total | $619.30 | $158.30 | $0.70 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $380.00 | $150.80 | $— | |||||||||||||
Debt Securities | 223.9 | 3.5 | 1.8 | |||||||||||||
Total | $603.90 | $154.30 | $1.80 | |||||||||||||
The amortized cost of debt securities was $230.5 million as of March 31, 2014 and $223.4 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 1.98%, an average duration of approximately 4.38 years, and an average maturity of approximately 6.11 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $88.30 | $0.60 | ||||||||||||
More than 12 months | — | — | 1.4 | 0.1 | ||||||||||||
Total | $0.10 | $— | $89.70 | $0.70 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $121.70 | $1.70 | ||||||||||||
More than 12 months | — | — | 0.9 | 0.1 | ||||||||||||
Total | $— | $— | $122.60 | $1.80 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.80 | $5.50 | ||||||||||||||
1 year - 5 years | 157.8 | 144.9 | ||||||||||||||
5 years - 10 years | 39.8 | 44.3 | ||||||||||||||
10 years - 15 years | 3.5 | 9.3 | ||||||||||||||
15 years - 20 years | 1.3 | 1.6 | ||||||||||||||
20 years+ | 22.2 | 18.3 | ||||||||||||||
Total | $233.40 | $223.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $130.3 million and $25.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $1.0 million and $0.02 million, respectively, and gross losses of $0.3 million and $0.07 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Other-than-temporary impairments and unrealized gains and losses | ||||||||||||||||
Entergy, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2014 and 2013. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not record material charges to other income in the three months ended March 31, 2014 and 2013, respectively, resulting from the recognition of the other-than-temporary impairment of certain equity securities held in its decommissioning trust funds. | ||||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | |||||||||||||||
Decommissioning Trust Funds | ' | |||||||||||||||
DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | ||||||||||||||||
Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. | ||||||||||||||||
Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the nonregulated portion of River Bend, Entergy Gulf States Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available for sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. | ||||||||||||||||
The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $3,061 | $1,290 | $1 | |||||||||||||
Debt Securities | 1,930 | 55 | 15 | |||||||||||||
Total | $4,991 | $1,345 | $16 | |||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2013 | ||||||||||||||||
Equity Securities | $3,073 | $1,260 | $— | |||||||||||||
Debt Securities | 1,830 | 47 | 29 | |||||||||||||
Total | $4,903 | $1,307 | $29 | |||||||||||||
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $335 million and $329 million as of March 31, 2014 and December 31, 2013, respectively. The amortized cost of debt securities was $1,895 million as of March 31, 2014 and $1,843 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.36%, an average duration of approximately 5.13 years, and an average maturity of approximately 7.60 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $5 | $1 | $627 | $10 | ||||||||||||
More than 12 months | — | — | 82 | 5 | ||||||||||||
Total | $5 | $1 | $709 | $15 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $892 | $24 | ||||||||||||
More than 12 months | — | — | 60 | 5 | ||||||||||||
Total | $— | $— | $952 | $29 | ||||||||||||
The unrealized losses in excess of twelve months on equity securities above relate to Entergy’s Utility operating companies and System Energy. | ||||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $95 | $83 | ||||||||||||||
1 year - 5 years | 787 | 752 | ||||||||||||||
5 years - 10 years | 637 | 620 | ||||||||||||||
10 years - 15 years | 168 | 169 | ||||||||||||||
15 years - 20 years | 51 | 52 | ||||||||||||||
20 years+ | 192 | 154 | ||||||||||||||
Total | $1,930 | $1,830 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $537 million and $398 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $6 million and $6 million, respectively, and gross losses of $2 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Arkansas | ||||||||||||||||
Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $460.80 | $218.60 | $— | |||||||||||||
Debt Securities | 260.7 | 5.7 | 2.9 | |||||||||||||
Total | $721.50 | $224.30 | $2.90 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $463.30 | $214.00 | $— | |||||||||||||
Debt Securities | 247.6 | 5.3 | 5.2 | |||||||||||||
Total | $710.90 | $219.30 | $5.20 | |||||||||||||
The amortized cost of debt securities was $259 million as of March 31, 2014 and $248.9 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 2.78%, an average duration of approximately 4.89 years, and an average maturity of approximately 5.60 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $115.40 | $1.80 | ||||||||||||
More than 12 months | — | — | 21.9 | 1.1 | ||||||||||||
Total | $0.10 | $— | $137.30 | $2.90 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $153.20 | $4.80 | ||||||||||||
More than 12 months | — | — | 6.9 | 0.4 | ||||||||||||
Total | $— | $— | $160.10 | $5.20 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.10 | $8.10 | ||||||||||||||
1 year - 5 years | 125.5 | 110.9 | ||||||||||||||
5 years - 10 years | 116.4 | 118 | ||||||||||||||
10 years - 15 years | 3.3 | 3.9 | ||||||||||||||
15 years - 20 years | 1 | 0.9 | ||||||||||||||
20 years+ | 6.4 | 5.8 | ||||||||||||||
Total | $260.70 | $247.60 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $45.3 million and $56.1 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.1 million and $1.4 million, respectively, and gross losses of $0.2 million and $0.1 million, respectively were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||
Entergy Gulf States Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $359.90 | $145.40 | $— | |||||||||||||
Debt Securities | 226.3 | 8.8 | 1.8 | |||||||||||||
Total | $586.20 | $154.20 | $1.80 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $370.80 | $141.80 | $— | |||||||||||||
Debt Securities | 202.9 | 7.4 | 3.5 | |||||||||||||
Total | $573.70 | $149.20 | $3.50 | |||||||||||||
The amortized cost of debt securities was $219.5 million as of March 31, 2014 and $199.1 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 4.42%, an average duration of approximately 5.53 years, and an average maturity of approximately 8.08 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $70.10 | $1.40 | ||||||||||||
More than 12 months | — | — | 5.7 | 0.4 | ||||||||||||
Total | $— | $— | $75.80 | $1.80 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $91.90 | $3.10 | ||||||||||||
More than 12 months | — | — | 4.6 | 0.4 | ||||||||||||
Total | $— | $— | $96.50 | $3.50 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $7.80 | $7.90 | ||||||||||||||
1 year - 5 years | 52.7 | 51.2 | ||||||||||||||
5 years - 10 years | 91.2 | 75.5 | ||||||||||||||
10 years - 15 years | 59.6 | 55.8 | ||||||||||||||
15 years - 20 years | 4.6 | 4.6 | ||||||||||||||
20 years+ | 10.4 | 7.9 | ||||||||||||||
Total | $226.30 | $202.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $30.3 million and $23.3 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $1.1 million, respectively, and gross losses of $0.2 million and $1.7 thousand, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Louisiana | ||||||||||||||||
Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $225.00 | $98.30 | $— | |||||||||||||
Debt Securities | 128.6 | 5.2 | 1.2 | |||||||||||||
Total | $353.60 | $103.50 | $1.20 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $224.20 | $96.10 | $— | |||||||||||||
Debt Securities | 123.1 | 4.7 | 1.9 | |||||||||||||
Total | $347.30 | $100.80 | $1.90 | |||||||||||||
The amortized cost of debt securities was $124.7 million as of March 31, 2014 and $120.6 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.06%, an average duration of approximately 4.86 years, and an average maturity of approximately 7.83 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $35.70 | $1.00 | ||||||||||||
More than 12 months | — | — | 2.1 | 0.2 | ||||||||||||
Total | $— | $— | $37.80 | $1.20 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $38.30 | $1.70 | ||||||||||||
More than 12 months | — | — | 1.7 | 0.2 | ||||||||||||
Total | $— | $— | $40.00 | $1.90 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.70 | $14.80 | ||||||||||||||
1 year - 5 years | 44.9 | 41.9 | ||||||||||||||
5 years - 10 years | 44.4 | 37 | ||||||||||||||
10 years - 15 years | 6.5 | 6.6 | ||||||||||||||
15 years - 20 years | 6.7 | 6.2 | ||||||||||||||
20 years+ | 17.4 | 16.6 | ||||||||||||||
Total | $128.60 | $ | 123.1 | |||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $18.1 million and $3.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $0.04 million, respectively, and gross losses of $3.9 thousand and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
System Energy | ||||||||||||||||
System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $385.90 | $154.80 | $— | |||||||||||||
Debt Securities | 233.4 | 3.5 | 0.7 | |||||||||||||
Total | $619.30 | $158.30 | $0.70 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $380.00 | $150.80 | $— | |||||||||||||
Debt Securities | 223.9 | 3.5 | 1.8 | |||||||||||||
Total | $603.90 | $154.30 | $1.80 | |||||||||||||
The amortized cost of debt securities was $230.5 million as of March 31, 2014 and $223.4 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 1.98%, an average duration of approximately 4.38 years, and an average maturity of approximately 6.11 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $88.30 | $0.60 | ||||||||||||
More than 12 months | — | — | 1.4 | 0.1 | ||||||||||||
Total | $0.10 | $— | $89.70 | $0.70 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $121.70 | $1.70 | ||||||||||||
More than 12 months | — | — | 0.9 | 0.1 | ||||||||||||
Total | $— | $— | $122.60 | $1.80 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.80 | $5.50 | ||||||||||||||
1 year - 5 years | 157.8 | 144.9 | ||||||||||||||
5 years - 10 years | 39.8 | 44.3 | ||||||||||||||
10 years - 15 years | 3.5 | 9.3 | ||||||||||||||
15 years - 20 years | 1.3 | 1.6 | ||||||||||||||
20 years+ | 22.2 | 18.3 | ||||||||||||||
Total | $233.40 | $223.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $130.3 million and $25.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $1.0 million and $0.02 million, respectively, and gross losses of $0.3 million and $0.07 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Other-than-temporary impairments and unrealized gains and losses | ||||||||||||||||
Entergy, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2014 and 2013. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not record material charges to other income in the three months ended March 31, 2014 and 2013, respectively, resulting from the recognition of the other-than-temporary impairment of certain equity securities held in its decommissioning trust funds. | ||||||||||||||||
Entergy Louisiana [Member] | ' | |||||||||||||||
Decommissioning Trust Funds | ' | |||||||||||||||
DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | ||||||||||||||||
Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. | ||||||||||||||||
Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the nonregulated portion of River Bend, Entergy Gulf States Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available for sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. | ||||||||||||||||
The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $3,061 | $1,290 | $1 | |||||||||||||
Debt Securities | 1,930 | 55 | 15 | |||||||||||||
Total | $4,991 | $1,345 | $16 | |||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2013 | ||||||||||||||||
Equity Securities | $3,073 | $1,260 | $— | |||||||||||||
Debt Securities | 1,830 | 47 | 29 | |||||||||||||
Total | $4,903 | $1,307 | $29 | |||||||||||||
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $335 million and $329 million as of March 31, 2014 and December 31, 2013, respectively. The amortized cost of debt securities was $1,895 million as of March 31, 2014 and $1,843 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.36%, an average duration of approximately 5.13 years, and an average maturity of approximately 7.60 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $5 | $1 | $627 | $10 | ||||||||||||
More than 12 months | — | — | 82 | 5 | ||||||||||||
Total | $5 | $1 | $709 | $15 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $892 | $24 | ||||||||||||
More than 12 months | — | — | 60 | 5 | ||||||||||||
Total | $— | $— | $952 | $29 | ||||||||||||
The unrealized losses in excess of twelve months on equity securities above relate to Entergy’s Utility operating companies and System Energy. | ||||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $95 | $83 | ||||||||||||||
1 year - 5 years | 787 | 752 | ||||||||||||||
5 years - 10 years | 637 | 620 | ||||||||||||||
10 years - 15 years | 168 | 169 | ||||||||||||||
15 years - 20 years | 51 | 52 | ||||||||||||||
20 years+ | 192 | 154 | ||||||||||||||
Total | $1,930 | $1,830 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $537 million and $398 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $6 million and $6 million, respectively, and gross losses of $2 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Arkansas | ||||||||||||||||
Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $460.80 | $218.60 | $— | |||||||||||||
Debt Securities | 260.7 | 5.7 | 2.9 | |||||||||||||
Total | $721.50 | $224.30 | $2.90 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $463.30 | $214.00 | $— | |||||||||||||
Debt Securities | 247.6 | 5.3 | 5.2 | |||||||||||||
Total | $710.90 | $219.30 | $5.20 | |||||||||||||
The amortized cost of debt securities was $259 million as of March 31, 2014 and $248.9 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 2.78%, an average duration of approximately 4.89 years, and an average maturity of approximately 5.60 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $115.40 | $1.80 | ||||||||||||
More than 12 months | — | — | 21.9 | 1.1 | ||||||||||||
Total | $0.10 | $— | $137.30 | $2.90 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $153.20 | $4.80 | ||||||||||||
More than 12 months | — | — | 6.9 | 0.4 | ||||||||||||
Total | $— | $— | $160.10 | $5.20 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.10 | $8.10 | ||||||||||||||
1 year - 5 years | 125.5 | 110.9 | ||||||||||||||
5 years - 10 years | 116.4 | 118 | ||||||||||||||
10 years - 15 years | 3.3 | 3.9 | ||||||||||||||
15 years - 20 years | 1 | 0.9 | ||||||||||||||
20 years+ | 6.4 | 5.8 | ||||||||||||||
Total | $260.70 | $247.60 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $45.3 million and $56.1 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.1 million and $1.4 million, respectively, and gross losses of $0.2 million and $0.1 million, respectively were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||
Entergy Gulf States Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $359.90 | $145.40 | $— | |||||||||||||
Debt Securities | 226.3 | 8.8 | 1.8 | |||||||||||||
Total | $586.20 | $154.20 | $1.80 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $370.80 | $141.80 | $— | |||||||||||||
Debt Securities | 202.9 | 7.4 | 3.5 | |||||||||||||
Total | $573.70 | $149.20 | $3.50 | |||||||||||||
The amortized cost of debt securities was $219.5 million as of March 31, 2014 and $199.1 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 4.42%, an average duration of approximately 5.53 years, and an average maturity of approximately 8.08 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $70.10 | $1.40 | ||||||||||||
More than 12 months | — | — | 5.7 | 0.4 | ||||||||||||
Total | $— | $— | $75.80 | $1.80 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $91.90 | $3.10 | ||||||||||||
More than 12 months | — | — | 4.6 | 0.4 | ||||||||||||
Total | $— | $— | $96.50 | $3.50 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $7.80 | $7.90 | ||||||||||||||
1 year - 5 years | 52.7 | 51.2 | ||||||||||||||
5 years - 10 years | 91.2 | 75.5 | ||||||||||||||
10 years - 15 years | 59.6 | 55.8 | ||||||||||||||
15 years - 20 years | 4.6 | 4.6 | ||||||||||||||
20 years+ | 10.4 | 7.9 | ||||||||||||||
Total | $226.30 | $202.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $30.3 million and $23.3 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $1.1 million, respectively, and gross losses of $0.2 million and $1.7 thousand, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Louisiana | ||||||||||||||||
Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $225.00 | $98.30 | $— | |||||||||||||
Debt Securities | 128.6 | 5.2 | 1.2 | |||||||||||||
Total | $353.60 | $103.50 | $1.20 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $224.20 | $96.10 | $— | |||||||||||||
Debt Securities | 123.1 | 4.7 | 1.9 | |||||||||||||
Total | $347.30 | $100.80 | $1.90 | |||||||||||||
The amortized cost of debt securities was $124.7 million as of March 31, 2014 and $120.6 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.06%, an average duration of approximately 4.86 years, and an average maturity of approximately 7.83 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $35.70 | $1.00 | ||||||||||||
More than 12 months | — | — | 2.1 | 0.2 | ||||||||||||
Total | $— | $— | $37.80 | $1.20 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $38.30 | $1.70 | ||||||||||||
More than 12 months | — | — | 1.7 | 0.2 | ||||||||||||
Total | $— | $— | $40.00 | $1.90 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.70 | $14.80 | ||||||||||||||
1 year - 5 years | 44.9 | 41.9 | ||||||||||||||
5 years - 10 years | 44.4 | 37 | ||||||||||||||
10 years - 15 years | 6.5 | 6.6 | ||||||||||||||
15 years - 20 years | 6.7 | 6.2 | ||||||||||||||
20 years+ | 17.4 | 16.6 | ||||||||||||||
Total | $128.60 | $ | 123.1 | |||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $18.1 million and $3.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $0.04 million, respectively, and gross losses of $3.9 thousand and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
System Energy | ||||||||||||||||
System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $385.90 | $154.80 | $— | |||||||||||||
Debt Securities | 233.4 | 3.5 | 0.7 | |||||||||||||
Total | $619.30 | $158.30 | $0.70 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $380.00 | $150.80 | $— | |||||||||||||
Debt Securities | 223.9 | 3.5 | 1.8 | |||||||||||||
Total | $603.90 | $154.30 | $1.80 | |||||||||||||
The amortized cost of debt securities was $230.5 million as of March 31, 2014 and $223.4 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 1.98%, an average duration of approximately 4.38 years, and an average maturity of approximately 6.11 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $88.30 | $0.60 | ||||||||||||
More than 12 months | — | — | 1.4 | 0.1 | ||||||||||||
Total | $0.10 | $— | $89.70 | $0.70 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $121.70 | $1.70 | ||||||||||||
More than 12 months | — | — | 0.9 | 0.1 | ||||||||||||
Total | $— | $— | $122.60 | $1.80 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.80 | $5.50 | ||||||||||||||
1 year - 5 years | 157.8 | 144.9 | ||||||||||||||
5 years - 10 years | 39.8 | 44.3 | ||||||||||||||
10 years - 15 years | 3.5 | 9.3 | ||||||||||||||
15 years - 20 years | 1.3 | 1.6 | ||||||||||||||
20 years+ | 22.2 | 18.3 | ||||||||||||||
Total | $233.40 | $223.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $130.3 million and $25.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $1.0 million and $0.02 million, respectively, and gross losses of $0.3 million and $0.07 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Other-than-temporary impairments and unrealized gains and losses | ||||||||||||||||
Entergy, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2014 and 2013. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not record material charges to other income in the three months ended March 31, 2014 and 2013, respectively, resulting from the recognition of the other-than-temporary impairment of certain equity securities held in its decommissioning trust funds. | ||||||||||||||||
System Energy [Member] | ' | |||||||||||||||
Decommissioning Trust Funds | ' | |||||||||||||||
DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) | ||||||||||||||||
Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. | ||||||||||||||||
Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the nonregulated portion of River Bend, Entergy Gulf States Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available for sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. | ||||||||||||||||
The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $3,061 | $1,290 | $1 | |||||||||||||
Debt Securities | 1,930 | 55 | 15 | |||||||||||||
Total | $4,991 | $1,345 | $16 | |||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2013 | ||||||||||||||||
Equity Securities | $3,073 | $1,260 | $— | |||||||||||||
Debt Securities | 1,830 | 47 | 29 | |||||||||||||
Total | $4,903 | $1,307 | $29 | |||||||||||||
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $335 million and $329 million as of March 31, 2014 and December 31, 2013, respectively. The amortized cost of debt securities was $1,895 million as of March 31, 2014 and $1,843 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.36%, an average duration of approximately 5.13 years, and an average maturity of approximately 7.60 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $5 | $1 | $627 | $10 | ||||||||||||
More than 12 months | — | — | 82 | 5 | ||||||||||||
Total | $5 | $1 | $709 | $15 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $892 | $24 | ||||||||||||
More than 12 months | — | — | 60 | 5 | ||||||||||||
Total | $— | $— | $952 | $29 | ||||||||||||
The unrealized losses in excess of twelve months on equity securities above relate to Entergy’s Utility operating companies and System Energy. | ||||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $95 | $83 | ||||||||||||||
1 year - 5 years | 787 | 752 | ||||||||||||||
5 years - 10 years | 637 | 620 | ||||||||||||||
10 years - 15 years | 168 | 169 | ||||||||||||||
15 years - 20 years | 51 | 52 | ||||||||||||||
20 years+ | 192 | 154 | ||||||||||||||
Total | $1,930 | $1,830 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $537 million and $398 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $6 million and $6 million, respectively, and gross losses of $2 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Arkansas | ||||||||||||||||
Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $460.80 | $218.60 | $— | |||||||||||||
Debt Securities | 260.7 | 5.7 | 2.9 | |||||||||||||
Total | $721.50 | $224.30 | $2.90 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $463.30 | $214.00 | $— | |||||||||||||
Debt Securities | 247.6 | 5.3 | 5.2 | |||||||||||||
Total | $710.90 | $219.30 | $5.20 | |||||||||||||
The amortized cost of debt securities was $259 million as of March 31, 2014 and $248.9 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 2.78%, an average duration of approximately 4.89 years, and an average maturity of approximately 5.60 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $115.40 | $1.80 | ||||||||||||
More than 12 months | — | — | 21.9 | 1.1 | ||||||||||||
Total | $0.10 | $— | $137.30 | $2.90 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $153.20 | $4.80 | ||||||||||||
More than 12 months | — | — | 6.9 | 0.4 | ||||||||||||
Total | $— | $— | $160.10 | $5.20 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.10 | $8.10 | ||||||||||||||
1 year - 5 years | 125.5 | 110.9 | ||||||||||||||
5 years - 10 years | 116.4 | 118 | ||||||||||||||
10 years - 15 years | 3.3 | 3.9 | ||||||||||||||
15 years - 20 years | 1 | 0.9 | ||||||||||||||
20 years+ | 6.4 | 5.8 | ||||||||||||||
Total | $260.70 | $247.60 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $45.3 million and $56.1 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.1 million and $1.4 million, respectively, and gross losses of $0.2 million and $0.1 million, respectively were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||
Entergy Gulf States Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $359.90 | $145.40 | $— | |||||||||||||
Debt Securities | 226.3 | 8.8 | 1.8 | |||||||||||||
Total | $586.20 | $154.20 | $1.80 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $370.80 | $141.80 | $— | |||||||||||||
Debt Securities | 202.9 | 7.4 | 3.5 | |||||||||||||
Total | $573.70 | $149.20 | $3.50 | |||||||||||||
The amortized cost of debt securities was $219.5 million as of March 31, 2014 and $199.1 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 4.42%, an average duration of approximately 5.53 years, and an average maturity of approximately 8.08 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $70.10 | $1.40 | ||||||||||||
More than 12 months | — | — | 5.7 | 0.4 | ||||||||||||
Total | $— | $— | $75.80 | $1.80 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $91.90 | $3.10 | ||||||||||||
More than 12 months | — | — | 4.6 | 0.4 | ||||||||||||
Total | $— | $— | $96.50 | $3.50 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $7.80 | $7.90 | ||||||||||||||
1 year - 5 years | 52.7 | 51.2 | ||||||||||||||
5 years - 10 years | 91.2 | 75.5 | ||||||||||||||
10 years - 15 years | 59.6 | 55.8 | ||||||||||||||
15 years - 20 years | 4.6 | 4.6 | ||||||||||||||
20 years+ | 10.4 | 7.9 | ||||||||||||||
Total | $226.30 | $202.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $30.3 million and $23.3 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $1.1 million, respectively, and gross losses of $0.2 million and $1.7 thousand, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Entergy Louisiana | ||||||||||||||||
Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $225.00 | $98.30 | $— | |||||||||||||
Debt Securities | 128.6 | 5.2 | 1.2 | |||||||||||||
Total | $353.60 | $103.50 | $1.20 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $224.20 | $96.10 | $— | |||||||||||||
Debt Securities | 123.1 | 4.7 | 1.9 | |||||||||||||
Total | $347.30 | $100.80 | $1.90 | |||||||||||||
The amortized cost of debt securities was $124.7 million as of March 31, 2014 and $120.6 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 3.06%, an average duration of approximately 4.86 years, and an average maturity of approximately 7.83 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $35.70 | $1.00 | ||||||||||||
More than 12 months | — | — | 2.1 | 0.2 | ||||||||||||
Total | $— | $— | $37.80 | $1.20 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $38.30 | $1.70 | ||||||||||||
More than 12 months | — | — | 1.7 | 0.2 | ||||||||||||
Total | $— | $— | $40.00 | $1.90 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.70 | $14.80 | ||||||||||||||
1 year - 5 years | 44.9 | 41.9 | ||||||||||||||
5 years - 10 years | 44.4 | 37 | ||||||||||||||
10 years - 15 years | 6.5 | 6.6 | ||||||||||||||
15 years - 20 years | 6.7 | 6.2 | ||||||||||||||
20 years+ | 17.4 | 16.6 | ||||||||||||||
Total | $128.60 | $ | 123.1 | |||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $18.1 million and $3.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $0.2 million and $0.04 million, respectively, and gross losses of $3.9 thousand and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
System Energy | ||||||||||||||||
System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $385.90 | $154.80 | $— | |||||||||||||
Debt Securities | 233.4 | 3.5 | 0.7 | |||||||||||||
Total | $619.30 | $158.30 | $0.70 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $380.00 | $150.80 | $— | |||||||||||||
Debt Securities | 223.9 | 3.5 | 1.8 | |||||||||||||
Total | $603.90 | $154.30 | $1.80 | |||||||||||||
The amortized cost of debt securities was $230.5 million as of March 31, 2014 and $223.4 million as of December 31, 2013. As of March 31, 2014, the debt securities have an average coupon rate of approximately 1.98%, an average duration of approximately 4.38 years, and an average maturity of approximately 6.11 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the securities are held in funds intended to replicate the return of the Wilshire 4500 Index. | ||||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $88.30 | $0.60 | ||||||||||||
More than 12 months | — | — | 1.4 | 0.1 | ||||||||||||
Total | $0.10 | $— | $89.70 | $0.70 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $121.70 | $1.70 | ||||||||||||
More than 12 months | — | — | 0.9 | 0.1 | ||||||||||||
Total | $— | $— | $122.60 | $1.80 | ||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.80 | $5.50 | ||||||||||||||
1 year - 5 years | 157.8 | 144.9 | ||||||||||||||
5 years - 10 years | 39.8 | 44.3 | ||||||||||||||
10 years - 15 years | 3.5 | 9.3 | ||||||||||||||
15 years - 20 years | 1.3 | 1.6 | ||||||||||||||
20 years+ | 22.2 | 18.3 | ||||||||||||||
Total | $233.40 | $223.90 | ||||||||||||||
During the three months ended March 31, 2014 and 2013, proceeds from the dispositions of securities amounted to $130.3 million and $25.6 million, respectively. During the three months ended March 31, 2014 and 2013, gross gains of $1.0 million and $0.02 million, respectively, and gross losses of $0.3 million and $0.07 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. | ||||||||||||||||
Other-than-temporary impairments and unrealized gains and losses | ||||||||||||||||
Entergy, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2014 and 2013. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not record material charges to other income in the three months ended March 31, 2014 and 2013, respectively, resulting from the recognition of the other-than-temporary impairment of certain equity securities held in its decommissioning trust funds. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. | |
Entergy Arkansas [Member] | ' |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. | |
Entergy Gulf States Louisiana [Member] | ' |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. | |
Entergy Louisiana [Member] | ' |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. | |
Entergy Mississippi [Member] | ' |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. | |
Entergy New Orleans [Member] | ' |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. | |
Entergy Texas [Member] | ' |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. | |
System Energy [Member] | ' |
Income Taxes | ' |
INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Income Tax Litigation, Income Tax Audits, and Other Tax Matters in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. Following is an update to that disclosure. | |
On March 31, 2014, New York enacted budget legislation that substantially modifies various aspects of New York tax law. The most significant effect of the legislation on Entergy is the adoption of full water’s-edge unitary combined reporting, meaning that all of Entergy’s domestic entities will be included in New York’s combined filing group. The effect of the tax law change resulted in a deferred state income tax reduction of approximately $21.5 million. |
Property_Plant_And_Equipment
Property, Plant, And Equipment | 3 Months Ended |
Mar. 31, 2014 | |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. | |
Entergy Arkansas [Member] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. | |
Entergy Gulf States Louisiana [Member] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. | |
Entergy Louisiana [Member] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. | |
Entergy Mississippi [Member] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. | |
Entergy New Orleans [Member] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. | |
Entergy Texas [Member] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. | |
System Energy [Member] | ' |
Property, Plant And Equipment | ' |
PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
Construction Expenditures in Accounts Payable | |
Construction expenditures included in accounts payable at March 31, 2014 are $149.5 million for Entergy, $40.1 million for Entergy Arkansas, $19.9 million for Entergy Gulf States Louisiana, $14.5 million for Entergy Louisiana, $6.1 million for Entergy Mississippi, $9.8 million for Entergy Texas, and $15.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2013 are $166 million for Entergy, $61.9 million for Entergy Arkansas, $13.1 million for Entergy Gulf States Louisiana, $31.1 million for Entergy Louisiana, $2.8 million for Entergy Mississippi, $1.7 million for Entergy New Orleans, $10.9 million for Entergy Texas, and $6.7 million for System Energy. | |
Impairment of Long-Lived Assets | |
See “Impairment of Long-Lived Assets” in Note 1 to the financial statements in the Form 10-K for a discussion of the periodic reviews that Entergy performs whenever events or changes in circumstances indicate that the recoverability of long-lived assets is uncertain. Following are updates to that discussion regarding the Vermont Yankee nuclear power plant. | |
As discussed in the Form 10-K, in December 2013, Entergy and Vermont entered into a settlement agreement, with an accompanying memorandum of understanding that was filed with the Vermont Public Service Board (VPSB), under which Vermont agreed to support Entergy’s request to operate Vermont Yankee until the end of 2014. The settlement agreement provided for Entergy to make $10 million in economic transition payments, $5 million in clean energy development support, and a transitional $5 million payment to Vermont. Entergy will also set aside a new $25 million fund to ensure the Vermont Yankee site is restored after decommissioning. These terms were contingent upon the VPSB issuing by March 31, 2014 a Certificate of Public Good authorizing Vermont Yankee’s operation through 2014, and otherwise conforming to the terms of the settlement agreement. The settlement agreement also provides for the dismissal or discontinuation of other litigation between Entergy and Vermont; in the case of Entergy’s appeal of the VPSB’s March and November 2012 orders, such dismissal is contingent upon the VPSB’s issuance of such a Certificate of Public Good. On March 28, 2014, the VPSB approved the memorandum of understanding and issued a Certificate of Public Good authorizing Vermont Yankee to operate until December 31, 2014. In May 2014 the VPSB denied a motion that had been filed by one of the intervenors to amend its approval order. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. | |
Entergy Arkansas [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. | |
Entergy Gulf States Louisiana [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. | |
Entergy Louisiana [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. | |
Entergy Mississippi [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. | |
Entergy New Orleans [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. | |
Entergy Texas [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. | |
System Energy [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facility and commercial paper borrowings and long-term debt. | |
Entergy Louisiana and System Energy are each considered to hold a variable interest in the lessors from which they lease, respectively, undivided interests representing approximately 9.3% of the Waterford 3 and 11.5% of the Grand Gulf nuclear plants. Entergy Louisiana and System Energy are the lessees under these arrangements, which are described in more detail in Note 10 to the financial statements in the Form 10-K. Entergy Louisiana made payments on its lease, including interest, of $22.7 million and $18.5 million in the three months ended March 31, 2014 and 2013, respectively. System Energy made payments on its lease, including interest, of $51.6 million and $46.8 million in the three months ended March 31, 2014 and 2013, respectively. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2014 | |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. | |
Entergy Arkansas [Member] | ' |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. | |
Entergy Gulf States Louisiana [Member] | ' |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. | |
Entergy Louisiana [Member] | ' |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. | |
System Energy [Member] | ' |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. | |
Entergy Mississippi [Member] | ' |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. | |
Entergy New Orleans [Member] | ' |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. | |
Entergy Texas [Member] | ' |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) | |
See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. Following is an update to that discussion. | |
In the first quarter 2014, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $43.6 million increase in the decommissioning cost liabilities, along with a corresponding increase in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. | |
__________________________________ | |
In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year. |
Rate_And_Regulatory_Matters_Ta
Rate And Regulatory Matters (Tables) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Entergy Arkansas [Member] | ' | ||
Payments or receipts among utility operating companies production costs for two thousand thirteen | ' | ||
The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Entergy Louisiana [Member] | ' | ||
Payments or receipts among utility operating companies production costs for two thousand thirteen | ' | ||
The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Entergy Mississippi [Member] | ' | ||
Payments or receipts among utility operating companies production costs for two thousand thirteen | ' | ||
The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Entergy New Orleans [Member] | ' | ||
Payments or receipts among utility operating companies production costs for two thousand thirteen | ' | ||
The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Entergy Texas [Member] | ' | ||
Payments or receipts among utility operating companies production costs for two thousand thirteen | ' | ||
The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) | ||
Entergy Gulf States Louisiana [Member] | ' | ||
Payments or receipts among utility operating companies production costs for two thousand thirteen | ' | ||
The filing shows the following net payments and receipts, including interest, among the Utility operating companies: | |||
Payments | |||
(Receipts) | |||
(In Millions) | |||
Entergy Arkansas | $67 | ||
Entergy Gulf States Louisiana | ($33) | ||
Entergy Louisiana | $— | ||
Entergy Mississippi | ($11) | ||
Entergy New Orleans | $2 | ||
Entergy Texas | ($25) |
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted | ' | |||||||||||||||||||||
The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements: | ||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||||
Basic earnings per share | Income | Shares | $/share | Income | Shares | $/share | ||||||||||||||||
Net income attributable to Entergy Corporation | $401.20 | 178.8 | $2.24 | $161.40 | 178 | $0.91 | ||||||||||||||||
Average dilutive effect of: | ||||||||||||||||||||||
Stock options | — | — | 0.1 | — | ||||||||||||||||||
Other equity plans | 0.3 | — | 0.3 | (0.01 | ) | |||||||||||||||||
Diluted earnings per share | $401.20 | 179.1 | $2.24 | $161.40 | 178.4 | $0.90 | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | $194,603 | Competitive business operating revenues | ||||||||||||||||||||
Interest rate swaps | (298 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized gains on cash flow hedges | 194,305 | |||||||||||||||||||||
(68,007 | ) | Income taxes | ||||||||||||||||||||
Total realized gains on cash flow hedges (net of tax) | $126,298 | |||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $5,078 | (a) | ||||||||||||||||||||
Amortization of loss | (8,981 | ) | (a) | |||||||||||||||||||
Settlement loss | (1,162 | ) | (a) | |||||||||||||||||||
Total amortization | (5,065 | ) | ||||||||||||||||||||
17,761 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | $12,696 | |||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $3,400 | Interest and investment income | ||||||||||||||||||||
(1,666 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $1,734 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | $140,728 | |||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts | Income Statement Location | |||||||||||||||||||||
reclassified | ||||||||||||||||||||||
from | ||||||||||||||||||||||
AOCI | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Cash flow hedges net unrealized loss | ||||||||||||||||||||||
Power contracts | ($2,117 | ) | Competitive business operating revenues | |||||||||||||||||||
Interest rate swaps | (405 | ) | Miscellaneous - net | |||||||||||||||||||
Total realized losses on cash flow hedges | (2,522 | ) | ||||||||||||||||||||
936 | Income taxes | |||||||||||||||||||||
Total realized losses on cash flow hedges (net of tax) | ($1,586 | ) | ||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $2,384 | (a) | ||||||||||||||||||||
Amortization of loss | (18,048 | ) | (a) | |||||||||||||||||||
Total amortization | (15,664 | ) | ||||||||||||||||||||
5,869 | Income taxes | |||||||||||||||||||||
Total amortization (net of tax) | ($9,795 | ) | ||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||||
Realized gain | $1,951 | Interest and investment income | ||||||||||||||||||||
(956 | ) | Income taxes | ||||||||||||||||||||
Total realized investment gain (net of tax) | $995 | |||||||||||||||||||||
Total reclassifications for the period (net of tax) | ($10,386 | ) | ||||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Parent Company [Member] | ' | |||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||
Accumulated other comprehensive loss is included in the equity section of the balance sheets of Entergy, Entergy Gulf States Louisiana, and Entergy Louisiana. The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2014 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
loss | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | ($81,777 | ) | ($288,223 | ) | $337,256 | $3,420 | ($29,324 | ) | ||||||||||||||
Other comprehensive income before reclassifications | 140,052 | — | 24,723 | 75 | 164,850 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (126,298 | ) | (12,696 | ) | (1,734 | ) | — | (140,728 | ) | |||||||||||||
Net other comprehensive income (loss) for the period | 13,754 | (12,696 | ) | 22,989 | 75 | 24,122 | ||||||||||||||||
Ending balance, March 31, 2014 | ($68,023 | ) | ($300,919 | ) | $360,245 | $3,495 | ($5,202 | ) | ||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy for the three months ended March 31, 2013 by component: | ||||||||||||||||||||||
Cash flow | Pension | Net | Foreign | Total | ||||||||||||||||||
hedges | and | unrealized | currency | Accumulated | ||||||||||||||||||
net | other | investment | translation | Other | ||||||||||||||||||
unrealized | postretirement | gains | Comprehensive | |||||||||||||||||||
gain | liabilities | Loss | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | $79,905 | ($590,712 | ) | $214,547 | $3,177 | ($293,083 | ) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (77,561 | ) | — | 57,372 | (772 | ) | (20,961 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 1,586 | 9,795 | (995 | ) | — | 10,386 | ||||||||||||||||
Net other comprehensive income (loss) for the period | (75,975 | ) | 9,795 | 56,377 | (772 | ) | (10,575 | ) | ||||||||||||||
Ending balance, March 31, 2013 | $3,930 | ($580,917 | ) | $270,924 | $2,405 | ($303,658 | ) | |||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | |||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance December 31, 2013 | ($28,202 | ) | ($9,635 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 122 | (302 | ) | |||||||||||||||||||
comprehensive income (loss) | ||||||||||||||||||||||
Net other comprehensive income (loss) for the period | 122 | (302 | ) | |||||||||||||||||||
Ending balance, March 31, 2014 | ($28,080 | ) | ($9,937 | ) | ||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | ($65,229 | ) | ($46,132 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 955 | 678 | ||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||
Net other comprehensive income for the period | 955 | 678 | ||||||||||||||||||||
Ending balance, March 31, 2013 | ($64,274 | ) | ($45,454 | ) | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $559 | $844 | (a) | |||||||||||||||||||
Amortization of loss | (782 | ) | (378 | ) | (a) | |||||||||||||||||
Total amortization | (223 | ) | 466 | |||||||||||||||||||
101 | (164 | ) | Income tax expense (benefit) | |||||||||||||||||||
Total amortization (net of tax) | (122 | ) | 302 | |||||||||||||||||||
Total reclassifications for the period (net of tax) | ($122 | ) | $302 | |||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $206 | $62 | (a) | |||||||||||||||||||
Amortization of loss | (1,947 | ) | (1,287 | ) | (a) | |||||||||||||||||
Total amortization | (1,741 | ) | (1,225 | ) | ||||||||||||||||||
786 | 547 | Income taxes | ||||||||||||||||||||
Total amortization (net of tax) | (955 | ) | (678 | ) | ||||||||||||||||||
Total reclassifications for the period (net of tax) | ($955 | ) | ($678 | ) | ||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Entergy Louisiana [Member] | ' | |||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance December 31, 2013 | ($28,202 | ) | ($9,635 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 122 | (302 | ) | |||||||||||||||||||
comprehensive income (loss) | ||||||||||||||||||||||
Net other comprehensive income (loss) for the period | 122 | (302 | ) | |||||||||||||||||||
Ending balance, March 31, 2014 | ($28,080 | ) | ($9,937 | ) | ||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013: | ||||||||||||||||||||||
Pension and Other | ||||||||||||||||||||||
Postretirement Liabilities | ||||||||||||||||||||||
Entergy | Entergy | |||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | ($65,229 | ) | ($46,132 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other | 955 | 678 | ||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||
Net other comprehensive income for the period | 955 | 678 | ||||||||||||||||||||
Ending balance, March 31, 2013 | ($64,274 | ) | ($45,454 | ) | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2014 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $559 | $844 | (a) | |||||||||||||||||||
Amortization of loss | (782 | ) | (378 | ) | (a) | |||||||||||||||||
Total amortization | (223 | ) | 466 | |||||||||||||||||||
101 | (164 | ) | Income tax expense (benefit) | |||||||||||||||||||
Total amortization (net of tax) | (122 | ) | 302 | |||||||||||||||||||
Total reclassifications for the period (net of tax) | ($122 | ) | $302 | |||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. | |||||||||||||||||||||
Total reclassifications out of accumulated other comprehensive loss (AOCI) for Entergy Gulf States Louisiana and Entergy Louisiana for the three months ended March 31, 2013 are as follows: | ||||||||||||||||||||||
Amounts reclassified | ||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||
Entergy | Entergy | Income Statement Location | ||||||||||||||||||||
Gulf States | Louisiana | |||||||||||||||||||||
Louisiana | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Pension and other postretirement liabilities | ||||||||||||||||||||||
Amortization of prior-service costs | $206 | $62 | (a) | |||||||||||||||||||
Amortization of loss | (1,947 | ) | (1,287 | ) | (a) | |||||||||||||||||
Total amortization | (1,741 | ) | (1,225 | ) | ||||||||||||||||||
786 | 547 | Income taxes | ||||||||||||||||||||
Total amortization (net of tax) | (955 | ) | (678 | ) | ||||||||||||||||||
Total reclassifications for the period (net of tax) | ($955 | ) | ($678 | ) | ||||||||||||||||||
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. |
Revolving_Credit_Facilities_Li1
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Summary Of The Borrowings Outstanding And Capacity Available Under The Facility | ' | ||||||||||||||
Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2014. | |||||||||||||||
Capacity | Borrowings | Letters | Capacity | ||||||||||||
of Credit | Available | ||||||||||||||
(In Millions) | |||||||||||||||
$3,500 | $115 | $9 | $3,376 | ||||||||||||
Credit Facilities | ' | ||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Notes Payable By Variable Interest Entities | ' | ||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Arkansas [Member] | ' | ||||||||||||||
Credit Facilities | ' | ||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | ' | ||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Notes Payable By Variable Interest Entities | ' | ||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | ||||||||||||||
Credit Facilities | ' | ||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | ' | ||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Notes Payable By Variable Interest Entities | ' | ||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Louisiana [Member] | ' | ||||||||||||||
Credit Facilities | ' | ||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | ' | ||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Notes Payable By Variable Interest Entities | ' | ||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Mississippi [Member] | ' | ||||||||||||||
Credit Facilities | ' | ||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy New Orleans [Member] | ' | ||||||||||||||
Credit Facilities | ' | ||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
Entergy Texas [Member] | ' | ||||||||||||||
Credit Facilities | ' | ||||||||||||||
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2014 as follows: | |||||||||||||||
Company | Expiration | Amount of | Interest Rate (a) | Amount Drawn | |||||||||||
Date | Facility | as of | |||||||||||||
31-Mar-14 | |||||||||||||||
Entergy Arkansas | Apr-14 | $20 million (b) | 1.73% | $— | |||||||||||
Entergy Arkansas | Mar-19 | $150 million (c) | 1.65% | $— | |||||||||||
Entergy Gulf States Louisiana | Mar-19 | $150 million (d) | 1.40% | $— | |||||||||||
Entergy Louisiana | Mar-19 | $200 million (e) | 1.40% | $— | |||||||||||
Entergy Mississippi | May-14 | $37.5 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $35 million (f) | 1.90% | $— | |||||||||||
Entergy Mississippi | May-14 | $20 million (f) | 1.90% | $— | |||||||||||
Entergy New Orleans | Nov-14 | $25 million | 1.63% | $— | |||||||||||
Entergy Texas | Mar-19 | $150 million (g) | 1.65% | $— | |||||||||||
(a) | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | ||||||||||||||
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | ||||||||||||||
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | ||||||||||||||
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | ||||||||||||||
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
System Energy [Member] | ' | ||||||||||||||
Short-Term Borrowings And The Outstanding Short-Term Borrowings | ' | ||||||||||||||
The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: | |||||||||||||||
Authorized | Borrowings | ||||||||||||||
(In Millions) | |||||||||||||||
Entergy Arkansas | $250 | $— | |||||||||||||
Entergy Gulf States Louisiana | $200 | $— | |||||||||||||
Entergy Louisiana | $250 | $— | |||||||||||||
Entergy Mississippi | $175 | $— | |||||||||||||
Entergy New Orleans | $100 | $— | |||||||||||||
Entergy Texas | $200 | $39 | |||||||||||||
System Energy | $200 | $— | |||||||||||||
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | ' | ||||||||||||||
See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of March 31, 2014: | |||||||||||||||
Company | Expiration | Amount | Weighted | Amount | |||||||||||
Date | of | Average | Outstanding | ||||||||||||
Facility | Interest | as of | |||||||||||||
Rate on Borrowings (a) | March 31, | ||||||||||||||
2014 | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Entergy Arkansas VIE | Jun-16 | $85 | 1.57% | $62.50 | |||||||||||
Entergy Gulf States Louisiana VIE | Jun-16 | $100 | 1.25% | $0.30 | |||||||||||
Entergy Louisiana VIE | Jun-16 | $90 | 1.50% | $31.70 | |||||||||||
System Energy VIE | Jun-16 | $125 | 1.64% | $52.70 | |||||||||||
(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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. | ||||||||||||||
Notes Payable By Variable Interest Entities | ' | ||||||||||||||
The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2014 as follows: | |||||||||||||||
Company | Description | Amount | |||||||||||||
Entergy Arkansas VIE | 5.69% Series I due July 2014 | $70 million | |||||||||||||
Entergy Arkansas VIE | 3.23% Series J due July 2016 | $55 million | |||||||||||||
Entergy Arkansas VIE | 2.62% Series K due December 2017 | $60 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.25% Series Q due July 2017 | $75 million | |||||||||||||
Entergy Gulf States Louisiana VIE | 3.38% Series R due August 2020 | $70 million | |||||||||||||
Entergy Louisiana VIE | 5.69% Series E due July 2014 | $50 million | |||||||||||||
Entergy Louisiana VIE | 3.30% Series F due March 2016 | $20 million | |||||||||||||
Entergy Louisiana VIE | 3.25% Series G due July 2017 | $25 million | |||||||||||||
Entergy Louisiana VIE | 3.92% Series H due February 2021 | $40 million | |||||||||||||
System Energy VIE | 5.33% Series G due April 2015 | $60 million | |||||||||||||
System Energy VIE | 4.02% Series H due February 2017 | $50 million | |||||||||||||
System Energy VIE | 3.78% Series I due October 2018 | $85 million | |||||||||||||
Book Value And The Fair Value Of Long-Term Debt | ' | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2014 are as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,621,307 | $12,666,156 | |||||||||||||
Entergy Arkansas | $2,530,596 | $2,329,749 | |||||||||||||
Entergy Gulf States Louisiana | $1,513,024 | $1,628,264 | |||||||||||||
Entergy Louisiana | $3,242,584 | $3,211,101 | |||||||||||||
Entergy Mississippi | $1,153,675 | $1,186,913 | |||||||||||||
Entergy New Orleans | $225,943 | $221,758 | |||||||||||||
Entergy Texas | $1,534,531 | $1,703,937 | |||||||||||||
System Energy | $710,721 | $675,260 | |||||||||||||
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||||
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows: | |||||||||||||||
Book Value | Fair Value | ||||||||||||||
of Long-Term Debt | of Long-Term Debt (a) (b) | ||||||||||||||
(In Thousands) | |||||||||||||||
Entergy | $12,596,244 | $12,439,785 | |||||||||||||
Entergy Arkansas | $2,405,802 | $2,142,527 | |||||||||||||
Entergy Gulf States Louisiana | $1,527,465 | $1,631,308 | |||||||||||||
Entergy Louisiana | $3,219,516 | $3,148,877 | |||||||||||||
Entergy Mississippi | $1,053,670 | $1,067,006 | |||||||||||||
Entergy New Orleans | $225,944 | $217,692 | |||||||||||||
Entergy Texas | $1,556,939 | $1,726,623 | |||||||||||||
System Energy | $757,436 | $664,890 | |||||||||||||
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. | ||||||||||||||
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) (Parent Company [Member]) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Parent Company [Member] | ' | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | |||||||
Financial Information For Stock Options | ' | |||||||
The following table includes financial information for stock options for the three months ended March 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(In Millions) | ||||||||
Compensation expense included in Entergy’s net income | $1.30 | $1.30 | ||||||
Tax benefit recognized in Entergy’s net income | $0.50 | $0.50 | ||||||
Compensation cost capitalized as part of fixed assets and inventory | $0.20 | $0.20 | ||||||
Financial Information For Restricted Stock | ' | |||||||
The following table includes financial information for other equity plans for the three months ended March 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(In Millions) | ||||||||
Compensation expense included in Entergy’s net income | $7.40 | $5.90 | ||||||
Tax benefit recognized in Entergy’s net income | $2.90 | $2.30 | ||||||
Compensation cost capitalized as part of fixed assets and inventory | $1.10 | $0.70 | ||||||
Retirement_And_Other_Postretir1
Retirement And Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Parent Company [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income, amortization | ' | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Parent Company [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $35,109 | $44,051 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 72,519 | 65,266 | |||||||||||||||||||||||||||
Expected return on assets | (90,366 | ) | (81,748 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | 400 | 567 | |||||||||||||||||||||||||||
Amortization of loss | 36,274 | 54,951 | |||||||||||||||||||||||||||
Net pension costs | $53,936 | $83,087 | |||||||||||||||||||||||||||
Parent Company [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $10,873 | $18,917 | |||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligation (APBO) | 17,960 | 19,766 | |||||||||||||||||||||||||||
Expected return on assets | (11,197 | ) | (9,950 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (7,898 | ) | (3,334 | ) | |||||||||||||||||||||||||
Amortization of loss | 2,786 | 11,304 | |||||||||||||||||||||||||||
Net other postretirement benefit cost | $12,524 | $36,703 | |||||||||||||||||||||||||||
Entergy Arkansas [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Expected Employer Contributions | ' | ||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Arkansas [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Entergy Arkansas [Member] | Non-Qualified Pension Plans [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income, amortization | ' | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Entergy Gulf States Louisiana [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Expected Employer Contributions | ' | ||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Gulf States Louisiana [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Entergy Gulf States Louisiana [Member] | Non-Qualified Pension Plans [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Entergy Louisiana [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income, amortization | ' | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2014: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($389 | ) | $5,571 | ($104 | ) | $5,078 | |||||||||||||||||||||||
Amortization of loss | (6,734 | ) | (1,673 | ) | (574 | ) | (8,981 | ) | |||||||||||||||||||||
Settlement loss | — | — | (1,162 | ) | (1,162 | ) | |||||||||||||||||||||||
($7,123 | ) | $3,898 | ($1,840 | ) | ($5,065 | ) | |||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $559 | $— | $559 | |||||||||||||||||||||||||
Amortization of loss | (478 | ) | (303 | ) | (1 | ) | (782 | ) | |||||||||||||||||||||
($478 | ) | $256 | ($1 | ) | ($223 | ) | |||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $844 | $— | $844 | |||||||||||||||||||||||||
Amortization of loss | — | (378 | ) | — | (378 | ) | |||||||||||||||||||||||
$— | $466 | $— | $466 | ||||||||||||||||||||||||||
Entergy and the Registrant Subsidiaries reclassified the following costs out of accumulated other comprehensive income (before taxes and including amounts capitalized) for the first quarter 2013: | |||||||||||||||||||||||||||||
Qualified | Other | Non-Qualified | Total | ||||||||||||||||||||||||||
Pension | Postretirement | Pension Costs | |||||||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Entergy | |||||||||||||||||||||||||||||
Amortization of prior service cost | ($502 | ) | $3,007 | ($121 | ) | $2,384 | |||||||||||||||||||||||
Amortization of loss | (11,845 | ) | (5,486 | ) | (717 | ) | (18,048 | ) | |||||||||||||||||||||
($12,347 | ) | ($2,479 | ) | ($838 | ) | ($15,664 | ) | ||||||||||||||||||||||
Entergy Gulf States Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $206 | $— | $206 | |||||||||||||||||||||||||
Amortization of loss | (771 | ) | (1,174 | ) | (2 | ) | (1,947 | ) | |||||||||||||||||||||
($771 | ) | ($968 | ) | ($2 | ) | ($1,741 | ) | ||||||||||||||||||||||
Entergy Louisiana | |||||||||||||||||||||||||||||
Amortization of prior service cost | $— | $62 | $— | $62 | |||||||||||||||||||||||||
Amortization of loss | — | (1,287 | ) | — | (1,287 | ) | |||||||||||||||||||||||
$— | ($1,225 | ) | $— | ($1,225 | ) | ||||||||||||||||||||||||
Entergy Louisiana [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Expected Employer Contributions | ' | ||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Louisiana [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Entergy Louisiana [Member] | Non-Qualified Pension Plans [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Entergy Mississippi [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Expected Employer Contributions | ' | ||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Mississippi [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Entergy Mississippi [Member] | Non-Qualified Pension Plans [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Entergy New Orleans [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Expected Employer Contributions | ' | ||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy New Orleans [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Entergy New Orleans [Member] | Non-Qualified Pension Plans [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Entergy Texas [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Expected Employer Contributions | ' | ||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
Entergy Texas [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Entergy Texas [Member] | Non-Qualified Pension Plans [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | ||||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | ||||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Non-qualified pension cost | $161 | $33 | $1 | $48 | $23 | $125 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Non-qualified pension cost | $103 | $38 | $3 | $47 | $23 | $149 | |||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
System Energy [Member] | Pension Plans Defined Benefit [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $5,023 | $2,881 | $3,546 | $1,523 | $666 | $1,285 | $1,446 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 14,884 | 7,278 | 9,467 | 4,318 | 2,041 | 4,437 | 3,390 | ||||||||||||||||||||||
Expected return on assets | (18,305 | ) | (9,488 | ) | (11,449 | ) | (5,698 | ) | (2,505 | ) | (5,931 | ) | (4,155 | ) | |||||||||||||||
Amortization of loss | 8,989 | 3,981 | 6,131 | 2,354 | 1,449 | 2,339 | 2,375 | ||||||||||||||||||||||
Net pension cost | $10,591 | $4,652 | $7,695 | $2,497 | $1,651 | $2,130 | $3,056 | ||||||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $6,371 | $3,599 | $4,334 | $1,842 | $832 | $1,637 | $1,836 | ||||||||||||||||||||||
Interest cost on projected | |||||||||||||||||||||||||||||
benefit obligation | 13,550 | 6,657 | 8,644 | 3,930 | 1,849 | 4,055 | 3,016 | ||||||||||||||||||||||
Expected return on assets | (16,717 | ) | (8,734 | ) | (10,454 | ) | (5,279 | ) | (2,270 | ) | (5,566 | ) | (4,299 | ) | |||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
cost | 6 | 2 | 21 | 2 | — | 2 | 3 | ||||||||||||||||||||||
Amortization of loss | 12,544 | 5,933 | 8,727 | 3,344 | 2,011 | 3,373 | 2,429 | ||||||||||||||||||||||
Net pension cost | $15,754 | $7,457 | $11,272 | $3,839 | $2,422 | $3,501 | $2,985 | ||||||||||||||||||||||
Expected Employer Contributions | ' | ||||||||||||||||||||||||||||
Based on current assumptions, Entergy expects to contribute $400 million to its qualified pension plans in 2014. As of March 31, 2014, Entergy had contributed $58.3 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2014: | |||||||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | |||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Expected 2014 pension contributions | $93,999 | $31,119 | $53,047 | $21,540 | $10,495 | $18,302 | $21,388 | ||||||||||||||||||||||
Pension contributions made through March 2014 | $13,653 | $4,418 | $7,808 | $3,119 | $1,540 | $2,610 | $3,130 | ||||||||||||||||||||||
Remaining estimated pension contributions to be made in 2014 | $80,346 | $26,701 | $45,239 | $18,421 | $8,955 | $15,692 | $18,258 | ||||||||||||||||||||||
System Energy [Member] | Other Postretirement [Member] | ' | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||
Components Of Net Pension Cost | ' | ||||||||||||||||||||||||||||
The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2014 and 2013, included the following components: | |||||||||||||||||||||||||||||
2014 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $1,489 | $1,224 | $1,130 | $475 | $217 | $595 | $515 | ||||||||||||||||||||||
Interest cost on APBO | 3,065 | 2,095 | 2,066 | 914 | 701 | 1,413 | 653 | ||||||||||||||||||||||
Expected return on assets | (4,784 | ) | — | — | (1,443 | ) | (1,119 | ) | (2,590 | ) | (932 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (610 | ) | (559 | ) | (844 | ) | (229 | ) | (177 | ) | (325 | ) | (206 | ) | |||||||||||||||
Amortization of loss | 317 | 303 | 378 | 37 | 14 | 200 | 111 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | ($523 | ) | $3,063 | $2,730 | ($246 | ) | ($364 | ) | ($707 | ) | $141 | ||||||||||||||||||
2013 | Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | System | ||||||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New Orleans | Texas | Energy | |||||||||||||||||||||||
Louisiana | |||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Service cost - benefits earned | |||||||||||||||||||||||||||||
during the period | $2,414 | $2,001 | $2,172 | $819 | $447 | $950 | $907 | ||||||||||||||||||||||
Interest cost on APBO | 3,360 | 2,226 | 2,349 | 1,074 | 785 | 1,515 | 729 | ||||||||||||||||||||||
Expected return on assets | (4,149 | ) | — | — | (1,317 | ) | (1,014 | ) | (2,321 | ) | (825 | ) | |||||||||||||||||
Amortization of prior service | |||||||||||||||||||||||||||||
credit | (133 | ) | (206 | ) | (62 | ) | (35 | ) | 10 | (107 | ) | (16 | ) | ||||||||||||||||
Amortization of loss | 2,041 | 1,174 | 1,287 | 662 | 396 | 976 | 479 | ||||||||||||||||||||||
Net other postretirement | |||||||||||||||||||||||||||||
benefit cost | $3,533 | $5,195 | $5,746 | $1,203 | $624 | $1,013 | $1,274 | ||||||||||||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) (Parent Company [Member]) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Parent Company [Member] | ' | ||||||||||||||||||||
Segment Financial Information | ' | ||||||||||||||||||||
Entergy’s segment financial information for the first quarters of 2014 and 2013 is as follows: | |||||||||||||||||||||
Utility | Entergy | All Other | Eliminations | Entergy | |||||||||||||||||
Wholesale | |||||||||||||||||||||
Commodities* | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Operating revenues | $2,304,704 | $912,122 | $761 | ($8,744 | ) | $3,208,843 | |||||||||||||||
Income taxes | $115,064 | $118,877 | ($16,975 | ) | $— | $216,966 | |||||||||||||||
Consolidated net income (loss) | $205,440 | $242,470 | ($15,462 | ) | ($26,395 | ) | $406,053 | ||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $2,003,441 | $613,733 | $1,000 | ($9,300 | ) | $2,608,874 | |||||||||||||||
Income taxes | $71,075 | $56,936 | ($11,475 | ) | $— | $116,536 | |||||||||||||||
Consolidated net income (loss) | $127,835 | $82,114 | ($16,572 | ) | ($26,395 | ) | $166,982 | ||||||||||||||
Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. |
Risk_Management_And_Fair_Value1
Risk Management And Fair Values (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Values Of Derivative Instruments | ' | |||||||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2014 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $107 | ($102) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $7 | ($2) | $5 | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities | $178 | ($125) | $53 | Entergy Wholesale Commodities | |||||||||||||||||||
(current portion) | ||||||||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $23 | ($3) | $20 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $100 | ($86) | $14 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $1 | ($1) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $8 | $— | $8 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $26 | ($1) | $25 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities(current portion) | $100 | ($63) | $37 | Entergy Wholesale Commodities | |||||||||||||||||||
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2013 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting arrangements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Offset (b) | Net (c) (d) | Business | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $118 | ($99) | $19 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other deferred debits and other assets (non-current portion) | $17 | ($17) | $— | Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $197 | ($131) | $66 | Entergy Wholesale Commodities | |||||||||||||||||||
Electricity swaps and options | Other non-current liabilities (non-current portion) | $46 | ($17) | $29 | Entergy Wholesale Commodities | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Electricity swaps and options | Prepayments and other (current portion) | $177 | ($122) | $55 | Entergy Wholesale Commodities | |||||||||||||||||||
Natural gas swaps | Prepayments and other | $6 | $— | $6 | Utility | |||||||||||||||||||
FTRs | Prepayments and other | $36 | ($2) | $34 | Utility and Entergy Wholesale Commodities | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Electricity swaps and options | Other current liabilities (current portion) | $201 | ($89) | $112 | Entergy Wholesale Commodities | |||||||||||||||||||
(a) | Represents the gross amounts of recognized assets/liabilities | |||||||||||||||||||||||
(b) | Represents the netting of fair value balances with the same counterparty | |||||||||||||||||||||||
(c) | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets | |||||||||||||||||||||||
(d) | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||||||||||||||||||||||
Derivative Instruments Designated As Cash Flow Hedges On Consolidated Statements Of Income | ' | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Amount of loss | Income Statement location | Amount of loss | |||||||||||||||||||||
recognized in other | reclassified from | |||||||||||||||||||||||
comprehensive income | AOCI into income | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Electricity swaps and options | ($174) | Competitive businesses operating revenues | ($195) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Electricity swaps and options | ($120) | Competitive businesses operating revenues | ($2) | |||||||||||||||||||||
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | ' | |||||||||||||||||||||||
The effect of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Instrument | Amount of gain | Income Statement | Amount of gain (loss) | |||||||||||||||||||||
recognized in AOCI | location | recorded in the income statement | ||||||||||||||||||||||
2014 | (In Millions) | (In Millions) | ||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | $17 | |||||||||||||||||||||
FTRs | — | Purchased power expense | $46 | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $22 | Competitive business operating revenues | $21 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | — | Fuel, fuel-related expenses, and gas purchased for resale | ($20) | |||||||||||||||||||||
Electricity swaps and options de-designated as hedged items | $1 | Competitive business operating revenues | ($1) | |||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $800 | $— | $— | $800 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 417 | 2,644 | (b) | — | 3,061 | |||||||||||||||||||
Debt securities | 763 | 1,167 | — | 1,930 | ||||||||||||||||||||
Power contracts | — | — | 24 | 24 | ||||||||||||||||||||
Securitization recovery trust account | 48 | — | — | 48 | ||||||||||||||||||||
Escrow accounts | 117 | — | — | 117 | ||||||||||||||||||||
Gas hedge contracts | 8 | — | — | 8 | ||||||||||||||||||||
FTRs | — | — | 25 | 25 | ||||||||||||||||||||
$2,153 | $3,811 | $49 | $6,013 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $110 | $110 | ||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $609 | $— | $— | $609 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 472 | 2,601 | (b) | — | 3,073 | |||||||||||||||||||
Debt securities | 783 | 1,047 | — | 1,830 | ||||||||||||||||||||
Power contracts | — | — | 74 | 74 | ||||||||||||||||||||
Securitization recovery trust account | 46 | — | — | 46 | ||||||||||||||||||||
Escrow accounts | 115 | — | — | 115 | ||||||||||||||||||||
Gas hedge contracts | 6 | — | — | 6 | ||||||||||||||||||||
FTRs | — | — | 34 | 34 | ||||||||||||||||||||
$2,031 | $3,648 | $108 | $5,787 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Power contracts | $— | $— | $207 | $207 | ||||||||||||||||||||
(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) | Commingled equity funds may be redeemed bi-monthly. | |||||||||||||||||||||||
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | ($98 | ) | $178 | |||||||||||||||||||||
Realized losses included in earnings | (31 | ) | (14 | ) | ||||||||||||||||||||
Unrealized gains included in earnings | 53 | 5 | ||||||||||||||||||||||
Unrealized losses included in OCI | (222 | ) | (119 | ) | ||||||||||||||||||||
Unrealized gains included as a regulatory asset/liability | 37 | — | ||||||||||||||||||||||
Purchases | 5 | — | ||||||||||||||||||||||
Settlements | 195 | 2 | ||||||||||||||||||||||
Balance as of March 31, | ($61 | ) | $52 | |||||||||||||||||||||
Fair Value Inputs Liabilities Quantitative Information | ' | |||||||||||||||||||||||
The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of March 31, 2014: | ||||||||||||||||||||||||
Transaction Type | Fair Value | Significant | Range | Effect on | ||||||||||||||||||||
as of | Unobservable Inputs | from | Fair Value | |||||||||||||||||||||
March 31, | Average | |||||||||||||||||||||||
2014 | % | |||||||||||||||||||||||
(In Millions) | (In Millions) | |||||||||||||||||||||||
Electricity swaps | ($96) | Unit contingent discount | +/- | 3% | ($3) | |||||||||||||||||||
Electricity options | $10 | Implied volatility | +/- | 53% | $35 | |||||||||||||||||||
Entergy Arkansas [Member] | ' | |||||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
Entergy Arkansas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $216.10 | $— | $— | $216.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 3.7 | 457.1 | — | 460.8 | ||||||||||||||||||||
Debt securities | 50.8 | 209.9 | — | 260.7 | ||||||||||||||||||||
Securitization recovery trust account | 8.1 | — | — | 8.1 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
FTRs | — | — | 2.7 | 2.7 | ||||||||||||||||||||
$304.70 | $667.00 | $2.70 | $974.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $122.80 | $— | $— | $122.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.6 | 449.7 | — | 463.3 | ||||||||||||||||||||
Debt securities | 58.6 | 189 | — | 247.6 | ||||||||||||||||||||
Securitization recovery trust account | 3.8 | — | — | 3.8 | ||||||||||||||||||||
Escrow accounts | 26 | — | — | 26 | ||||||||||||||||||||
$224.80 | $638.70 | $— | $863.50 | |||||||||||||||||||||
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | |||||||||||||||||||||||
Fair Values Of Derivative Instruments | ' | |||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | ' | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
Entergy Gulf States Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $15.00 | $— | $— | $15.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11 | 348.9 | — | 359.9 | ||||||||||||||||||||
Debt securities | 73.1 | 153.2 | — | 226.3 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 3 | — | — | 3 | ||||||||||||||||||||
FTRs | — | — | 5.4 | 5.4 | ||||||||||||||||||||
$123.60 | $502.10 | $5.40 | $631.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $13.80 | $— | $— | $13.80 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 27.6 | 343.2 | — | 370.8 | ||||||||||||||||||||
Debt securities | 71.7 | 131.2 | — | 202.9 | ||||||||||||||||||||
Escrow accounts | 21.5 | — | — | 21.5 | ||||||||||||||||||||
Gas hedge contracts | 2.2 | — | — | 2.2 | ||||||||||||||||||||
FTRs | — | — | 6.7 | 6.7 | ||||||||||||||||||||
$136.80 | $474.40 | $6.70 | $617.90 | |||||||||||||||||||||
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Louisiana [Member] | ' | |||||||||||||||||||||||
Fair Values Of Derivative Instruments | ' | |||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | ' | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
Entergy Louisiana | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $72.00 | $— | $— | $72.00 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 11.1 | 213.9 | — | 225 | ||||||||||||||||||||
Debt securities | 60.3 | 68.3 | — | 128.6 | ||||||||||||||||||||
Securitization recovery trust account | 10.2 | — | — | 10.2 | ||||||||||||||||||||
Gas hedge contracts | 3.7 | — | — | 3.7 | ||||||||||||||||||||
FTRs | — | — | 3 | 3 | ||||||||||||||||||||
$157.30 | $282.20 | $3.00 | $442.50 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $123.60 | $— | $— | $123.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 13.5 | 210.7 | — | 224.2 | ||||||||||||||||||||
Debt securities | 61.7 | 61.4 | — | 123.1 | ||||||||||||||||||||
Securitization recovery trust account | 4.5 | — | — | 4.5 | ||||||||||||||||||||
Gas hedge contacts | 2.9 | — | — | 2.9 | ||||||||||||||||||||
FTRs | — | — | 5.7 | 5.7 | ||||||||||||||||||||
$206.20 | $272.10 | $5.70 | $484.00 | |||||||||||||||||||||
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Mississippi [Member] | ' | |||||||||||||||||||||||
Fair Values Of Derivative Instruments | ' | |||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | ' | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
Entergy Mississippi | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $70.30 | $— | $— | $70.30 | ||||||||||||||||||||
Escrow accounts | 51.8 | — | — | 51.8 | ||||||||||||||||||||
Gas hedge contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
FTRs | — | — | 4.8 | 4.8 | ||||||||||||||||||||
$123.50 | $— | $4.80 | $128.30 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Escrow accounts | $51.80 | $— | $— | $51.80 | ||||||||||||||||||||
Gas hedge contracts | 0.7 | — | — | 0.7 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$52.50 | $— | $1.00 | $53.50 | |||||||||||||||||||||
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy New Orleans [Member] | ' | |||||||||||||||||||||||
Fair Values Of Derivative Instruments | ' | |||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | ' | |||||||||||||||||||||||
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Income Statement Location | Amount of gain | Registrant | |||||||||||||||||||||
(loss) recorded | ||||||||||||||||||||||||
in the income statement | ||||||||||||||||||||||||
2014 | (In Millions) | |||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $6.80 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $8.00 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $1.60 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | $0.70 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $5.10 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Purchased power expense | $9.10 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $8.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Purchased power expense | $7.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Purchased power expense | $2.90 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Purchased power expense | $12.80 | Entergy Texas | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($6.20) | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($8.30) | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Fuel, fuel-related expenses, and gas purchased for resale | ($5.40) | Entergy Mississippi | |||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
Entergy New Orleans | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $24.70 | $— | $— | $24.70 | ||||||||||||||||||||
Escrow accounts | 12.4 | — | — | 12.4 | ||||||||||||||||||||
FTRs | — | — | 1 | 1 | ||||||||||||||||||||
$37.10 | $— | $1.00 | $38.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $33.20 | $— | $— | $33.20 | ||||||||||||||||||||
Escrow accounts | 10.5 | — | — | 10.5 | ||||||||||||||||||||
Gas hedge contracts | 0.1 | — | — | 0.1 | ||||||||||||||||||||
FTRs | — | — | 2 | 2 | ||||||||||||||||||||
$43.80 | $— | $2.00 | $45.80 | |||||||||||||||||||||
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
Entergy Texas [Member] | ' | |||||||||||||||||||||||
Fair Values Of Derivative Instruments | ' | |||||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2014 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.00 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $3.70 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $1.40 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.70 | Entergy Arkansas | |||||||||||||||||||||
FTRs | Prepayments and other | $5.40 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $3.00 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $4.80 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $7.40 | Entergy Texas | |||||||||||||||||||||
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value (a) | Registrant | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.20 | Entergy Gulf States Louisiana | |||||||||||||||||||||
Natural gas swaps | Gas hedge contracts | $2.90 | Entergy Louisiana | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.70 | Entergy Mississippi | |||||||||||||||||||||
Natural gas swaps | Prepayments and other | $0.10 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $6.70 | Entergy Gulf States Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $5.70 | Entergy Louisiana | |||||||||||||||||||||
FTRs | Prepayments and other | $1.00 | Entergy Mississippi | |||||||||||||||||||||
FTRs | Prepayments and other | $2.00 | Entergy New Orleans | |||||||||||||||||||||
FTRs | Prepayments and other | $18.40 | Entergy Texas | |||||||||||||||||||||
(a) | Excludes cash collateral in the amount of $1 million posted by Entergy Arkansas as of March 31, 2014. As of December 31, 2013, no cash collateral was required to be posted. | |||||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
Entergy Texas | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securitization recovery trust account | $29.70 | $— | $— | $29.70 | ||||||||||||||||||||
FTRs | — | — | 7.4 | 7.4 | ||||||||||||||||||||
$29.70 | $— | $7.40 | $37.10 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $44.10 | $— | $— | $44.10 | ||||||||||||||||||||
Securitization recovery trust account | 37.5 | — | — | 37.5 | ||||||||||||||||||||
FTRs | — | — | 18.4 | 18.4 | ||||||||||||||||||||
$81.60 | $— | $18.40 | $100.00 | |||||||||||||||||||||
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | Entergy | |||||||||||||||||||
Arkansas | Gulf States | Louisiana | Mississippi | New | Texas | |||||||||||||||||||
Louisiana | Orleans | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance as of January 1, | $— | $6.70 | $5.70 | $1.00 | $2.00 | $18.40 | ||||||||||||||||||
Unrealized gains included as a regulatory liability/asset | 7.8 | 7.7 | 5.3 | 11.6 | 2 | 1.8 | ||||||||||||||||||
Settlements | (5.1 | ) | (9.0 | ) | (8.0 | ) | (7.8 | ) | (3.0 | ) | (12.8 | ) | ||||||||||||
Balance as of March 31, | $2.70 | $5.40 | $3.00 | $4.80 | $1.00 | $7.40 | ||||||||||||||||||
System Energy [Member] | ' | |||||||||||||||||||||||
Assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||||||||||
System Energy | ||||||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $83.10 | $— | $— | $83.10 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 1.2 | 384.7 | — | 385.9 | ||||||||||||||||||||
Debt securities | 155.1 | 78.3 | — | 233.4 | ||||||||||||||||||||
$239.40 | $463.00 | $— | $702.40 | |||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Temporary cash investments | $64.60 | $— | $— | $64.60 | ||||||||||||||||||||
Decommissioning trust funds (a): | ||||||||||||||||||||||||
Equity securities | 2.2 | 377.8 | — | 380 | ||||||||||||||||||||
Debt securities | 152.9 | 71 | — | 223.9 | ||||||||||||||||||||
$219.70 | $448.80 | $— | $668.50 | |||||||||||||||||||||
Decommissioning_Trust_Funds_Ta
Decommissioning Trust Funds (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Securities Held | ' | |||||||||||||||
The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $3,061 | $1,290 | $1 | |||||||||||||
Debt Securities | 1,930 | 55 | 15 | |||||||||||||
Total | $4,991 | $1,345 | $16 | |||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2013 | ||||||||||||||||
Equity Securities | $3,073 | $1,260 | $— | |||||||||||||
Debt Securities | 1,830 | 47 | 29 | |||||||||||||
Total | $4,903 | $1,307 | $29 | |||||||||||||
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | ' | |||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $5 | $1 | $627 | $10 | ||||||||||||
More than 12 months | — | — | 82 | 5 | ||||||||||||
Total | $5 | $1 | $709 | $15 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $892 | $24 | ||||||||||||
More than 12 months | — | — | 60 | 5 | ||||||||||||
Total | $— | $— | $952 | $29 | ||||||||||||
Fair Value Of Debt Securities By Contractual Maturities | ' | |||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $95 | $83 | ||||||||||||||
1 year - 5 years | 787 | 752 | ||||||||||||||
5 years - 10 years | 637 | 620 | ||||||||||||||
10 years - 15 years | 168 | 169 | ||||||||||||||
15 years - 20 years | 51 | 52 | ||||||||||||||
20 years+ | 192 | 154 | ||||||||||||||
Total | $1,930 | $1,830 | ||||||||||||||
Entergy Arkansas [Member] | ' | |||||||||||||||
Securities Held | ' | |||||||||||||||
Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $460.80 | $218.60 | $— | |||||||||||||
Debt Securities | 260.7 | 5.7 | 2.9 | |||||||||||||
Total | $721.50 | $224.30 | $2.90 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $463.30 | $214.00 | $— | |||||||||||||
Debt Securities | 247.6 | 5.3 | 5.2 | |||||||||||||
Total | $710.90 | $219.30 | $5.20 | |||||||||||||
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | ' | |||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $115.40 | $1.80 | ||||||||||||
More than 12 months | — | — | 21.9 | 1.1 | ||||||||||||
Total | $0.10 | $— | $137.30 | $2.90 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $153.20 | $4.80 | ||||||||||||
More than 12 months | — | — | 6.9 | 0.4 | ||||||||||||
Total | $— | $— | $160.10 | $5.20 | ||||||||||||
Fair Value Of Debt Securities By Contractual Maturities | ' | |||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.10 | $8.10 | ||||||||||||||
1 year - 5 years | 125.5 | 110.9 | ||||||||||||||
5 years - 10 years | 116.4 | 118 | ||||||||||||||
10 years - 15 years | 3.3 | 3.9 | ||||||||||||||
15 years - 20 years | 1 | 0.9 | ||||||||||||||
20 years+ | 6.4 | 5.8 | ||||||||||||||
Total | $260.70 | $247.60 | ||||||||||||||
Entergy Gulf States Louisiana [Member] | ' | |||||||||||||||
Securities Held | ' | |||||||||||||||
Entergy Gulf States Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $359.90 | $145.40 | $— | |||||||||||||
Debt Securities | 226.3 | 8.8 | 1.8 | |||||||||||||
Total | $586.20 | $154.20 | $1.80 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $370.80 | $141.80 | $— | |||||||||||||
Debt Securities | 202.9 | 7.4 | 3.5 | |||||||||||||
Total | $573.70 | $149.20 | $3.50 | |||||||||||||
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | ' | |||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $70.10 | $1.40 | ||||||||||||
More than 12 months | — | — | 5.7 | 0.4 | ||||||||||||
Total | $— | $— | $75.80 | $1.80 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $91.90 | $3.10 | ||||||||||||
More than 12 months | — | — | 4.6 | 0.4 | ||||||||||||
Total | $— | $— | $96.50 | $3.50 | ||||||||||||
Fair Value Of Debt Securities By Contractual Maturities | ' | |||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $7.80 | $7.90 | ||||||||||||||
1 year - 5 years | 52.7 | 51.2 | ||||||||||||||
5 years - 10 years | 91.2 | 75.5 | ||||||||||||||
10 years - 15 years | 59.6 | 55.8 | ||||||||||||||
15 years - 20 years | 4.6 | 4.6 | ||||||||||||||
20 years+ | 10.4 | 7.9 | ||||||||||||||
Total | $226.30 | $202.90 | ||||||||||||||
Entergy Louisiana [Member] | ' | |||||||||||||||
Securities Held | ' | |||||||||||||||
Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $225.00 | $98.30 | $— | |||||||||||||
Debt Securities | 128.6 | 5.2 | 1.2 | |||||||||||||
Total | $353.60 | $103.50 | $1.20 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $224.20 | $96.10 | $— | |||||||||||||
Debt Securities | 123.1 | 4.7 | 1.9 | |||||||||||||
Total | $347.30 | $100.80 | $1.90 | |||||||||||||
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | ' | |||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $35.70 | $1.00 | ||||||||||||
More than 12 months | — | — | 2.1 | 0.2 | ||||||||||||
Total | $— | $— | $37.80 | $1.20 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $38.30 | $1.70 | ||||||||||||
More than 12 months | — | — | 1.7 | 0.2 | ||||||||||||
Total | $— | $— | $40.00 | $1.90 | ||||||||||||
Fair Value Of Debt Securities By Contractual Maturities | ' | |||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.70 | $14.80 | ||||||||||||||
1 year - 5 years | 44.9 | 41.9 | ||||||||||||||
5 years - 10 years | 44.4 | 37 | ||||||||||||||
10 years - 15 years | 6.5 | 6.6 | ||||||||||||||
15 years - 20 years | 6.7 | 6.2 | ||||||||||||||
20 years+ | 17.4 | 16.6 | ||||||||||||||
Total | $128.60 | $ | 123.1 | |||||||||||||
System Energy [Member] | ' | |||||||||||||||
Securities Held | ' | |||||||||||||||
System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Fair | Total | Total | ||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Equity Securities | $385.90 | $154.80 | $— | |||||||||||||
Debt Securities | 233.4 | 3.5 | 0.7 | |||||||||||||
Total | $619.30 | $158.30 | $0.70 | |||||||||||||
2013 | ||||||||||||||||
Equity Securities | $380.00 | $150.80 | $— | |||||||||||||
Debt Securities | 223.9 | 3.5 | 1.8 | |||||||||||||
Total | $603.90 | $154.30 | $1.80 | |||||||||||||
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | ' | |||||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2014: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $0.10 | $— | $88.30 | $0.60 | ||||||||||||
More than 12 months | — | — | 1.4 | 0.1 | ||||||||||||
Total | $0.10 | $— | $89.70 | $0.70 | ||||||||||||
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2013: | ||||||||||||||||
Equity Securities | Debt Securities | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
(In Millions) | ||||||||||||||||
Less than 12 months | $— | $— | $121.70 | $1.70 | ||||||||||||
More than 12 months | — | — | 0.9 | 0.1 | ||||||||||||
Total | $— | $— | $122.60 | $1.80 | ||||||||||||
Fair Value Of Debt Securities By Contractual Maturities | ' | |||||||||||||||
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Millions) | ||||||||||||||||
less than 1 year | $8.80 | $5.50 | ||||||||||||||
1 year - 5 years | 157.8 | 144.9 | ||||||||||||||
5 years - 10 years | 39.8 | 44.3 | ||||||||||||||
10 years - 15 years | 3.5 | 9.3 | ||||||||||||||
15 years - 20 years | 1.3 | 1.6 | ||||||||||||||
20 years+ | 22.2 | 18.3 | ||||||||||||||
Total | $233.40 | $223.90 | ||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Proceeds from insurance | $28,226,000 | $0 |
Entergy Mississippi [Member] | ' | ' |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Property insurance deductible | 20,000,000 | ' |
Entergy Arkansas [Member] | ' | ' |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Estimated cost to restore ANO to service | 95,000,000 | ' |
Authorized deferred fuel balance retained related to ANO stator incident | 65,900,000 | ' |
Course of construction sublimit | 50,000,000 | ' |
Proceeds from insurance settlement, operating and investing activities | 33,000,000 | ' |
Proceeds from insurance | 24,156,000 | 0 |
Minimum [Member] | Entergy Mississippi [Member] | ' | ' |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Estimated cost to restore Baxter Wilson to service | 45,000,000 | ' |
Maximum [Member] | Entergy Mississippi [Member] | ' | ' |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Estimated cost to restore Baxter Wilson to service | $60,000,000 | ' |
Rate_And_Regulatory_Matters_Na
Rate And Regulatory Matters (Narrative) (Details) (USD $) | 20 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
2-May-03 | Jan. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2014 | Aug. 31, 2012 | Jan. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | |
Entergy Louisiana [Member] | Entergy Louisiana [Member] | Entergy Gulf States Louisiana [Member] | Entergy New Orleans [Member] | Entergy Texas [Member] | Entergy Texas [Member] | Entergy Texas [Member] | Natural Gas Processing Plant [Member] | ||
Subsequent Event [Member] | Entergy Gulf States Louisiana [Member] | ||||||||
Commitments and Contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities Earned Return On Common Equity | ' | 8.13% | 10.40% | ' | ' | 9.20% | 10.40% | 9.80% | 5.47% |
Rate Increase | ' | $5,560,000 | $13,000,000 | $1,500,000 | ' | ' | $38,600,000 | $18,500,000 | $1,500,000 |
Rate Increase Period | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' |
Rate Case Filing Request To Reconcile Fuel and Purchased Power Costs and Fuel Revenues | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' |
Rate Case Filing Request Special Circumstances Fuel Cost Recovery Of Purchased Power Costs | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' |
Storm restoration costs incurred - Hurricane Isaac | ' | ' | ' | ' | 47,300,000 | ' | ' | ' | ' |
Rate reduction | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' |
Period of prohibited refunds | '20 months | ' | ' | ' | ' | ' | ' | ' | ' |
Storm reserve withdrawal | ' | ' | ' | ' | $17,400,000 | ' | ' | ' | ' |
Rate_And_Regulatory_Matters_Pa
Rate And Regulatory Matters (Payments or Receipts Among Utility Operating Companies Production Cost Based) (Details) (Subsequent Event [Member], USD $) | Apr. 30, 2014 |
In Millions, unless otherwise specified | |
Entergy Arkansas [Member] | ' |
Payments (receipts) based on production costs | $67 |
Entergy Gulf States [Member] | ' |
Payments (receipts) based on production costs | -33 |
Entergy Louisiana [Member] | ' |
Payments (receipts) based on production costs | 0 |
Entergy Mississippi [Member] | ' |
Payments (receipts) based on production costs | -11 |
Entergy New Orleans [Member] | ' |
Payments (receipts) based on production costs | 2 |
Entergy Texas [Member] | ' |
Payments (receipts) based on production costs | ($25) |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Apr. 17, 2014 | |
Parent Company [Member] | Subsequent Event [Member] | |||
Equity [Abstract] | ' | ' | ' | ' |
Stock Options Excluded From Diluted Common Shares Outstanding Calculation | 9,000,000 | 8,900,000 | ' | ' |
Shares, Issued | ' | ' | 773,203 | ' |
Common stock dividend (in dollars per share) | $0.83 | $0.83 | ' | $0.83 |
Equity_Schedule_Of_Earnings_Pe
Equity (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic earnings per share | ' | ' |
Net income (loss) attributable to Entergy Corporation, Income | $401,174 | $161,400 |
Net Income Attributable to Entergy Corporation, Shares | 178,797,829 | 178,027,961 |
Net Income Attributable to Entergy Corporation, $/share | $2.24 | $0.91 |
Average dilutive effect of: | ' | ' |
Stock options, Shares | 0 | 100,000 |
Stock options $/share | $0 | $0 |
Restricted stock, Shares | 300,000 | 300,000 |
Restricted stock $/share | $0 | ($0.01) |
Diluted earnings per share, Shares | 179,055,967 | 178,413,287 |
Diluted earnings per share $/share | $2.24 | $0.90 |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Income (Loss))(Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ($29,324) | ($293,083) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | -20,961 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | -10,386 |
Other comprehensive income (loss) | 24,122 | -10,575 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -5,202 | -303,658 |
Foreign Currency Translation [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ' | 3,177 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | -772 |
Other comprehensive income (loss) | ' | -772 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | ' | 2,405 |
Net Unrealized Investment Gains [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ' | 214,547 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | 57,372 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | 995 |
Other comprehensive income (loss) | ' | 56,377 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | ' | 270,924 |
Pension And Other Postretirement Liabilities [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ' | -590,712 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | -9,795 |
Other comprehensive income (loss) | ' | 9,795 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | ' | -580,917 |
Cash Flow Hedges Net Unrealized Gain [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ' | 79,905 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | -77,561 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | -1,586 |
Other comprehensive income (loss) | ' | -75,975 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | ' | 3,930 |
Entergy Gulf States Louisiana [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -28,202 | ' |
Other comprehensive income (loss) | 122 | 955 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -28,080 | ' |
Entergy Gulf States Louisiana [Member] | Pension And Other Postretirement Liabilities [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -28,202 | -65,229 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -122 | -955 |
Other comprehensive income (loss) | 122 | 955 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -28,080 | -64,274 |
Entergy Louisiana [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -9,635 | ' |
Other comprehensive income (loss) | -302 | 678 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -9,937 | ' |
Entergy Louisiana [Member] | Pension And Other Postretirement Liabilities [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -9,635 | -46,132 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 302 | -678 |
Other comprehensive income (loss) | -302 | 678 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -9,937 | -45,454 |
Parent Company [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -29,324 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 164,850 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -140,728 | ' |
Other comprehensive income (loss) | 24,122 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -5,202 | ' |
Parent Company [Member] | Foreign Currency Translation [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 3,420 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 75 | ' |
Other comprehensive income (loss) | 75 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 3,495 | ' |
Parent Company [Member] | Net Unrealized Investment Gains [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 337,256 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 24,723 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1,734 | ' |
Other comprehensive income (loss) | 22,989 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 360,245 | ' |
Parent Company [Member] | Pension And Other Postretirement Liabilities [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -288,223 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -12,696 | ' |
Other comprehensive income (loss) | -12,696 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -300,919 | ' |
Parent Company [Member] | Cash Flow Hedges Net Unrealized Gain [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -81,777 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 140,052 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -126,298 | ' |
Other comprehensive income (loss) | 13,754 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | ($68,023) | ' |
Equity_Reclassification_out_of
Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Competitive Energy Revenue | $904,160 | $606,273 | ||
Other Nonoperating Income (Expense) | -11,704 | -13,623 | ||
Realized gain | 35,248 | 38,306 | ||
INCOME BEFORE INCOME TAXES | 623,019 | 283,518 | ||
Income taxes (benefits) | 216,966 | 116,536 | ||
CONSOLIDATED NET INCOME | 406,053 | 166,982 | [1] | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
CONSOLIDATED NET INCOME | 140,728 | -10,386 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
INCOME BEFORE INCOME TAXES | 194,305 | -2,522 | ||
CONSOLIDATED NET INCOME | 126,298 | -1,586 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
CONSOLIDATED NET INCOME | 1,734 | 995 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
INCOME BEFORE INCOME TAXES | -5,065 | -15,664 | ||
CONSOLIDATED NET INCOME | 12,696 | -9,795 | ||
Parent Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Competitive Energy Revenue | 194,603 | -2,117 | ||
Other Nonoperating Income (Expense) | -298 | -405 | ||
Income taxes (benefits) | -68,007 | 936 | ||
Parent Company [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Realized gain | 3,400 | 1,951 | ||
Income taxes (benefits) | -1,666 | -956 | ||
Parent Company [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Amortization of prior-service costs | 5,078 | [2] | 2,384 | [2] |
Amortization of loss | -8,981 | [2] | -18,048 | [2] |
Settlement loss | -1,162 | [2] | ' | |
Income taxes (benefits) | 17,761 | 5,869 | ||
Entergy Gulf States Louisiana [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Other Nonoperating Income (Expense) | -1,718 | -2,640 | ||
Realized gain | 10,057 | 10,855 | ||
INCOME BEFORE INCOME TAXES | 73,044 | 42,440 | ||
Income taxes (benefits) | 26,572 | 15,275 | ||
CONSOLIDATED NET INCOME | 46,472 | 27,165 | ||
Entergy Gulf States Louisiana [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Amortization of prior-service costs | ' | 206 | [2] | |
Amortization of loss | ' | -1,947 | [2] | |
Income taxes (benefits) | ' | 786 | ||
Entergy Gulf States Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Amortization of prior-service costs | 559 | [2] | ' | |
Amortization of loss | -782 | [2] | ' | |
Income taxes (benefits) | 101 | ' | ||
Entergy Louisiana [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Other Nonoperating Income (Expense) | -169 | -860 | ||
Realized gain | 21,178 | 21,789 | ||
INCOME BEFORE INCOME TAXES | 78,717 | 57,418 | ||
Income taxes (benefits) | 20,339 | 12,042 | ||
CONSOLIDATED NET INCOME | 58,378 | 45,376 | ||
Entergy Louisiana [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Amortization of prior-service costs | ' | 62 | [2] | |
Amortization of loss | ' | -1,287 | [2] | |
Income taxes (benefits) | ' | 547 | ||
Entergy Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Amortization of prior-service costs | 844 | [2] | ' | |
Amortization of loss | -378 | [2] | ' | |
INCOME BEFORE INCOME TAXES | 466 | -1,225 | ||
Income taxes (benefits) | -164 | ' | ||
CONSOLIDATED NET INCOME | 302 | -678 | ||
Entergy Gulf States [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
INCOME BEFORE INCOME TAXES | -223 | -1,741 | ||
CONSOLIDATED NET INCOME | ($122) | ($955) | ||
[1] | Consolidated net income and preferred dividend requirements of subsidiaries for 2014 and 2013 include $3.2 million and $3.9 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. | |||
[2] | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements herein for additional details. |
Revolving_Credit_Facilities_Li2
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | ||||
Commercial Paper Program [Member] | Credit Facility [Member] | Entergy Arkansas [Member] | Entergy Arkansas [Member] | Entergy Arkansas [Member] | Entergy Gulf States Louisiana [Member] | Entergy Louisiana [Member] | Entergy Mississippi [Member] | Entergy Mississippi [Member] | Entergy Texas [Member] | System Energy [Member] | Entergy New Orleans [Member] | Maximum [Member] | Minimum [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Term Loan [Member] | Three Point Seven Zero Percent Series First Mortgage Bonds Due June Two Thousand Twenty Four [Member] | Three Point Seven Five Percent Series First Mortgage Bonds Due July Two Thousand Twenty Four [Member] | Entergy Arkansas [Member] | Entergy Gulf States Louisiana [Member] | Entergy Texas [Member] | Entergy Arkansas [Member] | Entergy Mississippi [Member] | ||||||||||||||||
Five Point Zero Percent Series First Mortgage Bonds Due July Two Thousand Eighteen [Member] | Four Point Nine Five Percent Series First Mortgage Bonds Due June Two Thousand Eighteen [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount of Facility | $3,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | [1] | $150,000,000 | [2] | $150,000,000 | [3] | ' | ' |
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | ' | ' | 50.00% | ' | ' | 50.00% | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | 26,000,000 | 23,000,000 | ' | ' | 36,300,000 | ' | 8,500,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | |||
Line of credit facility, commitment fee percentage | 0.28% | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | 1.50% | 0.28% | 0.13% | ' | ' | ' | ' | ' | |||
Debt, weighted average interest rate | ' | 0.91% | 1.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consolidated debt ratio | ' | ' | ' | 65.00% | ' | ' | 65.00% | 65.00% | 65.00% | ' | 65.00% | ' | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | |||
Commercial Paper program limit | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commercial Paper Amount Outstanding | 1,059,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | ' | ' | ' | 0.13% | ' | ' | 0.10% | 0.10% | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance Of Debt | ' | ' | ' | ' | ' | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Repayments of debt | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | 95,000,000 | |||
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | 3.70% | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 4.95% | |||
Consolidated debt ratio of total capitalization | ' | ' | ' | 70.00% | ' | ' | 70.00% | 70.00% | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount Drawn/ Outstanding | $115,000,000 | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | |||
[1] | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | ||||||||||||||||||||||
[2] | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | ||||||||||||||||||||||
[3] | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. |
Revolving_Credit_Facilities_Li3
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Summary Of The Borrowings Outstanding And Capacity Available Under The Facility) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Summary of the borrowings outstanding and capacity available under the facility | ' |
Capacity | $3,500 |
Borrowings | 115 |
Letters of Credit | 9 |
Capacity Available | $3,376 |
Revolving_Credit_Facilities_Li4
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Credit Facilities) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
Amount of Facility | $3,500,000,000 | |
Amount Drawn/ Outstanding | 115,000,000 | |
Entergy Arkansas [Member] | Credit Facility Of Twenty Million [Member] | ' | |
Expiration Date | 30-Apr-14 | |
Amount of Facility | 20,000,000 | [1] |
Interest Rate | 1.73% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy Arkansas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ' | |
Expiration Date | 8-Mar-19 | |
Amount of Facility | 150,000,000 | [3] |
Interest Rate | 1.65% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy Gulf States Louisiana [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ' | |
Expiration Date | 8-Mar-19 | |
Amount of Facility | 150,000,000 | [4] |
Interest Rate | 1.40% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy Louisiana [Member] | Credit Facility Of Two Hundred Million [Member] | ' | |
Expiration Date | 8-Mar-19 | |
Amount of Facility | 200,000,000 | [5] |
Interest Rate | 1.40% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy Mississippi [Member] | ' | |
Amount Drawn/ Outstanding | 25,000,000 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Seven Point Five Million [Member] | ' | |
Expiration Date | 31-May-14 | |
Amount of Facility | 37,500,000 | [6] |
Interest Rate | 1.90% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Five Million [Member] | ' | |
Expiration Date | 31-May-14 | |
Amount of Facility | 35,000,000 | [6] |
Interest Rate | 1.90% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy Mississippi [Member] | Credit Facility Of Twenty Million [Member] | ' | |
Expiration Date | 31-May-14 | |
Amount of Facility | 20,000,000 | [6] |
Interest Rate | 1.90% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy New Orleans [Member] | Credit Facility Of Twenty Five Million [Member] | ' | |
Expiration Date | 30-Nov-14 | |
Amount of Facility | 25,000,000 | |
Interest Rate | 1.63% | [2] |
Amount Drawn/ Outstanding | 0 | |
Entergy Texas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ' | |
Expiration Date | 31-Mar-19 | |
Amount of Facility | 150,000,000 | [7] |
Interest Rate | 1.65% | [2] |
Amount Drawn/ Outstanding | $0 | |
[1] | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable. In April 2014, Entergy Arkansas renewed its credit facility through April 2015. | |
[2] | The interest rate is the rate as of March 31, 2014 that would most likely apply to outstanding borrowings under the facility. | |
[3] | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $1 million in letters of credit were outstanding. | |
[4] | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $26 million in letters of credit were outstanding. | |
[5] | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $23 million in letters of credit were outstanding. | |
[6] | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Prior to expiration on May 31, 2014, Entergy Mississippi expects to renew all of its credit facilities. | |
[7] | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of March 31, 2014, $36.3 million in letters of credit were outstanding. |
Revolving_Credit_Facilities_Li5
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Short-Term Borrowings And The Outstanding Short-Term Borrowings) (Details) (USD $) | Mar. 31, 2014 |
Entergy Arkansas [Member] | ' |
Short-term borrowings and the outstanding short-term borrowings | ' |
Authorized | $250,000,000 |
Borrowings | 0 |
Entergy Gulf States Louisiana [Member] | ' |
Short-term borrowings and the outstanding short-term borrowings | ' |
Authorized | 200,000,000 |
Borrowings | 0 |
Entergy Louisiana [Member] | ' |
Short-term borrowings and the outstanding short-term borrowings | ' |
Authorized | 250,000,000 |
Borrowings | 0 |
Entergy Mississippi [Member] | ' |
Short-term borrowings and the outstanding short-term borrowings | ' |
Authorized | 175,000,000 |
Borrowings | 0 |
Entergy New Orleans [Member] | ' |
Short-term borrowings and the outstanding short-term borrowings | ' |
Authorized | 100,000,000 |
Borrowings | 0 |
Entergy Texas [Member] | ' |
Short-term borrowings and the outstanding short-term borrowings | ' |
Authorized | 200,000,000 |
Borrowings | 39,000,000 |
System Energy [Member] | ' |
Short-term borrowings and the outstanding short-term borrowings | ' |
Authorized | 200,000,000 |
Borrowings | $0 |
Revolving_Credit_Facilities_Li6
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ' | |
Amount Drawn/ Outstanding | $115,000,000 | |
Entergy Arkansas VIE [Member] | ' | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ' | |
Expiration Date | 30-Jun-16 | |
Amount of Facility | 85,000,000 | |
Weighted Average Interest Rate on Borrowings | 1.57% | [1] |
Amount Drawn/ Outstanding | 62,500,000 | |
Entergy Gulf States Louisiana VIE [Member] | ' | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ' | |
Expiration Date | 30-Jun-16 | |
Amount of Facility | 100,000,000 | |
Weighted Average Interest Rate on Borrowings | 1.25% | [1] |
Amount Drawn/ Outstanding | 300,000 | |
Entergy Louisiana VIE [Member] | ' | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ' | |
Expiration Date | 30-Jun-16 | |
Amount of Facility | 90,000,000 | |
Weighted Average Interest Rate on Borrowings | 1.50% | [1] |
Amount Drawn/ Outstanding | 31,700,000 | |
System Energy VIE [Member] | ' | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ' | |
Expiration Date | 30-Jun-16 | |
Amount of Facility | 125,000,000 | |
Weighted Average Interest Rate on Borrowings | 1.64% | [1] |
Amount Drawn/ Outstanding | $52,700,000 | |
[1] | 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 Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. |
Revolving_Credit_Facilities_Li7
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Notes Payable By Variable Interest Entities) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Entergy Arkansas [Member] | ' |
Notes payable by variable interest entities | ' |
Consolidated Debt Ratio Of Capitalization | 70.00% |
Five Point Six Nine Percent Series I Notes Due July Two Thousand Fourteen [Member] | Entergy Arkansas VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 5.69% |
Amount | 70,000,000 |
Three Point Two Three Percent Series J Notes Due July Two Thousand Sixteen [Member] | Entergy Arkansas VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 3.23% |
Amount | 55,000,000 |
Two Point Six Two Percent Series K Notes Due December Two Thousand Seventeen [Member] | Entergy Arkansas VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 2.62% |
Amount | 60,000,000 |
Three Point Two Five Percent Series Q Due July Two Thousand Seventeen [Member] | Entergy Gulf States Louisiana VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 3.25% |
Amount | 75,000,000 |
Three Point Three Eight Percent Series R Notes Due August Two Thousand Twenty [Member] | Entergy Gulf States Louisiana VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 3.38% |
Amount | 70,000,000 |
Five Point Six Nine Percent Series E Notes Due July Two Thousand Fourteen [Member] | Entergy Louisiana VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 5.69% |
Amount | 50,000,000 |
Three Point Three Percent Series F Note Due March Two Thousand Sixteen [Member] | Entergy Louisiana VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 3.30% |
Amount | 20,000,000 |
Three Point Two Five Percent Series G Due July Two Thousand Seventeen [Member] | Entergy Louisiana VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 3.25% |
Amount | 25,000,000 |
Three Point Nine Two Percent Series H Dues February Two Thousand Twenty One [Member] | Entergy Louisiana VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 3.92% |
Amount | 40,000,000 |
Five Point Three Three Percent Series G Notes Due April Two Thousand Fifteen [Member] | System Energy VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 5.33% |
Amount | 60,000,000 |
Four Point Zero Two Percent Series H Notes Due February Two Thousand Seventeen [Member] | System Energy VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 4.02% |
Amount | 50,000,000 |
Three Point Seven Eight Percent Series I Notes Due October Two Thousand Eighteen [Member] | System Energy VIE [Member] | ' |
Notes payable by variable interest entities | ' |
Stated interest rate (percentage) | 3.78% |
Amount | 85,000,000 |
Revolving_Credit_Facilities_Li8
Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings (Book Value And The Fair Value Of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | $12,666,156,000 | [1],[2] | $12,439,785,000 | [1],[3] |
Long-term Debt, Book Value | 12,621,307,000 | 12,596,244,000 | ||
Notes payable to power authority | 96,000,000 | 95,000,000 | ||
Entergy Arkansas [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | 2,329,749,000 | [1],[2] | 2,142,527,000 | [1],[3] |
Long-term Debt, Book Value | 2,530,596,000 | 2,405,802,000 | ||
Long term DOE obligations | 181,000,000 | 181,000,000 | ||
Entergy Gulf States Louisiana [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | 1,628,264,000 | [1],[2] | 1,631,308,000 | [1],[3] |
Long-term Debt, Book Value | 1,513,024,000 | 1,527,465,000 | ||
Entergy Louisiana [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | 3,211,101,000 | [1],[2] | 3,148,877,000 | [1],[3] |
Long-term Debt, Book Value | 3,242,584,000 | 3,219,516,000 | ||
Capital Lease Obligations | 132,000,000 | 149,000,000 | ||
Entergy Mississippi [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | 1,186,913,000 | [1],[2] | 1,067,006,000 | [1],[3] |
Long-term Debt, Book Value | 1,153,675,000 | 1,053,670,000 | ||
Entergy New Orleans [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | 221,758,000 | [1],[2] | 217,692,000 | [1],[3] |
Long-term Debt, Book Value | 225,943,000 | 225,944,000 | ||
Entergy Texas [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | 1,703,937,000 | [1],[2] | 1,726,623,000 | [1],[3] |
Long-term Debt, Book Value | 1,534,531,000 | 1,556,939,000 | ||
System Energy [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Long-term Debt, Fair Value | 675,260,000 | [1],[2] | 664,890,000 | [1],[3] |
Long-term Debt, Book Value | 710,721,000 | 757,436,000 | ||
Capital Lease Obligations | $51,000,000 | $97,000,000 | ||
[1] | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | |||
[2] | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year. | |||
[3] | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year. |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Jan. 31, 2014 | Jan. 30, 2014 | Jan. 31, 2014 |
Equity Ownership And Long Term Cash Incentive Plan Two Thousand Eleven [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Eleven [Member] | Restricted Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock option granted (in shares) | 611,700 | ' | ' | ' |
Weighted-average grant-date fair value of options granted (in dollars per share) | $8.71 | ' | ' | ' |
Stock options outstanding | 9,557,667 | ' | ' | ' |
Weighted-average exercise price of stock options outstanding (in dollars per share) | $80.32 | ' | ' | ' |
Intrinsic value in the money stock options | $3.60 | ' | ' | ' |
Restricted stock awards granted | ' | ' | ' | 352,600 |
Long-term incentive plan awards | ' | 226,792 | ' | ' |
Restricted stock awards granted value (in dollars per share) | ' | ' | ' | $63.17 |
LTIP awards granted value (in dollars per share) | ' | ' | $67.16 | ' |
Vesting period of awards under Entergy's plans, years | '3 years | ' | ' | ' |
StockBased_Compensation_Financ
Stock-Based Compensation (Financial Information For Stock Options) (Details) (Parent Company [Member], Employee Stock Option [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Parent Company [Member] | Employee Stock Option [Member] | ' | ' |
Employee service share-based compensation, aggregate disclosures | ' | ' |
Compensation expense included in Entergy's net income | $1.30 | $1.30 |
Tax benefit recognized in Entergy's net income | 0.5 | 0.5 |
Compensation cost capitalized as part of fixed assets and inventory | $0.20 | $0.20 |
StockBased_Compensation_Financ1
Stock-Based Compensation (Financial Information For Other Equity Plans) (Details) (Parent Company [Member], Restricted Stock Awards [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Parent Company [Member] | Restricted Stock Awards [Member] | ' | ' |
Employee service share-based compensation, aggregate disclosures | ' | ' |
Compensation expense included in Entergy's net income | $7.40 | $5.90 |
Tax benefit recognized in Entergy's net income | 2.9 | 2.3 |
Compensation cost capitalized as part of fixed assets and inventory | $1.10 | $0.70 |
Retirement_And_Other_Postretir2
Retirement And Other Postretirement Benefits (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Pension contributions made through Year To Date | $58,300 | ' |
Entergy Arkansas [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Expected current year pension contributions | 93,999 | ' |
Pension contributions made through Year To Date | 13,653 | ' |
Remaining estimated pension contributions to be made in current year | 80,346 | ' |
Entergy Texas [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Expected current year pension contributions | 18,302 | ' |
Pension contributions made through Year To Date | 2,610 | ' |
Remaining estimated pension contributions to be made in current year | 15,692 | ' |
Scenario, Forecast [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Expected current year pension contributions | 400,000 | ' |
Non-Qualified Pension Plans [Member] | Parent Company [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Net periodic benefit costs | 10,000 | 5,500 |
Settlement loss | 5,500 | ' |
Non-Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Net periodic benefit costs | 161 | 103 |
Settlement loss | 51 | ' |
Non-Qualified Pension Plans [Member] | Entergy Texas [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Net periodic benefit costs | 125 | 149 |
Settlement loss | $6 | ' |
Retirement_And_Other_Postretir3
Retirement And Other Postretirement Benefits (Components Of Qualified Net Pension Cost) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | $35,109 | $44,051 |
Interest cost on projected benefit obligation | 72,519 | 65,266 |
Expected return on assets | -90,366 | -81,748 |
Amortization of prior service cost (credit) | 400 | 567 |
Amortization of loss | 36,274 | 54,951 |
Net other postretirement benefit cost | 53,936 | 83,087 |
Pension Plans Defined Benefit [Member] | Entergy Arkansas [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 5,023 | 6,371 |
Interest cost on projected benefit obligation | 14,884 | 13,550 |
Expected return on assets | -18,305 | -16,717 |
Amortization of prior service cost (credit) | ' | 6 |
Amortization of loss | 8,989 | 12,544 |
Net other postretirement benefit cost | 10,591 | 15,754 |
Pension Plans Defined Benefit [Member] | Entergy Gulf States Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 2,881 | 3,599 |
Interest cost on projected benefit obligation | 7,278 | 6,657 |
Expected return on assets | -9,488 | -8,734 |
Amortization of prior service cost (credit) | ' | 2 |
Amortization of loss | 3,981 | 5,933 |
Net other postretirement benefit cost | 4,652 | 7,457 |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 3,546 | 4,334 |
Interest cost on projected benefit obligation | 9,467 | 8,644 |
Expected return on assets | -11,449 | -10,454 |
Amortization of prior service cost (credit) | ' | 21 |
Amortization of loss | 6,131 | 8,727 |
Net other postretirement benefit cost | 7,695 | 11,272 |
Pension Plans Defined Benefit [Member] | Entergy Mississippi [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 1,523 | 1,842 |
Interest cost on projected benefit obligation | 4,318 | 3,930 |
Expected return on assets | -5,698 | -5,279 |
Amortization of prior service cost (credit) | ' | 2 |
Amortization of loss | 2,354 | 3,344 |
Net other postretirement benefit cost | 2,497 | 3,839 |
Pension Plans Defined Benefit [Member] | Entergy New Orleans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 666 | 832 |
Interest cost on projected benefit obligation | 2,041 | 1,849 |
Expected return on assets | -2,505 | -2,270 |
Amortization of prior service cost (credit) | ' | 0 |
Amortization of loss | 1,449 | 2,011 |
Net other postretirement benefit cost | 1,651 | 2,422 |
Pension Plans Defined Benefit [Member] | Entergy Texas [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 1,285 | 1,637 |
Interest cost on projected benefit obligation | 4,437 | 4,055 |
Expected return on assets | -5,931 | -5,566 |
Amortization of prior service cost (credit) | ' | 2 |
Amortization of loss | 2,339 | 3,373 |
Net other postretirement benefit cost | 2,130 | 3,501 |
Pension Plans Defined Benefit [Member] | System Energy [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 1,446 | 1,836 |
Interest cost on projected benefit obligation | 3,390 | 3,016 |
Expected return on assets | -4,155 | -4,299 |
Amortization of prior service cost (credit) | ' | 3 |
Amortization of loss | 2,375 | 2,429 |
Net other postretirement benefit cost | 3,056 | 2,985 |
Other Postretirement [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 10,873 | 18,917 |
Interest cost on projected benefit obligation | 17,960 | 19,766 |
Expected return on assets | -11,197 | -9,950 |
Amortization of prior service cost (credit) | -7,898 | -3,334 |
Amortization of loss | 2,786 | 11,304 |
Net other postretirement benefit cost | 12,524 | 36,703 |
Other Postretirement [Member] | Entergy Arkansas [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 1,489 | 2,414 |
Interest cost on projected benefit obligation | 3,065 | 3,360 |
Expected return on assets | -4,784 | -4,149 |
Amortization of prior service cost (credit) | -610 | -133 |
Amortization of loss | 317 | 2,041 |
Net other postretirement benefit cost | -523 | 3,533 |
Other Postretirement [Member] | Entergy Gulf States Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 1,224 | 2,001 |
Interest cost on projected benefit obligation | 2,095 | 2,226 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost (credit) | -559 | -206 |
Amortization of loss | 303 | 1,174 |
Net other postretirement benefit cost | 3,063 | 5,195 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 1,130 | 2,172 |
Interest cost on projected benefit obligation | 2,066 | 2,349 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost (credit) | -844 | -62 |
Amortization of loss | 378 | 1,287 |
Net other postretirement benefit cost | 2,730 | 5,746 |
Other Postretirement [Member] | Entergy Mississippi [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 475 | 819 |
Interest cost on projected benefit obligation | 914 | 1,074 |
Expected return on assets | -1,443 | -1,317 |
Amortization of prior service cost (credit) | -229 | -35 |
Amortization of loss | 37 | 662 |
Net other postretirement benefit cost | -246 | 1,203 |
Other Postretirement [Member] | Entergy New Orleans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 217 | 447 |
Interest cost on projected benefit obligation | 701 | 785 |
Expected return on assets | -1,119 | -1,014 |
Amortization of prior service cost (credit) | -177 | 10 |
Amortization of loss | 14 | 396 |
Net other postretirement benefit cost | -364 | 624 |
Other Postretirement [Member] | Entergy Texas [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 595 | 950 |
Interest cost on projected benefit obligation | 1,413 | 1,515 |
Expected return on assets | -2,590 | -2,321 |
Amortization of prior service cost (credit) | -325 | -107 |
Amortization of loss | 200 | 976 |
Net other postretirement benefit cost | -707 | 1,013 |
Other Postretirement [Member] | System Energy [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the period | 515 | 907 |
Interest cost on projected benefit obligation | 653 | 729 |
Expected return on assets | -932 | -825 |
Amortization of prior service cost (credit) | -206 | -16 |
Amortization of loss | 111 | 479 |
Net other postretirement benefit cost | 141 | 1,274 |
Non-Qualified Pension Plans [Member] | Parent Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net other postretirement benefit cost | 10,000 | 5,500 |
Non-Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net other postretirement benefit cost | 161 | 103 |
Non-Qualified Pension Plans [Member] | Entergy Gulf States Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net other postretirement benefit cost | 33 | 38 |
Non-Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net other postretirement benefit cost | 1 | 3 |
Non-Qualified Pension Plans [Member] | Entergy Mississippi [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net other postretirement benefit cost | 48 | 47 |
Non-Qualified Pension Plans [Member] | Entergy New Orleans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net other postretirement benefit cost | 23 | 23 |
Non-Qualified Pension Plans [Member] | Entergy Texas [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net other postretirement benefit cost | $125 | $149 |
Retirement_And_Other_Postretir4
Retirement And Other Postretirement Benefits (Expected Employer Contributions) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Change in Plan Assets | ' |
Pension contributions made through Year To Date | $58,300 |
Entergy Arkansas [Member] | ' |
Change in Plan Assets | ' |
Expected current year pension contributions | 93,999 |
Pension contributions made through Year To Date | 13,653 |
Remaining estimated pension contributions to be made in current year | 80,346 |
Entergy Gulf States Louisiana [Member] | ' |
Change in Plan Assets | ' |
Expected current year pension contributions | 31,119 |
Pension contributions made through Year To Date | 4,418 |
Remaining estimated pension contributions to be made in current year | 26,701 |
Entergy Louisiana [Member] | ' |
Change in Plan Assets | ' |
Expected current year pension contributions | 53,047 |
Pension contributions made through Year To Date | 7,808 |
Remaining estimated pension contributions to be made in current year | 45,239 |
Entergy Mississippi [Member] | ' |
Change in Plan Assets | ' |
Expected current year pension contributions | 21,540 |
Pension contributions made through Year To Date | 3,119 |
Remaining estimated pension contributions to be made in current year | 18,421 |
Entergy New Orleans [Member] | ' |
Change in Plan Assets | ' |
Expected current year pension contributions | 10,495 |
Pension contributions made through Year To Date | 1,540 |
Remaining estimated pension contributions to be made in current year | 8,955 |
Entergy Texas [Member] | ' |
Change in Plan Assets | ' |
Expected current year pension contributions | 18,302 |
Pension contributions made through Year To Date | 2,610 |
Remaining estimated pension contributions to be made in current year | 15,692 |
System Energy [Member] | ' |
Change in Plan Assets | ' |
Expected current year pension contributions | 21,388 |
Pension contributions made through Year To Date | 3,130 |
Remaining estimated pension contributions to be made in current year | $18,258 |
Retirement_And_Other_Postretir5
Retirement And Other Postretirement Benefits (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Parent Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | $5,078 | $2,384 |
Amortization of loss | -8,981 | -18,048 |
Settlement loss | -1,162 | ' |
Total | -5,065 | -15,664 |
Entergy Gulf States Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 559 | 206 |
Amortization of loss | -782 | -1,947 |
Total | -223 | -1,741 |
Entergy Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 844 | 62 |
Amortization of loss | -378 | -1,287 |
Total | 466 | -1,225 |
Pension Plans Defined Benefit [Member] | Parent Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | -389 | -502 |
Amortization of loss | -6,734 | -11,845 |
Settlement loss | 0 | ' |
Total | -7,123 | -12,347 |
Pension Plans Defined Benefit [Member] | Entergy Gulf States Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 0 | 0 |
Amortization of loss | -478 | -771 |
Total | -478 | -771 |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 0 | 0 |
Amortization of loss | 0 | 0 |
Total | 0 | 0 |
Other Postretirement [Member] | Parent Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 5,571 | 3,007 |
Amortization of loss | -1,673 | -5,486 |
Settlement loss | 0 | ' |
Total | 3,898 | -2,479 |
Other Postretirement [Member] | Entergy Gulf States Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 559 | 206 |
Amortization of loss | -303 | -1,174 |
Total | 256 | -968 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 844 | 62 |
Amortization of loss | -378 | -1,287 |
Total | 466 | -1,225 |
Non-Qualified Pension Plans [Member] | Parent Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | -104 | -121 |
Amortization of loss | -574 | -717 |
Settlement loss | -1,162 | ' |
Total | -1,840 | -838 |
Non-Qualified Pension Plans [Member] | Entergy Gulf States Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 0 | 0 |
Amortization of loss | -1 | -2 |
Total | -1 | -2 |
Non-Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | 0 | 0 |
Amortization of loss | 0 | 0 |
Total | $0 | $0 |
Business_Segment_Information_S
Business Segment Information (Segment Financial Information) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Financial Information | ' | ' | |
Operating revenues | $3,208,843 | $2,608,874 | |
Income taxes (benefits) | 216,966 | 116,536 | |
Consolidated net income | 406,053 | 166,982 | [1] |
Utility [Member] | ' | ' | |
Segment Financial Information | ' | ' | |
Operating revenues | 2,304,704 | 2,003,441 | |
Income taxes (benefits) | 115,064 | 71,075 | |
Consolidated net income | 205,440 | 127,835 | |
Entergy Wholesale Commodities [Member] | ' | ' | |
Segment Financial Information | ' | ' | |
Operating revenues | 912,122 | 613,733 | |
Income taxes (benefits) | 118,877 | 56,936 | |
Consolidated net income | 242,470 | 82,114 | |
All Other [Member] | ' | ' | |
Segment Financial Information | ' | ' | |
Operating revenues | 761 | 1,000 | |
Income taxes (benefits) | -16,975 | -11,475 | |
Consolidated net income | -15,462 | -16,572 | |
Eliminations [Member] | ' | ' | |
Segment Financial Information | ' | ' | |
Operating revenues | -8,744 | -9,300 | |
Consolidated net income | ($26,395) | ($26,395) | |
[1] | Consolidated net income and preferred dividend requirements of subsidiaries for 2014 and 2013 include $3.2 million and $3.9 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Recovered_Sheet1
Risk Management and Fair Values (Narrative) (Details) (USD $) | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
MWh | Entergy Arkansas [Member] | Entergy Gulf States Louisiana [Member] | Entergy Louisiana [Member] | Entergy Mississippi [Member] | Entergy New Orleans [Member] | Entergy Texas [Member] | Fixed Transmission Rights (FTRs) [Member] | Utility and Entergy Wholesale Commodities [Member] | Utility and Entergy Wholesale Commodities [Member] | Utility and Entergy Wholesale Commodities [Member] | Entergy Wholesale Commodities [Member] | ||
MMBTU | MWh | MWh | MWh | MWh | MWh | MWh | Entergy Arkansas [Member] | Electricity Swaps And Options And Fixed Transmission Rights [Member] | Electricity Swaps And Options And Fixed Transmission Rights [Member] | Fixed Transmission Rights (FTRs) [Member] | Electricity Swaps And Options [Member] | ||
MMBTU | MMBTU | MMBTU | |||||||||||
Risk Management and Fair Values [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral for Borrowed Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' |
Cash collateral posted | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 65 | 47 | 1 | 64 |
Cash flow hedges relating to power sales as part of net unrealized gains | 98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassified from accumulated other comprehensive income (OCI) to operating revenues | 74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of cash flow hedges, before taxes | -195 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of cash flow hedges, Tax | -68 | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum length of time over which Company is currently hedging the variability in future cash flows for forecasted power transactions, years | '2 years 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Planned generation sold forward from non utility nuclear power plants for the remainder of the period | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Planned Generation Sold Forward under financial derivatives | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total planned generation for remainder of the period (MMBtu) | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total volume of natural gas swaps outstanding (MMBtu) | 42,490,000 | ' | ' | 16,070,000 | 19,180,000 | 7,240,000 | ' | ' | ' | ' | ' | ' | ' |
Total volume of fixed transmission rights outstanding (MMBtu) | 15,554,000 | ' | 3,540,000 | 2,613,000 | 3,998,000 | 2,319,000 | 523,000 | 2,423,000 | ' | ' | ' | ' | ' |
Change in cash flow hedges due to ineffectiveness | 1 | -1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dollar amount of hedge contract in a liability position | $98 | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Risk Management and Fair Values (Fair Values Of Derivative Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Other Non-Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | $23 | [1] | ' | |
Derivative liability as hedging instrument offset | -3 | [2] | ' | |
Derivative Liability | 20 | [3],[4] | ' | |
Other Deferred Debits And Other Assets [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 7 | [1] | 17 | [1] |
Derivative asset as hedging instrument offset | -2 | [2] | -17 | [2] |
Derivative Asset | 5 | [3],[4] | 0 | [3],[4] |
Other Deferred Debits And Other Assets [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1 | [1] | ' | |
Derivative asset as hedging instrument offset | -1 | [2] | ' | |
Derivative Asset | 0 | [3],[4] | ' | |
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 107 | [1] | 118 | [1] |
Derivative asset as hedging instrument offset | -102 | [2] | -99 | [2] |
Derivative Asset | 5 | [3],[4] | 19 | [3],[4] |
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 100 | [1] | 177 | [1] |
Derivative asset as hedging instrument offset | -86 | [2] | -122 | [2] |
Derivative Asset | 14 | [3],[4] | 55 | [3],[4] |
Prepayments And Other [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 8 | 6 | [1] | |
Derivative asset as hedging instrument offset | ' | 0 | [2] | |
Derivative Asset | 8 | 6 | [3],[4] | |
Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Utility and Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 26 | 36 | [1] | |
Derivative asset as hedging instrument offset | -1 | -2 | [2] | |
Derivative Asset | 25 | 34 | [3],[4] | |
Other Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 178 | [1] | 197 | [1] |
Derivative liability as hedging instrument offset | -125 | [2] | -131 | [2] |
Derivative Liability | 53 | [3],[4] | 66 | [3],[4] |
Other Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 100 | [1] | 201 | [1] |
Derivative liability as hedging instrument offset | -63 | [2] | -89 | [2] |
Derivative Liability | 37 | [3],[4] | 112 | [3],[4] |
Other Noncurrent Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | ' | 46 | [1] | |
Derivative liability as hedging instrument offset | ' | -17 | [2] | |
Derivative Liability | ' | 29 | [3],[4] | |
Entergy Gulf States Louisiana [Member] | Gas Hedge Contracts [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 2.2 | ||
Entergy Gulf States Louisiana [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 5.4 | 6.7 | ||
Entergy Louisiana [Member] | Gas Hedge Contracts [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 3.7 | 2.9 | ||
Entergy Louisiana [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 5.7 | ||
Entergy Mississippi [Member] | Prepayments And Other [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1.4 | 0.7 | ||
Entergy Mississippi [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 4.8 | 1 | ||
Entergy New Orleans [Member] | Prepayments And Other [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | 0.1 | ||
Entergy New Orleans [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 2 | ||
Entergy Arkansas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 2.7 | ' | ||
Entergy Texas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | $7.40 | $18.40 | ||
[1] | Represents the gross amounts of recognized assets/liabilities | |||
[2] | Represents the netting of fair value balances with the same counterparty | |||
[3] | Excludes cash collateral in the amounts of $65 million posted as of March 31, 2014 and $47 million posted and $4 million held as of December 31, 2013 | |||
[4] | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets |
Risk_Management_and_Fair_Value2
Risk Management and Fair Values (Derivative Instruments Designated as Cash Flow Hedges On Consolidated Statements Of Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Effect of Derivative instruments designated as cash flow hedges on consolidated statements of income | ' | ' |
Amount of gain reclassified from accumulated OCI into income (effective portion) | ($195) | ($2) |
Competitive Businesses Operating Revenues [Member] | Electricity Swaps And Options [Member] | Cash Flow Hedging [Member] | ' | ' |
Effect of Derivative instruments designated as cash flow hedges on consolidated statements of income | ' | ' |
Amount of gain (loss) recognized in AOCI (effective portion) | -174 | -120 |
Amount of gain reclassified from accumulated OCI into income (effective portion) | ($195) | ($2) |
Risk_Management_and_Fair_Value3
Risk Management and Fair Values (Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income) (Details) (Not Designated As Hedging Instrument [Member], USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Competitive Businesses Operating Revenues [Member] | Electricity Swaps And Options [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | $22 | $1 | ' |
Amount of gain (loss) recorded in income | 21 | -1 | ' |
Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Swap [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | 0 | ' | 0 |
Amount of gain (loss) recorded in income | 17 | -20 | ' |
Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | 0 | ' | ' |
Amount of gain (loss) recorded in income | 46 | ' | ' |
Entergy Arkansas [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 5.1 | ' | ' |
Entergy Gulf States Louisiana [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 6.8 | -6.2 | ' |
Entergy Gulf States Louisiana [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 9.1 | ' | ' |
Entergy Louisiana [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 8 | -8.3 | ' |
Entergy Louisiana [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 8 | ' | ' |
Entergy Mississippi [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 1.6 | -5.4 | ' |
Entergy Mississippi [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 7.8 | ' | ' |
Entergy New Orleans [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 0.7 | ' | ' |
Entergy New Orleans [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | 2.9 | ' | ' |
Entergy Texas [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ' | ' | ' |
Effect of Derivative instruments not designated as hedging instruments on the consolidated statements of income | ' | ' | ' |
Amount of gain (loss) recorded in income | $12.80 | ' | ' |
Risk_Management_and_Fair_Value4
Risk Management and Fair Values (Assets And Liabilities At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | $4,991 | $4,903 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 800 | 609 | ||
Total | 6,013 | 6 | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Total | ' | 207 | ||
Power Contracts Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 110 | 5,787 | ||
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3,061 | [1] | 3,073 | [1] |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1,930 | [1] | 1,830 | [1] |
Power Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 24 | 74 | ||
Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 48 | 46 | ||
Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 117 | 115 | ||
Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 8 | ' | ||
Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 25 | 34 | ||
Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 800 | 609 | ||
Total | 2,153 | 6 | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Total | ' | 0 | ||
Fair Value Inputs Level 1 [Member] | Power Contracts Liabilities [Member] | ' | ' | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 2,031 | ||
Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 417 | [1] | 472 | [1] |
Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 763 | [1] | 783 | [1] |
Fair Value Inputs Level 1 [Member] | Power Contracts Assets [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 48 | 46 | ||
Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 117 | 115 | ||
Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 8 | ' | ||
Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 2 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 0 | 0 | ||
Total | 3,811 | 0 | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Total | ' | 0 | ||
Fair Value Inputs Level 2 [Member] | Power Contracts Liabilities [Member] | ' | ' | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 3,648 | ||
Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 2,644 | [1],[2] | 2,601 | [1],[2] |
Fair Value Inputs Level 2 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1,167 | [1] | 1,047 | [1] |
Fair Value Inputs Level 2 [Member] | Power Contracts Assets [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 2 [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 2 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 2 [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | ' | ||
Fair Value Inputs Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 3 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 0 | 0 | ||
Total | 49 | 0 | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Total | ' | 207 | ||
Fair Value Inputs Level 3 [Member] | Power Contracts Liabilities [Member] | ' | ' | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 110 | 108 | ||
Fair Value Inputs Level 3 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 3 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 3 [Member] | Power Contracts Assets [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 24 | 74 | ||
Fair Value Inputs Level 3 [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 3 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | 0 | ||
Fair Value Inputs Level 3 [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 0 | ' | ||
Fair Value Inputs Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 25 | 34 | ||
Entergy Arkansas [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 216.1 | 122.8 | ||
Assets other than temporary cash investments | 721.5 | 710.9 | ||
Total | 974.4 | 863.5 | ||
Entergy Arkansas [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 460.8 | [1] | 463.3 | [1] |
Entergy Arkansas [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 260.7 | [1] | 247.6 | [1] |
Entergy Arkansas [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 8.1 | 3.8 | ||
Entergy Arkansas [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 26 | 26 | ||
Entergy Arkansas [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 2.7 | ' | ||
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 216.1 | 122.8 | ||
Total | 304.7 | 224.8 | ||
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3.7 | [1] | 13.6 | [1] |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 50.8 | [1] | 58.6 | [1] |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 8.1 | 3.8 | ||
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 26 | 26 | ||
Entergy Arkansas [Member] | Fair Value Inputs Level 2 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 667 | 638.7 | ||
Entergy Arkansas [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 457.1 | [1] | 449.7 | [1] |
Entergy Arkansas [Member] | Fair Value Inputs Level 2 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 209.9 | [1] | 189 | [1] |
Entergy Arkansas [Member] | Fair Value Inputs Level 3 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 2.7 | ' | ||
Entergy Arkansas [Member] | Fair Value Inputs Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 2.7 | ' | ||
Entergy Gulf States Louisiana [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 15 | 13.8 | ||
Assets other than temporary cash investments | 586.2 | 573.7 | ||
Total | 631.1 | 2.2 | ||
Entergy Gulf States Louisiana [Member] | Gas Hedge Contracts [Member] | ' | ' | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Liabilities, Fair Value Disclosure on Recurring Basis | ' | 617.9 | ||
Entergy Gulf States Louisiana [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 359.9 | [1] | 370.8 | [1] |
Entergy Gulf States Louisiana [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 226.3 | [1] | 202.9 | [1] |
Entergy Gulf States Louisiana [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 21.5 | 21.5 | ||
Entergy Gulf States Louisiana [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3 | ' | ||
Entergy Gulf States Louisiana [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 5.4 | 6.7 | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 15 | 13.8 | ||
Total | 123.6 | 2.2 | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | ' | ' | ||
Liabilities at fair value on a recurring basis | ' | ' | ||
Liabilities, Fair Value Disclosure on Recurring Basis | ' | 136.8 | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 11 | [1] | 27.6 | [1] |
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 73.1 | [1] | 71.7 | [1] |
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 21.5 | 21.5 | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3 | ' | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 2 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 502.1 | 0 | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | ' | 474.4 | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 348.9 | [1] | 343.2 | [1] |
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 2 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 153.2 | [1] | 131.2 | [1] |
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 3 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 5.4 | ' | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | ' | 6.7 | ||
Entergy Gulf States Louisiana [Member] | Fair Value Inputs Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 5.4 | 6.7 | ||
Entergy Louisiana [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 72 | 123.6 | ||
Assets other than temporary cash investments | 353.6 | 347.3 | ||
Total | ' | 5.7 | ||
Entergy Louisiana [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 442.5 | 484 | ||
Entergy Louisiana [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 225 | [1] | 224.2 | [1] |
Entergy Louisiana [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 128.6 | [1] | 123.1 | [1] |
Entergy Louisiana [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 10.2 | 4.5 | ||
Entergy Louisiana [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3.7 | 2.9 | ||
Entergy Louisiana [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3 | ' | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 72 | 123.6 | ||
Total | 157.3 | ' | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | ' | 206.2 | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 11.1 | [1] | 13.5 | [1] |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 60.3 | [1] | 61.7 | [1] |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 10.2 | 4.5 | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3.7 | 2.9 | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 2 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 282.2 | ' | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | ' | 272.1 | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 213.9 | [1] | 210.7 | [1] |
Entergy Louisiana [Member] | Fair Value Inputs Level 2 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 68.3 | [1] | 61.4 | [1] |
Entergy Louisiana [Member] | Fair Value Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 3 | 5.7 | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 3 | 5.7 | ||
Entergy Mississippi [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 70.3 | 51.8 | ||
Total | ' | 53.5 | ||
Entergy Mississippi [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 128.3 | ' | ||
Entergy Mississippi [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 51.8 | 0.7 | ||
Entergy Mississippi [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1.4 | ' | ||
Entergy Mississippi [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 4.8 | 1 | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 70.3 | 51.8 | ||
Total | ' | 52.5 | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 123.5 | ' | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 51.8 | 0.7 | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1.4 | ' | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 4.8 | 1 | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 4.8 | 1 | ||
Entergy New Orleans [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 24.7 | 33.2 | ||
Total | 38.1 | 45.8 | ||
Entergy New Orleans [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 12.4 | 10.5 | ||
Entergy New Orleans [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | ' | 0.1 | ||
Entergy New Orleans [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1 | 2 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 24.7 | 33.2 | ||
Total | 37.1 | 43.8 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 12.4 | 10.5 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | ' | 0.1 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1 | 2 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1 | 2 | ||
Entergy Texas [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | ' | 44.1 | ||
Total | 37.1 | 100 | ||
Entergy Texas [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 29.7 | 37.5 | ||
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | ' | 44.1 | ||
Total | 29.7 | 81.6 | ||
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 29.7 | 37.5 | ||
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 7.4 | 18.4 | ||
Entergy Texas [Member] | Fair Value Inputs Level 3 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 7.4 | 18.4 | ||
Entergy Texas [Member] | Fair Value Inputs Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 7.4 | 18.4 | ||
System Energy [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 83.1 | 64.6 | ||
Assets other than temporary cash investments | 619.3 | 603.9 | ||
Total | 702.4 | 668.5 | ||
System Energy [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 385.9 | [1] | 380 | [1] |
System Energy [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 233.4 | [1] | 223.9 | [1] |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Temporary cash investments | 83.1 | 64.6 | ||
Total | 239.4 | 219.7 | ||
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 1.2 | [1] | 2.2 | [1] |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 155.1 | [1] | 152.9 | [1] |
System Energy [Member] | Fair Value Inputs Level 2 [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Total | 463 | 448.8 | ||
System Energy [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | 384.7 | [1] | 377.8 | [1] |
System Energy [Member] | Fair Value Inputs Level 2 [Member] | Debt Securities [Member] | ' | ' | ||
Assets at fair value on a recurring basis | ' | ' | ||
Assets other than temporary cash investments | $78.30 | [1] | $71 | [1] |
[1] | 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. | |||
[2] | Commingled equity funds may be redeemed bi-monthly. |
Risk_Management_and_Fair_Value5
Risk Management and Fair Values (Reconciliation Of Changes In The Net Assets (Liabilities) For The Fair Value Of Derivatives Classified As Level 3 In The Fair Value Hierarchy) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' |
Balance as of January 1, | ($98) | $178 | $178 |
Realized losses included in earnings | -31 | ' | -14 |
Unrealized gains included in earnings | 53 | ' | 5 |
Unrealized losses included in OCI | -222 | -119 | ' |
Unrealized gains included as a regulatory asset/liability | 37 | 0 | ' |
Purchases | 5 | 0 | ' |
Settlements | 195 | 2 | ' |
Balance as of March 31, | -61 | 52 | -98 |
Entergy Arkansas [Member] | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' |
Balance as of January 1, | ' | 0 | 0 |
Unrealized gains included as a regulatory liability/asset | ' | ' | 7.8 |
Settlements | ' | ' | 5.1 |
Balance as of March 31, | ' | ' | 2.7 |
Entergy Gulf States [Member] | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' |
Balance as of January 1, | ' | 6.7 | 6.7 |
Unrealized gains included as a regulatory liability/asset | ' | ' | 7.7 |
Settlements | ' | ' | 9 |
Balance as of March 31, | ' | ' | 5.4 |
Entergy Louisiana [Member] | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' |
Balance as of January 1, | ' | 5.7 | 5.7 |
Unrealized gains included as a regulatory liability/asset | ' | ' | 5.3 |
Settlements | ' | ' | 8 |
Balance as of March 31, | ' | ' | 3 |
Entergy Mississippi [Member] | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' |
Balance as of January 1, | ' | 1 | 1 |
Unrealized gains included as a regulatory liability/asset | ' | ' | 11.6 |
Settlements | ' | ' | 7.8 |
Balance as of March 31, | ' | ' | 4.8 |
Entergy New Orleans [Member] | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' |
Balance as of January 1, | ' | 2 | 2 |
Unrealized gains included as a regulatory liability/asset | ' | ' | 2 |
Settlements | ' | ' | 3 |
Balance as of March 31, | ' | ' | 1 |
Entergy Texas [Member] | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' |
Balance as of January 1, | ' | 18.4 | 18.4 |
Unrealized gains included as a regulatory liability/asset | ' | ' | 1.8 |
Settlements | ' | ' | 12.8 |
Balance as of March 31, | ' | ' | $7.40 |
Risk_Management_and_Fair_Value6
Risk Management and Fair Values (Schedules Of Valuation Techniques) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Swaps | ($3) |
Parent Company [Member] | ' |
Range From Average Percentage for Electricity Options | 53.00% |
Range from Average Percentage for Fair Value of Electricity Swaps | 3.00% |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Options | 35 |
Fair Value of Electricity Options | 10 |
Fair Value of Electricity Swaps | ($96) |
Decommissioning_Trust_Funds_Na
Decommissioning Trust Funds (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Decommissioning Trust Funds [Abstract] | ' | ' | ' |
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | $335,000,000 | ' | $329,000,000 |
Amortized cost of debt securities | 1,895,000,000 | ' | 1,843,000,000 |
Average coupon rate of debt securities | 3.36% | ' | ' |
Average duration of debt securities, years | '5 years 1 month 17 days | ' | ' |
Average maturity of debt securities, years | '7 years 7 months 6 days | ' | ' |
Proceeds from the dispositions of debt securities | 537,000,000 | 398,000,000 | ' |
Gains from dispositions of debt securities, gross | 6,000,000 | 6,000,000 | ' |
Losses from dispositions of debt securities, gross | 2,000,000 | 2,000,000 | ' |
Entergy Arkansas [Member] | ' | ' | ' |
Decommissioning Trust Funds [Abstract] | ' | ' | ' |
Amortized cost of debt securities | 259,000,000 | ' | 248,900,000 |
Average coupon rate of debt securities | 2.78% | ' | ' |
Average duration of debt securities, years | '4 years 10 months 21 days | ' | ' |
Average maturity of debt securities, years | '5 years 7 months 6 days | ' | ' |
Proceeds from the dispositions of debt securities | 45,300,000 | 56,100,000 | ' |
Gains from dispositions of debt securities, gross | 100,000 | 1,400,000 | ' |
Losses from dispositions of debt securities, gross | 200,000 | 100,000 | ' |
Entergy Gulf States Louisiana [Member] | ' | ' | ' |
Decommissioning Trust Funds [Abstract] | ' | ' | ' |
Amortized cost of debt securities | 219,500,000 | ' | 199,100,000 |
Average coupon rate of debt securities | 4.42% | ' | ' |
Average duration of debt securities, years | '5 years 6 months 11 days | ' | ' |
Average maturity of debt securities, years | '8 years 0 months 29 days | ' | ' |
Proceeds from the dispositions of debt securities | 30,300,000 | 23,300,000 | ' |
Gains from dispositions of debt securities, gross | 200,000 | 1,100,000 | ' |
Losses from dispositions of debt securities, gross | 200,000 | 1,700 | ' |
Entergy Louisiana [Member] | ' | ' | ' |
Decommissioning Trust Funds [Abstract] | ' | ' | ' |
Amortized cost of debt securities | 124,700,000 | ' | 120,600,000 |
Average coupon rate of debt securities | 3.06% | ' | ' |
Average duration of debt securities, years | '4 years 10 months 10 days | ' | ' |
Average maturity of debt securities, years | '7 years 9 months 29 days | ' | ' |
Proceeds from the dispositions of debt securities | 18,100,000 | 3,600,000 | ' |
Gains from dispositions of debt securities, gross | 200,000 | 40,000 | ' |
Losses from dispositions of debt securities, gross | 3,900 | 10,000 | ' |
System Energy [Member] | ' | ' | ' |
Decommissioning Trust Funds [Abstract] | ' | ' | ' |
Amortized cost of debt securities | 230,500,000 | ' | 223,400,000 |
Average coupon rate of debt securities | 1.98% | ' | ' |
Average duration of debt securities, years | '4 years 4 months 17 days | ' | ' |
Average maturity of debt securities, years | '6 years 1 month 10 days | ' | ' |
Proceeds from the dispositions of debt securities | 130,300,000 | 25,600,000 | ' |
Gains from dispositions of debt securities, gross | 1,000,000 | 20,000 | ' |
Losses from dispositions of debt securities, gross | $300,000 | $70,000 | ' |
Decommissioning_Trust_Funds_Se
Decommissioning Trust Funds (Securities Held) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | $4,991 | $4,903 |
Total Unrealized Gains | 1,345 | 1,307 |
Total Unrealized Losses | 16 | 29 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 3,061 | 3,073 |
Total Unrealized Gains | 1,290 | 1,260 |
Total Unrealized Losses | 1 | 0 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 1,930 | 1,830 |
Total Unrealized Gains | 55 | 47 |
Total Unrealized Losses | 15 | 29 |
Entergy Arkansas [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 721.5 | 710.9 |
Total Unrealized Gains | 224.3 | 219.3 |
Total Unrealized Losses | 2.9 | 5.2 |
Entergy Arkansas [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 460.8 | 463.3 |
Total Unrealized Gains | 218.6 | 214 |
Total Unrealized Losses | 0 | 0 |
Entergy Arkansas [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 260.7 | 247.6 |
Total Unrealized Gains | 5.7 | 5.3 |
Total Unrealized Losses | 2.9 | 5.2 |
Entergy Gulf States Louisiana [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 586.2 | 573.7 |
Total Unrealized Gains | 154.2 | 149.2 |
Total Unrealized Losses | 1.8 | 3.5 |
Entergy Gulf States Louisiana [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 359.9 | 370.8 |
Total Unrealized Gains | 145.4 | 141.8 |
Total Unrealized Losses | 0 | 0 |
Entergy Gulf States Louisiana [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 226.3 | 202.9 |
Total Unrealized Gains | 8.8 | 7.4 |
Total Unrealized Losses | 1.8 | 3.5 |
Entergy Louisiana [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 353.6 | 347.3 |
Total Unrealized Gains | 103.5 | 100.8 |
Total Unrealized Losses | 1.2 | 1.9 |
Entergy Louisiana [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 225 | 224.2 |
Total Unrealized Gains | 98.3 | 96.1 |
Total Unrealized Losses | 0 | 0 |
Entergy Louisiana [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 128.6 | 123.1 |
Total Unrealized Gains | 5.2 | 4.7 |
Total Unrealized Losses | 1.2 | 1.9 |
System Energy [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 619.3 | 603.9 |
Total Unrealized Gains | 158.3 | 154.3 |
Total Unrealized Losses | 0.7 | 1.8 |
System Energy [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 385.9 | 380 |
Total Unrealized Gains | 154.8 | 150.8 |
Total Unrealized Losses | 0 | 0 |
System Energy [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 233.4 | 223.9 |
Total Unrealized Gains | 3.5 | 3.5 |
Total Unrealized Losses | $0.70 | $1.80 |
Decommissioning_Trust_Funds_Av
Decommissioning Trust Funds (Available For Sale Securities Continuous Unrealized Loss Position Fair Value) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | $5 | $0 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 5 | 0 |
Less than 12 Months Gross Unrealized Losses | 1 | 0 |
More than 12 Months Gross Unrealized Losses | 0 | 0 |
Total Gross Unrealized Losses | 1 | 0 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 627 | 892 |
More than 12 months Fair Value | 82 | 60 |
Total Fair Value | 709 | 952 |
Less than 12 Months Gross Unrealized Losses | 10 | 24 |
More than 12 Months Gross Unrealized Losses | 5 | 5 |
Total Gross Unrealized Losses | 15 | 29 |
Entergy Arkansas [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 0.1 | 0 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 0.1 | 0 |
Less than 12 Months Gross Unrealized Losses | 0 | 0 |
More than 12 Months Gross Unrealized Losses | 0 | 0 |
Total Gross Unrealized Losses | 0 | 0 |
Entergy Arkansas [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 115.4 | 153.2 |
More than 12 months Fair Value | 21.9 | 6.9 |
Total Fair Value | 137.3 | 160.1 |
Less than 12 Months Gross Unrealized Losses | 1.8 | 4.8 |
More than 12 Months Gross Unrealized Losses | 1.1 | 0.4 |
Total Gross Unrealized Losses | 2.9 | 5.2 |
Entergy Gulf States Louisiana [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 0 | 0 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 0 | 0 |
Less than 12 Months Gross Unrealized Losses | 0 | 0 |
More than 12 Months Gross Unrealized Losses | 0 | 0 |
Total Gross Unrealized Losses | 0 | 0 |
Entergy Gulf States Louisiana [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 70.1 | 91.9 |
More than 12 months Fair Value | 5.7 | 4.6 |
Total Fair Value | 75.8 | 96.5 |
Less than 12 Months Gross Unrealized Losses | 1.4 | 3.1 |
More than 12 Months Gross Unrealized Losses | 0.4 | 0.4 |
Total Gross Unrealized Losses | 1.8 | 3.5 |
Entergy Louisiana [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 0 | 0 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 0 | 0 |
Less than 12 Months Gross Unrealized Losses | 0 | 0 |
More than 12 Months Gross Unrealized Losses | 0 | 0 |
Total Gross Unrealized Losses | 0 | 0 |
Entergy Louisiana [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 35.7 | 38.3 |
More than 12 months Fair Value | 2.1 | 1.7 |
Total Fair Value | 37.8 | 40 |
Less than 12 Months Gross Unrealized Losses | 1 | 1.7 |
More than 12 Months Gross Unrealized Losses | 0.2 | 0.2 |
Total Gross Unrealized Losses | 1.2 | 1.9 |
System Energy [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 0.1 | 0 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 0.1 | 0 |
Less than 12 Months Gross Unrealized Losses | 0 | 0 |
More than 12 Months Gross Unrealized Losses | 0 | 0 |
Total Gross Unrealized Losses | 0 | 0 |
System Energy [Member] | Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months Fair Value | 88.3 | 121.7 |
More than 12 months Fair Value | 1.4 | 0.9 |
Total Fair Value | 89.7 | 122.6 |
Less than 12 Months Gross Unrealized Losses | 0.6 | 1.7 |
More than 12 Months Gross Unrealized Losses | 0.1 | 0.1 |
Total Gross Unrealized Losses | $0.70 | $1.80 |
Decommissioning_Trust_Funds_Fa
Decommissioning Trust Funds (Fair Value Of Debt Securities By Contractual Maturities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair value of debt securities by contractual maturities | ' | ' |
Less than 1 year | $95 | $83 |
1 year - 5 years | 787 | 752 |
5 years - 10 years | 637 | 620 |
10 years - 15 years | 168 | 169 |
15 years - 20 years | 51 | 52 |
20 years+ | 192 | 154 |
Total | 1,930 | 1,830 |
Entergy Arkansas [Member] | ' | ' |
Fair value of debt securities by contractual maturities | ' | ' |
Less than 1 year | 8.1 | 8.1 |
1 year - 5 years | 125.5 | 110.9 |
5 years - 10 years | 116.4 | 118 |
10 years - 15 years | 3.3 | 3.9 |
15 years - 20 years | 1 | 0.9 |
20 years+ | 6.4 | 5.8 |
Total | 260.7 | 247.6 |
Entergy Gulf States Louisiana [Member] | ' | ' |
Fair value of debt securities by contractual maturities | ' | ' |
Less than 1 year | 7.8 | 7.9 |
1 year - 5 years | 52.7 | 51.2 |
5 years - 10 years | 91.2 | 75.5 |
10 years - 15 years | 59.6 | 55.8 |
15 years - 20 years | 4.6 | 4.6 |
20 years+ | 10.4 | 7.9 |
Total | 226.3 | 202.9 |
Entergy Louisiana [Member] | ' | ' |
Fair value of debt securities by contractual maturities | ' | ' |
Less than 1 year | 8.7 | 14.8 |
1 year - 5 years | 44.9 | 41.9 |
5 years - 10 years | 44.4 | 37 |
10 years - 15 years | 6.5 | 6.6 |
15 years - 20 years | 6.7 | 6.2 |
20 years+ | 17.4 | 16.6 |
Total | 128.6 | 123.1 |
System Energy [Member] | ' | ' |
Fair value of debt securities by contractual maturities | ' | ' |
Less than 1 year | 8.8 | 5.5 |
1 year - 5 years | 157.8 | 144.9 |
5 years - 10 years | 39.8 | 44.3 |
10 years - 15 years | 3.5 | 9.3 |
15 years - 20 years | 1.3 | 1.6 |
20 years+ | 22.2 | 18.3 |
Total | $233.40 | $223.90 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (New York State Division of Taxation and Finance [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
New York State Division of Taxation and Finance [Member] | ' |
Unusual or Infrequent, Tax Effect | $21.50 |
Property_Plant_And_Equipment_N
Property, Plant, And Equipment (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Construction expenditures in accounts payable | $149,500,000 | $166,000,000 |
Economic transition payments | 4,040,099,000 | 3,933,416,000 |
Entergy Arkansas [Member] | ' | ' |
Construction expenditures in accounts payable | 40,100,000 | 61,900,000 |
Economic transition payments | 778,512,000 | 723,771,000 |
Entergy Gulf States Louisiana [Member] | ' | ' |
Construction expenditures in accounts payable | 19,900,000 | 13,100,000 |
Economic transition payments | 408,851,000 | 403,084,000 |
Entergy Louisiana [Member] | ' | ' |
Construction expenditures in accounts payable | 14,500,000 | 31,100,000 |
Economic transition payments | 485,132,000 | 479,086,000 |
Entergy Mississippi [Member] | ' | ' |
Construction expenditures in accounts payable | 6,100,000 | 2,800,000 |
Economic transition payments | 6,495,000 | 6,401,000 |
Entergy New Orleans [Member] | ' | ' |
Construction expenditures in accounts payable | ' | 1,700,000 |
Economic transition payments | 2,387,000 | 2,347,000 |
Entergy Texas [Member] | ' | ' |
Construction expenditures in accounts payable | 9,800,000 | 10,900,000 |
Economic transition payments | 4,412,000 | 4,349,000 |
System Energy [Member] | ' | ' |
Construction expenditures in accounts payable | 15,600,000 | 6,700,000 |
Economic transition payments | 626,349,000 | 616,157,000 |
Vermont Yankee [Member] | ' | ' |
Clean energy development support | ' | 5,000,000 |
Economic transitional payments | ' | 10,000,000 |
Restoration liability | ' | 25,000,000 |
VERMONT | Vermont Yankee [Member] | ' | ' |
Economic transitional payments | ' | $5,000,000 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Entergy Louisiana [Member] | ' | ' |
Variable Interest Entities (Textual) [Abstract] | ' | ' |
Payments on lease, including interest | $22.70 | $18.50 |
System Energy [Member] | ' | ' |
Variable Interest Entities (Textual) [Abstract] | ' | ' |
Payments on lease, including interest | $51.60 | $46.80 |
Waterford Three [Member] | ' | ' |
Variable Interest Entities (Textual) [Abstract] | ' | ' |
Percentage in power plant owned by VIE | 9.30% | ' |
Grand Gulf [Member] | ' | ' |
Variable Interest Entities (Textual) [Abstract] | ' | ' |
Percentage in power plant owned by VIE | 11.50% | ' |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) (Entergy Arkansas [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Entergy Arkansas [Member] | ' |
Increase in decommissioning liability | $43.60 |