Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Entity Registrant Name | ENTERGY CORP /DE/ | |
Entity Central Index Key | 65,984 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 179,520,021 | |
Entergy Arkansas [Member] | ||
Entity Registrant Name | ENTERGY ARKANSAS, INC. | |
Entity Central Index Key | 7,323 | |
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 | 1,348,952 | |
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 | 66,901 | |
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 | 71,508 | |
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 | 1,427,437 | |
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 | 202,584 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 10,684 | $ (34,576) | $ 10,325 | $ (39,777) | ||
OPERATING REVENUES | ||||||
Electric | 2,271,220 | 2,093,331 | 4,262,960 | 4,135,492 | ||
Natural gas | 30,075 | 25,121 | 73,426 | 70,734 | ||
Competitive businesses | 317,255 | 344,110 | 870,622 | 866,189 | ||
TOTAL | 2,618,550 | 2,462,562 | 5,207,008 | 5,072,415 | ||
Operation and Maintenance: | ||||||
Fuel, fuel-related expenses, and gas purchased for resale | 395,947 | 381,465 | 813,513 | 886,432 | ||
Purchased power | 416,497 | 242,672 | 774,264 | 504,996 | ||
Nuclear refueling outage expenses | 38,288 | 47,045 | 80,853 | 98,276 | ||
Other operation and maintenance | 820,297 | 759,258 | 1,687,845 | 1,491,174 | ||
Asset Write-Offs, Impairments, And Related Charges | 193,571 | 6,969 | 405,362 | 14,329 | ||
Decommissioning | 100,296 | 76,625 | 214,669 | 145,253 | ||
Taxes other than income taxes | 153,264 | 149,249 | 309,616 | 299,027 | ||
Depreciation and amortization | 350,328 | 335,668 | 697,593 | 669,939 | ||
Other regulatory charges (credits) - net | 6,553 | 21,353 | (78,749) | 22,512 | ||
TOTAL | 2,475,041 | 2,020,304 | 4,904,966 | 4,131,938 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | (16,270) | 0 | ||
OPERATING INCOME | 143,509 | 442,258 | 318,312 | 940,477 | ||
OTHER INCOME | ||||||
Allowance for equity funds used during construction | 22,376 | 13,860 | 41,384 | 32,792 | ||
Investment Income, Net | 80,097 | 46,375 | 136,646 | 79,128 | ||
Miscellaneous - net | (6,872) | (8,377) | (1,371) | (18,963) | ||
TOTAL | 95,601 | 51,858 | 176,659 | 92,957 | ||
INTEREST EXPENSE | ||||||
Interest expense | 173,377 | 177,631 | 344,466 | 351,442 | ||
Allowance for borrowed funds used during construction | (10,523) | (7,132) | (19,565) | (16,813) | ||
TOTAL | 162,854 | 170,499 | 324,901 | 334,629 | ||
INCOME BEFORE INCOME TAXES | 76,256 | 323,617 | 170,070 | 698,805 | ||
Income taxes | (337,112) | (248,973) | (329,350) | (109,027) | ||
CONSOLIDATED NET INCOME | 413,368 | 572,590 | 499,420 | [1] | 807,832 | [1] |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 3,446 | 5,276 | 6,892 | 10,552 | ||
EARNINGS APPLICABLE TO COMMON STOCK | $ 409,922 | $ 567,314 | $ 492,528 | $ 797,280 | ||
Earnings per average common share: | ||||||
Basic (in dollars per share) | $ 2.28 | $ 3.17 | $ 2.75 | $ 4.46 | ||
Diluted (in dollars per share) | 2.27 | 3.16 | 2.74 | 4.45 | ||
Dividends declared per common share (in dollars per share) | $ 0.87 | $ 0.85 | $ 1.74 | $ 1.70 | ||
Basic average number of common shares outstanding (in shares) | 179,475,346 | 178,808,149 | 179,405,592 | 178,693,342 | ||
Diluted average number of common shares outstanding (in shares) | 180,234,694 | 179,503,582 | 180,032,233 | 179,233,209 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 5,839 | $ 2,779 | $ 12,216 | $ 3,037 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 2,870 | 19,515 | 42,164 | 37,873 | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (403) | (487) | (403) | (640) | ||
Entergy Arkansas [Member] | ||||||
OPERATING REVENUES | ||||||
Electric | 496,662 | 504,252 | 971,013 | 969,625 | ||
Operation and Maintenance: | ||||||
Fuel, fuel-related expenses, and gas purchased for resale | 50,691 | 88,022 | 150,100 | 168,959 | ||
Purchased power | 74,552 | 49,714 | 129,685 | 111,518 | ||
Nuclear refueling outage expenses | 17,335 | 14,981 | 36,954 | 30,050 | ||
Other operation and maintenance | 171,821 | 173,909 | 337,678 | 326,815 | ||
Decommissioning | 14,106 | 13,301 | 28,001 | 26,404 | ||
Taxes other than income taxes | 25,128 | 22,961 | 49,179 | 46,047 | ||
Depreciation and amortization | 69,087 | 67,115 | 136,153 | 130,288 | ||
Other regulatory charges (credits) - net | 4,948 | 802 | (5,578) | 1,719 | ||
TOTAL | 427,668 | 430,805 | 862,172 | 841,800 | ||
OPERATING INCOME | 68,994 | 73,447 | 108,841 | 127,825 | ||
OTHER INCOME | ||||||
Allowance for equity funds used during construction | 5,432 | 3,995 | 9,782 | 8,927 | ||
Investment Income, Net | 14,195 | 5,770 | 21,127 | 9,364 | ||
Miscellaneous - net | (57) | (1,020) | (164) | (1,795) | ||
TOTAL | 19,570 | 8,745 | 30,745 | 16,496 | ||
INTEREST EXPENSE | ||||||
Interest expense | 28,514 | 27,792 | 55,766 | 60,574 | ||
Allowance for borrowed funds used during construction | (2,552) | (2,136) | (4,514) | (4,851) | ||
TOTAL | 25,962 | 25,656 | 51,252 | 55,723 | ||
INCOME BEFORE INCOME TAXES | 62,602 | 56,536 | 88,334 | 88,598 | ||
Income taxes | 24,052 | 22,645 | 35,480 | 35,413 | ||
CONSOLIDATED NET INCOME | 38,550 | 33,891 | 52,854 | 53,185 | ||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 357 | 1,718 | 714 | 3,437 | ||
EARNINGS APPLICABLE TO COMMON STOCK | 38,193 | 32,173 | 52,140 | 49,748 | ||
Entergy Louisiana [Member] | ||||||
OPERATING REVENUES | ||||||
Electric | 1,072,126 | 989,732 | 1,936,202 | 1,926,163 | ||
Natural gas | 11,308 | 9,302 | 28,015 | 28,016 | ||
TOTAL | 1,083,434 | 999,034 | 1,964,217 | 1,954,179 | ||
Operation and Maintenance: | ||||||
Fuel, fuel-related expenses, and gas purchased for resale | 180,056 | 152,340 | 334,100 | 354,423 | ||
Purchased power | 282,673 | 224,699 | 522,500 | 416,097 | ||
Nuclear refueling outage expenses | 12,764 | 12,974 | 24,949 | 25,754 | ||
Other operation and maintenance | 243,217 | 232,957 | 466,447 | 439,021 | ||
Decommissioning | 12,283 | 11,658 | 24,406 | 23,166 | ||
Taxes other than income taxes | 45,076 | 44,366 | 90,359 | 86,728 | ||
Depreciation and amortization | 116,107 | 112,452 | 231,737 | 222,043 | ||
Other regulatory charges (credits) - net | (2,521) | 13,836 | (76,708) | 11,577 | ||
TOTAL | 889,655 | 805,282 | 1,617,790 | 1,578,809 | ||
OPERATING INCOME | 193,779 | 193,752 | 346,427 | 375,370 | ||
OTHER INCOME | ||||||
Allowance for equity funds used during construction | 11,109 | 4,506 | 21,099 | 11,744 | ||
Investment Income, Net | 41,919 | 40,251 | 81,749 | 77,667 | ||
Miscellaneous - net | (2,650) | (1,870) | (5,674) | (5,615) | ||
TOTAL | 50,378 | 42,887 | 97,174 | 83,796 | ||
INTEREST EXPENSE | ||||||
Interest expense | 68,483 | 70,787 | 135,798 | 135,863 | ||
Allowance for borrowed funds used during construction | (5,541) | (2,383) | (10,715) | (6,280) | ||
TOTAL | 62,942 | 68,404 | 125,083 | 129,583 | ||
INCOME BEFORE INCOME TAXES | 181,215 | 168,235 | 318,518 | 329,583 | ||
Income taxes | 56,736 | (85,090) | 99,661 | (35,348) | ||
CONSOLIDATED NET INCOME | 124,479 | 253,325 | 218,857 | 364,931 | ||
Earnings per average common share: | ||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (292) | (144) | (524) | (259) | ||
Entergy Mississippi [Member] | ||||||
OPERATING REVENUES | ||||||
Electric | 291,212 | 248,138 | 549,655 | 511,184 | ||
Operation and Maintenance: | ||||||
Fuel, fuel-related expenses, and gas purchased for resale | 46,048 | (34) | 85,188 | 61,346 | ||
Purchased power | 75,253 | 74,361 | 146,323 | 129,744 | ||
Other operation and maintenance | 59,535 | 60,381 | 114,708 | 111,654 | ||
Taxes other than income taxes | 23,978 | 20,487 | 47,950 | 43,984 | ||
Depreciation and amortization | 35,442 | 34,010 | 70,759 | 67,308 | ||
Other regulatory charges (credits) - net | (4,306) | (2,957) | (10,143) | (6,315) | ||
TOTAL | 235,950 | 186,248 | 454,785 | 407,721 | ||
OPERATING INCOME | 55,262 | 61,890 | 94,870 | 103,463 | ||
OTHER INCOME | ||||||
Allowance for equity funds used during construction | 2,332 | 1,345 | 4,175 | 2,631 | ||
Investment Income, Net | 7 | 240 | 33 | 361 | ||
Miscellaneous - net | (553) | (1,050) | (978) | (1,755) | ||
TOTAL | 1,786 | 535 | 3,230 | 1,237 | ||
INTEREST EXPENSE | ||||||
Interest expense | 12,568 | 15,258 | 25,240 | 30,000 | ||
Allowance for borrowed funds used during construction | (913) | (691) | (1,633) | (1,358) | ||
TOTAL | 11,655 | 14,567 | 23,607 | 28,642 | ||
INCOME BEFORE INCOME TAXES | 45,393 | 47,858 | 74,493 | 76,058 | ||
Income taxes | 17,090 | 15,664 | 29,032 | 26,746 | ||
CONSOLIDATED NET INCOME | 28,303 | 32,194 | 45,461 | 49,312 | ||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 239 | 707 | 477 | 1,414 | ||
EARNINGS APPLICABLE TO COMMON STOCK | 28,064 | 31,487 | 44,984 | 47,898 | ||
Entergy New Orleans [Member] | ||||||
OPERATING REVENUES | ||||||
Electric | 157,455 | 149,101 | 299,800 | 271,542 | ||
Natural gas | 18,767 | 15,819 | 45,411 | 42,718 | ||
TOTAL | 176,222 | 164,920 | 345,211 | 314,260 | ||
Operation and Maintenance: | ||||||
Fuel, fuel-related expenses, and gas purchased for resale | 22,961 | 12,554 | 53,036 | 23,475 | ||
Purchased power | 73,105 | 70,583 | 141,464 | 139,108 | ||
Other operation and maintenance | 25,296 | 28,659 | 47,808 | 51,501 | ||
Taxes other than income taxes | 13,416 | 10,925 | 26,262 | 22,437 | ||
Depreciation and amortization | 13,020 | 13,908 | 26,070 | 25,672 | ||
Other regulatory charges (credits) - net | 818 | 1,378 | 1,203 | 3,274 | ||
TOTAL | 148,616 | 138,007 | 295,843 | 265,467 | ||
OPERATING INCOME | 27,606 | 26,913 | 49,368 | 48,793 | ||
OTHER INCOME | ||||||
Allowance for equity funds used during construction | 552 | 143 | 1,002 | 456 | ||
Investment Income, Net | 164 | 30 | 299 | 99 | ||
Miscellaneous - net | 40 | 192 | 138 | (53) | ||
TOTAL | 756 | 365 | 1,439 | 502 | ||
INTEREST EXPENSE | ||||||
Interest expense | 5,356 | 5,984 | 10,699 | 10,357 | ||
Allowance for borrowed funds used during construction | (193) | (49) | (351) | (175) | ||
TOTAL | 5,163 | 5,935 | 10,348 | 10,182 | ||
INCOME BEFORE INCOME TAXES | 23,199 | 21,343 | 40,459 | 39,113 | ||
Income taxes | 8,317 | 9,500 | 14,599 | 16,103 | ||
CONSOLIDATED NET INCOME | 14,882 | 11,843 | 25,860 | 23,010 | ||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 241 | 241 | 482 | 482 | ||
EARNINGS APPLICABLE TO COMMON STOCK | 14,641 | 11,602 | 25,378 | 22,528 | ||
Entergy Texas [Member] | ||||||
OPERATING REVENUES | ||||||
Electric | 378,488 | 412,922 | 742,415 | 791,226 | ||
Operation and Maintenance: | ||||||
Fuel, fuel-related expenses, and gas purchased for resale | 46,142 | 71,478 | 104,155 | 163,882 | ||
Purchased power | 160,325 | 167,071 | 310,709 | 297,483 | ||
Other operation and maintenance | 56,577 | 54,135 | 110,483 | 107,170 | ||
Taxes other than income taxes | 19,251 | 18,285 | 38,695 | 36,595 | ||
Depreciation and amortization | 29,373 | 26,495 | 57,484 | 52,114 | ||
Other regulatory charges (credits) - net | 19,033 | 17,419 | 34,260 | 34,674 | ||
TOTAL | 330,701 | 354,883 | 655,786 | 691,918 | ||
OPERATING INCOME | 47,787 | 58,039 | 86,629 | 99,308 | ||
OTHER INCOME | ||||||
Allowance for equity funds used during construction | 1,632 | 2,270 | 2,913 | 4,702 | ||
Investment Income, Net | 211 | 268 | 412 | 468 | ||
Miscellaneous - net | (631) | (54) | (813) | (470) | ||
TOTAL | 1,212 | 2,484 | 2,512 | 4,700 | ||
INTEREST EXPENSE | ||||||
Interest expense | 21,427 | 21,976 | 43,235 | 43,577 | ||
Allowance for borrowed funds used during construction | (1,001) | (1,473) | (1,762) | (3,054) | ||
TOTAL | 20,426 | 20,503 | 41,473 | 40,523 | ||
INCOME BEFORE INCOME TAXES | 28,573 | 40,020 | 47,668 | 63,485 | ||
Income taxes | 7,472 | 15,962 | 15,713 | 24,865 | ||
CONSOLIDATED NET INCOME | 21,101 | 24,058 | 31,955 | 38,620 | ||
System Energy [Member] | ||||||
OPERATING REVENUES | ||||||
Electric | 164,956 | 151,323 | 319,743 | 289,016 | ||
Operation and Maintenance: | ||||||
Fuel, fuel-related expenses, and gas purchased for resale | 21,660 | 20,394 | 36,994 | 33,822 | ||
Nuclear refueling outage expenses | 4,387 | 4,905 | 9,160 | 9,489 | ||
Other operation and maintenance | 54,310 | 35,766 | 102,711 | 67,926 | ||
Decommissioning | 13,452 | 12,593 | 26,684 | 24,980 | ||
Taxes other than income taxes | 6,664 | 6,385 | 13,088 | 12,637 | ||
Depreciation and amortization | 35,187 | 35,384 | 70,628 | 70,091 | ||
Other regulatory charges (credits) - net | (11,421) | (9,124) | (21,783) | (22,415) | ||
TOTAL | 124,239 | 106,303 | 237,482 | 196,530 | ||
OPERATING INCOME | 40,717 | 45,020 | 82,261 | 92,486 | ||
OTHER INCOME | ||||||
Allowance for equity funds used during construction | 1,318 | 1,602 | 2,412 | 4,331 | ||
Investment Income, Net | 3,723 | 5,124 | 8,397 | 8,398 | ||
Miscellaneous - net | (103) | (164) | (231) | (256) | ||
TOTAL | 4,938 | 6,562 | 10,578 | 12,473 | ||
INTEREST EXPENSE | ||||||
Interest expense | 9,181 | 9,382 | 18,300 | 18,934 | ||
Allowance for borrowed funds used during construction | (322) | (401) | (589) | (1,097) | ||
TOTAL | 8,859 | 8,981 | 17,711 | 17,837 | ||
INCOME BEFORE INCOME TAXES | 36,796 | 42,601 | 75,128 | 87,122 | ||
Income taxes | 17,446 | 17,511 | 35,431 | 36,074 | ||
CONSOLIDATED NET INCOME | $ 19,350 | $ 25,090 | $ 39,697 | $ 51,048 | ||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2017 and 2016 include $6.9 million and $10.6 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
OPERATING ACTIVITIES | |||
Consolidated net income | [1] | $ 499,420 | $ 807,832 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 1,042,671 | 1,012,753 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (324,227) | (170,026) | |
Impairment of Long-Lived Assets Held-for-use | 220,828 | 14,329 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (16,270) | 0 | |
Changes in working capital: | |||
Receivables | 6,091 | (57,673) | |
Fuel inventory | 6,213 | 9,586 | |
Accounts payable | 9,687 | 45,412 | |
Taxes accrued | (2,202) | 7,056 | |
Interest accrued | (3,947) | (9,543) | |
Deferred fuel costs | (127,945) | 3,757 | |
Other working capital accounts | (91,505) | (121,929) | |
Changes in provisions for estimated losses | (7,340) | 1,533 | |
Changes in other regulatory assets | 62,612 | 109,700 | |
Changes in other regulatory liabilities | (8,250) | 70,505 | |
Changes in pensions and other postretirement liabilities | (180,346) | (168,856) | |
Other Noncash Income (Expense) | (265,807) | (302,356) | |
Net cash flow provided by operating activities | 819,683 | 1,252,080 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (1,719,712) | (1,294,498) | |
Allowance for equity funds used during construction | 41,877 | 33,152 | |
Payments to Acquire Property, Plant, and Equipment | 0 | (947,903) | |
Nuclear fuel purchases | (209,756) | (124,107) | |
Payments for Nuclear Fuel | (209,756) | (124,107) | |
Payments to storm reserve escrow account | (1,124) | (805) | |
Receipts from storm reserve escrow account | 8,836 | 0 | |
Decreases in other investments | 1,705 | 57 | |
Proceeds from Sale of Productive Assets | 100,000 | 0 | |
Proceeds from nuclear decommissioning trust fund sales | 1,462,698 | 1,232,672 | |
Investment in nuclear decommissioning trust funds | (1,516,406) | (1,267,452) | |
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 25,493 | 89,407 | |
Proceeds from insurance | 26,157 | 0 | |
Changes in securitization account | 10,028 | 13,239 | |
Net cash flow used in investing activities | (1,770,204) | (2,266,238) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 1,036,529 | 3,856,768 | |
Common stock and treasury stock | 7,819 | 16,855 | |
Retirement of long-term debt | (866,337) | (3,420,196) | |
Changes in credit borrowings and commercial paper - net | 833,957 | 530,540 | |
Dividends paid: | |||
Common stock | (312,209) | (303,843) | |
Preferred stock | (6,892) | (10,552) | |
Other | 4,305 | (10,276) | |
Net cash flow provided by financing activities | 697,172 | 659,296 | |
Net decrease in cash and cash equivalents | (253,349) | (354,862) | |
Cash and cash equivalents at beginning of period | 1,187,844 | 1,350,961 | |
Cash and cash equivalents at end of period | 934,495 | 996,099 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 334,555 | 410,744 | |
Income taxes | (14,673) | 84,607 | |
Entergy Arkansas [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 52,854 | 53,185 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 198,082 | 211,630 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 38,005 | 122,195 | |
Changes in working capital: | |||
Receivables | 12,092 | (42,371) | |
Fuel inventory | (1,602) | 5,093 | |
Accounts payable | (29,109) | 66,118 | |
Taxes accrued | 937 | (89,124) | |
Interest accrued | 1,816 | (1,093) | |
Deferred fuel costs | (48,442) | (40,847) | |
Other working capital accounts | (32,055) | 25,021 | |
Changes in provisions for estimated losses | 7,457 | 1,142 | |
Changes in other regulatory assets | (5,592) | 7,048 | |
Changes in pensions and other postretirement liabilities | (40,637) | (45,752) | |
Other Noncash Income (Expense) | 37,355 | (18,542) | |
Net cash flow provided by operating activities | 191,161 | 253,703 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (381,197) | (316,569) | |
Allowance for equity funds used during construction | 10,198 | 9,229 | |
Payments to Acquire Property, Plant, and Equipment | 0 | (236,969) | |
Change in money pool receivable - net | 0 | (1,453) | |
Nuclear fuel purchases | (92,927) | (64,689) | |
Payments for Nuclear Fuel | (92,927) | (64,689) | |
Proceeds from sale of nuclear fuel | 51,029 | 40,336 | |
Proceeds from nuclear decommissioning trust fund sales | 167,329 | 103,815 | |
Investment in nuclear decommissioning trust funds | (173,324) | (112,040) | |
Changes in securitization account | 571 | 1,017 | |
Other | 0 | (103) | |
Net cash flow used in investing activities | (418,321) | (577,426) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 222,937 | 380,141 | |
Proceeds from Contributions from Parent | 0 | 200,000 | |
Retirement of long-term debt | (6,799) | (181,604) | |
Change in money pool payable - net | (37,563) | (52,742) | |
Changes in credit borrowings and commercial paper - net | 31,436 | 908 | |
Dividends paid: | |||
Preferred stock | (714) | (3,437) | |
Other | 431 | (3,566) | |
Net cash flow provided by financing activities | 209,728 | 339,700 | |
Net decrease in cash and cash equivalents | (17,432) | 15,977 | |
Cash and cash equivalents at beginning of period | 20,509 | 9,135 | |
Cash and cash equivalents at end of period | 3,077 | 25,112 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 51,232 | 58,733 | |
Income taxes | 0 | 7,242 | |
Entergy Louisiana [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 218,857 | 364,931 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 300,805 | 301,815 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 220,492 | (49,661) | |
Changes in working capital: | |||
Receivables | 950 | (72,931) | |
Fuel inventory | 4,534 | (5,053) | |
Accounts payable | 42,079 | (22,830) | |
Taxes accrued | 52,686 | 23,850 | |
Interest accrued | (2,883) | (4,216) | |
Deferred fuel costs | (74,113) | 4,093 | |
Other working capital accounts | (61,515) | (26,514) | |
Changes in provisions for estimated losses | (6,108) | 1,734 | |
Changes in other regulatory assets | 39,711 | 58,429 | |
Changes in other regulatory liabilities | (64,293) | 30,116 | |
Changes in pensions and other postretirement liabilities | (38,175) | (35,869) | |
Other Noncash Income (Expense) | (99,272) | (127,538) | |
Net cash flow provided by operating activities | 533,755 | 440,356 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (755,158) | (403,387) | |
Allowance for equity funds used during construction | 21,099 | 11,744 | |
Payments to Acquire Property, Plant, and Equipment | 0 | (473,956) | |
Change in money pool receivable - net | (33,039) | (168) | |
Nuclear fuel purchases | (156,246) | (38,773) | |
Payments for Nuclear Fuel | (156,246) | (38,773) | |
Proceeds from sale of nuclear fuel | 28,884 | 64,498 | |
Payments to storm reserve escrow account | (802) | 0 | |
Receipts from storm reserve escrow account | 8,836 | 0 | |
Decreases in other investments | 0 | (544) | |
Proceeds from nuclear decommissioning trust fund sales | 125,600 | 123,546 | |
Investment in nuclear decommissioning trust funds | (144,768) | (143,091) | |
Proceeds from insurance | 5,305 | 0 | |
Changes in securitization account | 79 | 225 | |
Net cash flow used in investing activities | (900,210) | (859,906) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 532,219 | 1,128,580 | |
Retirement of long-term debt | (101,789) | (559,839) | |
Changes in credit borrowings and commercial paper - net | 30,696 | (888) | |
Dividends paid: | |||
Common stock | (91,250) | (105,500) | |
Other | (1,988) | (3,100) | |
Net cash flow provided by financing activities | 367,888 | 459,253 | |
Net decrease in cash and cash equivalents | 1,433 | 39,703 | |
Cash and cash equivalents at beginning of period | 213,850 | 35,102 | |
Cash and cash equivalents at end of period | 215,283 | 74,805 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 134,513 | 196,514 | |
Income taxes | (116,937) | 62,676 | |
Entergy Mississippi [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 45,461 | 49,312 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 70,759 | 67,308 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 31,740 | 21,934 | |
Changes in working capital: | |||
Receivables | (7,952) | (24,273) | |
Fuel inventory | 6,312 | (5,040) | |
Accounts payable | (1,398) | 21,359 | |
Taxes accrued | (21,361) | (20,417) | |
Interest accrued | 40 | (584) | |
Deferred fuel costs | (13,622) | 108 | |
Other working capital accounts | (1,473) | (8,266) | |
Changes in provisions for estimated losses | (6,699) | (188) | |
Changes in other regulatory assets | (26,958) | (1,913) | |
Changes in pensions and other postretirement liabilities | (10,692) | (10,922) | |
Other Noncash Income (Expense) | (10,318) | (11,355) | |
Net cash flow provided by operating activities | 53,839 | 77,063 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (199,873) | (143,171) | |
Allowance for equity funds used during construction | 4,175 | 2,631 | |
Change in money pool receivable - net | 10,595 | 12,416 | |
Other | (584) | (117) | |
Net cash flow used in investing activities | (185,687) | (128,241) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 0 | 371,940 | |
Retirement of long-term debt | 0 | (332,400) | |
Change in money pool payable - net | 56,299 | 0 | |
Dividends paid: | |||
Common stock | 0 | (24,000) | |
Preferred stock | (477) | (1,414) | |
Other | (86) | 0 | |
Net cash flow provided by financing activities | 55,736 | 14,126 | |
Net decrease in cash and cash equivalents | (76,112) | (37,052) | |
Cash and cash equivalents at beginning of period | 76,834 | 145,605 | |
Cash and cash equivalents at end of period | 722 | 108,553 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 24,021 | 29,157 | |
Income taxes | (15,087) | (3,561) | |
Entergy New Orleans [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 25,860 | 23,010 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 26,070 | 25,672 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 14,764 | (2,665) | |
Changes in working capital: | |||
Receivables | (5,979) | (16,285) | |
Fuel inventory | (465) | 1,822 | |
Accounts payable | (8,761) | 6,362 | |
Taxes accrued | 38 | 36,982 | |
Interest accrued | (469) | 255 | |
Deferred fuel costs | 2,087 | (13,664) | |
Other working capital accounts | (11,774) | (7,310) | |
Changes in provisions for estimated losses | (1,794) | 1,804 | |
Changes in other regulatory assets | 2,719 | 5,799 | |
Changes in pensions and other postretirement liabilities | (8,049) | (8,245) | |
Other Noncash Income (Expense) | 2,503 | (14,269) | |
Net cash flow provided by operating activities | 36,750 | 39,268 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (48,683) | (37,345) | |
Allowance for equity funds used during construction | 1,002 | 456 | |
Payments to Acquire Property, Plant, and Equipment | 0 | (236,978) | |
Payments to Acquire Businesses and Interest in Affiliates | 0 | (38) | |
Change in money pool receivable - net | (1,745) | 12,787 | |
Payments to storm reserve escrow account | (235) | (206) | |
Receipts from storm reserve escrow account | 0 | 3 | |
Changes in securitization account | 656 | 3,285 | |
Net cash flow used in investing activities | (49,005) | (258,036) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 0 | 190,672 | |
Proceeds from Contributions from Parent | 0 | 47,750 | |
Retirement of long-term debt | (5,114) | (77,094) | |
Dividends paid: | |||
Common stock | (24,150) | (7,000) | |
Preferred stock | (482) | (482) | |
Other | 462 | 664 | |
Net cash flow provided by financing activities | (29,284) | 154,510 | |
Net decrease in cash and cash equivalents | (41,539) | (64,258) | |
Cash and cash equivalents at beginning of period | 103,068 | 88,876 | |
Cash and cash equivalents at end of period | 61,529 | 24,618 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 10,637 | 9,435 | |
Income taxes | 0 | 2,500 | |
Entergy Texas [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 31,955 | 38,620 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 57,484 | 52,114 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (16,766) | (40,175) | |
Changes in working capital: | |||
Receivables | (15,969) | (37,832) | |
Fuel inventory | (4,813) | 14,129 | |
Accounts payable | 24,900 | 17,883 | |
Taxes accrued | 23,064 | 51,640 | |
Interest accrued | (471) | (2,719) | |
Deferred fuel costs | 6,144 | 54,066 | |
Other working capital accounts | 4,132 | 2,774 | |
Changes in provisions for estimated losses | 83 | (2,126) | |
Changes in other regulatory assets | 45,306 | 43,378 | |
Changes in pensions and other postretirement liabilities | (13,286) | (12,850) | |
Other Noncash Income (Expense) | (9,366) | (6,727) | |
Net cash flow provided by operating activities | 132,397 | 172,175 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (155,755) | (185,945) | |
Allowance for equity funds used during construction | 2,992 | 4,761 | |
Change in money pool receivable - net | 681 | (7,011) | |
Changes in securitization account | 8,722 | 8,712 | |
Other | 2,431 | 0 | |
Net cash flow used in investing activities | (140,929) | (179,483) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 0 | 123,605 | |
Retirement of long-term debt | (38,134) | (36,659) | |
Change in money pool payable - net | 39,222 | (22,068) | |
Dividends paid: | |||
Other | 2,328 | (3,815) | |
Net cash flow provided by financing activities | 3,416 | 61,063 | |
Net decrease in cash and cash equivalents | (5,116) | 53,755 | |
Cash and cash equivalents at beginning of period | 6,181 | 2,182 | |
Cash and cash equivalents at end of period | 1,065 | 55,937 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 42,430 | 45,056 | |
Income taxes | (1,446) | 3,443 | |
System Energy [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 39,697 | 51,048 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 128,679 | 123,424 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 35,498 | 83,733 | |
Changes in working capital: | |||
Receivables | 10,077 | 3,731 | |
Accounts payable | 3,469 | (3,200) | |
Taxes accrued | (10,086) | (60,954) | |
Interest accrued | (609) | (145) | |
Other working capital accounts | 2,960 | (28,319) | |
Changes in other regulatory assets | (4,904) | (9,844) | |
Changes in pensions and other postretirement liabilities | (8,116) | (9,071) | |
Other Noncash Income (Expense) | (25,205) | (13,111) | |
Net cash flow provided by operating activities | 171,460 | 137,292 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (32,799) | (57,429) | |
Allowance for equity funds used during construction | 2,412 | 4,331 | |
Change in money pool receivable - net | (54,860) | 22,208 | |
Nuclear fuel purchases | (22,510) | (130,275) | |
Payments for Nuclear Fuel | (22,510) | (130,275) | |
Proceeds from sale of nuclear fuel | 60,188 | 11,467 | |
Proceeds from nuclear decommissioning trust fund sales | 253,487 | 289,414 | |
Investment in nuclear decommissioning trust funds | (271,901) | (307,465) | |
Net cash flow used in investing activities | (65,983) | (167,749) | |
Proceeds from the issuance of: | |||
Retirement of long-term debt | (50,001) | (22,001) | |
Changes in credit borrowings and commercial paper - net | 36,289 | 99,617 | |
Dividends paid: | |||
Common stock | 0 | (139,000) | |
Other | (28) | (26) | |
Net cash flow provided by financing activities | (13,740) | (61,410) | |
Net decrease in cash and cash equivalents | 91,737 | (91,867) | |
Cash and cash equivalents at beginning of period | 245,863 | 230,661 | |
Cash and cash equivalents at end of period | 337,600 | 138,794 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 17,656 | 18,494 | |
Income taxes | $ 0 | $ 3,402 | |
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2017 and 2016 include $6.9 million and $10.6 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and cash equivalents: | ||
Cash | $ 67,238 | $ 129,579 |
Temporary cash investments | 867,257 | 1,058,265 |
Total cash and cash equivalents | 934,495 | 1,187,844 |
Accounts receivable: | ||
Customer | 579,674 | 654,995 |
Allowance for doubtful accounts | (12,947) | (11,924) |
Other | 138,285 | 158,419 |
Accrued unbilled revenues | 415,424 | 368,677 |
Total accounts receivable | 1,120,436 | 1,170,167 |
Deferred fuel costs | 194,245 | 108,465 |
Fuel inventory - at average cost | 173,387 | 179,600 |
Materials and supplies - at average cost | 695,690 | 698,523 |
Deferred nuclear refueling outage costs | 228,300 | 146,221 |
Prepayments and other | 252,791 | 193,448 |
TOTAL | 3,599,344 | 3,684,268 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 198 | 198 |
Decommissioning trust funds | 6,796,911 | 5,723,897 |
Non-utility property - at cost (less accumulated depreciation) | 247,363 | 233,641 |
Other | 453,705 | 469,664 |
TOTAL | 7,498,177 | 6,427,400 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 45,916,902 | 45,191,216 |
Property under capital lease | 618,731 | 619,527 |
Natural gas | 426,674 | 413,224 |
Construction work in progress | 1,741,867 | 1,378,180 |
Nuclear fuel | 958,190 | 1,037,899 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 49,662,364 | 48,640,046 |
Less - accumulated depreciation and amortization | 21,095,139 | 20,718,639 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 28,567,225 | 27,921,407 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 769,364 | 761,280 |
Other regulatory assets | 4,699,217 | 4,769,913 |
Deferred fuel costs | 239,199 | 239,100 |
Goodwill | 377,172 | 377,172 |
Accumulated deferred income taxes | 115,562 | 117,885 |
Other | 141,777 | 1,606,009 |
TOTAL | 6,342,291 | 7,871,359 |
TOTAL ASSETS | 46,007,037 | 45,904,434 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 702,909 | 364,900 |
Notes payable and commercial paper | 1,248,969 | 415,011 |
Accounts payable | 1,165,699 | 1,285,577 |
Customer deposits | 401,089 | 403,311 |
Taxes Payable, Current | 178,912 | 181,114 |
Interest accrued | 183,282 | 187,229 |
Deferred fuel costs | 60,687 | 102,753 |
Obligations under capital leases | 2,387 | 2,423 |
Pension and other postretirement liabilities | 72,127 | 76,942 |
Other | 224,469 | 180,836 |
TOTAL | 4,240,530 | 3,200,096 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 7,246,612 | 7,495,290 |
Accumulated deferred investment tax credits | 221,449 | 227,147 |
Obligations under capital leases | 23,179 | 24,582 |
Other regulatory liabilities | 1,564,679 | 1,572,929 |
Decommissioning and asset retirement cost liabilities | 6,118,860 | 5,992,476 |
Accumulated provisions | 474,020 | 481,636 |
Pension and other postretirement liabilities | 2,860,479 | 3,036,010 |
Long-term debt | 14,307,759 | 14,467,655 |
Other | 375,429 | 1,121,619 |
TOTAL | 33,192,466 | 34,419,344 |
Subsidiaries' preferred stock without sinking fund | 203,185 | 203,185 |
Common Shareholders' Equity: | ||
Common stock | 2,548 | 2,548 |
Paid-in capital | 5,409,862 | 5,417,245 |
Retained earnings | 8,375,890 | 8,195,571 |
Accumulated other comprehensive income (loss) | 52,773 | (34,971) |
Less - treasury stock, at cost | 5,470,217 | 5,498,584 |
TOTAL | 8,370,856 | 8,081,809 |
TOTAL | 8,370,856 | 8,081,809 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 46,007,037 | 45,904,434 |
Entergy Arkansas [Member] | ||
Cash and cash equivalents: | ||
Cash | 2,741 | 20,174 |
Temporary cash investments | 336 | 335 |
Total cash and cash equivalents | 3,077 | 20,509 |
Securitization recovery trust account | 3,569 | 4,140 |
Accounts receivable: | ||
Customer | 96,720 | 102,229 |
Allowance for doubtful accounts | (1,084) | (1,211) |
Associated companies | 36,015 | 35,286 |
Other | 40,672 | 58,153 |
Accrued unbilled revenues | 110,235 | 100,193 |
Total accounts receivable | 282,558 | 294,650 |
Deferred fuel costs | 145,033 | 96,690 |
Fuel inventory - at average cost | 34,362 | 32,760 |
Materials and supplies - at average cost | 182,839 | 182,600 |
Deferred nuclear refueling outage costs | 109,546 | 81,313 |
Prepayments and other | 19,691 | 14,293 |
TOTAL | 780,675 | 726,955 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 884,308 | 834,735 |
Other | 5,536 | 7,912 |
TOTAL | 889,844 | 842,647 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 10,726,461 | 10,488,060 |
Property under capital lease | 637 | 716 |
Construction work in progress | 328,037 | 304,073 |
Nuclear fuel | 259,901 | 307,352 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 11,315,036 | 11,100,201 |
Less - accumulated depreciation and amortization | 4,666,137 | 4,635,885 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 6,648,899 | 6,464,316 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 66,024 | 62,646 |
Other regulatory assets | 1,430,243 | 1,428,029 |
Deferred fuel costs | 66,997 | 66,898 |
Other | 16,577 | 14,626 |
TOTAL | 1,579,841 | 1,572,199 |
TOTAL ASSETS | 9,899,259 | 9,606,117 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 114,700 | 114,700 |
Short-term borrowings | 14,696 | 0 |
Associated companies accounts payable | 152,723 | 239,711 |
Other | 204,921 | 185,153 |
Customer deposits | 97,425 | 97,512 |
Taxes Payable, Current | 8,131 | 7,194 |
Interest accrued | 18,396 | 16,580 |
Other | 36,150 | 36,557 |
TOTAL | 647,142 | 697,407 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 2,224,030 | 2,186,623 |
Accumulated deferred investment tax credits | 34,704 | 35,305 |
Other regulatory liabilities | 330,797 | 305,907 |
Decommissioning and asset retirement cost liabilities | 952,353 | 924,353 |
Accumulated provisions | 26,139 | 18,682 |
Pension and other postretirement liabilities | 383,543 | 424,234 |
Long-term debt | 2,949,561 | 2,715,085 |
Other | 14,183 | 13,854 |
TOTAL | 6,915,310 | 6,624,043 |
Subsidiaries' preferred stock without sinking fund | 31,350 | 31,350 |
Common Shareholders' Equity: | ||
Common stock | 470 | 470 |
Paid-in capital | 790,243 | 790,243 |
Retained earnings | 1,514,744 | 1,462,604 |
TOTAL | 2,305,457 | 2,253,317 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 9,899,259 | 9,606,117 |
Entergy Louisiana [Member] | ||
Cash and cash equivalents: | ||
Cash | 3,419 | 49,972 |
Temporary cash investments | 211,864 | 163,878 |
Total cash and cash equivalents | 215,283 | 213,850 |
Accounts receivable: | ||
Customer | 222,291 | 213,517 |
Allowance for doubtful accounts | (7,459) | (6,277) |
Associated companies | 173,665 | 155,794 |
Other | 44,855 | 54,186 |
Accrued unbilled revenues | 170,863 | 159,176 |
Total accounts receivable | 604,215 | 576,396 |
Deferred fuel costs | 25,902 | 0 |
Fuel inventory - at average cost | 46,204 | 50,738 |
Materials and supplies - at average cost | 289,985 | 294,421 |
Deferred nuclear refueling outage costs | 94,772 | 22,535 |
Prepaid Taxes | 57,418 | 110,104 |
Prepayments and other | 59,527 | 41,687 |
TOTAL | 1,393,306 | 1,309,731 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 1,390,587 | 1,390,587 |
Decommissioning trust funds | 1,220,699 | 1,140,707 |
Non-utility property - at cost (less accumulated depreciation) | 231,512 | 217,494 |
Storm Reserve Escrow Account | 283,451 | 291,485 |
Other | 24,481 | 28,844 |
TOTAL | 3,150,730 | 3,069,117 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 19,117,749 | 18,827,532 |
Natural gas | 178,932 | 172,816 |
Construction work in progress | 919,336 | 670,201 |
Nuclear fuel | 361,502 | 249,807 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 20,577,519 | 19,920,356 |
Less - accumulated depreciation and amortization | 8,530,511 | 8,420,596 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 12,047,008 | 11,499,760 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 475,836 | 470,480 |
Other regulatory assets | 1,122,991 | 1,168,058 |
Deferred fuel costs | 168,122 | 168,122 |
Other | 20,420 | 16,003 |
TOTAL | 1,787,369 | 1,822,663 |
TOTAL ASSETS | 18,378,413 | 17,701,271 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 517,706 | 200,198 |
Short-term borrowings | 34,490 | 3,794 |
Associated companies accounts payable | 75,909 | 82,106 |
Other | 334,472 | 358,741 |
Customer deposits | 146,633 | 148,601 |
Interest accrued | 72,715 | 75,598 |
Deferred fuel costs | 0 | 48,211 |
Other | 101,702 | 80,013 |
TOTAL | 1,283,627 | 997,262 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 2,910,546 | 2,691,118 |
Accumulated deferred investment tax credits | 124,306 | 126,741 |
Other regulatory liabilities | 816,681 | 880,974 |
Decommissioning and asset retirement cost liabilities | 1,111,194 | 1,082,685 |
Accumulated provisions | 304,664 | 310,772 |
Pension and other postretirement liabilities | 741,841 | 780,278 |
Long-term debt | 5,728,309 | 5,612,593 |
Other | 148,536 | 137,039 |
TOTAL | 11,886,077 | 11,622,200 |
Common Shareholders' Equity: | ||
Accumulated other comprehensive income (loss) | (49,122) | (48,442) |
Members' Equity | 5,257,831 | 5,130,251 |
TOTAL | 5,208,709 | 5,081,809 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 18,378,413 | 17,701,271 |
Entergy Mississippi [Member] | ||
Cash and cash equivalents: | ||
Cash | 715 | 16 |
Temporary cash investments | 7 | 76,818 |
Total cash and cash equivalents | 722 | 76,834 |
Accounts receivable: | ||
Customer | 57,539 | 51,218 |
Allowance for doubtful accounts | (540) | (549) |
Associated companies | 34,939 | 45,973 |
Other | 8,223 | 12,006 |
Accrued unbilled revenues | 57,170 | 51,327 |
Total accounts receivable | 157,331 | 159,975 |
Deferred fuel costs | 20,579 | 6,957 |
Fuel inventory - at average cost | 44,560 | 50,872 |
Materials and supplies - at average cost | 42,065 | 41,146 |
Prepayments and other | 15,742 | 8,873 |
TOTAL | 280,999 | 344,657 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 4,600 | 4,608 |
Escrow accounts | 31,875 | 31,783 |
TOTAL | 36,475 | 36,391 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 4,409,179 | 4,321,214 |
Property under capital lease | 873 | 1,590 |
Construction work in progress | 176,623 | 118,182 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 4,586,675 | 4,440,986 |
Less - accumulated depreciation and amortization | 1,626,005 | 1,602,711 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,960,670 | 2,838,275 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 39,337 | 38,284 |
Other regulatory assets | 368,118 | 342,213 |
Other | 3,549 | 2,320 |
TOTAL | 411,004 | 382,817 |
TOTAL ASSETS | 3,689,148 | 3,602,140 |
CURRENT LIABILITIES | ||
Associated companies accounts payable | 99,489 | 43,647 |
Other | 73,037 | 80,227 |
Customer deposits | 83,928 | 84,112 |
Taxes Payable, Current | 42,679 | 64,040 |
Interest accrued | 21,693 | 21,653 |
Other | 15,465 | 9,554 |
TOTAL | 336,291 | 303,233 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 892,081 | 861,331 |
Accumulated deferred investment tax credits | 8,587 | 8,667 |
Decommissioning and asset retirement cost liabilities | 8,967 | 8,722 |
Accumulated provisions | 47,741 | 54,440 |
Pension and other postretirement liabilities | 98,865 | 109,551 |
Long-term debt | 1,121,356 | 1,120,916 |
Other | 15,104 | 20,108 |
TOTAL | 2,192,701 | 2,183,735 |
Subsidiaries' preferred stock without sinking fund | 20,381 | 20,381 |
Common Shareholders' Equity: | ||
Common stock | 199,326 | 199,326 |
Paid-in capital | 167 | 167 |
Retained earnings | 940,282 | 895,298 |
TOTAL | 1,139,775 | 1,094,791 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,689,148 | 3,602,140 |
Entergy New Orleans [Member] | ||
Cash and cash equivalents: | ||
Cash | 862 | 28 |
Temporary cash investments | 60,667 | 103,040 |
Total cash and cash equivalents | 61,529 | 103,068 |
Securitization recovery trust account | 1,082 | 1,738 |
Accounts receivable: | ||
Customer | 47,162 | 43,536 |
Allowance for doubtful accounts | (3,074) | (3,059) |
Associated companies | 18,045 | 16,811 |
Other | 6,891 | 5,926 |
Accrued unbilled revenues | 20,168 | 18,254 |
Total accounts receivable | 89,192 | 81,468 |
Deferred fuel costs | 2,731 | 4,818 |
Fuel inventory - at average cost | 2,306 | 1,841 |
Materials and supplies - at average cost | 10,494 | 8,416 |
Prepaid Taxes | 4,341 | 4,379 |
Prepayments and other | 20,353 | 6,587 |
TOTAL | 192,028 | 212,315 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 1,016 | 1,016 |
Storm Reserve Escrow Account | 81,672 | 81,437 |
Other | 4,787 | 7,160 |
TOTAL | 87,475 | 89,613 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 1,262,714 | 1,258,934 |
Natural gas | 247,742 | 240,408 |
Construction work in progress | 38,314 | 24,975 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 1,548,770 | 1,524,317 |
Less - accumulated depreciation and amortization | 610,405 | 604,825 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 938,365 | 919,492 |
Regulatory assets: | ||
Other regulatory assets | 265,387 | 268,106 |
Deferred fuel costs | 4,080 | 4,080 |
Other | 1,522 | 963 |
TOTAL | 270,989 | 273,149 |
TOTAL ASSETS | 1,488,857 | 1,494,569 |
CURRENT LIABILITIES | ||
Current payable due Entergy Louisiana | 2,104 | 2,104 |
Associated companies accounts payable | 41,981 | 39,260 |
Other | 23,206 | 35,920 |
Customer deposits | 28,773 | 28,667 |
Interest accrued | 4,974 | 5,443 |
Other | 13,006 | 11,415 |
TOTAL | 114,044 | 122,809 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 352,001 | 334,953 |
Accumulated deferred investment tax credits | 559 | 622 |
Regulatory liability for income taxes - net | 5,844 | 9,074 |
Decommissioning and asset retirement cost liabilities | 2,974 | 2,875 |
Accumulated provisions | 86,719 | 88,513 |
Pension and other postretirement liabilities | 28,701 | 36,750 |
Long-term debt | 423,632 | 428,467 |
Gas system rebuild insurance proceeds | 0 | 447 |
Long-term payable due to Entergy Louisiana | 18,423 | 18,423 |
Other | 8,006 | 4,910 |
TOTAL | 926,859 | 925,034 |
Subsidiaries' preferred stock without sinking fund | 19,780 | 19,780 |
Common Shareholders' Equity: | ||
Common stock | 33,744 | 33,744 |
Paid-in capital | 171,544 | 171,544 |
Retained earnings | 222,886 | 221,658 |
TOTAL | 428,174 | 426,946 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,488,857 | 1,494,569 |
Entergy Texas [Member] | ||
Cash and cash equivalents: | ||
Cash | 1,036 | 1,216 |
Temporary cash investments | 29 | 4,965 |
Total cash and cash equivalents | 1,065 | 6,181 |
Securitization recovery trust account | 28,729 | 37,451 |
Accounts receivable: | ||
Customer | 70,008 | 71,803 |
Allowance for doubtful accounts | (791) | (828) |
Associated companies | 40,867 | 39,447 |
Other | 13,121 | 14,756 |
Accrued unbilled revenues | 56,988 | 39,727 |
Total accounts receivable | 180,193 | 164,905 |
Fuel inventory - at average cost | 41,990 | 37,177 |
Materials and supplies - at average cost | 38,807 | 36,631 |
Prepayments and other | 14,585 | 18,599 |
TOTAL | 305,369 | 300,944 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 573 | 600 |
Non-utility property - at cost (less accumulated depreciation) | 376 | 376 |
Other | 19,018 | 18,801 |
TOTAL | 19,967 | 19,777 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 4,367,085 | 4,274,069 |
Construction work in progress | 135,733 | 111,227 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 4,502,818 | 4,385,296 |
Less - accumulated depreciation and amortization | 1,542,664 | 1,526,057 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,960,154 | 2,859,239 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 105,086 | 105,816 |
Other regulatory assets | 695,580 | 740,156 |
Other | 8,674 | 7,149 |
TOTAL | 809,340 | 853,121 |
TOTAL ASSETS | 4,094,830 | 4,033,081 |
CURRENT LIABILITIES | ||
Associated companies accounts payable | 86,811 | 47,867 |
Other | 108,341 | 77,342 |
Customer deposits | 44,329 | 44,419 |
Taxes Payable, Current | 38,415 | 15,351 |
Interest accrued | 25,506 | 25,977 |
Deferred fuel costs | 60,687 | 54,543 |
Other | 11,753 | 9,388 |
TOTAL | 375,842 | 274,887 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 1,008,466 | 1,027,647 |
Accumulated deferred investment tax credits | 12,459 | 12,934 |
Other regulatory liabilities | 5,574 | 8,502 |
Decommissioning and asset retirement cost liabilities | 6,650 | 6,470 |
Accumulated provisions | 7,667 | 7,584 |
Pension and other postretirement liabilities | 54,043 | 67,313 |
Long-term debt | 1,471,091 | 1,508,407 |
Other | 52,089 | 50,343 |
TOTAL | 2,618,039 | 2,689,200 |
Common Shareholders' Equity: | ||
Common stock | 49,452 | 49,452 |
Paid-in capital | 481,994 | 481,994 |
Retained earnings | 569,503 | 537,548 |
TOTAL | 1,100,949 | 1,068,994 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,094,830 | 4,033,081 |
System Energy [Member] | ||
Cash and cash equivalents: | ||
Cash | 555 | 786 |
Temporary cash investments | 337,045 | 245,077 |
Total cash and cash equivalents | 337,600 | 245,863 |
Accounts receivable: | ||
Associated companies | 147,497 | 104,390 |
Other | 5,313 | 3,637 |
Total accounts receivable | 152,810 | 108,027 |
Materials and supplies - at average cost | 84,418 | 82,469 |
Deferred nuclear refueling outage costs | 15,867 | 24,729 |
Prepaid Taxes | 25,968 | 15,882 |
Prepayments and other | 8,183 | 4,229 |
TOTAL | 624,846 | 481,199 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 839,385 | 780,496 |
TOTAL | 839,385 | 780,496 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 4,304,301 | 4,331,668 |
Property under capital lease | 585,084 | 585,084 |
Construction work in progress | 61,617 | 43,888 |
Nuclear fuel | 199,686 | 259,635 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,150,688 | 5,220,275 |
Less - accumulated depreciation and amortization | 3,125,020 | 3,063,249 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,025,668 | 2,157,026 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 88,924 | 93,127 |
Other regulatory assets | 420,319 | 411,212 |
Other | 4,492 | 4,652 |
TOTAL | 513,735 | 508,991 |
TOTAL ASSETS | 4,003,634 | 3,927,712 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 3 | 50,003 |
Short-term borrowings | 53,182 | 66,893 |
Associated companies accounts payable | 6,719 | 5,843 |
Other | 48,251 | 50,558 |
Interest accrued | 13,440 | 14,049 |
Other | 2,958 | 2,957 |
TOTAL | 124,553 | 190,303 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 1,142,955 | 1,112,865 |
Accumulated deferred investment tax credits | 39,686 | 41,663 |
Other regulatory liabilities | 406,570 | 370,862 |
Decommissioning and asset retirement cost liabilities | 845,001 | 854,202 |
Pension and other postretirement liabilities | 109,734 | 117,850 |
Long-term debt | 551,293 | 501,129 |
Other | 5,322 | 15 |
TOTAL | 3,100,561 | 2,998,586 |
Common Shareholders' Equity: | ||
Common stock | 679,350 | 679,350 |
Retained earnings | 99,170 | 59,473 |
TOTAL | 778,520 | 738,823 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 4,003,634 | $ 3,927,712 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Securitization property | $ 550,077 | $ 600,996 |
Securitization bonds | $ 601,861 | $ 661,175 |
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 | 75,233,350 | 75,623,363 |
Entergy Arkansas [Member] | ||
Securitization property | $ 35,365 | $ 41,164 |
Securitization bonds | $ 41,502 | $ 48,139 |
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 | $ 83,050 | $ 92,951 |
Securitization bonds | $ 89,364 | $ 99,217 |
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] | ||
Securitization property | $ 77,936 | $ 82,272 |
Securitization bonds | $ 79,784 | $ 84,776 |
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 | $ 353,726 | $ 384,609 |
Securitization bonds | $ 391,212 | $ 429,043 |
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 Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Subsidiaries Preferred Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Common Stock [Member] | Treasury Stock [Member] | Entergy Arkansas [Member] | Entergy Arkansas [Member]Paid In Capital [Member] | Entergy Arkansas [Member]Retained Earnings [Member] | Entergy Arkansas [Member]Common Stock [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member]Member's Equity [Member] | Entergy Louisiana [Member]Accumulated Other Comprehensive Income [Member] | Entergy Mississippi [Member] | Entergy Mississippi [Member]Capital Stock Expense and Other [Member] | Entergy Mississippi [Member]Retained Earnings [Member] | Entergy Mississippi [Member]Common Stock [Member] | Entergy New Orleans [Member] | Entergy New Orleans [Member]Paid In Capital [Member] | Entergy New Orleans [Member]Retained Earnings [Member] | Entergy New Orleans [Member]Common Stock [Member] | Entergy Texas [Member] | Entergy Texas [Member]Paid In Capital [Member] | Entergy Texas [Member]Retained Earnings [Member] | Entergy Texas [Member]Common Stock [Member] | System Energy [Member] | System Energy [Member]Retained Earnings [Member] | System Energy [Member]Common Stock [Member] | |||
Beginning Balance at Dec. 31, 2015 | $ 9,256,791 | $ 0 | $ 5,403,758 | $ 9,393,913 | $ 8,951 | $ 2,548 | $ (5,552,379) | $ 1,891,658 | $ 588,493 | $ 1,302,695 | $ 470 | $ 4,737,312 | $ 4,793,724 | $ (56,412) | $ 1,012,050 | $ (690) | $ 813,414 | $ 199,326 | $ 350,032 | $ 123,794 | $ 192,494 | $ 33,744 | $ 961,456 | $ 481,994 | $ 430,010 | $ 49,452 | $ 781,079 | $ 61,729 | $ 719,350 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Consolidated net income | 807,832 | [1] | 10,552 | [1] | 0 | 797,280 | [1] | 0 | 0 | 0 | 53,185 | 0 | 53,185 | 0 | 364,931 | 364,931 | 0 | 49,312 | 0 | 49,312 | 0 | 23,010 | 0 | 23,010 | 0 | 38,620 | 0 | 38,620 | 0 | 51,048 | 51,048 | 0 |
Other comprehensive income (loss) | (18,106) | 0 | 0 | 0 | (18,106) | 0 | 0 | (493) | 0 | (493) | ||||||||||||||||||||||
Common stock issuances related to stock plans | 25,665 | 0 | (11,212) | 0 | 0 | 0 | 36,877 | |||||||||||||||||||||||||
Common stock dividends declared | (303,843) | 0 | 0 | (303,843) | 0 | 0 | 0 | (105,500) | (105,500) | 0 | (24,000) | 0 | (24,000) | 0 | (7,000) | 0 | (7,000) | 0 | (139,000) | (99,000) | (40,000) | |||||||||||
Proceeds from Contributions from Parent | 200,000 | 200,000 | 0 | 0 | 47,750 | 47,750 | 0 | 0 | ||||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | (10,552) | [1] | (10,552) | [1] | 0 | 0 | 0 | 0 | 0 | (3,437) | 0 | (3,437) | 0 | (1,414) | 0 | (1,414) | 0 | (482) | 0 | (482) | 0 | |||||||||||
Other | (15) | (15) | 0 | |||||||||||||||||||||||||||||
Ending Balance at Jun. 30, 2016 | 9,757,787 | 0 | 5,392,546 | 9,887,350 | (9,155) | 2,548 | (5,515,502) | 2,141,406 | 788,493 | 1,352,443 | 470 | 4,996,235 | 5,053,140 | (56,905) | 1,035,948 | (690) | 837,312 | 199,326 | 413,310 | 171,544 | 208,022 | 33,744 | 1,000,076 | 481,994 | 468,630 | 49,452 | 693,127 | 13,777 | 679,350 | |||
Beginning Balance at Dec. 31, 2016 | 8,081,809 | 0 | 5,417,245 | 8,195,571 | (34,971) | 2,548 | (5,498,584) | 2,253,317 | 790,243 | 1,462,604 | 470 | 5,081,809 | 5,130,251 | (48,442) | 1,094,791 | 167 | 895,298 | 199,326 | 426,946 | 171,544 | 221,658 | 33,744 | 1,068,994 | 481,994 | 537,548 | 49,452 | 738,823 | 59,473 | 679,350 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Consolidated net income | 499,420 | [1] | 6,892 | [1] | 0 | 492,528 | [1] | 0 | 0 | 0 | 52,854 | 0 | 52,854 | 0 | 218,857 | 218,857 | 0 | 45,461 | 0 | 45,461 | 0 | 25,860 | 0 | 25,860 | 0 | 31,955 | 0 | 31,955 | 0 | 39,697 | 39,697 | 0 |
Other comprehensive income (loss) | 87,744 | 0 | 0 | 0 | 87,744 | 0 | 0 | (680) | 0 | (680) | ||||||||||||||||||||||
Common stock issuances related to stock plans | 20,984 | 0 | (7,383) | 0 | 0 | 0 | 28,367 | |||||||||||||||||||||||||
Common stock dividends declared | (312,209) | 0 | 0 | (312,209) | 0 | 0 | 0 | (91,250) | (91,250) | 0 | (24,150) | 0 | (24,150) | 0 | ||||||||||||||||||
Proceeds from Contributions from Parent | 0 | 0 | ||||||||||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | (6,892) | [1] | (6,892) | [1] | 0 | 0 | 0 | 0 | 0 | (714) | 0 | (714) | 0 | (477) | 0 | (477) | 0 | (482) | 0 | (482) | 0 | |||||||||||
Other | (27) | (27) | 0 | |||||||||||||||||||||||||||||
Ending Balance at Jun. 30, 2017 | $ 8,370,856 | $ 0 | $ 5,409,862 | $ 8,375,890 | $ 52,773 | $ 2,548 | $ (5,470,217) | $ 2,305,457 | $ 790,243 | $ 1,514,744 | $ 470 | $ 5,208,709 | $ 5,257,831 | $ (49,122) | $ 1,139,775 | $ 167 | $ 940,282 | $ 199,326 | $ 428,174 | $ 171,544 | $ 222,886 | $ 33,744 | $ 1,100,949 | $ 481,994 | $ 569,503 | $ 49,452 | $ 778,520 | $ 99,170 | $ 679,350 | |||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2017 and 2016 include $6.9 million and $10.6 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Equity (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Preferred dividends on subsidiaries' preferred stock | $ 6.9 | $ 10.6 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Net income | $ 413,368 | $ 572,590 | $ 499,420 | [1] | $ 807,832 | [1] |
Other comprehensive income (loss) | ||||||
Cash flow hedges net unrealized gain (loss) | 19,949 | (64,041) | 19,421 | (73,547) | ||
Pension and other postretirement liabilities | 10,916 | 5,043 | 19,548 | 12,605 | ||
Net unrealized investment gains | 11,696 | 20,955 | 49,523 | 44,024 | ||
Foreign currency translation | (748) | (904) | (748) | (1,188) | ||
Other comprehensive income (loss) | 41,813 | (38,947) | 87,744 | (18,106) | ||
Total comprehensive income | 455,181 | 533,643 | 587,164 | 789,726 | ||
Preferred dividend requirements of subsidiaries | 3,446 | 5,276 | 6,892 | [1] | 10,552 | [1] |
Comprehensive Income Attributable to Entergy Corporation | 451,735 | 528,367 | 580,272 | 779,174 | ||
Entergy Louisiana [Member] | ||||||
Net income | 124,479 | 253,325 | 218,857 | 364,931 | ||
Other comprehensive income (loss) | ||||||
Pension and other postretirement liabilities | (310) | (230) | (680) | (493) | ||
Other comprehensive income (loss) | (310) | (230) | (680) | (493) | ||
Total comprehensive income | $ 124,169 | $ 253,095 | $ 218,177 | $ 364,438 | ||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2017 and 2016 include $6.9 million and $10.6 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Statements Of Com9
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 10,684 | $ (34,576) | $ 10,325 | $ (39,777) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 5,839 | 2,779 | 12,216 | 3,037 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 2,870 | 19,515 | 42,164 | 37,873 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (403) | (487) | (403) | (640) |
Entergy Louisiana [Member] | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ (292) | $ (144) | $ (524) | $ (259) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, 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 with certainty 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. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim no later than June 1, 2019. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. As discussed in the Form 10-K, in April 2016 the U.S. Court of Federal Claims issued a partial judgment in the amount of $42 million in favor of Entergy Louisiana and against the DOE in the first round River Bend damages case, reserving the issue of cask loading costs pending resolution of the appeal on the same issues in the Entergy Arkansas and System Energy cases. Entergy Louisiana received payment from the U.S. Treasury in August 2016. In September 2016 the U.S. Court of Federal Claims issued a further judgment in the River Bend case in the amount of $5 million . Entergy Louisiana received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in September 2016 the U.S. Court of Federal Claims issued a judgment in the Entergy Nuclear Palisades case in the amount of $14 million , including $11 million related to costs previously capitalized and $3 million related to costs previously recorded as other operation and maintenance expense. Entergy Nuclear Palisades recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in October 2016 the U.S. Court of Federal Claims issued a judgment in the second round Entergy Nuclear Indian Point 2 case in the amount of $34 million , including $14 million related to costs previously capitalized, $15 million related to costs previously recorded as other operation and maintenance expense, $3 million related to previously recorded decommissioning expense, and $2 million related to costs previously recorded as taxes other than income taxes. Entergy Nuclear Indian Point 2 recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. 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 and Labor-related Proceedings 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 Arkansas, 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. |
Entergy Arkansas [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, 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 with certainty 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. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim no later than June 1, 2019. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. As discussed in the Form 10-K, in April 2016 the U.S. Court of Federal Claims issued a partial judgment in the amount of $42 million in favor of Entergy Louisiana and against the DOE in the first round River Bend damages case, reserving the issue of cask loading costs pending resolution of the appeal on the same issues in the Entergy Arkansas and System Energy cases. Entergy Louisiana received payment from the U.S. Treasury in August 2016. In September 2016 the U.S. Court of Federal Claims issued a further judgment in the River Bend case in the amount of $5 million . Entergy Louisiana received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in September 2016 the U.S. Court of Federal Claims issued a judgment in the Entergy Nuclear Palisades case in the amount of $14 million , including $11 million related to costs previously capitalized and $3 million related to costs previously recorded as other operation and maintenance expense. Entergy Nuclear Palisades recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in October 2016 the U.S. Court of Federal Claims issued a judgment in the second round Entergy Nuclear Indian Point 2 case in the amount of $34 million , including $14 million related to costs previously capitalized, $15 million related to costs previously recorded as other operation and maintenance expense, $3 million related to previously recorded decommissioning expense, and $2 million related to costs previously recorded as taxes other than income taxes. Entergy Nuclear Indian Point 2 recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. 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 and Labor-related Proceedings 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 Arkansas, 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. |
Entergy Louisiana [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, 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 with certainty 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. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim no later than June 1, 2019. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. As discussed in the Form 10-K, in April 2016 the U.S. Court of Federal Claims issued a partial judgment in the amount of $42 million in favor of Entergy Louisiana and against the DOE in the first round River Bend damages case, reserving the issue of cask loading costs pending resolution of the appeal on the same issues in the Entergy Arkansas and System Energy cases. Entergy Louisiana received payment from the U.S. Treasury in August 2016. In September 2016 the U.S. Court of Federal Claims issued a further judgment in the River Bend case in the amount of $5 million . Entergy Louisiana received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in September 2016 the U.S. Court of Federal Claims issued a judgment in the Entergy Nuclear Palisades case in the amount of $14 million , including $11 million related to costs previously capitalized and $3 million related to costs previously recorded as other operation and maintenance expense. Entergy Nuclear Palisades recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in October 2016 the U.S. Court of Federal Claims issued a judgment in the second round Entergy Nuclear Indian Point 2 case in the amount of $34 million , including $14 million related to costs previously capitalized, $15 million related to costs previously recorded as other operation and maintenance expense, $3 million related to previously recorded decommissioning expense, and $2 million related to costs previously recorded as taxes other than income taxes. Entergy Nuclear Indian Point 2 recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. 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 and Labor-related Proceedings 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 Arkansas, 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. |
Entergy Mississippi [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, 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 with certainty 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. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim no later than June 1, 2019. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. As discussed in the Form 10-K, in April 2016 the U.S. Court of Federal Claims issued a partial judgment in the amount of $42 million in favor of Entergy Louisiana and against the DOE in the first round River Bend damages case, reserving the issue of cask loading costs pending resolution of the appeal on the same issues in the Entergy Arkansas and System Energy cases. Entergy Louisiana received payment from the U.S. Treasury in August 2016. In September 2016 the U.S. Court of Federal Claims issued a further judgment in the River Bend case in the amount of $5 million . Entergy Louisiana received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in September 2016 the U.S. Court of Federal Claims issued a judgment in the Entergy Nuclear Palisades case in the amount of $14 million , including $11 million related to costs previously capitalized and $3 million related to costs previously recorded as other operation and maintenance expense. Entergy Nuclear Palisades recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in October 2016 the U.S. Court of Federal Claims issued a judgment in the second round Entergy Nuclear Indian Point 2 case in the amount of $34 million , including $14 million related to costs previously capitalized, $15 million related to costs previously recorded as other operation and maintenance expense, $3 million related to previously recorded decommissioning expense, and $2 million related to costs previously recorded as taxes other than income taxes. Entergy Nuclear Indian Point 2 recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. 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 and Labor-related Proceedings 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 Arkansas, 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. |
Entergy New Orleans [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, 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 with certainty 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. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim no later than June 1, 2019. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. As discussed in the Form 10-K, in April 2016 the U.S. Court of Federal Claims issued a partial judgment in the amount of $42 million in favor of Entergy Louisiana and against the DOE in the first round River Bend damages case, reserving the issue of cask loading costs pending resolution of the appeal on the same issues in the Entergy Arkansas and System Energy cases. Entergy Louisiana received payment from the U.S. Treasury in August 2016. In September 2016 the U.S. Court of Federal Claims issued a further judgment in the River Bend case in the amount of $5 million . Entergy Louisiana received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in September 2016 the U.S. Court of Federal Claims issued a judgment in the Entergy Nuclear Palisades case in the amount of $14 million , including $11 million related to costs previously capitalized and $3 million related to costs previously recorded as other operation and maintenance expense. Entergy Nuclear Palisades recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in October 2016 the U.S. Court of Federal Claims issued a judgment in the second round Entergy Nuclear Indian Point 2 case in the amount of $34 million , including $14 million related to costs previously capitalized, $15 million related to costs previously recorded as other operation and maintenance expense, $3 million related to previously recorded decommissioning expense, and $2 million related to costs previously recorded as taxes other than income taxes. Entergy Nuclear Indian Point 2 recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. 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 and Labor-related Proceedings 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 Arkansas, 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. |
Entergy Texas [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, 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 with certainty 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. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim no later than June 1, 2019. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. As discussed in the Form 10-K, in April 2016 the U.S. Court of Federal Claims issued a partial judgment in the amount of $42 million in favor of Entergy Louisiana and against the DOE in the first round River Bend damages case, reserving the issue of cask loading costs pending resolution of the appeal on the same issues in the Entergy Arkansas and System Energy cases. Entergy Louisiana received payment from the U.S. Treasury in August 2016. In September 2016 the U.S. Court of Federal Claims issued a further judgment in the River Bend case in the amount of $5 million . Entergy Louisiana received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in September 2016 the U.S. Court of Federal Claims issued a judgment in the Entergy Nuclear Palisades case in the amount of $14 million , including $11 million related to costs previously capitalized and $3 million related to costs previously recorded as other operation and maintenance expense. Entergy Nuclear Palisades recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in October 2016 the U.S. Court of Federal Claims issued a judgment in the second round Entergy Nuclear Indian Point 2 case in the amount of $34 million , including $14 million related to costs previously capitalized, $15 million related to costs previously recorded as other operation and maintenance expense, $3 million related to previously recorded decommissioning expense, and $2 million related to costs previously recorded as taxes other than income taxes. Entergy Nuclear Indian Point 2 recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. 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 and Labor-related Proceedings 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 Arkansas, 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. |
System Energy [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, 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 with certainty 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. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim no later than June 1, 2019. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. As discussed in the Form 10-K, in April 2016 the U.S. Court of Federal Claims issued a partial judgment in the amount of $42 million in favor of Entergy Louisiana and against the DOE in the first round River Bend damages case, reserving the issue of cask loading costs pending resolution of the appeal on the same issues in the Entergy Arkansas and System Energy cases. Entergy Louisiana received payment from the U.S. Treasury in August 2016. In September 2016 the U.S. Court of Federal Claims issued a further judgment in the River Bend case in the amount of $5 million . Entergy Louisiana received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in September 2016 the U.S. Court of Federal Claims issued a judgment in the Entergy Nuclear Palisades case in the amount of $14 million , including $11 million related to costs previously capitalized and $3 million related to costs previously recorded as other operation and maintenance expense. Entergy Nuclear Palisades recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. As discussed in the Form 10-K, in October 2016 the U.S. Court of Federal Claims issued a judgment in the second round Entergy Nuclear Indian Point 2 case in the amount of $34 million , including $14 million related to costs previously capitalized, $15 million related to costs previously recorded as other operation and maintenance expense, $3 million related to previously recorded decommissioning expense, and $2 million related to costs previously recorded as taxes other than income taxes. Entergy Nuclear Indian Point 2 recorded a receivable for that amount, and subsequently received payment from the U.S. Treasury in January 2017. 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 and Labor-related Proceedings 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 Arkansas, 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. |
Rate And Regulatory Matters
Rate And Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2017, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01164 per kWh to $0.01547 per kWh. The APSC staff filed testimony in March 2017 recommending that the redetermined rate should be implemented with the first billing cycle of April 2017 under the normal operation of the tariff. Accordingly, the redetermined rate went into effect on March 31, 2017 pursuant to the tariff. In July 2017 the Arkansas Attorney General requested additional information to support certain of the costs included in Entergy Arkansas’s 2017 energy cost rate redetermination. Entergy Louisiana As discussed in the Form 10-K, in June 2016 the LPSC staff provided notice of audits of Entergy Louisiana’s fuel adjustment clause filings and purchased gas adjustment clause filings. Discovery commenced in March 2017. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi attorney general filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power. The defendants have denied the allegations. In June 2017 the District Court issued a case management order setting a trial date in November 2018. Discovery is currently in progress. Entergy Texas As discussed in the Form 10-K, in July 2016, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period April 1, 2013 through March 31, 2016. In December 2016, Entergy Texas entered into a stipulation and settlement agreement resulting in a $6 million disallowance not associated with any particular issue raised and a refund of the over-recovery balance of $21 million as of November 30, 2016, to most customers beginning April 2017 through June 2017. The fuel reconciliation settlement was approved by the PUCT in March 2017 and the refunds were made. In June 2017, Entergy Texas filed an application for a fuel refund of approximately $30.7 million for the months of December 2016 through April 2017. For most customers, the refunds will flow through bills for the months of July 2017 through September 2017. Also in June 2017, the PUCT’s administrative law judge approved the refund on an interim basis. A final decision in this matter remains pending. 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 APSC 2016 Formula Rate Plan Filing As discussed in the Form 10-K, Entergy Arkansas is required to make a supplemental filing supporting the recovery of certain nuclear costs. In April 2017, Entergy Arkansas filed a motion consented to by all parties requesting that it be permitted to submit its supplemental filing in conjunction with its 2017 formula rate plan filing, which was subsequently made in July 2017 and is discussed below. In May 2017 the APSC approved the joint motion and proposal to review Entergy Arkansas’s supplemental filing on a concurrent schedule with the 2017 formula rate plan filing. In doing so, however, the APSC noted that a determination of whether the supplemental information supporting certain nuclear expenditures will be considered in the hearing for the 2017 formula rate plan filing or a separate hearing will be made at a later time. 2017 Formula Rate Plan Filing In July 2017, Entergy Arkansas filed with the APSC its 2017 formula rate plan filing showing Entergy Arkansas’s projected earned return on common equity for the twelve months ended December 31, 2018 test period to be below the formula rate plan bandwidth. The filing projected a $129.7 million revenue requirement increase to achieve Entergy Arkansas’s target earned return on common equity of 9.75% . Because the projected revenue increase exceeds the four percent annual revenue constraint for each rate class, however, Entergy Arkansas proposed a $70.9 million revenue requirement increase. Entergy Arkansas requested an order approving its proposed formula rate plan adjustment by December 13, 2017. If a final order is not issued by this date, the proposed formula rate plan adjustment will become effective January 2, 2018, subject to refund. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in September 2016, Entergy Arkansas filed an application seeking a finding from the APSC that Entergy Arkansas’s deployment of advanced metering infrastructure is in the public interest. In June 2017 the APSC staff and Arkansas Attorney General filed direct testimony. The APSC staff generally supported Entergy Arkansas’s AMI deployment conditioned on various recommendations. The Arkansas Attorney General’s consultant primarily recommended denial of Entergy Arkansas’s application but alternatively suggested recommendations in the event the APSC approves Entergy Arkansas’s proposal. Entergy Arkansas filed rebuttal testimony in June 2017, substantially accepting the APSC staff’s recommendations. In August 2017, Entergy Arkansas and the parties to the proceeding filed a joint motion to suspend the procedural schedule pending the filing with the APSC of an agreement in principle on all issues. Filings with the LPSC Retail Rates - Electric 2014 Formula Rate Plan Filing As discussed in the Form 10-K, in September 2015, Entergy Louisiana filed its formula rate plan evaluation report for Entergy Gulf States Louisiana’s and Entergy Louisiana’s 2014 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed an unopposed joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of this proceeding with no changes to rates already implemented. 2015 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2016, Entergy Louisiana filed its formula rate plan evaluation report for its 2015 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed a joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of the May 2016 evaluation report, interim updates, and corresponding proceedings with no changes to rates already implemented. Also, in November 2016, Entergy Louisiana filed with the LPSC a request to extend the MISO cost recovery mechanism rider provision of its formula rate plan. In March 2017 the LPSC staff submitted direct testimony generally supportive of a one-year extension of the MISO cost recovery mechanism and the intervenor in the proceeding does not oppose an extension for this period of time. In June 2017 an uncontested joint stipulation authorizing a one-year extension of the MISO cost recovery mechanism rider was filed and the LPSC approved the stipulation in July 2017. 2016 Formula Rate Plan Filing In May 2017, Entergy Louisiana filed its formula rate plan evaluation report for its 2016 calendar year operations. The evaluation report reflects an earned return on common equity of 9.84% . As such, no adjustment to base formula rate plan revenue is required. The following adjustments, however, are required under the formula rate plan: The 2016 formula rate plan evaluation report shows a decrease in formula rate plan revenue of approximately $16.9 million , comprised of a decrease in legacy Entergy Louisiana formula rate plan revenue of $3.5 million , a decrease in legacy Entergy Gulf States Louisiana formula rate plan revenue of $9.7 million , and a decrease in incremental formula rate plan revenue of $3.6 million . Additionally, the formula rate plan evaluation report calls for a decrease in the MISO cost recovery revenue requirement of $40.5 million , from the present level of $46.8 million to $6.3 million . Rates reflecting these adjustments will be implemented with the first billing cycle of September 2017, subject to refund, pending the review proceedings. Parties have intervened in the proceedings. No procedural schedule has been established. Waterford 3 Replacement Steam Generator Project See Note 2 to the financial statements in the Form 10-K for discussion of the Waterford 3 replacement steam generator project prudence review proceeding. The refund to customers of approximately $71 million as a result of the settlement approved by the LPSC was made to customers in January 2017. Following a review by the parties, an unopposed joint report of proceedings was filed by the LPSC staff and Entergy Louisiana in May 2017. In May 2017 the LPSC accepted the joint report of proceedings resolving the matter. Union Power Station As a term of the LPSC-approved settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station, Entergy Louisiana agreed to make a filing with the LPSC to review its decisions to deactivate Ninemile 3 and Willow Glen 2 and 4 and its decision to retire Little Gypsy 1. In January 2016, Entergy Louisiana made its compliance filing with the LPSC. Entergy Louisiana, LPSC staff, and intervenors participated in a technical conference in March 2016 where Entergy Louisiana presented information on its deactivation/retirement decisions for these four units in addition to information on the current deactivation decisions for the ten-year planning horizon. Parties have requested further proceedings on the prudence of the decision to deactivate Willow Glen 2 and 4. No party contests the prudence of the decision to deactivate Willow Glen 2 and 4 or suggests reactivation of these units; however, issues have been raised related to Entergy Louisiana’s decision to give up its transmission service rights in MISO for Willow Glen 2 and 4 rather than placing the units into suspended status for the three year term permitted by MISO. This matter is pending before an ALJ, with an evidentiary hearing scheduled in August 2017. Retail Rates - Gas 2016 Rate Stabilization Plan Filing In January 2017, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2016. The filing of the evaluation report for test year 2016 reflected an earned return on common equity of 6.37% . As part of the original filing, pursuant to the extraordinary cost provision of the rate stabilization plan, Entergy Louisiana sought to recover approximately $1.5 million in deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016. Entergy Louisiana requested to recover the prudently incurred August 2016 storm restoration costs over ten years, outside of the rate stabilization plan sharing provisions. As a result, Entergy Louisiana’s filing sought an annual increase in revenue of $1.4 million . Following review of the filing, except for the proposed extraordinary cost recovery, the LPSC staff confirmed Entergy Louisiana’s filing was consistent with the principles and requirements of the rate stabilization plan. The extraordinary cost recovery request associated with the 2016 flood-related deferred operation and maintenance expenses incurred for gas operations was removed from the rate stabilization plan pending LPSC consideration in a separate docket. In April 2017 the LPSC approved a joint report of proceedings and Entergy Louisiana submitted a revised evaluation report reflecting a $1.2 million annual increase in revenue with rates implemented with the first billing cycle of May 2017. In connection with the joint report of proceedings accepted by the LPSC, in May 2017, Entergy Louisiana filed an application to initiate a separate proceeding to recover the deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016 through the extraordinary cost provision of the gas rate stabilization plan. A procedural schedule has been established, with a hearing in November 2017. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Louisiana filed an application seeking a finding from the LPSC that Entergy Louisiana’s deployment of advanced electric and gas metering infrastructure is in the public interest. The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge. In July 2017 the LPSC approved the stipulation. Filings with the MPSC Formula Rate Plan In March 2017, Entergy Mississippi submitted its formula rate plan 2017 test year filing and 2016 look-back filing showing Entergy Mississippi’s earned return for the historical 2016 calendar year and projected earned return for the 2017 calendar year to be within the formula rate plan bandwidth, resulting in no change in rates. In June 2017, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a stipulation that confirmed that Entergy Mississippi’s earned returns for both the 2016 look-back filing and 2017 test year were within the respective formula rate plan bandwidths. In June 2017 the MPSC approved the stipulation, which resulted in no change in rates. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Mississippi filed an application seeking a finding from the MPSC that Entergy Mississippi’s deployment of advanced metering infrastructure is in the public interest. In May 2017 the Mississippi Public Utilities Staff and Entergy Mississippi entered into and filed a joint stipulation supporting Entergy Mississippi’s filing, and the MPSC issued an order approving the filing without any material changes, finding that Entergy Mississippi’s deployment of AMI is in the public interest and granting a certificate of public convenience and necessity. The MPSC order also confirmed that Entergy Mississippi shall continue to include in rate base the remaining book value of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Filings with the City Council Retail Rates As discussed in the Form 10-K, in February 2017, Entergy New Orleans filed a proposed implementation plan for the Energy Smart program from April 2017 through March 2020. As part of the proposal, Entergy New Orleans requested that the City Council identify its desired level of funding for the program during this time period and approve a cost recovery mechanism. In April 2017 the City Council approved an implementation plan for the Energy Smart program from April 2017 through December 2019. The City Council directed that the $11.8 million balance reported for Energy Smart funds be used to continue funding the program for Entergy New Orleans’s legacy customers and that the Energy Smart Algiers program continue to be funded through the Algiers fuel adjustment clause, until additional customer funding is required for the legacy customers. The City Council ordered Entergy New Orleans to submit a supplemental and amended implementation plan for program years 8 and 9 of the Energy Smart program (January 2018 through December 2019) in October 2017. Following that filing, the City Council will determine a specific cost recovery mechanism for the program for both legacy and Algiers customers. The City Council will not permit Entergy New Orleans to recover lost contribution to fixed costs for program years 7, 8, or 9 of the Energy Smart program. Internal Restructuring As discussed in the Form 10-K, in July 2016, Entergy New Orleans filed an application with the City Council seeking authorization to undertake a restructuring that would result in the transfer of substantially all of the assets and operations of Entergy New Orleans to a new entity, which would ultimately be owned by an existing Entergy subsidiary holding company. In May 2017 the City Council adopted a resolution approving the proposed internal restructuring pursuant to an agreement in principle with the City Council advisors and certain intervenors. Pursuant to the agreement in principle, Entergy New Orleans will credit retail customers $10 million in 2017, $1.4 million in the first quarter of the year after the transaction closes, and $117,500 each month in the second year after the transaction closes until such time as new base rates go into effect as a result of the anticipated 2018 base rate case. Entergy New Orleans began crediting retail customers in June 2017. Also pursuant to the agreement in principle, if FERC approval is received prior to December 31, 2018, Entergy New Orleans will provide additional credits to retail customers of $5 million in each of the years 2018, 2019, and 2020. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in October 2016, Entergy New Orleans filed an application seeking a finding from the City Council that Entergy New Orleans’s deployment of advanced electric and gas metering infrastructure is in the public interest. In April 2017, Entergy New Orleans received intervenor testimony that was generally supportive of AMI deployment. The City Council’s advisors filed testimony in May 2017 recommending the adoption of AMI subject to certain modifications, including the denial of Entergy New Orleans’s proposed customer charge as a cost recovery mechanism. In June 2017 the procedural schedule was suspended to allow for settlement discussions. A settlement status conference is scheduled for August 2017. Filings with the PUCT Other Filings In September 2016, Entergy Texas filed with the PUCT a request to amend its transmission cost recovery factor (TCRF) rider. The proposed amended TCRF rider is designed to collect approximately $29.5 million annually from Entergy Texas’s retail customers. This amount includes the approximately $10.5 million annually that Entergy Texas is currently authorized to collect through the TCRF rider. In September 2016 the PUCT suspended the effective date of the tariff change to March 2017. In December 2016, Entergy Texas and the PUCT reached a settlement agreeing to the amended TCRF annual revenue requirement of $29.5 million . The PUCT approved the settlement and issued a final order in March 2017. Entergy Texas implemented the amended TCRF rider beginning with bills covering usage on and after March 20, 2017. In June 2017, Entergy Texas filed an application to amend its distribution cost recovery factor (DCRF) rider by increasing the total collection from $8.65 million to approximately $19 million . In July 2017, Entergy Texas, the PUCT, and the two other parties in the proceeding entered into an unopposed stipulation and settlement agreement resulting in an amended DCRF annual revenue requirement of $18.3 million , with the resulting rates effective for usage no later than October 1, 2017. PUCT action on the stipulation and settlement agreement remains pending. Advanced Metering Infrastructure (AMI) Filing In its most recent regular session, the Texas legislature enacted legislation that extends statutory support for AMI deployment to Entergy Texas and directs that if Entergy Texas elects to deploy AMI, it shall do so as rapidly as practicable. In July 2017, Entergy Texas filed an application seeking an order from the PUCT approving Entergy Texas’s deployment of AMI. Entergy Texas proposed to replace existing meters with advanced meters that enable two-way data communication; design and build a secure and reliable network to support such communications; and implement support systems. AMI is intended to serve as the foundation of Entergy Texas’s modernized power grid. The filing identified a number of quantified and unquantified benefits, with Entergy Texas showing that its AMI deployment is expected to produce nominal net operational cost savings to customers of $33 million . Entergy Texas also sought to continue to include in rate base the remaining book value, approximately $41 million at December 31, 2016, of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Entergy Texas proposed a seven-year depreciable life for the new advanced meters, the three-year deployment of which is expected to begin in 2019. Entergy Texas also proposed a surcharge tariff to recover the reasonable and necessary costs it has and will incur under the deployment plan for the full deployment of advanced meters. Further, Entergy Texas is seeking approval of fees that would be charged to customers who choose to opt out of receiving service through an advanced meter and instead receive electric service with a non-standard meter. Subject to approval by the PUCT, deployment of the communications network is expected to begin in 2018. Entergy Texas expects a decision from the PUCT by December 2017. System Agreement Cost Equalization Proceedings See the Form 10-K for a discussion of the litigation involving the System Agreement at the FERC and in federal courts. Entergy Arkansas Opportunity Sales Proceedings As discussed in the Form 10-K, in June 2009 the LPSC filed a complaint requesting that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocated the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibited sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. The LPSC’s complaint challenges sales made beginning in 2002 and requests refunds. In April 2016 the FERC issued orders addressing requests for rehearing filed in July 2012 and an ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s August 2013 initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. In May 2016, Entergy Services filed a request for rehearing of the FERC’s April 2016 order addressing the requests for rehearing filed in July 2012. Entergy Services also filed a request for clarification and/or rehearing of the FERC’s April 2016 order addressing the ALJ’s August 2013 initial decision. The APSC and the LPSC also filed requests for rehearing of the FERC’s April 2016 order. The rehearing and clarification requests filed in May 2016 are pending FERC action. Pursuant to the procedural schedule established in the case, Entergy Services re-ran intra-system bills for the ten-year period 2000-2009 to quantify the effects of the FERC's ruling. In November 2016 the LPSC submitted testimony disputing certain aspects of the calculations, and Entergy Services submitted answering testimony in January 2017. In February 2017 the FERC staff filed testimony and Entergy Services filed responsive testimony. In March 2017 the LPSC filed rebuttal testimony. A hearing was held in May 2017. In July 2017, the ALJ issued an initial decision concluding that Entergy Arkansas should pay $86 million plus interest to the other Utility operating companies. The Utility operating companies have the opportunity to challenge the ALJ’s initial decision by filing a brief on exceptions with the FERC. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing the initial decision and Entergy submits a subsequent filing to comply with that order. The effect of the FERC’s decisions thus far in the case would be that Entergy Arkansas will make payments to some or all of the other Utility operating companies. Because further proceedings will still occur in the case, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case and its assessment of the April 2016 FERC orders, in the first quarter 2016, Entergy Arkansas recorded a liability of $87 million , which includes interest, for its estimated increased costs and payment to the other Utility operating companies. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case, including its review of the July 2017 initial decision. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Entergy Arkansas, therefore, recorded a regulatory asset in the first quarter 2016 of approximately $75 million , which represents its estimate of the retail portion of the costs. Complaint Against System Energy In January 2017 the APSC and MPSC filed a complaint with the FERC against System Energy. The complaint seeks a reduction in the return on equity component of the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. Entergy Arkansas also sells some of its Grand Gulf capacity and energy to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under separate agreements. The current return on equity under the Unit Power Sales Agreement is 10.94% . The complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive. The complaint requests the FERC to institute proceedings to investigate the return on equity and establish a lower return on equity, and also requests that the FERC establish January 23, 2017 as a refund effective date. The complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for System Energy is between 8.37% and 8.67% . System Energy answered the complaint in February 2017 and disputes that a return on equity of 8.37% to 8.67% is just and reasonable. The LPSC and the City Council intervened in the proceeding expressing support for the complaint. System Energy is recording a provision against revenue for the potential outcome of this proceeding. Action by the FERC is pending. Unit Power Sales Agreement In August 2017, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. The filing proposes limited amendments to the Unit Power Sales Agreement to adopt (1) updated rates for use in calculating Grand Gulf plant depreciation and amortization expenses and (2) updated nuclear decommissioning cost annual revenue requirements, both of which are recovered through the Unit Power Sales Agreement rate formula. The proposed amendments would result in lower charges to the Utility operating companies that buy capacity and energy from System Energy under the Unit Power Sales Agreement. The proposed changes are based on updated depreciation and nuclear decommissioning studies that take into account the renewal of Grand Gulf’s operating license for a term through November 1, 2044. System Energy requested that the FERC accept the amendments effective October 1, 2017. Action by the FERC is pending. |
Entergy Arkansas [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2017, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01164 per kWh to $0.01547 per kWh. The APSC staff filed testimony in March 2017 recommending that the redetermined rate should be implemented with the first billing cycle of April 2017 under the normal operation of the tariff. Accordingly, the redetermined rate went into effect on March 31, 2017 pursuant to the tariff. In July 2017 the Arkansas Attorney General requested additional information to support certain of the costs included in Entergy Arkansas’s 2017 energy cost rate redetermination. Entergy Louisiana As discussed in the Form 10-K, in June 2016 the LPSC staff provided notice of audits of Entergy Louisiana’s fuel adjustment clause filings and purchased gas adjustment clause filings. Discovery commenced in March 2017. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi attorney general filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power. The defendants have denied the allegations. In June 2017 the District Court issued a case management order setting a trial date in November 2018. Discovery is currently in progress. Entergy Texas As discussed in the Form 10-K, in July 2016, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period April 1, 2013 through March 31, 2016. In December 2016, Entergy Texas entered into a stipulation and settlement agreement resulting in a $6 million disallowance not associated with any particular issue raised and a refund of the over-recovery balance of $21 million as of November 30, 2016, to most customers beginning April 2017 through June 2017. The fuel reconciliation settlement was approved by the PUCT in March 2017 and the refunds were made. In June 2017, Entergy Texas filed an application for a fuel refund of approximately $30.7 million for the months of December 2016 through April 2017. For most customers, the refunds will flow through bills for the months of July 2017 through September 2017. Also in June 2017, the PUCT’s administrative law judge approved the refund on an interim basis. A final decision in this matter remains pending. 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 APSC 2016 Formula Rate Plan Filing As discussed in the Form 10-K, Entergy Arkansas is required to make a supplemental filing supporting the recovery of certain nuclear costs. In April 2017, Entergy Arkansas filed a motion consented to by all parties requesting that it be permitted to submit its supplemental filing in conjunction with its 2017 formula rate plan filing, which was subsequently made in July 2017 and is discussed below. In May 2017 the APSC approved the joint motion and proposal to review Entergy Arkansas’s supplemental filing on a concurrent schedule with the 2017 formula rate plan filing. In doing so, however, the APSC noted that a determination of whether the supplemental information supporting certain nuclear expenditures will be considered in the hearing for the 2017 formula rate plan filing or a separate hearing will be made at a later time. 2017 Formula Rate Plan Filing In July 2017, Entergy Arkansas filed with the APSC its 2017 formula rate plan filing showing Entergy Arkansas’s projected earned return on common equity for the twelve months ended December 31, 2018 test period to be below the formula rate plan bandwidth. The filing projected a $129.7 million revenue requirement increase to achieve Entergy Arkansas’s target earned return on common equity of 9.75% . Because the projected revenue increase exceeds the four percent annual revenue constraint for each rate class, however, Entergy Arkansas proposed a $70.9 million revenue requirement increase. Entergy Arkansas requested an order approving its proposed formula rate plan adjustment by December 13, 2017. If a final order is not issued by this date, the proposed formula rate plan adjustment will become effective January 2, 2018, subject to refund. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in September 2016, Entergy Arkansas filed an application seeking a finding from the APSC that Entergy Arkansas’s deployment of advanced metering infrastructure is in the public interest. In June 2017 the APSC staff and Arkansas Attorney General filed direct testimony. The APSC staff generally supported Entergy Arkansas’s AMI deployment conditioned on various recommendations. The Arkansas Attorney General’s consultant primarily recommended denial of Entergy Arkansas’s application but alternatively suggested recommendations in the event the APSC approves Entergy Arkansas’s proposal. Entergy Arkansas filed rebuttal testimony in June 2017, substantially accepting the APSC staff’s recommendations. In August 2017, Entergy Arkansas and the parties to the proceeding filed a joint motion to suspend the procedural schedule pending the filing with the APSC of an agreement in principle on all issues. Filings with the LPSC Retail Rates - Electric 2014 Formula Rate Plan Filing As discussed in the Form 10-K, in September 2015, Entergy Louisiana filed its formula rate plan evaluation report for Entergy Gulf States Louisiana’s and Entergy Louisiana’s 2014 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed an unopposed joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of this proceeding with no changes to rates already implemented. 2015 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2016, Entergy Louisiana filed its formula rate plan evaluation report for its 2015 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed a joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of the May 2016 evaluation report, interim updates, and corresponding proceedings with no changes to rates already implemented. Also, in November 2016, Entergy Louisiana filed with the LPSC a request to extend the MISO cost recovery mechanism rider provision of its formula rate plan. In March 2017 the LPSC staff submitted direct testimony generally supportive of a one-year extension of the MISO cost recovery mechanism and the intervenor in the proceeding does not oppose an extension for this period of time. In June 2017 an uncontested joint stipulation authorizing a one-year extension of the MISO cost recovery mechanism rider was filed and the LPSC approved the stipulation in July 2017. 2016 Formula Rate Plan Filing In May 2017, Entergy Louisiana filed its formula rate plan evaluation report for its 2016 calendar year operations. The evaluation report reflects an earned return on common equity of 9.84% . As such, no adjustment to base formula rate plan revenue is required. The following adjustments, however, are required under the formula rate plan: The 2016 formula rate plan evaluation report shows a decrease in formula rate plan revenue of approximately $16.9 million , comprised of a decrease in legacy Entergy Louisiana formula rate plan revenue of $3.5 million , a decrease in legacy Entergy Gulf States Louisiana formula rate plan revenue of $9.7 million , and a decrease in incremental formula rate plan revenue of $3.6 million . Additionally, the formula rate plan evaluation report calls for a decrease in the MISO cost recovery revenue requirement of $40.5 million , from the present level of $46.8 million to $6.3 million . Rates reflecting these adjustments will be implemented with the first billing cycle of September 2017, subject to refund, pending the review proceedings. Parties have intervened in the proceedings. No procedural schedule has been established. Waterford 3 Replacement Steam Generator Project See Note 2 to the financial statements in the Form 10-K for discussion of the Waterford 3 replacement steam generator project prudence review proceeding. The refund to customers of approximately $71 million as a result of the settlement approved by the LPSC was made to customers in January 2017. Following a review by the parties, an unopposed joint report of proceedings was filed by the LPSC staff and Entergy Louisiana in May 2017. In May 2017 the LPSC accepted the joint report of proceedings resolving the matter. Union Power Station As a term of the LPSC-approved settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station, Entergy Louisiana agreed to make a filing with the LPSC to review its decisions to deactivate Ninemile 3 and Willow Glen 2 and 4 and its decision to retire Little Gypsy 1. In January 2016, Entergy Louisiana made its compliance filing with the LPSC. Entergy Louisiana, LPSC staff, and intervenors participated in a technical conference in March 2016 where Entergy Louisiana presented information on its deactivation/retirement decisions for these four units in addition to information on the current deactivation decisions for the ten-year planning horizon. Parties have requested further proceedings on the prudence of the decision to deactivate Willow Glen 2 and 4. No party contests the prudence of the decision to deactivate Willow Glen 2 and 4 or suggests reactivation of these units; however, issues have been raised related to Entergy Louisiana’s decision to give up its transmission service rights in MISO for Willow Glen 2 and 4 rather than placing the units into suspended status for the three year term permitted by MISO. This matter is pending before an ALJ, with an evidentiary hearing scheduled in August 2017. Retail Rates - Gas 2016 Rate Stabilization Plan Filing In January 2017, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2016. The filing of the evaluation report for test year 2016 reflected an earned return on common equity of 6.37% . As part of the original filing, pursuant to the extraordinary cost provision of the rate stabilization plan, Entergy Louisiana sought to recover approximately $1.5 million in deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016. Entergy Louisiana requested to recover the prudently incurred August 2016 storm restoration costs over ten years, outside of the rate stabilization plan sharing provisions. As a result, Entergy Louisiana’s filing sought an annual increase in revenue of $1.4 million . Following review of the filing, except for the proposed extraordinary cost recovery, the LPSC staff confirmed Entergy Louisiana’s filing was consistent with the principles and requirements of the rate stabilization plan. The extraordinary cost recovery request associated with the 2016 flood-related deferred operation and maintenance expenses incurred for gas operations was removed from the rate stabilization plan pending LPSC consideration in a separate docket. In April 2017 the LPSC approved a joint report of proceedings and Entergy Louisiana submitted a revised evaluation report reflecting a $1.2 million annual increase in revenue with rates implemented with the first billing cycle of May 2017. In connection with the joint report of proceedings accepted by the LPSC, in May 2017, Entergy Louisiana filed an application to initiate a separate proceeding to recover the deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016 through the extraordinary cost provision of the gas rate stabilization plan. A procedural schedule has been established, with a hearing in November 2017. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Louisiana filed an application seeking a finding from the LPSC that Entergy Louisiana’s deployment of advanced electric and gas metering infrastructure is in the public interest. The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge. In July 2017 the LPSC approved the stipulation. Filings with the MPSC Formula Rate Plan In March 2017, Entergy Mississippi submitted its formula rate plan 2017 test year filing and 2016 look-back filing showing Entergy Mississippi’s earned return for the historical 2016 calendar year and projected earned return for the 2017 calendar year to be within the formula rate plan bandwidth, resulting in no change in rates. In June 2017, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a stipulation that confirmed that Entergy Mississippi’s earned returns for both the 2016 look-back filing and 2017 test year were within the respective formula rate plan bandwidths. In June 2017 the MPSC approved the stipulation, which resulted in no change in rates. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Mississippi filed an application seeking a finding from the MPSC that Entergy Mississippi’s deployment of advanced metering infrastructure is in the public interest. In May 2017 the Mississippi Public Utilities Staff and Entergy Mississippi entered into and filed a joint stipulation supporting Entergy Mississippi’s filing, and the MPSC issued an order approving the filing without any material changes, finding that Entergy Mississippi’s deployment of AMI is in the public interest and granting a certificate of public convenience and necessity. The MPSC order also confirmed that Entergy Mississippi shall continue to include in rate base the remaining book value of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Filings with the City Council Retail Rates As discussed in the Form 10-K, in February 2017, Entergy New Orleans filed a proposed implementation plan for the Energy Smart program from April 2017 through March 2020. As part of the proposal, Entergy New Orleans requested that the City Council identify its desired level of funding for the program during this time period and approve a cost recovery mechanism. In April 2017 the City Council approved an implementation plan for the Energy Smart program from April 2017 through December 2019. The City Council directed that the $11.8 million balance reported for Energy Smart funds be used to continue funding the program for Entergy New Orleans’s legacy customers and that the Energy Smart Algiers program continue to be funded through the Algiers fuel adjustment clause, until additional customer funding is required for the legacy customers. The City Council ordered Entergy New Orleans to submit a supplemental and amended implementation plan for program years 8 and 9 of the Energy Smart program (January 2018 through December 2019) in October 2017. Following that filing, the City Council will determine a specific cost recovery mechanism for the program for both legacy and Algiers customers. The City Council will not permit Entergy New Orleans to recover lost contribution to fixed costs for program years 7, 8, or 9 of the Energy Smart program. Internal Restructuring As discussed in the Form 10-K, in July 2016, Entergy New Orleans filed an application with the City Council seeking authorization to undertake a restructuring that would result in the transfer of substantially all of the assets and operations of Entergy New Orleans to a new entity, which would ultimately be owned by an existing Entergy subsidiary holding company. In May 2017 the City Council adopted a resolution approving the proposed internal restructuring pursuant to an agreement in principle with the City Council advisors and certain intervenors. Pursuant to the agreement in principle, Entergy New Orleans will credit retail customers $10 million in 2017, $1.4 million in the first quarter of the year after the transaction closes, and $117,500 each month in the second year after the transaction closes until such time as new base rates go into effect as a result of the anticipated 2018 base rate case. Entergy New Orleans began crediting retail customers in June 2017. Also pursuant to the agreement in principle, if FERC approval is received prior to December 31, 2018, Entergy New Orleans will provide additional credits to retail customers of $5 million in each of the years 2018, 2019, and 2020. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in October 2016, Entergy New Orleans filed an application seeking a finding from the City Council that Entergy New Orleans’s deployment of advanced electric and gas metering infrastructure is in the public interest. In April 2017, Entergy New Orleans received intervenor testimony that was generally supportive of AMI deployment. The City Council’s advisors filed testimony in May 2017 recommending the adoption of AMI subject to certain modifications, including the denial of Entergy New Orleans’s proposed customer charge as a cost recovery mechanism. In June 2017 the procedural schedule was suspended to allow for settlement discussions. A settlement status conference is scheduled for August 2017. Filings with the PUCT Other Filings In September 2016, Entergy Texas filed with the PUCT a request to amend its transmission cost recovery factor (TCRF) rider. The proposed amended TCRF rider is designed to collect approximately $29.5 million annually from Entergy Texas’s retail customers. This amount includes the approximately $10.5 million annually that Entergy Texas is currently authorized to collect through the TCRF rider. In September 2016 the PUCT suspended the effective date of the tariff change to March 2017. In December 2016, Entergy Texas and the PUCT reached a settlement agreeing to the amended TCRF annual revenue requirement of $29.5 million . The PUCT approved the settlement and issued a final order in March 2017. Entergy Texas implemented the amended TCRF rider beginning with bills covering usage on and after March 20, 2017. In June 2017, Entergy Texas filed an application to amend its distribution cost recovery factor (DCRF) rider by increasing the total collection from $8.65 million to approximately $19 million . In July 2017, Entergy Texas, the PUCT, and the two other parties in the proceeding entered into an unopposed stipulation and settlement agreement resulting in an amended DCRF annual revenue requirement of $18.3 million , with the resulting rates effective for usage no later than October 1, 2017. PUCT action on the stipulation and settlement agreement remains pending. Advanced Metering Infrastructure (AMI) Filing In its most recent regular session, the Texas legislature enacted legislation that extends statutory support for AMI deployment to Entergy Texas and directs that if Entergy Texas elects to deploy AMI, it shall do so as rapidly as practicable. In July 2017, Entergy Texas filed an application seeking an order from the PUCT approving Entergy Texas’s deployment of AMI. Entergy Texas proposed to replace existing meters with advanced meters that enable two-way data communication; design and build a secure and reliable network to support such communications; and implement support systems. AMI is intended to serve as the foundation of Entergy Texas’s modernized power grid. The filing identified a number of quantified and unquantified benefits, with Entergy Texas showing that its AMI deployment is expected to produce nominal net operational cost savings to customers of $33 million . Entergy Texas also sought to continue to include in rate base the remaining book value, approximately $41 million at December 31, 2016, of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Entergy Texas proposed a seven-year depreciable life for the new advanced meters, the three-year deployment of which is expected to begin in 2019. Entergy Texas also proposed a surcharge tariff to recover the reasonable and necessary costs it has and will incur under the deployment plan for the full deployment of advanced meters. Further, Entergy Texas is seeking approval of fees that would be charged to customers who choose to opt out of receiving service through an advanced meter and instead receive electric service with a non-standard meter. Subject to approval by the PUCT, deployment of the communications network is expected to begin in 2018. Entergy Texas expects a decision from the PUCT by December 2017. System Agreement Cost Equalization Proceedings See the Form 10-K for a discussion of the litigation involving the System Agreement at the FERC and in federal courts. Entergy Arkansas Opportunity Sales Proceedings As discussed in the Form 10-K, in June 2009 the LPSC filed a complaint requesting that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocated the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibited sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. The LPSC’s complaint challenges sales made beginning in 2002 and requests refunds. In April 2016 the FERC issued orders addressing requests for rehearing filed in July 2012 and an ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s August 2013 initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. In May 2016, Entergy Services filed a request for rehearing of the FERC’s April 2016 order addressing the requests for rehearing filed in July 2012. Entergy Services also filed a request for clarification and/or rehearing of the FERC’s April 2016 order addressing the ALJ’s August 2013 initial decision. The APSC and the LPSC also filed requests for rehearing of the FERC’s April 2016 order. The rehearing and clarification requests filed in May 2016 are pending FERC action. Pursuant to the procedural schedule established in the case, Entergy Services re-ran intra-system bills for the ten-year period 2000-2009 to quantify the effects of the FERC's ruling. In November 2016 the LPSC submitted testimony disputing certain aspects of the calculations, and Entergy Services submitted answering testimony in January 2017. In February 2017 the FERC staff filed testimony and Entergy Services filed responsive testimony. In March 2017 the LPSC filed rebuttal testimony. A hearing was held in May 2017. In July 2017, the ALJ issued an initial decision concluding that Entergy Arkansas should pay $86 million plus interest to the other Utility operating companies. The Utility operating companies have the opportunity to challenge the ALJ’s initial decision by filing a brief on exceptions with the FERC. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing the initial decision and Entergy submits a subsequent filing to comply with that order. The effect of the FERC’s decisions thus far in the case would be that Entergy Arkansas will make payments to some or all of the other Utility operating companies. Because further proceedings will still occur in the case, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case and its assessment of the April 2016 FERC orders, in the first quarter 2016, Entergy Arkansas recorded a liability of $87 million , which includes interest, for its estimated increased costs and payment to the other Utility operating companies. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case, including its review of the July 2017 initial decision. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Entergy Arkansas, therefore, recorded a regulatory asset in the first quarter 2016 of approximately $75 million , which represents its estimate of the retail portion of the costs. Complaint Against System Energy In January 2017 the APSC and MPSC filed a complaint with the FERC against System Energy. The complaint seeks a reduction in the return on equity component of the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. Entergy Arkansas also sells some of its Grand Gulf capacity and energy to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under separate agreements. The current return on equity under the Unit Power Sales Agreement is 10.94% . The complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive. The complaint requests the FERC to institute proceedings to investigate the return on equity and establish a lower return on equity, and also requests that the FERC establish January 23, 2017 as a refund effective date. The complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for System Energy is between 8.37% and 8.67% . System Energy answered the complaint in February 2017 and disputes that a return on equity of 8.37% to 8.67% is just and reasonable. The LPSC and the City Council intervened in the proceeding expressing support for the complaint. System Energy is recording a provision against revenue for the potential outcome of this proceeding. Action by the FERC is pending. Unit Power Sales Agreement In August 2017, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. The filing proposes limited amendments to the Unit Power Sales Agreement to adopt (1) updated rates for use in calculating Grand Gulf plant depreciation and amortization expenses and (2) updated nuclear decommissioning cost annual revenue requirements, both of which are recovered through the Unit Power Sales Agreement rate formula. The proposed amendments would result in lower charges to the Utility operating companies that buy capacity and energy from System Energy under the Unit Power Sales Agreement. The proposed changes are based on updated depreciation and nuclear decommissioning studies that take into account the renewal of Grand Gulf’s operating license for a term through November 1, 2044. System Energy requested that the FERC accept the amendments effective October 1, 2017. Action by the FERC is pending. |
Entergy Louisiana [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2017, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01164 per kWh to $0.01547 per kWh. The APSC staff filed testimony in March 2017 recommending that the redetermined rate should be implemented with the first billing cycle of April 2017 under the normal operation of the tariff. Accordingly, the redetermined rate went into effect on March 31, 2017 pursuant to the tariff. In July 2017 the Arkansas Attorney General requested additional information to support certain of the costs included in Entergy Arkansas’s 2017 energy cost rate redetermination. Entergy Louisiana As discussed in the Form 10-K, in June 2016 the LPSC staff provided notice of audits of Entergy Louisiana’s fuel adjustment clause filings and purchased gas adjustment clause filings. Discovery commenced in March 2017. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi attorney general filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power. The defendants have denied the allegations. In June 2017 the District Court issued a case management order setting a trial date in November 2018. Discovery is currently in progress. Entergy Texas As discussed in the Form 10-K, in July 2016, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period April 1, 2013 through March 31, 2016. In December 2016, Entergy Texas entered into a stipulation and settlement agreement resulting in a $6 million disallowance not associated with any particular issue raised and a refund of the over-recovery balance of $21 million as of November 30, 2016, to most customers beginning April 2017 through June 2017. The fuel reconciliation settlement was approved by the PUCT in March 2017 and the refunds were made. In June 2017, Entergy Texas filed an application for a fuel refund of approximately $30.7 million for the months of December 2016 through April 2017. For most customers, the refunds will flow through bills for the months of July 2017 through September 2017. Also in June 2017, the PUCT’s administrative law judge approved the refund on an interim basis. A final decision in this matter remains pending. 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 APSC 2016 Formula Rate Plan Filing As discussed in the Form 10-K, Entergy Arkansas is required to make a supplemental filing supporting the recovery of certain nuclear costs. In April 2017, Entergy Arkansas filed a motion consented to by all parties requesting that it be permitted to submit its supplemental filing in conjunction with its 2017 formula rate plan filing, which was subsequently made in July 2017 and is discussed below. In May 2017 the APSC approved the joint motion and proposal to review Entergy Arkansas’s supplemental filing on a concurrent schedule with the 2017 formula rate plan filing. In doing so, however, the APSC noted that a determination of whether the supplemental information supporting certain nuclear expenditures will be considered in the hearing for the 2017 formula rate plan filing or a separate hearing will be made at a later time. 2017 Formula Rate Plan Filing In July 2017, Entergy Arkansas filed with the APSC its 2017 formula rate plan filing showing Entergy Arkansas’s projected earned return on common equity for the twelve months ended December 31, 2018 test period to be below the formula rate plan bandwidth. The filing projected a $129.7 million revenue requirement increase to achieve Entergy Arkansas’s target earned return on common equity of 9.75% . Because the projected revenue increase exceeds the four percent annual revenue constraint for each rate class, however, Entergy Arkansas proposed a $70.9 million revenue requirement increase. Entergy Arkansas requested an order approving its proposed formula rate plan adjustment by December 13, 2017. If a final order is not issued by this date, the proposed formula rate plan adjustment will become effective January 2, 2018, subject to refund. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in September 2016, Entergy Arkansas filed an application seeking a finding from the APSC that Entergy Arkansas’s deployment of advanced metering infrastructure is in the public interest. In June 2017 the APSC staff and Arkansas Attorney General filed direct testimony. The APSC staff generally supported Entergy Arkansas’s AMI deployment conditioned on various recommendations. The Arkansas Attorney General’s consultant primarily recommended denial of Entergy Arkansas’s application but alternatively suggested recommendations in the event the APSC approves Entergy Arkansas’s proposal. Entergy Arkansas filed rebuttal testimony in June 2017, substantially accepting the APSC staff’s recommendations. In August 2017, Entergy Arkansas and the parties to the proceeding filed a joint motion to suspend the procedural schedule pending the filing with the APSC of an agreement in principle on all issues. Filings with the LPSC Retail Rates - Electric 2014 Formula Rate Plan Filing As discussed in the Form 10-K, in September 2015, Entergy Louisiana filed its formula rate plan evaluation report for Entergy Gulf States Louisiana’s and Entergy Louisiana’s 2014 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed an unopposed joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of this proceeding with no changes to rates already implemented. 2015 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2016, Entergy Louisiana filed its formula rate plan evaluation report for its 2015 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed a joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of the May 2016 evaluation report, interim updates, and corresponding proceedings with no changes to rates already implemented. Also, in November 2016, Entergy Louisiana filed with the LPSC a request to extend the MISO cost recovery mechanism rider provision of its formula rate plan. In March 2017 the LPSC staff submitted direct testimony generally supportive of a one-year extension of the MISO cost recovery mechanism and the intervenor in the proceeding does not oppose an extension for this period of time. In June 2017 an uncontested joint stipulation authorizing a one-year extension of the MISO cost recovery mechanism rider was filed and the LPSC approved the stipulation in July 2017. 2016 Formula Rate Plan Filing In May 2017, Entergy Louisiana filed its formula rate plan evaluation report for its 2016 calendar year operations. The evaluation report reflects an earned return on common equity of 9.84% . As such, no adjustment to base formula rate plan revenue is required. The following adjustments, however, are required under the formula rate plan: The 2016 formula rate plan evaluation report shows a decrease in formula rate plan revenue of approximately $16.9 million , comprised of a decrease in legacy Entergy Louisiana formula rate plan revenue of $3.5 million , a decrease in legacy Entergy Gulf States Louisiana formula rate plan revenue of $9.7 million , and a decrease in incremental formula rate plan revenue of $3.6 million . Additionally, the formula rate plan evaluation report calls for a decrease in the MISO cost recovery revenue requirement of $40.5 million , from the present level of $46.8 million to $6.3 million . Rates reflecting these adjustments will be implemented with the first billing cycle of September 2017, subject to refund, pending the review proceedings. Parties have intervened in the proceedings. No procedural schedule has been established. Waterford 3 Replacement Steam Generator Project See Note 2 to the financial statements in the Form 10-K for discussion of the Waterford 3 replacement steam generator project prudence review proceeding. The refund to customers of approximately $71 million as a result of the settlement approved by the LPSC was made to customers in January 2017. Following a review by the parties, an unopposed joint report of proceedings was filed by the LPSC staff and Entergy Louisiana in May 2017. In May 2017 the LPSC accepted the joint report of proceedings resolving the matter. Union Power Station As a term of the LPSC-approved settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station, Entergy Louisiana agreed to make a filing with the LPSC to review its decisions to deactivate Ninemile 3 and Willow Glen 2 and 4 and its decision to retire Little Gypsy 1. In January 2016, Entergy Louisiana made its compliance filing with the LPSC. Entergy Louisiana, LPSC staff, and intervenors participated in a technical conference in March 2016 where Entergy Louisiana presented information on its deactivation/retirement decisions for these four units in addition to information on the current deactivation decisions for the ten-year planning horizon. Parties have requested further proceedings on the prudence of the decision to deactivate Willow Glen 2 and 4. No party contests the prudence of the decision to deactivate Willow Glen 2 and 4 or suggests reactivation of these units; however, issues have been raised related to Entergy Louisiana’s decision to give up its transmission service rights in MISO for Willow Glen 2 and 4 rather than placing the units into suspended status for the three year term permitted by MISO. This matter is pending before an ALJ, with an evidentiary hearing scheduled in August 2017. Retail Rates - Gas 2016 Rate Stabilization Plan Filing In January 2017, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2016. The filing of the evaluation report for test year 2016 reflected an earned return on common equity of 6.37% . As part of the original filing, pursuant to the extraordinary cost provision of the rate stabilization plan, Entergy Louisiana sought to recover approximately $1.5 million in deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016. Entergy Louisiana requested to recover the prudently incurred August 2016 storm restoration costs over ten years, outside of the rate stabilization plan sharing provisions. As a result, Entergy Louisiana’s filing sought an annual increase in revenue of $1.4 million . Following review of the filing, except for the proposed extraordinary cost recovery, the LPSC staff confirmed Entergy Louisiana’s filing was consistent with the principles and requirements of the rate stabilization plan. The extraordinary cost recovery request associated with the 2016 flood-related deferred operation and maintenance expenses incurred for gas operations was removed from the rate stabilization plan pending LPSC consideration in a separate docket. In April 2017 the LPSC approved a joint report of proceedings and Entergy Louisiana submitted a revised evaluation report reflecting a $1.2 million annual increase in revenue with rates implemented with the first billing cycle of May 2017. In connection with the joint report of proceedings accepted by the LPSC, in May 2017, Entergy Louisiana filed an application to initiate a separate proceeding to recover the deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016 through the extraordinary cost provision of the gas rate stabilization plan. A procedural schedule has been established, with a hearing in November 2017. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Louisiana filed an application seeking a finding from the LPSC that Entergy Louisiana’s deployment of advanced electric and gas metering infrastructure is in the public interest. The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge. In July 2017 the LPSC approved the stipulation. Filings with the MPSC Formula Rate Plan In March 2017, Entergy Mississippi submitted its formula rate plan 2017 test year filing and 2016 look-back filing showing Entergy Mississippi’s earned return for the historical 2016 calendar year and projected earned return for the 2017 calendar year to be within the formula rate plan bandwidth, resulting in no change in rates. In June 2017, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a stipulation that confirmed that Entergy Mississippi’s earned returns for both the 2016 look-back filing and 2017 test year were within the respective formula rate plan bandwidths. In June 2017 the MPSC approved the stipulation, which resulted in no change in rates. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Mississippi filed an application seeking a finding from the MPSC that Entergy Mississippi’s deployment of advanced metering infrastructure is in the public interest. In May 2017 the Mississippi Public Utilities Staff and Entergy Mississippi entered into and filed a joint stipulation supporting Entergy Mississippi’s filing, and the MPSC issued an order approving the filing without any material changes, finding that Entergy Mississippi’s deployment of AMI is in the public interest and granting a certificate of public convenience and necessity. The MPSC order also confirmed that Entergy Mississippi shall continue to include in rate base the remaining book value of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Filings with the City Council Retail Rates As discussed in the Form 10-K, in February 2017, Entergy New Orleans filed a proposed implementation plan for the Energy Smart program from April 2017 through March 2020. As part of the proposal, Entergy New Orleans requested that the City Council identify its desired level of funding for the program during this time period and approve a cost recovery mechanism. In April 2017 the City Council approved an implementation plan for the Energy Smart program from April 2017 through December 2019. The City Council directed that the $11.8 million balance reported for Energy Smart funds be used to continue funding the program for Entergy New Orleans’s legacy customers and that the Energy Smart Algiers program continue to be funded through the Algiers fuel adjustment clause, until additional customer funding is required for the legacy customers. The City Council ordered Entergy New Orleans to submit a supplemental and amended implementation plan for program years 8 and 9 of the Energy Smart program (January 2018 through December 2019) in October 2017. Following that filing, the City Council will determine a specific cost recovery mechanism for the program for both legacy and Algiers customers. The City Council will not permit Entergy New Orleans to recover lost contribution to fixed costs for program years 7, 8, or 9 of the Energy Smart program. Internal Restructuring As discussed in the Form 10-K, in July 2016, Entergy New Orleans filed an application with the City Council seeking authorization to undertake a restructuring that would result in the transfer of substantially all of the assets and operations of Entergy New Orleans to a new entity, which would ultimately be owned by an existing Entergy subsidiary holding company. In May 2017 the City Council adopted a resolution approving the proposed internal restructuring pursuant to an agreement in principle with the City Council advisors and certain intervenors. Pursuant to the agreement in principle, Entergy New Orleans will credit retail customers $10 million in 2017, $1.4 million in the first quarter of the year after the transaction closes, and $117,500 each month in the second year after the transaction closes until such time as new base rates go into effect as a result of the anticipated 2018 base rate case. Entergy New Orleans began crediting retail customers in June 2017. Also pursuant to the agreement in principle, if FERC approval is received prior to December 31, 2018, Entergy New Orleans will provide additional credits to retail customers of $5 million in each of the years 2018, 2019, and 2020. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in October 2016, Entergy New Orleans filed an application seeking a finding from the City Council that Entergy New Orleans’s deployment of advanced electric and gas metering infrastructure is in the public interest. In April 2017, Entergy New Orleans received intervenor testimony that was generally supportive of AMI deployment. The City Council’s advisors filed testimony in May 2017 recommending the adoption of AMI subject to certain modifications, including the denial of Entergy New Orleans’s proposed customer charge as a cost recovery mechanism. In June 2017 the procedural schedule was suspended to allow for settlement discussions. A settlement status conference is scheduled for August 2017. Filings with the PUCT Other Filings In September 2016, Entergy Texas filed with the PUCT a request to amend its transmission cost recovery factor (TCRF) rider. The proposed amended TCRF rider is designed to collect approximately $29.5 million annually from Entergy Texas’s retail customers. This amount includes the approximately $10.5 million annually that Entergy Texas is currently authorized to collect through the TCRF rider. In September 2016 the PUCT suspended the effective date of the tariff change to March 2017. In December 2016, Entergy Texas and the PUCT reached a settlement agreeing to the amended TCRF annual revenue requirement of $29.5 million . The PUCT approved the settlement and issued a final order in March 2017. Entergy Texas implemented the amended TCRF rider beginning with bills covering usage on and after March 20, 2017. In June 2017, Entergy Texas filed an application to amend its distribution cost recovery factor (DCRF) rider by increasing the total collection from $8.65 million to approximately $19 million . In July 2017, Entergy Texas, the PUCT, and the two other parties in the proceeding entered into an unopposed stipulation and settlement agreement resulting in an amended DCRF annual revenue requirement of $18.3 million , with the resulting rates effective for usage no later than October 1, 2017. PUCT action on the stipulation and settlement agreement remains pending. Advanced Metering Infrastructure (AMI) Filing In its most recent regular session, the Texas legislature enacted legislation that extends statutory support for AMI deployment to Entergy Texas and directs that if Entergy Texas elects to deploy AMI, it shall do so as rapidly as practicable. In July 2017, Entergy Texas filed an application seeking an order from the PUCT approving Entergy Texas’s deployment of AMI. Entergy Texas proposed to replace existing meters with advanced meters that enable two-way data communication; design and build a secure and reliable network to support such communications; and implement support systems. AMI is intended to serve as the foundation of Entergy Texas’s modernized power grid. The filing identified a number of quantified and unquantified benefits, with Entergy Texas showing that its AMI deployment is expected to produce nominal net operational cost savings to customers of $33 million . Entergy Texas also sought to continue to include in rate base the remaining book value, approximately $41 million at December 31, 2016, of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Entergy Texas proposed a seven-year depreciable life for the new advanced meters, the three-year deployment of which is expected to begin in 2019. Entergy Texas also proposed a surcharge tariff to recover the reasonable and necessary costs it has and will incur under the deployment plan for the full deployment of advanced meters. Further, Entergy Texas is seeking approval of fees that would be charged to customers who choose to opt out of receiving service through an advanced meter and instead receive electric service with a non-standard meter. Subject to approval by the PUCT, deployment of the communications network is expected to begin in 2018. Entergy Texas expects a decision from the PUCT by December 2017. System Agreement Cost Equalization Proceedings See the Form 10-K for a discussion of the litigation involving the System Agreement at the FERC and in federal courts. Entergy Arkansas Opportunity Sales Proceedings As discussed in the Form 10-K, in June 2009 the LPSC filed a complaint requesting that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocated the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibited sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. The LPSC’s complaint challenges sales made beginning in 2002 and requests refunds. In April 2016 the FERC issued orders addressing requests for rehearing filed in July 2012 and an ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s August 2013 initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. In May 2016, Entergy Services filed a request for rehearing of the FERC’s April 2016 order addressing the requests for rehearing filed in July 2012. Entergy Services also filed a request for clarification and/or rehearing of the FERC’s April 2016 order addressing the ALJ’s August 2013 initial decision. The APSC and the LPSC also filed requests for rehearing of the FERC’s April 2016 order. The rehearing and clarification requests filed in May 2016 are pending FERC action. Pursuant to the procedural schedule established in the case, Entergy Services re-ran intra-system bills for the ten-year period 2000-2009 to quantify the effects of the FERC's ruling. In November 2016 the LPSC submitted testimony disputing certain aspects of the calculations, and Entergy Services submitted answering testimony in January 2017. In February 2017 the FERC staff filed testimony and Entergy Services filed responsive testimony. In March 2017 the LPSC filed rebuttal testimony. A hearing was held in May 2017. In July 2017, the ALJ issued an initial decision concluding that Entergy Arkansas should pay $86 million plus interest to the other Utility operating companies. The Utility operating companies have the opportunity to challenge the ALJ’s initial decision by filing a brief on exceptions with the FERC. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing the initial decision and Entergy submits a subsequent filing to comply with that order. The effect of the FERC’s decisions thus far in the case would be that Entergy Arkansas will make payments to some or all of the other Utility operating companies. Because further proceedings will still occur in the case, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case and its assessment of the April 2016 FERC orders, in the first quarter 2016, Entergy Arkansas recorded a liability of $87 million , which includes interest, for its estimated increased costs and payment to the other Utility operating companies. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case, including its review of the July 2017 initial decision. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Entergy Arkansas, therefore, recorded a regulatory asset in the first quarter 2016 of approximately $75 million , which represents its estimate of the retail portion of the costs. Complaint Against System Energy In January 2017 the APSC and MPSC filed a complaint with the FERC against System Energy. The complaint seeks a reduction in the return on equity component of the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. Entergy Arkansas also sells some of its Grand Gulf capacity and energy to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under separate agreements. The current return on equity under the Unit Power Sales Agreement is 10.94% . The complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive. The complaint requests the FERC to institute proceedings to investigate the return on equity and establish a lower return on equity, and also requests that the FERC establish January 23, 2017 as a refund effective date. The complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for System Energy is between 8.37% and 8.67% . System Energy answered the complaint in February 2017 and disputes that a return on equity of 8.37% to 8.67% is just and reasonable. The LPSC and the City Council intervened in the proceeding expressing support for the complaint. System Energy is recording a provision against revenue for the potential outcome of this proceeding. Action by the FERC is pending. Unit Power Sales Agreement In August 2017, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. The filing proposes limited amendments to the Unit Power Sales Agreement to adopt (1) updated rates for use in calculating Grand Gulf plant depreciation and amortization expenses and (2) updated nuclear decommissioning cost annual revenue requirements, both of which are recovered through the Unit Power Sales Agreement rate formula. The proposed amendments would result in lower charges to the Utility operating companies that buy capacity and energy from System Energy under the Unit Power Sales Agreement. The proposed changes are based on updated depreciation and nuclear decommissioning studies that take into account the renewal of Grand Gulf’s operating license for a term through November 1, 2044. System Energy requested that the FERC accept the amendments effective October 1, 2017. Action by the FERC is pending. |
Entergy Mississippi [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2017, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01164 per kWh to $0.01547 per kWh. The APSC staff filed testimony in March 2017 recommending that the redetermined rate should be implemented with the first billing cycle of April 2017 under the normal operation of the tariff. Accordingly, the redetermined rate went into effect on March 31, 2017 pursuant to the tariff. In July 2017 the Arkansas Attorney General requested additional information to support certain of the costs included in Entergy Arkansas’s 2017 energy cost rate redetermination. Entergy Louisiana As discussed in the Form 10-K, in June 2016 the LPSC staff provided notice of audits of Entergy Louisiana’s fuel adjustment clause filings and purchased gas adjustment clause filings. Discovery commenced in March 2017. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi attorney general filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power. The defendants have denied the allegations. In June 2017 the District Court issued a case management order setting a trial date in November 2018. Discovery is currently in progress. Entergy Texas As discussed in the Form 10-K, in July 2016, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period April 1, 2013 through March 31, 2016. In December 2016, Entergy Texas entered into a stipulation and settlement agreement resulting in a $6 million disallowance not associated with any particular issue raised and a refund of the over-recovery balance of $21 million as of November 30, 2016, to most customers beginning April 2017 through June 2017. The fuel reconciliation settlement was approved by the PUCT in March 2017 and the refunds were made. In June 2017, Entergy Texas filed an application for a fuel refund of approximately $30.7 million for the months of December 2016 through April 2017. For most customers, the refunds will flow through bills for the months of July 2017 through September 2017. Also in June 2017, the PUCT’s administrative law judge approved the refund on an interim basis. A final decision in this matter remains pending. 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 APSC 2016 Formula Rate Plan Filing As discussed in the Form 10-K, Entergy Arkansas is required to make a supplemental filing supporting the recovery of certain nuclear costs. In April 2017, Entergy Arkansas filed a motion consented to by all parties requesting that it be permitted to submit its supplemental filing in conjunction with its 2017 formula rate plan filing, which was subsequently made in July 2017 and is discussed below. In May 2017 the APSC approved the joint motion and proposal to review Entergy Arkansas’s supplemental filing on a concurrent schedule with the 2017 formula rate plan filing. In doing so, however, the APSC noted that a determination of whether the supplemental information supporting certain nuclear expenditures will be considered in the hearing for the 2017 formula rate plan filing or a separate hearing will be made at a later time. 2017 Formula Rate Plan Filing In July 2017, Entergy Arkansas filed with the APSC its 2017 formula rate plan filing showing Entergy Arkansas’s projected earned return on common equity for the twelve months ended December 31, 2018 test period to be below the formula rate plan bandwidth. The filing projected a $129.7 million revenue requirement increase to achieve Entergy Arkansas’s target earned return on common equity of 9.75% . Because the projected revenue increase exceeds the four percent annual revenue constraint for each rate class, however, Entergy Arkansas proposed a $70.9 million revenue requirement increase. Entergy Arkansas requested an order approving its proposed formula rate plan adjustment by December 13, 2017. If a final order is not issued by this date, the proposed formula rate plan adjustment will become effective January 2, 2018, subject to refund. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in September 2016, Entergy Arkansas filed an application seeking a finding from the APSC that Entergy Arkansas’s deployment of advanced metering infrastructure is in the public interest. In June 2017 the APSC staff and Arkansas Attorney General filed direct testimony. The APSC staff generally supported Entergy Arkansas’s AMI deployment conditioned on various recommendations. The Arkansas Attorney General’s consultant primarily recommended denial of Entergy Arkansas’s application but alternatively suggested recommendations in the event the APSC approves Entergy Arkansas’s proposal. Entergy Arkansas filed rebuttal testimony in June 2017, substantially accepting the APSC staff’s recommendations. In August 2017, Entergy Arkansas and the parties to the proceeding filed a joint motion to suspend the procedural schedule pending the filing with the APSC of an agreement in principle on all issues. Filings with the LPSC Retail Rates - Electric 2014 Formula Rate Plan Filing As discussed in the Form 10-K, in September 2015, Entergy Louisiana filed its formula rate plan evaluation report for Entergy Gulf States Louisiana’s and Entergy Louisiana’s 2014 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed an unopposed joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of this proceeding with no changes to rates already implemented. 2015 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2016, Entergy Louisiana filed its formula rate plan evaluation report for its 2015 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed a joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of the May 2016 evaluation report, interim updates, and corresponding proceedings with no changes to rates already implemented. Also, in November 2016, Entergy Louisiana filed with the LPSC a request to extend the MISO cost recovery mechanism rider provision of its formula rate plan. In March 2017 the LPSC staff submitted direct testimony generally supportive of a one-year extension of the MISO cost recovery mechanism and the intervenor in the proceeding does not oppose an extension for this period of time. In June 2017 an uncontested joint stipulation authorizing a one-year extension of the MISO cost recovery mechanism rider was filed and the LPSC approved the stipulation in July 2017. 2016 Formula Rate Plan Filing In May 2017, Entergy Louisiana filed its formula rate plan evaluation report for its 2016 calendar year operations. The evaluation report reflects an earned return on common equity of 9.84% . As such, no adjustment to base formula rate plan revenue is required. The following adjustments, however, are required under the formula rate plan: The 2016 formula rate plan evaluation report shows a decrease in formula rate plan revenue of approximately $16.9 million , comprised of a decrease in legacy Entergy Louisiana formula rate plan revenue of $3.5 million , a decrease in legacy Entergy Gulf States Louisiana formula rate plan revenue of $9.7 million , and a decrease in incremental formula rate plan revenue of $3.6 million . Additionally, the formula rate plan evaluation report calls for a decrease in the MISO cost recovery revenue requirement of $40.5 million , from the present level of $46.8 million to $6.3 million . Rates reflecting these adjustments will be implemented with the first billing cycle of September 2017, subject to refund, pending the review proceedings. Parties have intervened in the proceedings. No procedural schedule has been established. Waterford 3 Replacement Steam Generator Project See Note 2 to the financial statements in the Form 10-K for discussion of the Waterford 3 replacement steam generator project prudence review proceeding. The refund to customers of approximately $71 million as a result of the settlement approved by the LPSC was made to customers in January 2017. Following a review by the parties, an unopposed joint report of proceedings was filed by the LPSC staff and Entergy Louisiana in May 2017. In May 2017 the LPSC accepted the joint report of proceedings resolving the matter. Union Power Station As a term of the LPSC-approved settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station, Entergy Louisiana agreed to make a filing with the LPSC to review its decisions to deactivate Ninemile 3 and Willow Glen 2 and 4 and its decision to retire Little Gypsy 1. In January 2016, Entergy Louisiana made its compliance filing with the LPSC. Entergy Louisiana, LPSC staff, and intervenors participated in a technical conference in March 2016 where Entergy Louisiana presented information on its deactivation/retirement decisions for these four units in addition to information on the current deactivation decisions for the ten-year planning horizon. Parties have requested further proceedings on the prudence of the decision to deactivate Willow Glen 2 and 4. No party contests the prudence of the decision to deactivate Willow Glen 2 and 4 or suggests reactivation of these units; however, issues have been raised related to Entergy Louisiana’s decision to give up its transmission service rights in MISO for Willow Glen 2 and 4 rather than placing the units into suspended status for the three year term permitted by MISO. This matter is pending before an ALJ, with an evidentiary hearing scheduled in August 2017. Retail Rates - Gas 2016 Rate Stabilization Plan Filing In January 2017, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2016. The filing of the evaluation report for test year 2016 reflected an earned return on common equity of 6.37% . As part of the original filing, pursuant to the extraordinary cost provision of the rate stabilization plan, Entergy Louisiana sought to recover approximately $1.5 million in deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016. Entergy Louisiana requested to recover the prudently incurred August 2016 storm restoration costs over ten years, outside of the rate stabilization plan sharing provisions. As a result, Entergy Louisiana’s filing sought an annual increase in revenue of $1.4 million . Following review of the filing, except for the proposed extraordinary cost recovery, the LPSC staff confirmed Entergy Louisiana’s filing was consistent with the principles and requirements of the rate stabilization plan. The extraordinary cost recovery request associated with the 2016 flood-related deferred operation and maintenance expenses incurred for gas operations was removed from the rate stabilization plan pending LPSC consideration in a separate docket. In April 2017 the LPSC approved a joint report of proceedings and Entergy Louisiana submitted a revised evaluation report reflecting a $1.2 million annual increase in revenue with rates implemented with the first billing cycle of May 2017. In connection with the joint report of proceedings accepted by the LPSC, in May 2017, Entergy Louisiana filed an application to initiate a separate proceeding to recover the deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016 through the extraordinary cost provision of the gas rate stabilization plan. A procedural schedule has been established, with a hearing in November 2017. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Louisiana filed an application seeking a finding from the LPSC that Entergy Louisiana’s deployment of advanced electric and gas metering infrastructure is in the public interest. The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge. In July 2017 the LPSC approved the stipulation. Filings with the MPSC Formula Rate Plan In March 2017, Entergy Mississippi submitted its formula rate plan 2017 test year filing and 2016 look-back filing showing Entergy Mississippi’s earned return for the historical 2016 calendar year and projected earned return for the 2017 calendar year to be within the formula rate plan bandwidth, resulting in no change in rates. In June 2017, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a stipulation that confirmed that Entergy Mississippi’s earned returns for both the 2016 look-back filing and 2017 test year were within the respective formula rate plan bandwidths. In June 2017 the MPSC approved the stipulation, which resulted in no change in rates. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Mississippi filed an application seeking a finding from the MPSC that Entergy Mississippi’s deployment of advanced metering infrastructure is in the public interest. In May 2017 the Mississippi Public Utilities Staff and Entergy Mississippi entered into and filed a joint stipulation supporting Entergy Mississippi’s filing, and the MPSC issued an order approving the filing without any material changes, finding that Entergy Mississippi’s deployment of AMI is in the public interest and granting a certificate of public convenience and necessity. The MPSC order also confirmed that Entergy Mississippi shall continue to include in rate base the remaining book value of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Filings with the City Council Retail Rates As discussed in the Form 10-K, in February 2017, Entergy New Orleans filed a proposed implementation plan for the Energy Smart program from April 2017 through March 2020. As part of the proposal, Entergy New Orleans requested that the City Council identify its desired level of funding for the program during this time period and approve a cost recovery mechanism. In April 2017 the City Council approved an implementation plan for the Energy Smart program from April 2017 through December 2019. The City Council directed that the $11.8 million balance reported for Energy Smart funds be used to continue funding the program for Entergy New Orleans’s legacy customers and that the Energy Smart Algiers program continue to be funded through the Algiers fuel adjustment clause, until additional customer funding is required for the legacy customers. The City Council ordered Entergy New Orleans to submit a supplemental and amended implementation plan for program years 8 and 9 of the Energy Smart program (January 2018 through December 2019) in October 2017. Following that filing, the City Council will determine a specific cost recovery mechanism for the program for both legacy and Algiers customers. The City Council will not permit Entergy New Orleans to recover lost contribution to fixed costs for program years 7, 8, or 9 of the Energy Smart program. Internal Restructuring As discussed in the Form 10-K, in July 2016, Entergy New Orleans filed an application with the City Council seeking authorization to undertake a restructuring that would result in the transfer of substantially all of the assets and operations of Entergy New Orleans to a new entity, which would ultimately be owned by an existing Entergy subsidiary holding company. In May 2017 the City Council adopted a resolution approving the proposed internal restructuring pursuant to an agreement in principle with the City Council advisors and certain intervenors. Pursuant to the agreement in principle, Entergy New Orleans will credit retail customers $10 million in 2017, $1.4 million in the first quarter of the year after the transaction closes, and $117,500 each month in the second year after the transaction closes until such time as new base rates go into effect as a result of the anticipated 2018 base rate case. Entergy New Orleans began crediting retail customers in June 2017. Also pursuant to the agreement in principle, if FERC approval is received prior to December 31, 2018, Entergy New Orleans will provide additional credits to retail customers of $5 million in each of the years 2018, 2019, and 2020. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in October 2016, Entergy New Orleans filed an application seeking a finding from the City Council that Entergy New Orleans’s deployment of advanced electric and gas metering infrastructure is in the public interest. In April 2017, Entergy New Orleans received intervenor testimony that was generally supportive of AMI deployment. The City Council’s advisors filed testimony in May 2017 recommending the adoption of AMI subject to certain modifications, including the denial of Entergy New Orleans’s proposed customer charge as a cost recovery mechanism. In June 2017 the procedural schedule was suspended to allow for settlement discussions. A settlement status conference is scheduled for August 2017. Filings with the PUCT Other Filings In September 2016, Entergy Texas filed with the PUCT a request to amend its transmission cost recovery factor (TCRF) rider. The proposed amended TCRF rider is designed to collect approximately $29.5 million annually from Entergy Texas’s retail customers. This amount includes the approximately $10.5 million annually that Entergy Texas is currently authorized to collect through the TCRF rider. In September 2016 the PUCT suspended the effective date of the tariff change to March 2017. In December 2016, Entergy Texas and the PUCT reached a settlement agreeing to the amended TCRF annual revenue requirement of $29.5 million . The PUCT approved the settlement and issued a final order in March 2017. Entergy Texas implemented the amended TCRF rider beginning with bills covering usage on and after March 20, 2017. In June 2017, Entergy Texas filed an application to amend its distribution cost recovery factor (DCRF) rider by increasing the total collection from $8.65 million to approximately $19 million . In July 2017, Entergy Texas, the PUCT, and the two other parties in the proceeding entered into an unopposed stipulation and settlement agreement resulting in an amended DCRF annual revenue requirement of $18.3 million , with the resulting rates effective for usage no later than October 1, 2017. PUCT action on the stipulation and settlement agreement remains pending. Advanced Metering Infrastructure (AMI) Filing In its most recent regular session, the Texas legislature enacted legislation that extends statutory support for AMI deployment to Entergy Texas and directs that if Entergy Texas elects to deploy AMI, it shall do so as rapidly as practicable. In July 2017, Entergy Texas filed an application seeking an order from the PUCT approving Entergy Texas’s deployment of AMI. Entergy Texas proposed to replace existing meters with advanced meters that enable two-way data communication; design and build a secure and reliable network to support such communications; and implement support systems. AMI is intended to serve as the foundation of Entergy Texas’s modernized power grid. The filing identified a number of quantified and unquantified benefits, with Entergy Texas showing that its AMI deployment is expected to produce nominal net operational cost savings to customers of $33 million . Entergy Texas also sought to continue to include in rate base the remaining book value, approximately $41 million at December 31, 2016, of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Entergy Texas proposed a seven-year depreciable life for the new advanced meters, the three-year deployment of which is expected to begin in 2019. Entergy Texas also proposed a surcharge tariff to recover the reasonable and necessary costs it has and will incur under the deployment plan for the full deployment of advanced meters. Further, Entergy Texas is seeking approval of fees that would be charged to customers who choose to opt out of receiving service through an advanced meter and instead receive electric service with a non-standard meter. Subject to approval by the PUCT, deployment of the communications network is expected to begin in 2018. Entergy Texas expects a decision from the PUCT by December 2017. System Agreement Cost Equalization Proceedings See the Form 10-K for a discussion of the litigation involving the System Agreement at the FERC and in federal courts. Entergy Arkansas Opportunity Sales Proceedings As discussed in the Form 10-K, in June 2009 the LPSC filed a complaint requesting that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocated the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibited sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. The LPSC’s complaint challenges sales made beginning in 2002 and requests refunds. In April 2016 the FERC issued orders addressing requests for rehearing filed in July 2012 and an ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s August 2013 initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. In May 2016, Entergy Services filed a request for rehearing of the FERC’s April 2016 order addressing the requests for rehearing filed in July 2012. Entergy Services also filed a request for clarification and/or rehearing of the FERC’s April 2016 order addressing the ALJ’s August 2013 initial decision. The APSC and the LPSC also filed requests for rehearing of the FERC’s April 2016 order. The rehearing and clarification requests filed in May 2016 are pending FERC action. Pursuant to the procedural schedule established in the case, Entergy Services re-ran intra-system bills for the ten-year period 2000-2009 to quantify the effects of the FERC's ruling. In November 2016 the LPSC submitted testimony disputing certain aspects of the calculations, and Entergy Services submitted answering testimony in January 2017. In February 2017 the FERC staff filed testimony and Entergy Services filed responsive testimony. In March 2017 the LPSC filed rebuttal testimony. A hearing was held in May 2017. In July 2017, the ALJ issued an initial decision concluding that Entergy Arkansas should pay $86 million plus interest to the other Utility operating companies. The Utility operating companies have the opportunity to challenge the ALJ’s initial decision by filing a brief on exceptions with the FERC. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing the initial decision and Entergy submits a subsequent filing to comply with that order. The effect of the FERC’s decisions thus far in the case would be that Entergy Arkansas will make payments to some or all of the other Utility operating companies. Because further proceedings will still occur in the case, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case and its assessment of the April 2016 FERC orders, in the first quarter 2016, Entergy Arkansas recorded a liability of $87 million , which includes interest, for its estimated increased costs and payment to the other Utility operating companies. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case, including its review of the July 2017 initial decision. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Entergy Arkansas, therefore, recorded a regulatory asset in the first quarter 2016 of approximately $75 million , which represents its estimate of the retail portion of the costs. Complaint Against System Energy In January 2017 the APSC and MPSC filed a complaint with the FERC against System Energy. The complaint seeks a reduction in the return on equity component of the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. Entergy Arkansas also sells some of its Grand Gulf capacity and energy to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under separate agreements. The current return on equity under the Unit Power Sales Agreement is 10.94% . The complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive. The complaint requests the FERC to institute proceedings to investigate the return on equity and establish a lower return on equity, and also requests that the FERC establish January 23, 2017 as a refund effective date. The complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for System Energy is between 8.37% and 8.67% . System Energy answered the complaint in February 2017 and disputes that a return on equity of 8.37% to 8.67% is just and reasonable. The LPSC and the City Council intervened in the proceeding expressing support for the complaint. System Energy is recording a provision against revenue for the potential outcome of this proceeding. Action by the FERC is pending. Unit Power Sales Agreement In August 2017, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. The filing proposes limited amendments to the Unit Power Sales Agreement to adopt (1) updated rates for use in calculating Grand Gulf plant depreciation and amortization expenses and (2) updated nuclear decommissioning cost annual revenue requirements, both of which are recovered through the Unit Power Sales Agreement rate formula. The proposed amendments would result in lower charges to the Utility operating companies that buy capacity and energy from System Energy under the Unit Power Sales Agreement. The proposed changes are based on updated depreciation and nuclear decommissioning studies that take into account the renewal of Grand Gulf’s operating license for a term through November 1, 2044. System Energy requested that the FERC accept the amendments effective October 1, 2017. Action by the FERC is pending. |
Entergy New Orleans [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2017, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01164 per kWh to $0.01547 per kWh. The APSC staff filed testimony in March 2017 recommending that the redetermined rate should be implemented with the first billing cycle of April 2017 under the normal operation of the tariff. Accordingly, the redetermined rate went into effect on March 31, 2017 pursuant to the tariff. In July 2017 the Arkansas Attorney General requested additional information to support certain of the costs included in Entergy Arkansas’s 2017 energy cost rate redetermination. Entergy Louisiana As discussed in the Form 10-K, in June 2016 the LPSC staff provided notice of audits of Entergy Louisiana’s fuel adjustment clause filings and purchased gas adjustment clause filings. Discovery commenced in March 2017. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi attorney general filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power. The defendants have denied the allegations. In June 2017 the District Court issued a case management order setting a trial date in November 2018. Discovery is currently in progress. Entergy Texas As discussed in the Form 10-K, in July 2016, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period April 1, 2013 through March 31, 2016. In December 2016, Entergy Texas entered into a stipulation and settlement agreement resulting in a $6 million disallowance not associated with any particular issue raised and a refund of the over-recovery balance of $21 million as of November 30, 2016, to most customers beginning April 2017 through June 2017. The fuel reconciliation settlement was approved by the PUCT in March 2017 and the refunds were made. In June 2017, Entergy Texas filed an application for a fuel refund of approximately $30.7 million for the months of December 2016 through April 2017. For most customers, the refunds will flow through bills for the months of July 2017 through September 2017. Also in June 2017, the PUCT’s administrative law judge approved the refund on an interim basis. A final decision in this matter remains pending. 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 APSC 2016 Formula Rate Plan Filing As discussed in the Form 10-K, Entergy Arkansas is required to make a supplemental filing supporting the recovery of certain nuclear costs. In April 2017, Entergy Arkansas filed a motion consented to by all parties requesting that it be permitted to submit its supplemental filing in conjunction with its 2017 formula rate plan filing, which was subsequently made in July 2017 and is discussed below. In May 2017 the APSC approved the joint motion and proposal to review Entergy Arkansas’s supplemental filing on a concurrent schedule with the 2017 formula rate plan filing. In doing so, however, the APSC noted that a determination of whether the supplemental information supporting certain nuclear expenditures will be considered in the hearing for the 2017 formula rate plan filing or a separate hearing will be made at a later time. 2017 Formula Rate Plan Filing In July 2017, Entergy Arkansas filed with the APSC its 2017 formula rate plan filing showing Entergy Arkansas’s projected earned return on common equity for the twelve months ended December 31, 2018 test period to be below the formula rate plan bandwidth. The filing projected a $129.7 million revenue requirement increase to achieve Entergy Arkansas’s target earned return on common equity of 9.75% . Because the projected revenue increase exceeds the four percent annual revenue constraint for each rate class, however, Entergy Arkansas proposed a $70.9 million revenue requirement increase. Entergy Arkansas requested an order approving its proposed formula rate plan adjustment by December 13, 2017. If a final order is not issued by this date, the proposed formula rate plan adjustment will become effective January 2, 2018, subject to refund. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in September 2016, Entergy Arkansas filed an application seeking a finding from the APSC that Entergy Arkansas’s deployment of advanced metering infrastructure is in the public interest. In June 2017 the APSC staff and Arkansas Attorney General filed direct testimony. The APSC staff generally supported Entergy Arkansas’s AMI deployment conditioned on various recommendations. The Arkansas Attorney General’s consultant primarily recommended denial of Entergy Arkansas’s application but alternatively suggested recommendations in the event the APSC approves Entergy Arkansas’s proposal. Entergy Arkansas filed rebuttal testimony in June 2017, substantially accepting the APSC staff’s recommendations. In August 2017, Entergy Arkansas and the parties to the proceeding filed a joint motion to suspend the procedural schedule pending the filing with the APSC of an agreement in principle on all issues. Filings with the LPSC Retail Rates - Electric 2014 Formula Rate Plan Filing As discussed in the Form 10-K, in September 2015, Entergy Louisiana filed its formula rate plan evaluation report for Entergy Gulf States Louisiana’s and Entergy Louisiana’s 2014 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed an unopposed joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of this proceeding with no changes to rates already implemented. 2015 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2016, Entergy Louisiana filed its formula rate plan evaluation report for its 2015 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed a joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of the May 2016 evaluation report, interim updates, and corresponding proceedings with no changes to rates already implemented. Also, in November 2016, Entergy Louisiana filed with the LPSC a request to extend the MISO cost recovery mechanism rider provision of its formula rate plan. In March 2017 the LPSC staff submitted direct testimony generally supportive of a one-year extension of the MISO cost recovery mechanism and the intervenor in the proceeding does not oppose an extension for this period of time. In June 2017 an uncontested joint stipulation authorizing a one-year extension of the MISO cost recovery mechanism rider was filed and the LPSC approved the stipulation in July 2017. 2016 Formula Rate Plan Filing In May 2017, Entergy Louisiana filed its formula rate plan evaluation report for its 2016 calendar year operations. The evaluation report reflects an earned return on common equity of 9.84% . As such, no adjustment to base formula rate plan revenue is required. The following adjustments, however, are required under the formula rate plan: The 2016 formula rate plan evaluation report shows a decrease in formula rate plan revenue of approximately $16.9 million , comprised of a decrease in legacy Entergy Louisiana formula rate plan revenue of $3.5 million , a decrease in legacy Entergy Gulf States Louisiana formula rate plan revenue of $9.7 million , and a decrease in incremental formula rate plan revenue of $3.6 million . Additionally, the formula rate plan evaluation report calls for a decrease in the MISO cost recovery revenue requirement of $40.5 million , from the present level of $46.8 million to $6.3 million . Rates reflecting these adjustments will be implemented with the first billing cycle of September 2017, subject to refund, pending the review proceedings. Parties have intervened in the proceedings. No procedural schedule has been established. Waterford 3 Replacement Steam Generator Project See Note 2 to the financial statements in the Form 10-K for discussion of the Waterford 3 replacement steam generator project prudence review proceeding. The refund to customers of approximately $71 million as a result of the settlement approved by the LPSC was made to customers in January 2017. Following a review by the parties, an unopposed joint report of proceedings was filed by the LPSC staff and Entergy Louisiana in May 2017. In May 2017 the LPSC accepted the joint report of proceedings resolving the matter. Union Power Station As a term of the LPSC-approved settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station, Entergy Louisiana agreed to make a filing with the LPSC to review its decisions to deactivate Ninemile 3 and Willow Glen 2 and 4 and its decision to retire Little Gypsy 1. In January 2016, Entergy Louisiana made its compliance filing with the LPSC. Entergy Louisiana, LPSC staff, and intervenors participated in a technical conference in March 2016 where Entergy Louisiana presented information on its deactivation/retirement decisions for these four units in addition to information on the current deactivation decisions for the ten-year planning horizon. Parties have requested further proceedings on the prudence of the decision to deactivate Willow Glen 2 and 4. No party contests the prudence of the decision to deactivate Willow Glen 2 and 4 or suggests reactivation of these units; however, issues have been raised related to Entergy Louisiana’s decision to give up its transmission service rights in MISO for Willow Glen 2 and 4 rather than placing the units into suspended status for the three year term permitted by MISO. This matter is pending before an ALJ, with an evidentiary hearing scheduled in August 2017. Retail Rates - Gas 2016 Rate Stabilization Plan Filing In January 2017, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2016. The filing of the evaluation report for test year 2016 reflected an earned return on common equity of 6.37% . As part of the original filing, pursuant to the extraordinary cost provision of the rate stabilization plan, Entergy Louisiana sought to recover approximately $1.5 million in deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016. Entergy Louisiana requested to recover the prudently incurred August 2016 storm restoration costs over ten years, outside of the rate stabilization plan sharing provisions. As a result, Entergy Louisiana’s filing sought an annual increase in revenue of $1.4 million . Following review of the filing, except for the proposed extraordinary cost recovery, the LPSC staff confirmed Entergy Louisiana’s filing was consistent with the principles and requirements of the rate stabilization plan. The extraordinary cost recovery request associated with the 2016 flood-related deferred operation and maintenance expenses incurred for gas operations was removed from the rate stabilization plan pending LPSC consideration in a separate docket. In April 2017 the LPSC approved a joint report of proceedings and Entergy Louisiana submitted a revised evaluation report reflecting a $1.2 million annual increase in revenue with rates implemented with the first billing cycle of May 2017. In connection with the joint report of proceedings accepted by the LPSC, in May 2017, Entergy Louisiana filed an application to initiate a separate proceeding to recover the deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016 through the extraordinary cost provision of the gas rate stabilization plan. A procedural schedule has been established, with a hearing in November 2017. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Louisiana filed an application seeking a finding from the LPSC that Entergy Louisiana’s deployment of advanced electric and gas metering infrastructure is in the public interest. The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge. In July 2017 the LPSC approved the stipulation. Filings with the MPSC Formula Rate Plan In March 2017, Entergy Mississippi submitted its formula rate plan 2017 test year filing and 2016 look-back filing showing Entergy Mississippi’s earned return for the historical 2016 calendar year and projected earned return for the 2017 calendar year to be within the formula rate plan bandwidth, resulting in no change in rates. In June 2017, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a stipulation that confirmed that Entergy Mississippi’s earned returns for both the 2016 look-back filing and 2017 test year were within the respective formula rate plan bandwidths. In June 2017 the MPSC approved the stipulation, which resulted in no change in rates. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Mississippi filed an application seeking a finding from the MPSC that Entergy Mississippi’s deployment of advanced metering infrastructure is in the public interest. In May 2017 the Mississippi Public Utilities Staff and Entergy Mississippi entered into and filed a joint stipulation supporting Entergy Mississippi’s filing, and the MPSC issued an order approving the filing without any material changes, finding that Entergy Mississippi’s deployment of AMI is in the public interest and granting a certificate of public convenience and necessity. The MPSC order also confirmed that Entergy Mississippi shall continue to include in rate base the remaining book value of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Filings with the City Council Retail Rates As discussed in the Form 10-K, in February 2017, Entergy New Orleans filed a proposed implementation plan for the Energy Smart program from April 2017 through March 2020. As part of the proposal, Entergy New Orleans requested that the City Council identify its desired level of funding for the program during this time period and approve a cost recovery mechanism. In April 2017 the City Council approved an implementation plan for the Energy Smart program from April 2017 through December 2019. The City Council directed that the $11.8 million balance reported for Energy Smart funds be used to continue funding the program for Entergy New Orleans’s legacy customers and that the Energy Smart Algiers program continue to be funded through the Algiers fuel adjustment clause, until additional customer funding is required for the legacy customers. The City Council ordered Entergy New Orleans to submit a supplemental and amended implementation plan for program years 8 and 9 of the Energy Smart program (January 2018 through December 2019) in October 2017. Following that filing, the City Council will determine a specific cost recovery mechanism for the program for both legacy and Algiers customers. The City Council will not permit Entergy New Orleans to recover lost contribution to fixed costs for program years 7, 8, or 9 of the Energy Smart program. Internal Restructuring As discussed in the Form 10-K, in July 2016, Entergy New Orleans filed an application with the City Council seeking authorization to undertake a restructuring that would result in the transfer of substantially all of the assets and operations of Entergy New Orleans to a new entity, which would ultimately be owned by an existing Entergy subsidiary holding company. In May 2017 the City Council adopted a resolution approving the proposed internal restructuring pursuant to an agreement in principle with the City Council advisors and certain intervenors. Pursuant to the agreement in principle, Entergy New Orleans will credit retail customers $10 million in 2017, $1.4 million in the first quarter of the year after the transaction closes, and $117,500 each month in the second year after the transaction closes until such time as new base rates go into effect as a result of the anticipated 2018 base rate case. Entergy New Orleans began crediting retail customers in June 2017. Also pursuant to the agreement in principle, if FERC approval is received prior to December 31, 2018, Entergy New Orleans will provide additional credits to retail customers of $5 million in each of the years 2018, 2019, and 2020. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in October 2016, Entergy New Orleans filed an application seeking a finding from the City Council that Entergy New Orleans’s deployment of advanced electric and gas metering infrastructure is in the public interest. In April 2017, Entergy New Orleans received intervenor testimony that was generally supportive of AMI deployment. The City Council’s advisors filed testimony in May 2017 recommending the adoption of AMI subject to certain modifications, including the denial of Entergy New Orleans’s proposed customer charge as a cost recovery mechanism. In June 2017 the procedural schedule was suspended to allow for settlement discussions. A settlement status conference is scheduled for August 2017. Filings with the PUCT Other Filings In September 2016, Entergy Texas filed with the PUCT a request to amend its transmission cost recovery factor (TCRF) rider. The proposed amended TCRF rider is designed to collect approximately $29.5 million annually from Entergy Texas’s retail customers. This amount includes the approximately $10.5 million annually that Entergy Texas is currently authorized to collect through the TCRF rider. In September 2016 the PUCT suspended the effective date of the tariff change to March 2017. In December 2016, Entergy Texas and the PUCT reached a settlement agreeing to the amended TCRF annual revenue requirement of $29.5 million . The PUCT approved the settlement and issued a final order in March 2017. Entergy Texas implemented the amended TCRF rider beginning with bills covering usage on and after March 20, 2017. In June 2017, Entergy Texas filed an application to amend its distribution cost recovery factor (DCRF) rider by increasing the total collection from $8.65 million to approximately $19 million . In July 2017, Entergy Texas, the PUCT, and the two other parties in the proceeding entered into an unopposed stipulation and settlement agreement resulting in an amended DCRF annual revenue requirement of $18.3 million , with the resulting rates effective for usage no later than October 1, 2017. PUCT action on the stipulation and settlement agreement remains pending. Advanced Metering Infrastructure (AMI) Filing In its most recent regular session, the Texas legislature enacted legislation that extends statutory support for AMI deployment to Entergy Texas and directs that if Entergy Texas elects to deploy AMI, it shall do so as rapidly as practicable. In July 2017, Entergy Texas filed an application seeking an order from the PUCT approving Entergy Texas’s deployment of AMI. Entergy Texas proposed to replace existing meters with advanced meters that enable two-way data communication; design and build a secure and reliable network to support such communications; and implement support systems. AMI is intended to serve as the foundation of Entergy Texas’s modernized power grid. The filing identified a number of quantified and unquantified benefits, with Entergy Texas showing that its AMI deployment is expected to produce nominal net operational cost savings to customers of $33 million . Entergy Texas also sought to continue to include in rate base the remaining book value, approximately $41 million at December 31, 2016, of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Entergy Texas proposed a seven-year depreciable life for the new advanced meters, the three-year deployment of which is expected to begin in 2019. Entergy Texas also proposed a surcharge tariff to recover the reasonable and necessary costs it has and will incur under the deployment plan for the full deployment of advanced meters. Further, Entergy Texas is seeking approval of fees that would be charged to customers who choose to opt out of receiving service through an advanced meter and instead receive electric service with a non-standard meter. Subject to approval by the PUCT, deployment of the communications network is expected to begin in 2018. Entergy Texas expects a decision from the PUCT by December 2017. System Agreement Cost Equalization Proceedings See the Form 10-K for a discussion of the litigation involving the System Agreement at the FERC and in federal courts. Entergy Arkansas Opportunity Sales Proceedings As discussed in the Form 10-K, in June 2009 the LPSC filed a complaint requesting that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocated the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibited sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. The LPSC’s complaint challenges sales made beginning in 2002 and requests refunds. In April 2016 the FERC issued orders addressing requests for rehearing filed in July 2012 and an ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s August 2013 initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. In May 2016, Entergy Services filed a request for rehearing of the FERC’s April 2016 order addressing the requests for rehearing filed in July 2012. Entergy Services also filed a request for clarification and/or rehearing of the FERC’s April 2016 order addressing the ALJ’s August 2013 initial decision. The APSC and the LPSC also filed requests for rehearing of the FERC’s April 2016 order. The rehearing and clarification requests filed in May 2016 are pending FERC action. Pursuant to the procedural schedule established in the case, Entergy Services re-ran intra-system bills for the ten-year period 2000-2009 to quantify the effects of the FERC's ruling. In November 2016 the LPSC submitted testimony disputing certain aspects of the calculations, and Entergy Services submitted answering testimony in January 2017. In February 2017 the FERC staff filed testimony and Entergy Services filed responsive testimony. In March 2017 the LPSC filed rebuttal testimony. A hearing was held in May 2017. In July 2017, the ALJ issued an initial decision concluding that Entergy Arkansas should pay $86 million plus interest to the other Utility operating companies. The Utility operating companies have the opportunity to challenge the ALJ’s initial decision by filing a brief on exceptions with the FERC. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing the initial decision and Entergy submits a subsequent filing to comply with that order. The effect of the FERC’s decisions thus far in the case would be that Entergy Arkansas will make payments to some or all of the other Utility operating companies. Because further proceedings will still occur in the case, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case and its assessment of the April 2016 FERC orders, in the first quarter 2016, Entergy Arkansas recorded a liability of $87 million , which includes interest, for its estimated increased costs and payment to the other Utility operating companies. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case, including its review of the July 2017 initial decision. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Entergy Arkansas, therefore, recorded a regulatory asset in the first quarter 2016 of approximately $75 million , which represents its estimate of the retail portion of the costs. Complaint Against System Energy In January 2017 the APSC and MPSC filed a complaint with the FERC against System Energy. The complaint seeks a reduction in the return on equity component of the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. Entergy Arkansas also sells some of its Grand Gulf capacity and energy to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under separate agreements. The current return on equity under the Unit Power Sales Agreement is 10.94% . The complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive. The complaint requests the FERC to institute proceedings to investigate the return on equity and establish a lower return on equity, and also requests that the FERC establish January 23, 2017 as a refund effective date. The complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for System Energy is between 8.37% and 8.67% . System Energy answered the complaint in February 2017 and disputes that a return on equity of 8.37% to 8.67% is just and reasonable. The LPSC and the City Council intervened in the proceeding expressing support for the complaint. System Energy is recording a provision against revenue for the potential outcome of this proceeding. Action by the FERC is pending. Unit Power Sales Agreement In August 2017, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. The filing proposes limited amendments to the Unit Power Sales Agreement to adopt (1) updated rates for use in calculating Grand Gulf plant depreciation and amortization expenses and (2) updated nuclear decommissioning cost annual revenue requirements, both of which are recovered through the Unit Power Sales Agreement rate formula. The proposed amendments would result in lower charges to the Utility operating companies that buy capacity and energy from System Energy under the Unit Power Sales Agreement. The proposed changes are based on updated depreciation and nuclear decommissioning studies that take into account the renewal of Grand Gulf’s operating license for a term through November 1, 2044. System Energy requested that the FERC accept the amendments effective October 1, 2017. Action by the FERC is pending. |
Entergy Texas [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2017, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01164 per kWh to $0.01547 per kWh. The APSC staff filed testimony in March 2017 recommending that the redetermined rate should be implemented with the first billing cycle of April 2017 under the normal operation of the tariff. Accordingly, the redetermined rate went into effect on March 31, 2017 pursuant to the tariff. In July 2017 the Arkansas Attorney General requested additional information to support certain of the costs included in Entergy Arkansas’s 2017 energy cost rate redetermination. Entergy Louisiana As discussed in the Form 10-K, in June 2016 the LPSC staff provided notice of audits of Entergy Louisiana’s fuel adjustment clause filings and purchased gas adjustment clause filings. Discovery commenced in March 2017. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi attorney general filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power. The defendants have denied the allegations. In June 2017 the District Court issued a case management order setting a trial date in November 2018. Discovery is currently in progress. Entergy Texas As discussed in the Form 10-K, in July 2016, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period April 1, 2013 through March 31, 2016. In December 2016, Entergy Texas entered into a stipulation and settlement agreement resulting in a $6 million disallowance not associated with any particular issue raised and a refund of the over-recovery balance of $21 million as of November 30, 2016, to most customers beginning April 2017 through June 2017. The fuel reconciliation settlement was approved by the PUCT in March 2017 and the refunds were made. In June 2017, Entergy Texas filed an application for a fuel refund of approximately $30.7 million for the months of December 2016 through April 2017. For most customers, the refunds will flow through bills for the months of July 2017 through September 2017. Also in June 2017, the PUCT’s administrative law judge approved the refund on an interim basis. A final decision in this matter remains pending. 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 APSC 2016 Formula Rate Plan Filing As discussed in the Form 10-K, Entergy Arkansas is required to make a supplemental filing supporting the recovery of certain nuclear costs. In April 2017, Entergy Arkansas filed a motion consented to by all parties requesting that it be permitted to submit its supplemental filing in conjunction with its 2017 formula rate plan filing, which was subsequently made in July 2017 and is discussed below. In May 2017 the APSC approved the joint motion and proposal to review Entergy Arkansas’s supplemental filing on a concurrent schedule with the 2017 formula rate plan filing. In doing so, however, the APSC noted that a determination of whether the supplemental information supporting certain nuclear expenditures will be considered in the hearing for the 2017 formula rate plan filing or a separate hearing will be made at a later time. 2017 Formula Rate Plan Filing In July 2017, Entergy Arkansas filed with the APSC its 2017 formula rate plan filing showing Entergy Arkansas’s projected earned return on common equity for the twelve months ended December 31, 2018 test period to be below the formula rate plan bandwidth. The filing projected a $129.7 million revenue requirement increase to achieve Entergy Arkansas’s target earned return on common equity of 9.75% . Because the projected revenue increase exceeds the four percent annual revenue constraint for each rate class, however, Entergy Arkansas proposed a $70.9 million revenue requirement increase. Entergy Arkansas requested an order approving its proposed formula rate plan adjustment by December 13, 2017. If a final order is not issued by this date, the proposed formula rate plan adjustment will become effective January 2, 2018, subject to refund. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in September 2016, Entergy Arkansas filed an application seeking a finding from the APSC that Entergy Arkansas’s deployment of advanced metering infrastructure is in the public interest. In June 2017 the APSC staff and Arkansas Attorney General filed direct testimony. The APSC staff generally supported Entergy Arkansas’s AMI deployment conditioned on various recommendations. The Arkansas Attorney General’s consultant primarily recommended denial of Entergy Arkansas’s application but alternatively suggested recommendations in the event the APSC approves Entergy Arkansas’s proposal. Entergy Arkansas filed rebuttal testimony in June 2017, substantially accepting the APSC staff’s recommendations. In August 2017, Entergy Arkansas and the parties to the proceeding filed a joint motion to suspend the procedural schedule pending the filing with the APSC of an agreement in principle on all issues. Filings with the LPSC Retail Rates - Electric 2014 Formula Rate Plan Filing As discussed in the Form 10-K, in September 2015, Entergy Louisiana filed its formula rate plan evaluation report for Entergy Gulf States Louisiana’s and Entergy Louisiana’s 2014 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed an unopposed joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of this proceeding with no changes to rates already implemented. 2015 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2016, Entergy Louisiana filed its formula rate plan evaluation report for its 2015 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed a joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of the May 2016 evaluation report, interim updates, and corresponding proceedings with no changes to rates already implemented. Also, in November 2016, Entergy Louisiana filed with the LPSC a request to extend the MISO cost recovery mechanism rider provision of its formula rate plan. In March 2017 the LPSC staff submitted direct testimony generally supportive of a one-year extension of the MISO cost recovery mechanism and the intervenor in the proceeding does not oppose an extension for this period of time. In June 2017 an uncontested joint stipulation authorizing a one-year extension of the MISO cost recovery mechanism rider was filed and the LPSC approved the stipulation in July 2017. 2016 Formula Rate Plan Filing In May 2017, Entergy Louisiana filed its formula rate plan evaluation report for its 2016 calendar year operations. The evaluation report reflects an earned return on common equity of 9.84% . As such, no adjustment to base formula rate plan revenue is required. The following adjustments, however, are required under the formula rate plan: The 2016 formula rate plan evaluation report shows a decrease in formula rate plan revenue of approximately $16.9 million , comprised of a decrease in legacy Entergy Louisiana formula rate plan revenue of $3.5 million , a decrease in legacy Entergy Gulf States Louisiana formula rate plan revenue of $9.7 million , and a decrease in incremental formula rate plan revenue of $3.6 million . Additionally, the formula rate plan evaluation report calls for a decrease in the MISO cost recovery revenue requirement of $40.5 million , from the present level of $46.8 million to $6.3 million . Rates reflecting these adjustments will be implemented with the first billing cycle of September 2017, subject to refund, pending the review proceedings. Parties have intervened in the proceedings. No procedural schedule has been established. Waterford 3 Replacement Steam Generator Project See Note 2 to the financial statements in the Form 10-K for discussion of the Waterford 3 replacement steam generator project prudence review proceeding. The refund to customers of approximately $71 million as a result of the settlement approved by the LPSC was made to customers in January 2017. Following a review by the parties, an unopposed joint report of proceedings was filed by the LPSC staff and Entergy Louisiana in May 2017. In May 2017 the LPSC accepted the joint report of proceedings resolving the matter. Union Power Station As a term of the LPSC-approved settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station, Entergy Louisiana agreed to make a filing with the LPSC to review its decisions to deactivate Ninemile 3 and Willow Glen 2 and 4 and its decision to retire Little Gypsy 1. In January 2016, Entergy Louisiana made its compliance filing with the LPSC. Entergy Louisiana, LPSC staff, and intervenors participated in a technical conference in March 2016 where Entergy Louisiana presented information on its deactivation/retirement decisions for these four units in addition to information on the current deactivation decisions for the ten-year planning horizon. Parties have requested further proceedings on the prudence of the decision to deactivate Willow Glen 2 and 4. No party contests the prudence of the decision to deactivate Willow Glen 2 and 4 or suggests reactivation of these units; however, issues have been raised related to Entergy Louisiana’s decision to give up its transmission service rights in MISO for Willow Glen 2 and 4 rather than placing the units into suspended status for the three year term permitted by MISO. This matter is pending before an ALJ, with an evidentiary hearing scheduled in August 2017. Retail Rates - Gas 2016 Rate Stabilization Plan Filing In January 2017, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2016. The filing of the evaluation report for test year 2016 reflected an earned return on common equity of 6.37% . As part of the original filing, pursuant to the extraordinary cost provision of the rate stabilization plan, Entergy Louisiana sought to recover approximately $1.5 million in deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016. Entergy Louisiana requested to recover the prudently incurred August 2016 storm restoration costs over ten years, outside of the rate stabilization plan sharing provisions. As a result, Entergy Louisiana’s filing sought an annual increase in revenue of $1.4 million . Following review of the filing, except for the proposed extraordinary cost recovery, the LPSC staff confirmed Entergy Louisiana’s filing was consistent with the principles and requirements of the rate stabilization plan. The extraordinary cost recovery request associated with the 2016 flood-related deferred operation and maintenance expenses incurred for gas operations was removed from the rate stabilization plan pending LPSC consideration in a separate docket. In April 2017 the LPSC approved a joint report of proceedings and Entergy Louisiana submitted a revised evaluation report reflecting a $1.2 million annual increase in revenue with rates implemented with the first billing cycle of May 2017. In connection with the joint report of proceedings accepted by the LPSC, in May 2017, Entergy Louisiana filed an application to initiate a separate proceeding to recover the deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016 through the extraordinary cost provision of the gas rate stabilization plan. A procedural schedule has been established, with a hearing in November 2017. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Louisiana filed an application seeking a finding from the LPSC that Entergy Louisiana’s deployment of advanced electric and gas metering infrastructure is in the public interest. The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge. In July 2017 the LPSC approved the stipulation. Filings with the MPSC Formula Rate Plan In March 2017, Entergy Mississippi submitted its formula rate plan 2017 test year filing and 2016 look-back filing showing Entergy Mississippi’s earned return for the historical 2016 calendar year and projected earned return for the 2017 calendar year to be within the formula rate plan bandwidth, resulting in no change in rates. In June 2017, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a stipulation that confirmed that Entergy Mississippi’s earned returns for both the 2016 look-back filing and 2017 test year were within the respective formula rate plan bandwidths. In June 2017 the MPSC approved the stipulation, which resulted in no change in rates. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Mississippi filed an application seeking a finding from the MPSC that Entergy Mississippi’s deployment of advanced metering infrastructure is in the public interest. In May 2017 the Mississippi Public Utilities Staff and Entergy Mississippi entered into and filed a joint stipulation supporting Entergy Mississippi’s filing, and the MPSC issued an order approving the filing without any material changes, finding that Entergy Mississippi’s deployment of AMI is in the public interest and granting a certificate of public convenience and necessity. The MPSC order also confirmed that Entergy Mississippi shall continue to include in rate base the remaining book value of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Filings with the City Council Retail Rates As discussed in the Form 10-K, in February 2017, Entergy New Orleans filed a proposed implementation plan for the Energy Smart program from April 2017 through March 2020. As part of the proposal, Entergy New Orleans requested that the City Council identify its desired level of funding for the program during this time period and approve a cost recovery mechanism. In April 2017 the City Council approved an implementation plan for the Energy Smart program from April 2017 through December 2019. The City Council directed that the $11.8 million balance reported for Energy Smart funds be used to continue funding the program for Entergy New Orleans’s legacy customers and that the Energy Smart Algiers program continue to be funded through the Algiers fuel adjustment clause, until additional customer funding is required for the legacy customers. The City Council ordered Entergy New Orleans to submit a supplemental and amended implementation plan for program years 8 and 9 of the Energy Smart program (January 2018 through December 2019) in October 2017. Following that filing, the City Council will determine a specific cost recovery mechanism for the program for both legacy and Algiers customers. The City Council will not permit Entergy New Orleans to recover lost contribution to fixed costs for program years 7, 8, or 9 of the Energy Smart program. Internal Restructuring As discussed in the Form 10-K, in July 2016, Entergy New Orleans filed an application with the City Council seeking authorization to undertake a restructuring that would result in the transfer of substantially all of the assets and operations of Entergy New Orleans to a new entity, which would ultimately be owned by an existing Entergy subsidiary holding company. In May 2017 the City Council adopted a resolution approving the proposed internal restructuring pursuant to an agreement in principle with the City Council advisors and certain intervenors. Pursuant to the agreement in principle, Entergy New Orleans will credit retail customers $10 million in 2017, $1.4 million in the first quarter of the year after the transaction closes, and $117,500 each month in the second year after the transaction closes until such time as new base rates go into effect as a result of the anticipated 2018 base rate case. Entergy New Orleans began crediting retail customers in June 2017. Also pursuant to the agreement in principle, if FERC approval is received prior to December 31, 2018, Entergy New Orleans will provide additional credits to retail customers of $5 million in each of the years 2018, 2019, and 2020. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in October 2016, Entergy New Orleans filed an application seeking a finding from the City Council that Entergy New Orleans’s deployment of advanced electric and gas metering infrastructure is in the public interest. In April 2017, Entergy New Orleans received intervenor testimony that was generally supportive of AMI deployment. The City Council’s advisors filed testimony in May 2017 recommending the adoption of AMI subject to certain modifications, including the denial of Entergy New Orleans’s proposed customer charge as a cost recovery mechanism. In June 2017 the procedural schedule was suspended to allow for settlement discussions. A settlement status conference is scheduled for August 2017. Filings with the PUCT Other Filings In September 2016, Entergy Texas filed with the PUCT a request to amend its transmission cost recovery factor (TCRF) rider. The proposed amended TCRF rider is designed to collect approximately $29.5 million annually from Entergy Texas’s retail customers. This amount includes the approximately $10.5 million annually that Entergy Texas is currently authorized to collect through the TCRF rider. In September 2016 the PUCT suspended the effective date of the tariff change to March 2017. In December 2016, Entergy Texas and the PUCT reached a settlement agreeing to the amended TCRF annual revenue requirement of $29.5 million . The PUCT approved the settlement and issued a final order in March 2017. Entergy Texas implemented the amended TCRF rider beginning with bills covering usage on and after March 20, 2017. In June 2017, Entergy Texas filed an application to amend its distribution cost recovery factor (DCRF) rider by increasing the total collection from $8.65 million to approximately $19 million . In July 2017, Entergy Texas, the PUCT, and the two other parties in the proceeding entered into an unopposed stipulation and settlement agreement resulting in an amended DCRF annual revenue requirement of $18.3 million , with the resulting rates effective for usage no later than October 1, 2017. PUCT action on the stipulation and settlement agreement remains pending. Advanced Metering Infrastructure (AMI) Filing In its most recent regular session, the Texas legislature enacted legislation that extends statutory support for AMI deployment to Entergy Texas and directs that if Entergy Texas elects to deploy AMI, it shall do so as rapidly as practicable. In July 2017, Entergy Texas filed an application seeking an order from the PUCT approving Entergy Texas’s deployment of AMI. Entergy Texas proposed to replace existing meters with advanced meters that enable two-way data communication; design and build a secure and reliable network to support such communications; and implement support systems. AMI is intended to serve as the foundation of Entergy Texas’s modernized power grid. The filing identified a number of quantified and unquantified benefits, with Entergy Texas showing that its AMI deployment is expected to produce nominal net operational cost savings to customers of $33 million . Entergy Texas also sought to continue to include in rate base the remaining book value, approximately $41 million at December 31, 2016, of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Entergy Texas proposed a seven-year depreciable life for the new advanced meters, the three-year deployment of which is expected to begin in 2019. Entergy Texas also proposed a surcharge tariff to recover the reasonable and necessary costs it has and will incur under the deployment plan for the full deployment of advanced meters. Further, Entergy Texas is seeking approval of fees that would be charged to customers who choose to opt out of receiving service through an advanced meter and instead receive electric service with a non-standard meter. Subject to approval by the PUCT, deployment of the communications network is expected to begin in 2018. Entergy Texas expects a decision from the PUCT by December 2017. System Agreement Cost Equalization Proceedings See the Form 10-K for a discussion of the litigation involving the System Agreement at the FERC and in federal courts. Entergy Arkansas Opportunity Sales Proceedings As discussed in the Form 10-K, in June 2009 the LPSC filed a complaint requesting that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocated the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibited sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. The LPSC’s complaint challenges sales made beginning in 2002 and requests refunds. In April 2016 the FERC issued orders addressing requests for rehearing filed in July 2012 and an ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s August 2013 initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. In May 2016, Entergy Services filed a request for rehearing of the FERC’s April 2016 order addressing the requests for rehearing filed in July 2012. Entergy Services also filed a request for clarification and/or rehearing of the FERC’s April 2016 order addressing the ALJ’s August 2013 initial decision. The APSC and the LPSC also filed requests for rehearing of the FERC’s April 2016 order. The rehearing and clarification requests filed in May 2016 are pending FERC action. Pursuant to the procedural schedule established in the case, Entergy Services re-ran intra-system bills for the ten-year period 2000-2009 to quantify the effects of the FERC's ruling. In November 2016 the LPSC submitted testimony disputing certain aspects of the calculations, and Entergy Services submitted answering testimony in January 2017. In February 2017 the FERC staff filed testimony and Entergy Services filed responsive testimony. In March 2017 the LPSC filed rebuttal testimony. A hearing was held in May 2017. In July 2017, the ALJ issued an initial decision concluding that Entergy Arkansas should pay $86 million plus interest to the other Utility operating companies. The Utility operating companies have the opportunity to challenge the ALJ’s initial decision by filing a brief on exceptions with the FERC. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing the initial decision and Entergy submits a subsequent filing to comply with that order. The effect of the FERC’s decisions thus far in the case would be that Entergy Arkansas will make payments to some or all of the other Utility operating companies. Because further proceedings will still occur in the case, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case and its assessment of the April 2016 FERC orders, in the first quarter 2016, Entergy Arkansas recorded a liability of $87 million , which includes interest, for its estimated increased costs and payment to the other Utility operating companies. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case, including its review of the July 2017 initial decision. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Entergy Arkansas, therefore, recorded a regulatory asset in the first quarter 2016 of approximately $75 million , which represents its estimate of the retail portion of the costs. Complaint Against System Energy In January 2017 the APSC and MPSC filed a complaint with the FERC against System Energy. The complaint seeks a reduction in the return on equity component of the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. Entergy Arkansas also sells some of its Grand Gulf capacity and energy to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under separate agreements. The current return on equity under the Unit Power Sales Agreement is 10.94% . The complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive. The complaint requests the FERC to institute proceedings to investigate the return on equity and establish a lower return on equity, and also requests that the FERC establish January 23, 2017 as a refund effective date. The complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for System Energy is between 8.37% and 8.67% . System Energy answered the complaint in February 2017 and disputes that a return on equity of 8.37% to 8.67% is just and reasonable. The LPSC and the City Council intervened in the proceeding expressing support for the complaint. System Energy is recording a provision against revenue for the potential outcome of this proceeding. Action by the FERC is pending. Unit Power Sales Agreement In August 2017, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. The filing proposes limited amendments to the Unit Power Sales Agreement to adopt (1) updated rates for use in calculating Grand Gulf plant depreciation and amortization expenses and (2) updated nuclear decommissioning cost annual revenue requirements, both of which are recovered through the Unit Power Sales Agreement rate formula. The proposed amendments would result in lower charges to the Utility operating companies that buy capacity and energy from System Energy under the Unit Power Sales Agreement. The proposed changes are based on updated depreciation and nuclear decommissioning studies that take into account the renewal of Grand Gulf’s operating license for a term through November 1, 2044. System Energy requested that the FERC accept the amendments effective October 1, 2017. Action by the FERC is pending. |
System Energy [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2017, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01164 per kWh to $0.01547 per kWh. The APSC staff filed testimony in March 2017 recommending that the redetermined rate should be implemented with the first billing cycle of April 2017 under the normal operation of the tariff. Accordingly, the redetermined rate went into effect on March 31, 2017 pursuant to the tariff. In July 2017 the Arkansas Attorney General requested additional information to support certain of the costs included in Entergy Arkansas’s 2017 energy cost rate redetermination. Entergy Louisiana As discussed in the Form 10-K, in June 2016 the LPSC staff provided notice of audits of Entergy Louisiana’s fuel adjustment clause filings and purchased gas adjustment clause filings. Discovery commenced in March 2017. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi attorney general filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power. The defendants have denied the allegations. In June 2017 the District Court issued a case management order setting a trial date in November 2018. Discovery is currently in progress. Entergy Texas As discussed in the Form 10-K, in July 2016, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period April 1, 2013 through March 31, 2016. In December 2016, Entergy Texas entered into a stipulation and settlement agreement resulting in a $6 million disallowance not associated with any particular issue raised and a refund of the over-recovery balance of $21 million as of November 30, 2016, to most customers beginning April 2017 through June 2017. The fuel reconciliation settlement was approved by the PUCT in March 2017 and the refunds were made. In June 2017, Entergy Texas filed an application for a fuel refund of approximately $30.7 million for the months of December 2016 through April 2017. For most customers, the refunds will flow through bills for the months of July 2017 through September 2017. Also in June 2017, the PUCT’s administrative law judge approved the refund on an interim basis. A final decision in this matter remains pending. 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 APSC 2016 Formula Rate Plan Filing As discussed in the Form 10-K, Entergy Arkansas is required to make a supplemental filing supporting the recovery of certain nuclear costs. In April 2017, Entergy Arkansas filed a motion consented to by all parties requesting that it be permitted to submit its supplemental filing in conjunction with its 2017 formula rate plan filing, which was subsequently made in July 2017 and is discussed below. In May 2017 the APSC approved the joint motion and proposal to review Entergy Arkansas’s supplemental filing on a concurrent schedule with the 2017 formula rate plan filing. In doing so, however, the APSC noted that a determination of whether the supplemental information supporting certain nuclear expenditures will be considered in the hearing for the 2017 formula rate plan filing or a separate hearing will be made at a later time. 2017 Formula Rate Plan Filing In July 2017, Entergy Arkansas filed with the APSC its 2017 formula rate plan filing showing Entergy Arkansas’s projected earned return on common equity for the twelve months ended December 31, 2018 test period to be below the formula rate plan bandwidth. The filing projected a $129.7 million revenue requirement increase to achieve Entergy Arkansas’s target earned return on common equity of 9.75% . Because the projected revenue increase exceeds the four percent annual revenue constraint for each rate class, however, Entergy Arkansas proposed a $70.9 million revenue requirement increase. Entergy Arkansas requested an order approving its proposed formula rate plan adjustment by December 13, 2017. If a final order is not issued by this date, the proposed formula rate plan adjustment will become effective January 2, 2018, subject to refund. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in September 2016, Entergy Arkansas filed an application seeking a finding from the APSC that Entergy Arkansas’s deployment of advanced metering infrastructure is in the public interest. In June 2017 the APSC staff and Arkansas Attorney General filed direct testimony. The APSC staff generally supported Entergy Arkansas’s AMI deployment conditioned on various recommendations. The Arkansas Attorney General’s consultant primarily recommended denial of Entergy Arkansas’s application but alternatively suggested recommendations in the event the APSC approves Entergy Arkansas’s proposal. Entergy Arkansas filed rebuttal testimony in June 2017, substantially accepting the APSC staff’s recommendations. In August 2017, Entergy Arkansas and the parties to the proceeding filed a joint motion to suspend the procedural schedule pending the filing with the APSC of an agreement in principle on all issues. Filings with the LPSC Retail Rates - Electric 2014 Formula Rate Plan Filing As discussed in the Form 10-K, in September 2015, Entergy Louisiana filed its formula rate plan evaluation report for Entergy Gulf States Louisiana’s and Entergy Louisiana’s 2014 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed an unopposed joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of this proceeding with no changes to rates already implemented. 2015 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2016, Entergy Louisiana filed its formula rate plan evaluation report for its 2015 calendar year operations. In June 2017 the LPSC staff and Entergy Louisiana filed a joint report of proceedings, which was accepted by the LPSC in June 2017, finalizing the results of the May 2016 evaluation report, interim updates, and corresponding proceedings with no changes to rates already implemented. Also, in November 2016, Entergy Louisiana filed with the LPSC a request to extend the MISO cost recovery mechanism rider provision of its formula rate plan. In March 2017 the LPSC staff submitted direct testimony generally supportive of a one-year extension of the MISO cost recovery mechanism and the intervenor in the proceeding does not oppose an extension for this period of time. In June 2017 an uncontested joint stipulation authorizing a one-year extension of the MISO cost recovery mechanism rider was filed and the LPSC approved the stipulation in July 2017. 2016 Formula Rate Plan Filing In May 2017, Entergy Louisiana filed its formula rate plan evaluation report for its 2016 calendar year operations. The evaluation report reflects an earned return on common equity of 9.84% . As such, no adjustment to base formula rate plan revenue is required. The following adjustments, however, are required under the formula rate plan: The 2016 formula rate plan evaluation report shows a decrease in formula rate plan revenue of approximately $16.9 million , comprised of a decrease in legacy Entergy Louisiana formula rate plan revenue of $3.5 million , a decrease in legacy Entergy Gulf States Louisiana formula rate plan revenue of $9.7 million , and a decrease in incremental formula rate plan revenue of $3.6 million . Additionally, the formula rate plan evaluation report calls for a decrease in the MISO cost recovery revenue requirement of $40.5 million , from the present level of $46.8 million to $6.3 million . Rates reflecting these adjustments will be implemented with the first billing cycle of September 2017, subject to refund, pending the review proceedings. Parties have intervened in the proceedings. No procedural schedule has been established. Waterford 3 Replacement Steam Generator Project See Note 2 to the financial statements in the Form 10-K for discussion of the Waterford 3 replacement steam generator project prudence review proceeding. The refund to customers of approximately $71 million as a result of the settlement approved by the LPSC was made to customers in January 2017. Following a review by the parties, an unopposed joint report of proceedings was filed by the LPSC staff and Entergy Louisiana in May 2017. In May 2017 the LPSC accepted the joint report of proceedings resolving the matter. Union Power Station As a term of the LPSC-approved settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station, Entergy Louisiana agreed to make a filing with the LPSC to review its decisions to deactivate Ninemile 3 and Willow Glen 2 and 4 and its decision to retire Little Gypsy 1. In January 2016, Entergy Louisiana made its compliance filing with the LPSC. Entergy Louisiana, LPSC staff, and intervenors participated in a technical conference in March 2016 where Entergy Louisiana presented information on its deactivation/retirement decisions for these four units in addition to information on the current deactivation decisions for the ten-year planning horizon. Parties have requested further proceedings on the prudence of the decision to deactivate Willow Glen 2 and 4. No party contests the prudence of the decision to deactivate Willow Glen 2 and 4 or suggests reactivation of these units; however, issues have been raised related to Entergy Louisiana’s decision to give up its transmission service rights in MISO for Willow Glen 2 and 4 rather than placing the units into suspended status for the three year term permitted by MISO. This matter is pending before an ALJ, with an evidentiary hearing scheduled in August 2017. Retail Rates - Gas 2016 Rate Stabilization Plan Filing In January 2017, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2016. The filing of the evaluation report for test year 2016 reflected an earned return on common equity of 6.37% . As part of the original filing, pursuant to the extraordinary cost provision of the rate stabilization plan, Entergy Louisiana sought to recover approximately $1.5 million in deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016. Entergy Louisiana requested to recover the prudently incurred August 2016 storm restoration costs over ten years, outside of the rate stabilization plan sharing provisions. As a result, Entergy Louisiana’s filing sought an annual increase in revenue of $1.4 million . Following review of the filing, except for the proposed extraordinary cost recovery, the LPSC staff confirmed Entergy Louisiana’s filing was consistent with the principles and requirements of the rate stabilization plan. The extraordinary cost recovery request associated with the 2016 flood-related deferred operation and maintenance expenses incurred for gas operations was removed from the rate stabilization plan pending LPSC consideration in a separate docket. In April 2017 the LPSC approved a joint report of proceedings and Entergy Louisiana submitted a revised evaluation report reflecting a $1.2 million annual increase in revenue with rates implemented with the first billing cycle of May 2017. In connection with the joint report of proceedings accepted by the LPSC, in May 2017, Entergy Louisiana filed an application to initiate a separate proceeding to recover the deferred operation and maintenance expenses incurred to restore service and repair damage resulting from flooding and widespread rainfall in southeast Louisiana that occurred in August 2016 through the extraordinary cost provision of the gas rate stabilization plan. A procedural schedule has been established, with a hearing in November 2017. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Louisiana filed an application seeking a finding from the LPSC that Entergy Louisiana’s deployment of advanced electric and gas metering infrastructure is in the public interest. The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge. In July 2017 the LPSC approved the stipulation. Filings with the MPSC Formula Rate Plan In March 2017, Entergy Mississippi submitted its formula rate plan 2017 test year filing and 2016 look-back filing showing Entergy Mississippi’s earned return for the historical 2016 calendar year and projected earned return for the 2017 calendar year to be within the formula rate plan bandwidth, resulting in no change in rates. In June 2017, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a stipulation that confirmed that Entergy Mississippi’s earned returns for both the 2016 look-back filing and 2017 test year were within the respective formula rate plan bandwidths. In June 2017 the MPSC approved the stipulation, which resulted in no change in rates. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in November 2016, Entergy Mississippi filed an application seeking a finding from the MPSC that Entergy Mississippi’s deployment of advanced metering infrastructure is in the public interest. In May 2017 the Mississippi Public Utilities Staff and Entergy Mississippi entered into and filed a joint stipulation supporting Entergy Mississippi’s filing, and the MPSC issued an order approving the filing without any material changes, finding that Entergy Mississippi’s deployment of AMI is in the public interest and granting a certificate of public convenience and necessity. The MPSC order also confirmed that Entergy Mississippi shall continue to include in rate base the remaining book value of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Filings with the City Council Retail Rates As discussed in the Form 10-K, in February 2017, Entergy New Orleans filed a proposed implementation plan for the Energy Smart program from April 2017 through March 2020. As part of the proposal, Entergy New Orleans requested that the City Council identify its desired level of funding for the program during this time period and approve a cost recovery mechanism. In April 2017 the City Council approved an implementation plan for the Energy Smart program from April 2017 through December 2019. The City Council directed that the $11.8 million balance reported for Energy Smart funds be used to continue funding the program for Entergy New Orleans’s legacy customers and that the Energy Smart Algiers program continue to be funded through the Algiers fuel adjustment clause, until additional customer funding is required for the legacy customers. The City Council ordered Entergy New Orleans to submit a supplemental and amended implementation plan for program years 8 and 9 of the Energy Smart program (January 2018 through December 2019) in October 2017. Following that filing, the City Council will determine a specific cost recovery mechanism for the program for both legacy and Algiers customers. The City Council will not permit Entergy New Orleans to recover lost contribution to fixed costs for program years 7, 8, or 9 of the Energy Smart program. Internal Restructuring As discussed in the Form 10-K, in July 2016, Entergy New Orleans filed an application with the City Council seeking authorization to undertake a restructuring that would result in the transfer of substantially all of the assets and operations of Entergy New Orleans to a new entity, which would ultimately be owned by an existing Entergy subsidiary holding company. In May 2017 the City Council adopted a resolution approving the proposed internal restructuring pursuant to an agreement in principle with the City Council advisors and certain intervenors. Pursuant to the agreement in principle, Entergy New Orleans will credit retail customers $10 million in 2017, $1.4 million in the first quarter of the year after the transaction closes, and $117,500 each month in the second year after the transaction closes until such time as new base rates go into effect as a result of the anticipated 2018 base rate case. Entergy New Orleans began crediting retail customers in June 2017. Also pursuant to the agreement in principle, if FERC approval is received prior to December 31, 2018, Entergy New Orleans will provide additional credits to retail customers of $5 million in each of the years 2018, 2019, and 2020. Advanced Metering Infrastructure (AMI) Filing As discussed in the Form 10-K, in October 2016, Entergy New Orleans filed an application seeking a finding from the City Council that Entergy New Orleans’s deployment of advanced electric and gas metering infrastructure is in the public interest. In April 2017, Entergy New Orleans received intervenor testimony that was generally supportive of AMI deployment. The City Council’s advisors filed testimony in May 2017 recommending the adoption of AMI subject to certain modifications, including the denial of Entergy New Orleans’s proposed customer charge as a cost recovery mechanism. In June 2017 the procedural schedule was suspended to allow for settlement discussions. A settlement status conference is scheduled for August 2017. Filings with the PUCT Other Filings In September 2016, Entergy Texas filed with the PUCT a request to amend its transmission cost recovery factor (TCRF) rider. The proposed amended TCRF rider is designed to collect approximately $29.5 million annually from Entergy Texas’s retail customers. This amount includes the approximately $10.5 million annually that Entergy Texas is currently authorized to collect through the TCRF rider. In September 2016 the PUCT suspended the effective date of the tariff change to March 2017. In December 2016, Entergy Texas and the PUCT reached a settlement agreeing to the amended TCRF annual revenue requirement of $29.5 million . The PUCT approved the settlement and issued a final order in March 2017. Entergy Texas implemented the amended TCRF rider beginning with bills covering usage on and after March 20, 2017. In June 2017, Entergy Texas filed an application to amend its distribution cost recovery factor (DCRF) rider by increasing the total collection from $8.65 million to approximately $19 million . In July 2017, Entergy Texas, the PUCT, and the two other parties in the proceeding entered into an unopposed stipulation and settlement agreement resulting in an amended DCRF annual revenue requirement of $18.3 million , with the resulting rates effective for usage no later than October 1, 2017. PUCT action on the stipulation and settlement agreement remains pending. Advanced Metering Infrastructure (AMI) Filing In its most recent regular session, the Texas legislature enacted legislation that extends statutory support for AMI deployment to Entergy Texas and directs that if Entergy Texas elects to deploy AMI, it shall do so as rapidly as practicable. In July 2017, Entergy Texas filed an application seeking an order from the PUCT approving Entergy Texas’s deployment of AMI. Entergy Texas proposed to replace existing meters with advanced meters that enable two-way data communication; design and build a secure and reliable network to support such communications; and implement support systems. AMI is intended to serve as the foundation of Entergy Texas’s modernized power grid. The filing identified a number of quantified and unquantified benefits, with Entergy Texas showing that its AMI deployment is expected to produce nominal net operational cost savings to customers of $33 million . Entergy Texas also sought to continue to include in rate base the remaining book value, approximately $41 million at December 31, 2016, of existing meters that will be retired as part of the AMI deployment and also to depreciate those assets using current depreciation rates. Entergy Texas proposed a seven-year depreciable life for the new advanced meters, the three-year deployment of which is expected to begin in 2019. Entergy Texas also proposed a surcharge tariff to recover the reasonable and necessary costs it has and will incur under the deployment plan for the full deployment of advanced meters. Further, Entergy Texas is seeking approval of fees that would be charged to customers who choose to opt out of receiving service through an advanced meter and instead receive electric service with a non-standard meter. Subject to approval by the PUCT, deployment of the communications network is expected to begin in 2018. Entergy Texas expects a decision from the PUCT by December 2017. System Agreement Cost Equalization Proceedings See the Form 10-K for a discussion of the litigation involving the System Agreement at the FERC and in federal courts. Entergy Arkansas Opportunity Sales Proceedings As discussed in the Form 10-K, in June 2009 the LPSC filed a complaint requesting that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocated the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibited sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. The LPSC’s complaint challenges sales made beginning in 2002 and requests refunds. In April 2016 the FERC issued orders addressing requests for rehearing filed in July 2012 and an ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s August 2013 initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. In May 2016, Entergy Services filed a request for rehearing of the FERC’s April 2016 order addressing the requests for rehearing filed in July 2012. Entergy Services also filed a request for clarification and/or rehearing of the FERC’s April 2016 order addressing the ALJ’s August 2013 initial decision. The APSC and the LPSC also filed requests for rehearing of the FERC’s April 2016 order. The rehearing and clarification requests filed in May 2016 are pending FERC action. Pursuant to the procedural schedule established in the case, Entergy Services re-ran intra-system bills for the ten-year period 2000-2009 to quantify the effects of the FERC's ruling. In November 2016 the LPSC submitted testimony disputing certain aspects of the calculations, and Entergy Services submitted answering testimony in January 2017. In February 2017 the FERC staff filed testimony and Entergy Services filed responsive testimony. In March 2017 the LPSC filed rebuttal testimony. A hearing was held in May 2017. In July 2017, the ALJ issued an initial decision concluding that Entergy Arkansas should pay $86 million plus interest to the other Utility operating companies. The Utility operating companies have the opportunity to challenge the ALJ’s initial decision by filing a brief on exceptions with the FERC. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing the initial decision and Entergy submits a subsequent filing to comply with that order. The effect of the FERC’s decisions thus far in the case would be that Entergy Arkansas will make payments to some or all of the other Utility operating companies. Because further proceedings will still occur in the case, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case and its assessment of the April 2016 FERC orders, in the first quarter 2016, Entergy Arkansas recorded a liability of $87 million , which includes interest, for its estimated increased costs and payment to the other Utility operating companies. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case, including its review of the July 2017 initial decision. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Entergy Arkansas, therefore, recorded a regulatory asset in the first quarter 2016 of approximately $75 million , which represents its estimate of the retail portion of the costs. Complaint Against System Energy In January 2017 the APSC and MPSC filed a complaint with the FERC against System Energy. The complaint seeks a reduction in the return on equity component of the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. Entergy Arkansas also sells some of its Grand Gulf capacity and energy to Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans under separate agreements. The current return on equity under the Unit Power Sales Agreement is 10.94% . The complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive. The complaint requests the FERC to institute proceedings to investigate the return on equity and establish a lower return on equity, and also requests that the FERC establish January 23, 2017 as a refund effective date. The complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for System Energy is between 8.37% and 8.67% . System Energy answered the complaint in February 2017 and disputes that a return on equity of 8.37% to 8.67% is just and reasonable. The LPSC and the City Council intervened in the proceeding expressing support for the complaint. System Energy is recording a provision against revenue for the potential outcome of this proceeding. Action by the FERC is pending. Unit Power Sales Agreement In August 2017, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement pursuant to which System Energy sells its Grand Gulf capacity and energy to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans. The filing proposes limited amendments to the Unit Power Sales Agreement to adopt (1) updated rates for use in calculating Grand Gulf plant depreciation and amortization expenses and (2) updated nuclear decommissioning cost annual revenue requirements, both of which are recovered through the Unit Power Sales Agreement rate formula. The proposed amendments would result in lower charges to the Utility operating companies that buy capacity and energy from System Energy under the Unit Power Sales Agreement. The proposed changes are based on updated depreciation and nuclear decommissioning studies that take into account the renewal of Grand Gulf’s operating license for a term through November 1, 2044. System Energy requested that the FERC accept the amendments effective October 1, 2017. Action by the FERC is pending. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity | EQUITY (Entergy Corporation 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 June 30, 2017 2016 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $409.9 179.5 $2.28 $567.3 178.8 $3.17 Average dilutive effect of: Stock options 0.2 — 0.2 — Other equity plans 0.5 (0.01 ) 0.5 (0.01 ) Diluted earnings per share $409.9 180.2 $2.27 $567.3 179.5 $3.16 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 2.5 million for the three months ended June 30, 2017 and approximately 4.1 million for the three months ended June 30, 2016 . For the Six Months Ended June 30, 2017 2016 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $492.5 179.4 $2.75 $797.3 178.7 $4.46 Average dilutive effect of: Stock options 0.2 — 0.1 — Other equity plans 0.4 (0.01 ) 0.4 (0.01 ) Diluted earnings per share $492.5 180.0 $2.74 $797.3 179.2 $4.45 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 3.7 million for the six months ended June 30, 2017 and approximately 5.1 million for the six months ended June 30, 2016 . Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Treasury Stock During the six months ended June 30, 2017 , Entergy Corporation issued 390,013 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 six months ended June 30, 2017 . Retained Earnings On July 28, 2017, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.87 per share, payable on September 1, 2017, to holders of record as of August 10, 2017. Comprehensive Income Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2017 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, April 1, 2017 $3,465 ($460,814 ) $467,561 $748 $10,960 Other comprehensive income (loss) before reclassifications 28,057 — 33,870 (748 ) 61,179 Amounts reclassified from accumulated other comprehensive income (loss) (8,108 ) 10,916 (22,174 ) — (19,366 ) Net other comprehensive income (loss) for the period 19,949 10,916 11,696 (748 ) 41,813 Ending balance, June 30, 2017 $23,414 ($449,898 ) $479,257 $— $52,773 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, April 1, 2016 $96,464 ($459,042 ) $390,626 $1,744 $29,792 Other comprehensive income (loss) before reclassifications (34,138 ) — 24,016 (904 ) (11,026 ) Amounts reclassified from accumulated other comprehensive income (loss) (29,903 ) 5,043 (3,061 ) — (27,921 ) Net other comprehensive income (loss) for the period (64,041 ) 5,043 20,955 (904 ) (38,947 ) Ending balance, June 30, 2016 $32,423 ($453,999 ) $411,581 $840 ($9,155 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2017 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2017 $3,993 ($469,446 ) $429,734 $748 ($34,971 ) Other comprehensive income (loss) before reclassifications 60,665 — 73,742 (748 ) 133,659 Amounts reclassified from accumulated other comprehensive income (loss) (41,244 ) 19,548 (24,219 ) — (45,915 ) Net other comprehensive income (loss) for the period 19,421 19,548 49,523 (748 ) 87,744 Ending balance, June 30, 2017 $23,414 ($449,898 ) $479,257 $— $52,773 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2016 $105,970 ($466,604 ) $367,557 $2,028 $8,951 Other comprehensive income (loss) before reclassifications 56,169 — 49,048 (1,188 ) 104,029 Amounts reclassified from accumulated other comprehensive income (loss) (129,716 ) 12,605 (5,024 ) — (122,135 ) Net other comprehensive income (loss) for the period (73,547 ) 12,605 44,024 (1,188 ) (18,106 ) Ending balance, June 30, 2016 $32,423 ($453,999 ) $411,581 $840 ($9,155 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended June 30, 2017 and 2016: Pension and Other 2017 2016 (In Thousands) Beginning balance, April 1, ($48,812 ) ($56,675 ) Amounts reclassified from accumulated other (310 ) (230 ) Net other comprehensive income (loss) for the period (310 ) (230 ) Ending balance, June 30, ($49,122 ) ($56,905 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the six months ended June 30, 2017 and 2016: Pension and Other 2017 2016 (In Thousands) Beginning balance, January 1, ($48,442 ) ($56,412 ) Amounts reclassified from accumulated other (680 ) (493 ) Net other comprehensive income (loss) for the period (680 ) (493 ) Ending balance, June 30, ($49,122 ) ($56,905 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $12,695 $45,975 Competitive business operating revenues Interest rate swaps (219 ) 30 Miscellaneous - net Total realized gain (loss) on cash flow hedges 12,476 46,005 (4,368 ) (16,102 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $8,108 $29,903 Pension and other postretirement liabilities Amortization of prior-service credit $6,564 $7,355 (a) Amortization of loss (21,554 ) (15,177 ) (a) Settlement loss (1,765 ) — (a) Total amortization (16,755 ) (7,822 ) 5,839 2,779 Income taxes Total amortization (net of tax) ($10,916 ) ($5,043 ) Net unrealized investment gain (loss) Realized gain (loss) $43,479 $6,000 Interest and investment income (21,305 ) (2,939 ) Income taxes Total realized investment gain (loss) (net of tax) $22,174 $3,061 Total reclassifications for the period (net of tax) $19,366 $27,921 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the six months ended June 30, 2017 and 2016 are as follows: Amounts reclassified from AOCI Income Statement Location 2017 2016 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $63,922 $199,933 Competitive business operating revenues Interest rate swaps (469 ) (370 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 63,453 199,563 (22,209 ) (69,847 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $41,244 $129,716 Pension and other postretirement liabilities Amortization of prior-service credit $13,126 $14,710 (a) Amortization of loss (43,125 ) (30,352 ) (a) Settlement loss (1,765 ) — (a) Total amortization (31,764 ) (15,642 ) 12,216 3,037 Income taxes Total amortization (net of tax) ($19,548 ) ($12,605 ) Net unrealized investment gain (loss) Realized gain (loss) $47,489 $9,850 Interest and investment income (23,270 ) (4,826 ) Income taxes Total realized investment gain (loss) (net of tax) $24,219 $5,024 Total reclassifications for the period (net of tax) $45,915 $122,135 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,934 $1,947 (a) Amortization of loss (1,332 ) (1,573 ) (a) Total amortization 602 374 (292 ) (144 ) Income taxes Total amortization (net of tax) 310 230 Total reclassifications for the period (net of tax) $310 $230 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the six months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $3,868 $3,894 (a) Amortization of loss (2,664 ) (3,142 ) (a) Total amortization 1,204 752 (524 ) (259 ) Income taxes Total amortization (net of tax) 680 493 Total reclassifications for the period (net of tax) $680 $493 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Entergy Louisiana [Member] | |
Equity | EQUITY (Entergy Corporation 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 June 30, 2017 2016 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $409.9 179.5 $2.28 $567.3 178.8 $3.17 Average dilutive effect of: Stock options 0.2 — 0.2 — Other equity plans 0.5 (0.01 ) 0.5 (0.01 ) Diluted earnings per share $409.9 180.2 $2.27 $567.3 179.5 $3.16 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 2.5 million for the three months ended June 30, 2017 and approximately 4.1 million for the three months ended June 30, 2016 . For the Six Months Ended June 30, 2017 2016 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $492.5 179.4 $2.75 $797.3 178.7 $4.46 Average dilutive effect of: Stock options 0.2 — 0.1 — Other equity plans 0.4 (0.01 ) 0.4 (0.01 ) Diluted earnings per share $492.5 180.0 $2.74 $797.3 179.2 $4.45 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 3.7 million for the six months ended June 30, 2017 and approximately 5.1 million for the six months ended June 30, 2016 . Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Treasury Stock During the six months ended June 30, 2017 , Entergy Corporation issued 390,013 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 six months ended June 30, 2017 . Retained Earnings On July 28, 2017, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.87 per share, payable on September 1, 2017, to holders of record as of August 10, 2017. Comprehensive Income Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2017 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, April 1, 2017 $3,465 ($460,814 ) $467,561 $748 $10,960 Other comprehensive income (loss) before reclassifications 28,057 — 33,870 (748 ) 61,179 Amounts reclassified from accumulated other comprehensive income (loss) (8,108 ) 10,916 (22,174 ) — (19,366 ) Net other comprehensive income (loss) for the period 19,949 10,916 11,696 (748 ) 41,813 Ending balance, June 30, 2017 $23,414 ($449,898 ) $479,257 $— $52,773 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, April 1, 2016 $96,464 ($459,042 ) $390,626 $1,744 $29,792 Other comprehensive income (loss) before reclassifications (34,138 ) — 24,016 (904 ) (11,026 ) Amounts reclassified from accumulated other comprehensive income (loss) (29,903 ) 5,043 (3,061 ) — (27,921 ) Net other comprehensive income (loss) for the period (64,041 ) 5,043 20,955 (904 ) (38,947 ) Ending balance, June 30, 2016 $32,423 ($453,999 ) $411,581 $840 ($9,155 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2017 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2017 $3,993 ($469,446 ) $429,734 $748 ($34,971 ) Other comprehensive income (loss) before reclassifications 60,665 — 73,742 (748 ) 133,659 Amounts reclassified from accumulated other comprehensive income (loss) (41,244 ) 19,548 (24,219 ) — (45,915 ) Net other comprehensive income (loss) for the period 19,421 19,548 49,523 (748 ) 87,744 Ending balance, June 30, 2017 $23,414 ($449,898 ) $479,257 $— $52,773 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2016 $105,970 ($466,604 ) $367,557 $2,028 $8,951 Other comprehensive income (loss) before reclassifications 56,169 — 49,048 (1,188 ) 104,029 Amounts reclassified from accumulated other comprehensive income (loss) (129,716 ) 12,605 (5,024 ) — (122,135 ) Net other comprehensive income (loss) for the period (73,547 ) 12,605 44,024 (1,188 ) (18,106 ) Ending balance, June 30, 2016 $32,423 ($453,999 ) $411,581 $840 ($9,155 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended June 30, 2017 and 2016: Pension and Other 2017 2016 (In Thousands) Beginning balance, April 1, ($48,812 ) ($56,675 ) Amounts reclassified from accumulated other (310 ) (230 ) Net other comprehensive income (loss) for the period (310 ) (230 ) Ending balance, June 30, ($49,122 ) ($56,905 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the six months ended June 30, 2017 and 2016: Pension and Other 2017 2016 (In Thousands) Beginning balance, January 1, ($48,442 ) ($56,412 ) Amounts reclassified from accumulated other (680 ) (493 ) Net other comprehensive income (loss) for the period (680 ) (493 ) Ending balance, June 30, ($49,122 ) ($56,905 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $12,695 $45,975 Competitive business operating revenues Interest rate swaps (219 ) 30 Miscellaneous - net Total realized gain (loss) on cash flow hedges 12,476 46,005 (4,368 ) (16,102 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $8,108 $29,903 Pension and other postretirement liabilities Amortization of prior-service credit $6,564 $7,355 (a) Amortization of loss (21,554 ) (15,177 ) (a) Settlement loss (1,765 ) — (a) Total amortization (16,755 ) (7,822 ) 5,839 2,779 Income taxes Total amortization (net of tax) ($10,916 ) ($5,043 ) Net unrealized investment gain (loss) Realized gain (loss) $43,479 $6,000 Interest and investment income (21,305 ) (2,939 ) Income taxes Total realized investment gain (loss) (net of tax) $22,174 $3,061 Total reclassifications for the period (net of tax) $19,366 $27,921 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the six months ended June 30, 2017 and 2016 are as follows: Amounts reclassified from AOCI Income Statement Location 2017 2016 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $63,922 $199,933 Competitive business operating revenues Interest rate swaps (469 ) (370 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 63,453 199,563 (22,209 ) (69,847 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $41,244 $129,716 Pension and other postretirement liabilities Amortization of prior-service credit $13,126 $14,710 (a) Amortization of loss (43,125 ) (30,352 ) (a) Settlement loss (1,765 ) — (a) Total amortization (31,764 ) (15,642 ) 12,216 3,037 Income taxes Total amortization (net of tax) ($19,548 ) ($12,605 ) Net unrealized investment gain (loss) Realized gain (loss) $47,489 $9,850 Interest and investment income (23,270 ) (4,826 ) Income taxes Total realized investment gain (loss) (net of tax) $24,219 $5,024 Total reclassifications for the period (net of tax) $45,915 $122,135 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,934 $1,947 (a) Amortization of loss (1,332 ) (1,573 ) (a) Total amortization 602 374 (292 ) (144 ) Income taxes Total amortization (net of tax) 310 230 Total reclassifications for the period (net of tax) $310 $230 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the six months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $3,868 $3,894 (a) Amortization of loss (2,664 ) (3,142 ) (a) Total amortization 1,204 752 (524 ) (259 ) Income taxes Total amortization (net of tax) 680 493 Total reclassifications for the period (net of tax) $680 $493 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Revolving Credit Facilities, Li
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
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 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 August 2021. 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 0.225% 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 six months ended June 30, 2017 was 2.38% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 , Entergy Corporation had $1.1 billion of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2017 was 1.38% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. 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, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $100 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of June 30, 2017 , $71 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the six months ended June 30, 2017 was 2.44% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also has an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of June 30, 2017 , there were no cash borrowings outstanding under the credit facility. The rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility was 2.72% . Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million 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 Retirements (Entergy Arkansas) In May 2017, Entergy Arkansas issued $220 million of 3.5% Series first mortgage bonds due April 2026. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016 and June 2016. Entergy Arkansas used a portion of the proceeds from the May 2017 issuance for general corporate purposes and plans to use the remainder of the proceeds to pay, at maturity, its $54.7 million of 1.55% pollution control revenue refunding bonds due October 2017. (Entergy Louisiana) In May 2017, Entergy Louisiana issued $450 million of 3.12% collateral trust mortgage bonds due September 2027. Entergy Louisiana used the proceeds to finance the construction of the St. Charles Power Station, to pay, at maturity, its $45.3 million of Waterford Series collateral trust mortgage notes, and for general corporate purposes. In July 2017 the Entergy Louisiana River Bend nuclear fuel company variable interest entity paid, at maturity, its $75 million of 3.25% Series Q notes. In July 2017 the Entergy Louisiana Waterford nuclear fuel company variable interest entity paid, at maturity, its $25 million of 3.25% Series G notes. (System Energy) In February 2017 the System Energy nuclear fuel company variable interest entity paid, at maturity, its $50 million of 4.02% Series H notes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
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 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 August 2021. 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 0.225% 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 six months ended June 30, 2017 was 2.38% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 , Entergy Corporation had $1.1 billion of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2017 was 1.38% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. 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, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $100 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of June 30, 2017 , $71 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the six months ended June 30, 2017 was 2.44% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also has an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of June 30, 2017 , there were no cash borrowings outstanding under the credit facility. The rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility was 2.72% . Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million 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 Retirements (Entergy Arkansas) In May 2017, Entergy Arkansas issued $220 million of 3.5% Series first mortgage bonds due April 2026. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016 and June 2016. Entergy Arkansas used a portion of the proceeds from the May 2017 issuance for general corporate purposes and plans to use the remainder of the proceeds to pay, at maturity, its $54.7 million of 1.55% pollution control revenue refunding bonds due October 2017. (Entergy Louisiana) In May 2017, Entergy Louisiana issued $450 million of 3.12% collateral trust mortgage bonds due September 2027. Entergy Louisiana used the proceeds to finance the construction of the St. Charles Power Station, to pay, at maturity, its $45.3 million of Waterford Series collateral trust mortgage notes, and for general corporate purposes. In July 2017 the Entergy Louisiana River Bend nuclear fuel company variable interest entity paid, at maturity, its $75 million of 3.25% Series Q notes. In July 2017 the Entergy Louisiana Waterford nuclear fuel company variable interest entity paid, at maturity, its $25 million of 3.25% Series G notes. (System Energy) In February 2017 the System Energy nuclear fuel company variable interest entity paid, at maturity, its $50 million of 4.02% Series H notes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
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 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 August 2021. 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 0.225% 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 six months ended June 30, 2017 was 2.38% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 , Entergy Corporation had $1.1 billion of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2017 was 1.38% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. 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, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $100 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of June 30, 2017 , $71 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the six months ended June 30, 2017 was 2.44% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also has an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of June 30, 2017 , there were no cash borrowings outstanding under the credit facility. The rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility was 2.72% . Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million 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 Retirements (Entergy Arkansas) In May 2017, Entergy Arkansas issued $220 million of 3.5% Series first mortgage bonds due April 2026. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016 and June 2016. Entergy Arkansas used a portion of the proceeds from the May 2017 issuance for general corporate purposes and plans to use the remainder of the proceeds to pay, at maturity, its $54.7 million of 1.55% pollution control revenue refunding bonds due October 2017. (Entergy Louisiana) In May 2017, Entergy Louisiana issued $450 million of 3.12% collateral trust mortgage bonds due September 2027. Entergy Louisiana used the proceeds to finance the construction of the St. Charles Power Station, to pay, at maturity, its $45.3 million of Waterford Series collateral trust mortgage notes, and for general corporate purposes. In July 2017 the Entergy Louisiana River Bend nuclear fuel company variable interest entity paid, at maturity, its $75 million of 3.25% Series Q notes. In July 2017 the Entergy Louisiana Waterford nuclear fuel company variable interest entity paid, at maturity, its $25 million of 3.25% Series G notes. (System Energy) In February 2017 the System Energy nuclear fuel company variable interest entity paid, at maturity, its $50 million of 4.02% Series H notes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
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 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 August 2021. 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 0.225% 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 six months ended June 30, 2017 was 2.38% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 , Entergy Corporation had $1.1 billion of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2017 was 1.38% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. 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, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $100 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of June 30, 2017 , $71 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the six months ended June 30, 2017 was 2.44% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also has an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of June 30, 2017 , there were no cash borrowings outstanding under the credit facility. The rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility was 2.72% . Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million 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 Retirements (Entergy Arkansas) In May 2017, Entergy Arkansas issued $220 million of 3.5% Series first mortgage bonds due April 2026. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016 and June 2016. Entergy Arkansas used a portion of the proceeds from the May 2017 issuance for general corporate purposes and plans to use the remainder of the proceeds to pay, at maturity, its $54.7 million of 1.55% pollution control revenue refunding bonds due October 2017. (Entergy Louisiana) In May 2017, Entergy Louisiana issued $450 million of 3.12% collateral trust mortgage bonds due September 2027. Entergy Louisiana used the proceeds to finance the construction of the St. Charles Power Station, to pay, at maturity, its $45.3 million of Waterford Series collateral trust mortgage notes, and for general corporate purposes. In July 2017 the Entergy Louisiana River Bend nuclear fuel company variable interest entity paid, at maturity, its $75 million of 3.25% Series Q notes. In July 2017 the Entergy Louisiana Waterford nuclear fuel company variable interest entity paid, at maturity, its $25 million of 3.25% Series G notes. (System Energy) In February 2017 the System Energy nuclear fuel company variable interest entity paid, at maturity, its $50 million of 4.02% Series H notes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
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 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 August 2021. 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 0.225% 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 six months ended June 30, 2017 was 2.38% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 , Entergy Corporation had $1.1 billion of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2017 was 1.38% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. 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, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $100 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of June 30, 2017 , $71 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the six months ended June 30, 2017 was 2.44% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also has an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of June 30, 2017 , there were no cash borrowings outstanding under the credit facility. The rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility was 2.72% . Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million 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 Retirements (Entergy Arkansas) In May 2017, Entergy Arkansas issued $220 million of 3.5% Series first mortgage bonds due April 2026. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016 and June 2016. Entergy Arkansas used a portion of the proceeds from the May 2017 issuance for general corporate purposes and plans to use the remainder of the proceeds to pay, at maturity, its $54.7 million of 1.55% pollution control revenue refunding bonds due October 2017. (Entergy Louisiana) In May 2017, Entergy Louisiana issued $450 million of 3.12% collateral trust mortgage bonds due September 2027. Entergy Louisiana used the proceeds to finance the construction of the St. Charles Power Station, to pay, at maturity, its $45.3 million of Waterford Series collateral trust mortgage notes, and for general corporate purposes. In July 2017 the Entergy Louisiana River Bend nuclear fuel company variable interest entity paid, at maturity, its $75 million of 3.25% Series Q notes. In July 2017 the Entergy Louisiana Waterford nuclear fuel company variable interest entity paid, at maturity, its $25 million of 3.25% Series G notes. (System Energy) In February 2017 the System Energy nuclear fuel company variable interest entity paid, at maturity, its $50 million of 4.02% Series H notes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
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 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 August 2021. 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 0.225% 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 six months ended June 30, 2017 was 2.38% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 , Entergy Corporation had $1.1 billion of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2017 was 1.38% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. 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, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $100 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of June 30, 2017 , $71 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the six months ended June 30, 2017 was 2.44% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also has an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of June 30, 2017 , there were no cash borrowings outstanding under the credit facility. The rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility was 2.72% . Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million 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 Retirements (Entergy Arkansas) In May 2017, Entergy Arkansas issued $220 million of 3.5% Series first mortgage bonds due April 2026. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016 and June 2016. Entergy Arkansas used a portion of the proceeds from the May 2017 issuance for general corporate purposes and plans to use the remainder of the proceeds to pay, at maturity, its $54.7 million of 1.55% pollution control revenue refunding bonds due October 2017. (Entergy Louisiana) In May 2017, Entergy Louisiana issued $450 million of 3.12% collateral trust mortgage bonds due September 2027. Entergy Louisiana used the proceeds to finance the construction of the St. Charles Power Station, to pay, at maturity, its $45.3 million of Waterford Series collateral trust mortgage notes, and for general corporate purposes. In July 2017 the Entergy Louisiana River Bend nuclear fuel company variable interest entity paid, at maturity, its $75 million of 3.25% Series Q notes. In July 2017 the Entergy Louisiana Waterford nuclear fuel company variable interest entity paid, at maturity, its $25 million of 3.25% Series G notes. (System Energy) In February 2017 the System Energy nuclear fuel company variable interest entity paid, at maturity, its $50 million of 4.02% Series H notes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
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 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 August 2021. 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 0.225% 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 six months ended June 30, 2017 was 2.38% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 , Entergy Corporation had $1.1 billion of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2017 was 1.38% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. 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, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $100 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of June 30, 2017 , $71 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the six months ended June 30, 2017 was 2.44% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also has an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million , which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of June 30, 2017 , there were no cash borrowings outstanding under the credit facility. The rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility was 2.72% . Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million 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 Retirements (Entergy Arkansas) In May 2017, Entergy Arkansas issued $220 million of 3.5% Series first mortgage bonds due April 2026. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016 and June 2016. Entergy Arkansas used a portion of the proceeds from the May 2017 issuance for general corporate purposes and plans to use the remainder of the proceeds to pay, at maturity, its $54.7 million of 1.55% pollution control revenue refunding bonds due October 2017. (Entergy Louisiana) In May 2017, Entergy Louisiana issued $450 million of 3.12% collateral trust mortgage bonds due September 2027. Entergy Louisiana used the proceeds to finance the construction of the St. Charles Power Station, to pay, at maturity, its $45.3 million of Waterford Series collateral trust mortgage notes, and for general corporate purposes. In July 2017 the Entergy Louisiana River Bend nuclear fuel company variable interest entity paid, at maturity, its $75 million of 3.25% Series Q notes. In July 2017 the Entergy Louisiana Waterford nuclear fuel company variable interest entity paid, at maturity, its $25 million of 3.25% Series G notes. (System Energy) In February 2017 the System Energy nuclear fuel company variable interest entity paid, at maturity, its $50 million of 4.02% Series H notes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION (Entergy Corporation) Entergy grants stock and stock-based 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. Effective January 1, 2017, Entergy adopted ASU 2016-09, which permits the election of an accounting policy change to the method of recognizing forfeitures of stock-based compensation. Previously, Entergy recorded an estimate of the number of forfeitures expected to occur each period. Entergy elected to change this policy to account for forfeitures when they occur. This accounting change was applied retrospectively, but did not result in an adjustment to retained earnings as of January 1, 2017. Stock Options Entergy granted options on 791,900 shares of its common stock under the 2015 Equity Ownership Plan during the first quarter 2017 with a weighted-average fair value of $6.54 per option. As of June 30, 2017 , there were options on 6,162,359 shares of common stock outstanding with a weighted-average exercise price of $81.65 . The intrinsic value, which has no effect on net income, of the outstanding stock options is calculated by the positive difference between the weighted average exercise price of the stock options granted and Entergy Corporation’s common stock price as of June 30, 2017 . Because Entergy’s stock price at June 30, 2017 was less than the weighted average exercise price, the aggregate intrinsic value of the stock options outstanding as of June 30, 2017 was zero. The intrinsic value of all “in the money” stock options was $21.5 million as of June 30, 2017 . The following table includes financial information for outstanding stock options for the three months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $1.1 $1.1 Tax benefit recognized in Entergy’s net income $0.4 $0.4 Compensation cost capitalized as part of fixed assets and inventory $0.2 $0.2 The following table includes financial information for outstanding stock options for the six months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $2.2 $2.2 Tax benefit recognized in Entergy’s net income $0.8 $0.8 Compensation cost capitalized as part of fixed assets and inventory $0.4 $0.4 Other Equity Awards In January 2017 the Board approved and Entergy granted 379,850 restricted stock awards and 220,450 long-term incentive awards under the 2015 Equity Ownership Plan. The restricted stock awards were made effective as of January 26, 2017 and were valued at $70.53 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. In addition, long-term incentive awards were granted in the form of performance units that represent the value of, and are settled with, one share of Entergy Corporation common stock at the end of the three-year performance period, plus dividends accrued during the performance period on the number of performance units earned. The performance units were granted effective as of January 26, 2017 and were valued at $71.40 per share. Entergy considers various factors, primarily market conditions, in determining the value of the performance units. Shares of restricted stock 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. Performance units have the same dividend rights as shares of Entergy 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 outstanding equity awards for the three months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $8.2 $8.5 Tax benefit recognized in Entergy’s net income $3.2 $3.3 Compensation cost capitalized as part of fixed assets and inventory $2.2 $1.9 The following table includes financial information for other outstanding equity awards for the six months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $16.4 $16.9 Tax benefit recognized in Entergy’s net income $6.3 $6.5 Compensation cost capitalized as part of fixed assets and inventory $4.2 $3.7 |
Retirement And Other Postretire
Retirement And Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Retirement And Other Postretirement Benefits | RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 Non-Qualified Net Pension Cost Entergy recognized $8.5 million and $4.3 million in pension cost for its non-qualified pension plans in the second quarters of 2017 and 2016 , respectively. Reflected in the pension cost for non-qualified pension plans in the second quarter 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. Entergy recognized $13.1 million and $8.5 million in pensions costs for its non-qualified pension plans for the six months ended June 30, 2017 and 2016, respectively. Reflected in the pension cost for non-qualified pension plans for the six months ended June 30, 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 Reflected in Entergy Arkansas’s non-qualified pension costs in the second quarter 2017 and for the six months ended June 30, 2017 is $163 thousand in settlement charges recognized in June 2017 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) Reclassification out of Accumulated Other Comprehensive Income (Loss) Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 Employer Contributions Based on current assumptions, Entergy expects to contribute $409.9 million to its qualified pension plans in 2017. As of June 30, 2017 , Entergy had contributed $176 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 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
Entergy Arkansas [Member] | |
Retirement And Other Postretirement Benefits | RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 Non-Qualified Net Pension Cost Entergy recognized $8.5 million and $4.3 million in pension cost for its non-qualified pension plans in the second quarters of 2017 and 2016 , respectively. Reflected in the pension cost for non-qualified pension plans in the second quarter 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. Entergy recognized $13.1 million and $8.5 million in pensions costs for its non-qualified pension plans for the six months ended June 30, 2017 and 2016, respectively. Reflected in the pension cost for non-qualified pension plans for the six months ended June 30, 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 Reflected in Entergy Arkansas’s non-qualified pension costs in the second quarter 2017 and for the six months ended June 30, 2017 is $163 thousand in settlement charges recognized in June 2017 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) Reclassification out of Accumulated Other Comprehensive Income (Loss) Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 Employer Contributions Based on current assumptions, Entergy expects to contribute $409.9 million to its qualified pension plans in 2017. As of June 30, 2017 , Entergy had contributed $176 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 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
Entergy Louisiana [Member] | |
Retirement And Other Postretirement Benefits | RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 Non-Qualified Net Pension Cost Entergy recognized $8.5 million and $4.3 million in pension cost for its non-qualified pension plans in the second quarters of 2017 and 2016 , respectively. Reflected in the pension cost for non-qualified pension plans in the second quarter 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. Entergy recognized $13.1 million and $8.5 million in pensions costs for its non-qualified pension plans for the six months ended June 30, 2017 and 2016, respectively. Reflected in the pension cost for non-qualified pension plans for the six months ended June 30, 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 Reflected in Entergy Arkansas’s non-qualified pension costs in the second quarter 2017 and for the six months ended June 30, 2017 is $163 thousand in settlement charges recognized in June 2017 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) Reclassification out of Accumulated Other Comprehensive Income (Loss) Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 Employer Contributions Based on current assumptions, Entergy expects to contribute $409.9 million to its qualified pension plans in 2017. As of June 30, 2017 , Entergy had contributed $176 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 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
Entergy Mississippi [Member] | |
Retirement And Other Postretirement Benefits | RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 Non-Qualified Net Pension Cost Entergy recognized $8.5 million and $4.3 million in pension cost for its non-qualified pension plans in the second quarters of 2017 and 2016 , respectively. Reflected in the pension cost for non-qualified pension plans in the second quarter 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. Entergy recognized $13.1 million and $8.5 million in pensions costs for its non-qualified pension plans for the six months ended June 30, 2017 and 2016, respectively. Reflected in the pension cost for non-qualified pension plans for the six months ended June 30, 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 Reflected in Entergy Arkansas’s non-qualified pension costs in the second quarter 2017 and for the six months ended June 30, 2017 is $163 thousand in settlement charges recognized in June 2017 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) Reclassification out of Accumulated Other Comprehensive Income (Loss) Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 Employer Contributions Based on current assumptions, Entergy expects to contribute $409.9 million to its qualified pension plans in 2017. As of June 30, 2017 , Entergy had contributed $176 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 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
Entergy New Orleans [Member] | |
Retirement And Other Postretirement Benefits | RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 Non-Qualified Net Pension Cost Entergy recognized $8.5 million and $4.3 million in pension cost for its non-qualified pension plans in the second quarters of 2017 and 2016 , respectively. Reflected in the pension cost for non-qualified pension plans in the second quarter 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. Entergy recognized $13.1 million and $8.5 million in pensions costs for its non-qualified pension plans for the six months ended June 30, 2017 and 2016, respectively. Reflected in the pension cost for non-qualified pension plans for the six months ended June 30, 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 Reflected in Entergy Arkansas’s non-qualified pension costs in the second quarter 2017 and for the six months ended June 30, 2017 is $163 thousand in settlement charges recognized in June 2017 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) Reclassification out of Accumulated Other Comprehensive Income (Loss) Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 Employer Contributions Based on current assumptions, Entergy expects to contribute $409.9 million to its qualified pension plans in 2017. As of June 30, 2017 , Entergy had contributed $176 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 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
Entergy Texas [Member] | |
Retirement And Other Postretirement Benefits | RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 Non-Qualified Net Pension Cost Entergy recognized $8.5 million and $4.3 million in pension cost for its non-qualified pension plans in the second quarters of 2017 and 2016 , respectively. Reflected in the pension cost for non-qualified pension plans in the second quarter 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. Entergy recognized $13.1 million and $8.5 million in pensions costs for its non-qualified pension plans for the six months ended June 30, 2017 and 2016, respectively. Reflected in the pension cost for non-qualified pension plans for the six months ended June 30, 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 Reflected in Entergy Arkansas’s non-qualified pension costs in the second quarter 2017 and for the six months ended June 30, 2017 is $163 thousand in settlement charges recognized in June 2017 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) Reclassification out of Accumulated Other Comprehensive Income (Loss) Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 Employer Contributions Based on current assumptions, Entergy expects to contribute $409.9 million to its qualified pension plans in 2017. As of June 30, 2017 , Entergy had contributed $176 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 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
System Energy [Member] | |
Retirement And Other Postretirement Benefits | RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 Non-Qualified Net Pension Cost Entergy recognized $8.5 million and $4.3 million in pension cost for its non-qualified pension plans in the second quarters of 2017 and 2016 , respectively. Reflected in the pension cost for non-qualified pension plans in the second quarter 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. Entergy recognized $13.1 million and $8.5 million in pensions costs for its non-qualified pension plans for the six months ended June 30, 2017 and 2016, respectively. Reflected in the pension cost for non-qualified pension plans for the six months ended June 30, 2017 is a $4 million settlement charge recognized in June 2017 related to the payment of lump sum benefits out of this plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 Reflected in Entergy Arkansas’s non-qualified pension costs in the second quarter 2017 and for the six months ended June 30, 2017 is $163 thousand in settlement charges recognized in June 2017 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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) Reclassification out of Accumulated Other Comprehensive Income (Loss) Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 Employer Contributions Based on current assumptions, Entergy expects to contribute $409.9 million to its qualified pension plans in 2017. As of June 30, 2017 , Entergy had contributed $176 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 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of June 30, 2017 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to reduce the size of the merchant fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions in 2016. Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. 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 Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of June 30, 2017 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to reduce the size of the merchant fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions in 2016. Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. 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 Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of June 30, 2017 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to reduce the size of the merchant fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions in 2016. Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. 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 Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of June 30, 2017 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to reduce the size of the merchant fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions in 2016. Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. 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 Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of June 30, 2017 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to reduce the size of the merchant fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions in 2016. Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. 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 Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of June 30, 2017 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to reduce the size of the merchant fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions in 2016. Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. 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 Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of June 30, 2017 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to reduce the size of the merchant fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions in 2016. Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. 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 Values
Risk Management And Fair Values | 6 Months Ended |
Jun. 30, 2017 | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, 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 and gas 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 to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at June 30, 2017 is approximately 2.5 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 89% for the remainder of 2017 , of which approximately 59% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2017 is 15 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of June 30, 2017 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $1 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $3 million in cash collateral and $19 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2016 , derivative contracts with three counterparties were in a liability position (approximately $8 million total). In addition to the corporate guarantee, $2 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. 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 manages fuel price volatility for its Louisiana jurisdictions (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 at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of June 30, 2017 is 34,696,750 MMBtu for Entergy, including 29,110,800 MMBtu for Entergy Louisiana and 5,585,950 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2017, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2017 through May 31, 2018. Financial transmission rights 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 financial transmission rights 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 financial transmission rights 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 financial transmission rights. The total volume of financial transmission rights outstanding as of June 30, 2017 is 106,060 GWh for Entergy, including 24,188 GWh for Entergy Arkansas, 47,173 GWh for Entergy Louisiana, 14,075 GWh for Entergy Mississippi, 5,316 GWh for Entergy New Orleans, and 14,572 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of June 30, 2017 and December 31, 2016. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas and Entergy Mississippi as of June 30, 2017 and December 31, 2016. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended June 30, 2017 and 2016 was $5 million and ($3) million , respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the six months ended June 30, 2017 and 2016 was $4 million and ($0.3) million , respectively. Based on market prices as of June 30, 2017 , unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $39 million of net unrealized gains. Approximately $30 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. 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 effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. 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. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. 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 Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit 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 Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. 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 U.S. 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, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are 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 |
Entergy Arkansas [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, 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 and gas 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 to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at June 30, 2017 is approximately 2.5 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 89% for the remainder of 2017 , of which approximately 59% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2017 is 15 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of June 30, 2017 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $1 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $3 million in cash collateral and $19 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2016 , derivative contracts with three counterparties were in a liability position (approximately $8 million total). In addition to the corporate guarantee, $2 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. 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 manages fuel price volatility for its Louisiana jurisdictions (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 at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of June 30, 2017 is 34,696,750 MMBtu for Entergy, including 29,110,800 MMBtu for Entergy Louisiana and 5,585,950 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2017, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2017 through May 31, 2018. Financial transmission rights 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 financial transmission rights 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 financial transmission rights 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 financial transmission rights. The total volume of financial transmission rights outstanding as of June 30, 2017 is 106,060 GWh for Entergy, including 24,188 GWh for Entergy Arkansas, 47,173 GWh for Entergy Louisiana, 14,075 GWh for Entergy Mississippi, 5,316 GWh for Entergy New Orleans, and 14,572 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of June 30, 2017 and December 31, 2016. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas and Entergy Mississippi as of June 30, 2017 and December 31, 2016. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended June 30, 2017 and 2016 was $5 million and ($3) million , respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the six months ended June 30, 2017 and 2016 was $4 million and ($0.3) million , respectively. Based on market prices as of June 30, 2017 , unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $39 million of net unrealized gains. Approximately $30 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. 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 effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. 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. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. 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 Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit 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 Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. 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 U.S. 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, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are 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 |
Entergy Louisiana [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, 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 and gas 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 to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at June 30, 2017 is approximately 2.5 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 89% for the remainder of 2017 , of which approximately 59% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2017 is 15 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of June 30, 2017 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $1 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $3 million in cash collateral and $19 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2016 , derivative contracts with three counterparties were in a liability position (approximately $8 million total). In addition to the corporate guarantee, $2 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. 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 manages fuel price volatility for its Louisiana jurisdictions (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 at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of June 30, 2017 is 34,696,750 MMBtu for Entergy, including 29,110,800 MMBtu for Entergy Louisiana and 5,585,950 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2017, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2017 through May 31, 2018. Financial transmission rights 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 financial transmission rights 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 financial transmission rights 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 financial transmission rights. The total volume of financial transmission rights outstanding as of June 30, 2017 is 106,060 GWh for Entergy, including 24,188 GWh for Entergy Arkansas, 47,173 GWh for Entergy Louisiana, 14,075 GWh for Entergy Mississippi, 5,316 GWh for Entergy New Orleans, and 14,572 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of June 30, 2017 and December 31, 2016. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas and Entergy Mississippi as of June 30, 2017 and December 31, 2016. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended June 30, 2017 and 2016 was $5 million and ($3) million , respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the six months ended June 30, 2017 and 2016 was $4 million and ($0.3) million , respectively. Based on market prices as of June 30, 2017 , unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $39 million of net unrealized gains. Approximately $30 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. 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 effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. 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. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. 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 Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit 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 Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. 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 U.S. 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, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are 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 |
Entergy Mississippi [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, 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 and gas 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 to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at June 30, 2017 is approximately 2.5 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 89% for the remainder of 2017 , of which approximately 59% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2017 is 15 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of June 30, 2017 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $1 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $3 million in cash collateral and $19 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2016 , derivative contracts with three counterparties were in a liability position (approximately $8 million total). In addition to the corporate guarantee, $2 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. 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 manages fuel price volatility for its Louisiana jurisdictions (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 at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of June 30, 2017 is 34,696,750 MMBtu for Entergy, including 29,110,800 MMBtu for Entergy Louisiana and 5,585,950 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2017, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2017 through May 31, 2018. Financial transmission rights 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 financial transmission rights 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 financial transmission rights 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 financial transmission rights. The total volume of financial transmission rights outstanding as of June 30, 2017 is 106,060 GWh for Entergy, including 24,188 GWh for Entergy Arkansas, 47,173 GWh for Entergy Louisiana, 14,075 GWh for Entergy Mississippi, 5,316 GWh for Entergy New Orleans, and 14,572 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of June 30, 2017 and December 31, 2016. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas and Entergy Mississippi as of June 30, 2017 and December 31, 2016. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended June 30, 2017 and 2016 was $5 million and ($3) million , respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the six months ended June 30, 2017 and 2016 was $4 million and ($0.3) million , respectively. Based on market prices as of June 30, 2017 , unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $39 million of net unrealized gains. Approximately $30 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. 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 effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. 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. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. 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 Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit 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 Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. 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 U.S. 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, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are 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 |
Entergy New Orleans [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, 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 and gas 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 to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at June 30, 2017 is approximately 2.5 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 89% for the remainder of 2017 , of which approximately 59% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2017 is 15 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of June 30, 2017 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $1 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $3 million in cash collateral and $19 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2016 , derivative contracts with three counterparties were in a liability position (approximately $8 million total). In addition to the corporate guarantee, $2 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. 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 manages fuel price volatility for its Louisiana jurisdictions (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 at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of June 30, 2017 is 34,696,750 MMBtu for Entergy, including 29,110,800 MMBtu for Entergy Louisiana and 5,585,950 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2017, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2017 through May 31, 2018. Financial transmission rights 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 financial transmission rights 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 financial transmission rights 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 financial transmission rights. The total volume of financial transmission rights outstanding as of June 30, 2017 is 106,060 GWh for Entergy, including 24,188 GWh for Entergy Arkansas, 47,173 GWh for Entergy Louisiana, 14,075 GWh for Entergy Mississippi, 5,316 GWh for Entergy New Orleans, and 14,572 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of June 30, 2017 and December 31, 2016. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas and Entergy Mississippi as of June 30, 2017 and December 31, 2016. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended June 30, 2017 and 2016 was $5 million and ($3) million , respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the six months ended June 30, 2017 and 2016 was $4 million and ($0.3) million , respectively. Based on market prices as of June 30, 2017 , unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $39 million of net unrealized gains. Approximately $30 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. 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 effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. 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. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. 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 Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit 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 Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. 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 U.S. 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, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are 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 |
Entergy Texas [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, 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 and gas 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 to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at June 30, 2017 is approximately 2.5 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 89% for the remainder of 2017 , of which approximately 59% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2017 is 15 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of June 30, 2017 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $1 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $3 million in cash collateral and $19 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2016 , derivative contracts with three counterparties were in a liability position (approximately $8 million total). In addition to the corporate guarantee, $2 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. 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 manages fuel price volatility for its Louisiana jurisdictions (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 at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of June 30, 2017 is 34,696,750 MMBtu for Entergy, including 29,110,800 MMBtu for Entergy Louisiana and 5,585,950 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2017, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2017 through May 31, 2018. Financial transmission rights 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 financial transmission rights 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 financial transmission rights 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 financial transmission rights. The total volume of financial transmission rights outstanding as of June 30, 2017 is 106,060 GWh for Entergy, including 24,188 GWh for Entergy Arkansas, 47,173 GWh for Entergy Louisiana, 14,075 GWh for Entergy Mississippi, 5,316 GWh for Entergy New Orleans, and 14,572 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of June 30, 2017 and December 31, 2016. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas and Entergy Mississippi as of June 30, 2017 and December 31, 2016. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended June 30, 2017 and 2016 was $5 million and ($3) million , respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the six months ended June 30, 2017 and 2016 was $4 million and ($0.3) million , respectively. Based on market prices as of June 30, 2017 , unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $39 million of net unrealized gains. Approximately $30 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. 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 effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. 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. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. 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 Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit 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 Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. 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 U.S. 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, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are 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 |
System Energy [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, 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 and gas 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 to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at June 30, 2017 is approximately 2.5 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 89% for the remainder of 2017 , of which approximately 59% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2017 is 15 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of June 30, 2017 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $1 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $3 million in cash collateral and $19 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2016 , derivative contracts with three counterparties were in a liability position (approximately $8 million total). In addition to the corporate guarantee, $2 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. 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 manages fuel price volatility for its Louisiana jurisdictions (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 at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of June 30, 2017 is 34,696,750 MMBtu for Entergy, including 29,110,800 MMBtu for Entergy Louisiana and 5,585,950 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2017, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2017 through May 31, 2018. Financial transmission rights 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 financial transmission rights 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 financial transmission rights 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 financial transmission rights. The total volume of financial transmission rights outstanding as of June 30, 2017 is 106,060 GWh for Entergy, including 24,188 GWh for Entergy Arkansas, 47,173 GWh for Entergy Louisiana, 14,075 GWh for Entergy Mississippi, 5,316 GWh for Entergy New Orleans, and 14,572 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of June 30, 2017 and December 31, 2016. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas and Entergy Mississippi as of June 30, 2017 and December 31, 2016. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended June 30, 2017 and 2016 was $5 million and ($3) million , respectively. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the six months ended June 30, 2017 and 2016 was $4 million and ($0.3) million , respectively. Based on market prices as of June 30, 2017 , unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $39 million of net unrealized gains. Approximately $30 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. 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 effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. 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. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. 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 Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit 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 Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. 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 U.S. 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, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are 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 |
Decommissioning Trust Funds
Decommissioning Trust Funds | 6 Months Ended |
Jun. 30, 2017 | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, 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, Indian Point 2, Indian Point 3, Vermont Yankee, and Palisades. The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. See Note 16 to the financial statements in the Form 10-K for discussion of the trust transfer agreement with NYPA to transfer the decommissioning trust funds and decommissioning liabilities for the Indian Point 3 and FitzPatrick plants to Entergy. In January 2017, NYPA transferred to Entergy the Indian Point 3 decommissioning trust fund with a fair value of $726 million and the FitzPatrick decommissioning trust fund with a fair value of $793 million . As discussed in Note 13 to the financial statements herein, in March 2017, Entergy closed on the sale of the FitzPatrick plant to Exelon. As part of the transaction, Entergy transferred the FitzPatrick decommissioning trust fund to Exelon. The FitzPatrick decommissioning trust fund had a disposition-date fair value of $805 million and was classified as held for sale within other deferred debits as of December 31, 2016. 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 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $4,389 $1,857 $1 Debt Securities 2,408 45 15 Total $6,797 $1,902 $16 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,511 $1,673 $1 Debt Securities 2,213 34 27 Total $5,724 $1,707 $28 The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of June 30, 2017 are $465 million for Indian Point 1, $591 million for Indian Point 2, $758 million for Indian Point 3, $434 million for Palisades, $1,010 million for Pilgrim, and $595 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. 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 $441 million and $399 million as of June 30, 2017 and December 31, 2016 , respectively. The amortized cost of debt securities was $2,378 million as of June 30, 2017 and $2,212 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.21% , an average duration of approximately 6.14 years, and an average maturity of approximately 9.96 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $2 $1 $997 $12 More than 12 months — — 47 3 Total $2 $1 $1,044 $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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $23 $1 $1,169 $26 More than 12 months 1 — 20 1 Total $24 $1 $1,189 $27 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $106 $125 1 year - 5 years 805 763 5 years - 10 years 795 719 10 years - 15 years 111 109 15 years - 20 years 88 73 20 years+ 503 424 Total $2,408 $2,213 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $949 million and $504 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $61 million and $10 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. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $1,463 million and $1,233 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $70 million and $20 million , respectively, and gross losses of $7 million and $5 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $556.3 $308.0 $— Debt Securities 328.0 3.3 2.3 Total $884.3 $311.3 $2.3 2016 Equity Securities $525.4 $281.5 $— Debt Securities 309.3 3.4 4.2 Total $834.7 $284.9 $4.2 The amortized cost of debt securities was $327 million as of June 30, 2017 and $310.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.53% , an average duration of approximately 5.83 years, and an average maturity of approximately 6.87 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $118.1 $1.7 More than 12 months — — 10.1 0.6 Total $— $— $128.2 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $146.7 $4.2 More than 12 months — — — — Total $— $— $146.7 $4.2 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $16.8 $16.7 1 year - 5 years 102.6 106.2 5 years - 10 years 183.5 161.2 10 years - 15 years 4.4 7.7 15 years - 20 years 1.1 1.0 20 years+ 19.6 16.5 Total $328.0 $309.3 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $131.3 million and $45.2 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $11.2 million and $0.4 million , respectively, and gross losses of $0.1 million and $0.2 million , respectively were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $167.3 million and $103.8 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $11.7 million and $1.2 million , respectively, and gross losses of $0.2 million and $0.3 million , 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $756.6 $395.6 $— Debt Securities 464.1 10.9 2.9 Total $1,220.7 $406.5 $2.9 2016 Equity Securities $715.9 $346.6 $— Debt Securities 424.8 8.0 5.0 Total $1,140.7 $354.6 $5.0 The amortized cost of debt securities was $456.1 million as of June 30, 2017 and $421.9 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.79% , an average duration of approximately 5.8 years, and an average maturity of approximately 11.49 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $164.4 $2.4 More than 12 months — — 9.7 0.5 Total $— $— $174.1 $2.9 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $198.8 $4.8 More than 12 months — — 4.8 0.2 Total $— $— $203.6 $5.0 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $28.5 $31.4 1 year - 5 years 105.2 99.1 5 years - 10 years 131.9 122.8 10 years - 15 years 44.3 41.4 15 years - 20 years 38.6 30.9 20 years+ 115.6 99.2 Total $464.1 $424.8 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $85 million and $69.7 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $5 million and $1.7 million , respectively, and gross losses of $0.1 million and $0.04 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $125.6 million and $123.5 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $5 million and $2.6 million , respectively, and gross losses of $0.3 million and $0.1 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $516.9 $257.6 $— Debt Securities 322.5 3.3 2.3 Total $839.4 $260.9 $2.3 2016 Equity Securities $473.9 $221.9 $0.1 Debt Securities 306.6 2.0 4.5 Total $780.5 $223.9 $4.6 The amortized cost of debt securities was $321.5 million as of June 30, 2017 and $309.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.37% , an average duration of approximately 6.45 years, and an average maturity of approximately 8.84 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $199.5 $2.0 More than 12 months — — 8.6 0.3 Total $— $— $208.1 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $220.9 $4.4 More than 12 months — 0.1 0.8 0.1 Total $— $0.1 $221.7 $4.5 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $8.6 $6.6 1 year - 5 years 159.6 188.2 5 years - 10 years 86.4 78.5 10 years - 15 years 2.3 1.3 15 years - 20 years 7.8 7.8 20 years+ 57.8 24.2 Total $322.5 $306.6 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $177.7 million and $100.9 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $0.4 million and $0.9 million , respectively, and gross losses of $0.6 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $253.5 million and $289.4 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $0.5 million and $2.5 million , respectively, and gross losses of $1.3 million and $0.4 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates investment securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with 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 and six months ended June 30, 2017 and 2016 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment is 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 for the three and six months ended June 30, 2017 and 2016 , 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 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, Indian Point 2, Indian Point 3, Vermont Yankee, and Palisades. The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. See Note 16 to the financial statements in the Form 10-K for discussion of the trust transfer agreement with NYPA to transfer the decommissioning trust funds and decommissioning liabilities for the Indian Point 3 and FitzPatrick plants to Entergy. In January 2017, NYPA transferred to Entergy the Indian Point 3 decommissioning trust fund with a fair value of $726 million and the FitzPatrick decommissioning trust fund with a fair value of $793 million . As discussed in Note 13 to the financial statements herein, in March 2017, Entergy closed on the sale of the FitzPatrick plant to Exelon. As part of the transaction, Entergy transferred the FitzPatrick decommissioning trust fund to Exelon. The FitzPatrick decommissioning trust fund had a disposition-date fair value of $805 million and was classified as held for sale within other deferred debits as of December 31, 2016. 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 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $4,389 $1,857 $1 Debt Securities 2,408 45 15 Total $6,797 $1,902 $16 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,511 $1,673 $1 Debt Securities 2,213 34 27 Total $5,724 $1,707 $28 The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of June 30, 2017 are $465 million for Indian Point 1, $591 million for Indian Point 2, $758 million for Indian Point 3, $434 million for Palisades, $1,010 million for Pilgrim, and $595 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. 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 $441 million and $399 million as of June 30, 2017 and December 31, 2016 , respectively. The amortized cost of debt securities was $2,378 million as of June 30, 2017 and $2,212 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.21% , an average duration of approximately 6.14 years, and an average maturity of approximately 9.96 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $2 $1 $997 $12 More than 12 months — — 47 3 Total $2 $1 $1,044 $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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $23 $1 $1,169 $26 More than 12 months 1 — 20 1 Total $24 $1 $1,189 $27 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $106 $125 1 year - 5 years 805 763 5 years - 10 years 795 719 10 years - 15 years 111 109 15 years - 20 years 88 73 20 years+ 503 424 Total $2,408 $2,213 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $949 million and $504 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $61 million and $10 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. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $1,463 million and $1,233 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $70 million and $20 million , respectively, and gross losses of $7 million and $5 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $556.3 $308.0 $— Debt Securities 328.0 3.3 2.3 Total $884.3 $311.3 $2.3 2016 Equity Securities $525.4 $281.5 $— Debt Securities 309.3 3.4 4.2 Total $834.7 $284.9 $4.2 The amortized cost of debt securities was $327 million as of June 30, 2017 and $310.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.53% , an average duration of approximately 5.83 years, and an average maturity of approximately 6.87 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $118.1 $1.7 More than 12 months — — 10.1 0.6 Total $— $— $128.2 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $146.7 $4.2 More than 12 months — — — — Total $— $— $146.7 $4.2 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $16.8 $16.7 1 year - 5 years 102.6 106.2 5 years - 10 years 183.5 161.2 10 years - 15 years 4.4 7.7 15 years - 20 years 1.1 1.0 20 years+ 19.6 16.5 Total $328.0 $309.3 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $131.3 million and $45.2 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $11.2 million and $0.4 million , respectively, and gross losses of $0.1 million and $0.2 million , respectively were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $167.3 million and $103.8 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $11.7 million and $1.2 million , respectively, and gross losses of $0.2 million and $0.3 million , 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $756.6 $395.6 $— Debt Securities 464.1 10.9 2.9 Total $1,220.7 $406.5 $2.9 2016 Equity Securities $715.9 $346.6 $— Debt Securities 424.8 8.0 5.0 Total $1,140.7 $354.6 $5.0 The amortized cost of debt securities was $456.1 million as of June 30, 2017 and $421.9 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.79% , an average duration of approximately 5.8 years, and an average maturity of approximately 11.49 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $164.4 $2.4 More than 12 months — — 9.7 0.5 Total $— $— $174.1 $2.9 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $198.8 $4.8 More than 12 months — — 4.8 0.2 Total $— $— $203.6 $5.0 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $28.5 $31.4 1 year - 5 years 105.2 99.1 5 years - 10 years 131.9 122.8 10 years - 15 years 44.3 41.4 15 years - 20 years 38.6 30.9 20 years+ 115.6 99.2 Total $464.1 $424.8 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $85 million and $69.7 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $5 million and $1.7 million , respectively, and gross losses of $0.1 million and $0.04 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $125.6 million and $123.5 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $5 million and $2.6 million , respectively, and gross losses of $0.3 million and $0.1 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $516.9 $257.6 $— Debt Securities 322.5 3.3 2.3 Total $839.4 $260.9 $2.3 2016 Equity Securities $473.9 $221.9 $0.1 Debt Securities 306.6 2.0 4.5 Total $780.5 $223.9 $4.6 The amortized cost of debt securities was $321.5 million as of June 30, 2017 and $309.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.37% , an average duration of approximately 6.45 years, and an average maturity of approximately 8.84 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $199.5 $2.0 More than 12 months — — 8.6 0.3 Total $— $— $208.1 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $220.9 $4.4 More than 12 months — 0.1 0.8 0.1 Total $— $0.1 $221.7 $4.5 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $8.6 $6.6 1 year - 5 years 159.6 188.2 5 years - 10 years 86.4 78.5 10 years - 15 years 2.3 1.3 15 years - 20 years 7.8 7.8 20 years+ 57.8 24.2 Total $322.5 $306.6 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $177.7 million and $100.9 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $0.4 million and $0.9 million , respectively, and gross losses of $0.6 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $253.5 million and $289.4 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $0.5 million and $2.5 million , respectively, and gross losses of $1.3 million and $0.4 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates investment securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with 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 and six months ended June 30, 2017 and 2016 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment is 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 for the three and six months ended June 30, 2017 and 2016 , 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 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, Indian Point 2, Indian Point 3, Vermont Yankee, and Palisades. The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. See Note 16 to the financial statements in the Form 10-K for discussion of the trust transfer agreement with NYPA to transfer the decommissioning trust funds and decommissioning liabilities for the Indian Point 3 and FitzPatrick plants to Entergy. In January 2017, NYPA transferred to Entergy the Indian Point 3 decommissioning trust fund with a fair value of $726 million and the FitzPatrick decommissioning trust fund with a fair value of $793 million . As discussed in Note 13 to the financial statements herein, in March 2017, Entergy closed on the sale of the FitzPatrick plant to Exelon. As part of the transaction, Entergy transferred the FitzPatrick decommissioning trust fund to Exelon. The FitzPatrick decommissioning trust fund had a disposition-date fair value of $805 million and was classified as held for sale within other deferred debits as of December 31, 2016. 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 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $4,389 $1,857 $1 Debt Securities 2,408 45 15 Total $6,797 $1,902 $16 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,511 $1,673 $1 Debt Securities 2,213 34 27 Total $5,724 $1,707 $28 The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of June 30, 2017 are $465 million for Indian Point 1, $591 million for Indian Point 2, $758 million for Indian Point 3, $434 million for Palisades, $1,010 million for Pilgrim, and $595 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. 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 $441 million and $399 million as of June 30, 2017 and December 31, 2016 , respectively. The amortized cost of debt securities was $2,378 million as of June 30, 2017 and $2,212 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.21% , an average duration of approximately 6.14 years, and an average maturity of approximately 9.96 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $2 $1 $997 $12 More than 12 months — — 47 3 Total $2 $1 $1,044 $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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $23 $1 $1,169 $26 More than 12 months 1 — 20 1 Total $24 $1 $1,189 $27 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $106 $125 1 year - 5 years 805 763 5 years - 10 years 795 719 10 years - 15 years 111 109 15 years - 20 years 88 73 20 years+ 503 424 Total $2,408 $2,213 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $949 million and $504 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $61 million and $10 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. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $1,463 million and $1,233 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $70 million and $20 million , respectively, and gross losses of $7 million and $5 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $556.3 $308.0 $— Debt Securities 328.0 3.3 2.3 Total $884.3 $311.3 $2.3 2016 Equity Securities $525.4 $281.5 $— Debt Securities 309.3 3.4 4.2 Total $834.7 $284.9 $4.2 The amortized cost of debt securities was $327 million as of June 30, 2017 and $310.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.53% , an average duration of approximately 5.83 years, and an average maturity of approximately 6.87 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $118.1 $1.7 More than 12 months — — 10.1 0.6 Total $— $— $128.2 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $146.7 $4.2 More than 12 months — — — — Total $— $— $146.7 $4.2 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $16.8 $16.7 1 year - 5 years 102.6 106.2 5 years - 10 years 183.5 161.2 10 years - 15 years 4.4 7.7 15 years - 20 years 1.1 1.0 20 years+ 19.6 16.5 Total $328.0 $309.3 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $131.3 million and $45.2 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $11.2 million and $0.4 million , respectively, and gross losses of $0.1 million and $0.2 million , respectively were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $167.3 million and $103.8 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $11.7 million and $1.2 million , respectively, and gross losses of $0.2 million and $0.3 million , 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $756.6 $395.6 $— Debt Securities 464.1 10.9 2.9 Total $1,220.7 $406.5 $2.9 2016 Equity Securities $715.9 $346.6 $— Debt Securities 424.8 8.0 5.0 Total $1,140.7 $354.6 $5.0 The amortized cost of debt securities was $456.1 million as of June 30, 2017 and $421.9 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.79% , an average duration of approximately 5.8 years, and an average maturity of approximately 11.49 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $164.4 $2.4 More than 12 months — — 9.7 0.5 Total $— $— $174.1 $2.9 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $198.8 $4.8 More than 12 months — — 4.8 0.2 Total $— $— $203.6 $5.0 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $28.5 $31.4 1 year - 5 years 105.2 99.1 5 years - 10 years 131.9 122.8 10 years - 15 years 44.3 41.4 15 years - 20 years 38.6 30.9 20 years+ 115.6 99.2 Total $464.1 $424.8 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $85 million and $69.7 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $5 million and $1.7 million , respectively, and gross losses of $0.1 million and $0.04 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $125.6 million and $123.5 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $5 million and $2.6 million , respectively, and gross losses of $0.3 million and $0.1 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $516.9 $257.6 $— Debt Securities 322.5 3.3 2.3 Total $839.4 $260.9 $2.3 2016 Equity Securities $473.9 $221.9 $0.1 Debt Securities 306.6 2.0 4.5 Total $780.5 $223.9 $4.6 The amortized cost of debt securities was $321.5 million as of June 30, 2017 and $309.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.37% , an average duration of approximately 6.45 years, and an average maturity of approximately 8.84 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $199.5 $2.0 More than 12 months — — 8.6 0.3 Total $— $— $208.1 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $220.9 $4.4 More than 12 months — 0.1 0.8 0.1 Total $— $0.1 $221.7 $4.5 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $8.6 $6.6 1 year - 5 years 159.6 188.2 5 years - 10 years 86.4 78.5 10 years - 15 years 2.3 1.3 15 years - 20 years 7.8 7.8 20 years+ 57.8 24.2 Total $322.5 $306.6 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $177.7 million and $100.9 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $0.4 million and $0.9 million , respectively, and gross losses of $0.6 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $253.5 million and $289.4 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $0.5 million and $2.5 million , respectively, and gross losses of $1.3 million and $0.4 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates investment securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with 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 and six months ended June 30, 2017 and 2016 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment is 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 for the three and six months ended June 30, 2017 and 2016 , 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 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, Indian Point 2, Indian Point 3, Vermont Yankee, and Palisades. The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. See Note 16 to the financial statements in the Form 10-K for discussion of the trust transfer agreement with NYPA to transfer the decommissioning trust funds and decommissioning liabilities for the Indian Point 3 and FitzPatrick plants to Entergy. In January 2017, NYPA transferred to Entergy the Indian Point 3 decommissioning trust fund with a fair value of $726 million and the FitzPatrick decommissioning trust fund with a fair value of $793 million . As discussed in Note 13 to the financial statements herein, in March 2017, Entergy closed on the sale of the FitzPatrick plant to Exelon. As part of the transaction, Entergy transferred the FitzPatrick decommissioning trust fund to Exelon. The FitzPatrick decommissioning trust fund had a disposition-date fair value of $805 million and was classified as held for sale within other deferred debits as of December 31, 2016. 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 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $4,389 $1,857 $1 Debt Securities 2,408 45 15 Total $6,797 $1,902 $16 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,511 $1,673 $1 Debt Securities 2,213 34 27 Total $5,724 $1,707 $28 The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of June 30, 2017 are $465 million for Indian Point 1, $591 million for Indian Point 2, $758 million for Indian Point 3, $434 million for Palisades, $1,010 million for Pilgrim, and $595 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. 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 $441 million and $399 million as of June 30, 2017 and December 31, 2016 , respectively. The amortized cost of debt securities was $2,378 million as of June 30, 2017 and $2,212 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.21% , an average duration of approximately 6.14 years, and an average maturity of approximately 9.96 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $2 $1 $997 $12 More than 12 months — — 47 3 Total $2 $1 $1,044 $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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $23 $1 $1,169 $26 More than 12 months 1 — 20 1 Total $24 $1 $1,189 $27 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $106 $125 1 year - 5 years 805 763 5 years - 10 years 795 719 10 years - 15 years 111 109 15 years - 20 years 88 73 20 years+ 503 424 Total $2,408 $2,213 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $949 million and $504 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $61 million and $10 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. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $1,463 million and $1,233 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $70 million and $20 million , respectively, and gross losses of $7 million and $5 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $556.3 $308.0 $— Debt Securities 328.0 3.3 2.3 Total $884.3 $311.3 $2.3 2016 Equity Securities $525.4 $281.5 $— Debt Securities 309.3 3.4 4.2 Total $834.7 $284.9 $4.2 The amortized cost of debt securities was $327 million as of June 30, 2017 and $310.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.53% , an average duration of approximately 5.83 years, and an average maturity of approximately 6.87 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $118.1 $1.7 More than 12 months — — 10.1 0.6 Total $— $— $128.2 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $146.7 $4.2 More than 12 months — — — — Total $— $— $146.7 $4.2 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $16.8 $16.7 1 year - 5 years 102.6 106.2 5 years - 10 years 183.5 161.2 10 years - 15 years 4.4 7.7 15 years - 20 years 1.1 1.0 20 years+ 19.6 16.5 Total $328.0 $309.3 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $131.3 million and $45.2 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $11.2 million and $0.4 million , respectively, and gross losses of $0.1 million and $0.2 million , respectively were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $167.3 million and $103.8 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $11.7 million and $1.2 million , respectively, and gross losses of $0.2 million and $0.3 million , 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $756.6 $395.6 $— Debt Securities 464.1 10.9 2.9 Total $1,220.7 $406.5 $2.9 2016 Equity Securities $715.9 $346.6 $— Debt Securities 424.8 8.0 5.0 Total $1,140.7 $354.6 $5.0 The amortized cost of debt securities was $456.1 million as of June 30, 2017 and $421.9 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 3.79% , an average duration of approximately 5.8 years, and an average maturity of approximately 11.49 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $164.4 $2.4 More than 12 months — — 9.7 0.5 Total $— $— $174.1 $2.9 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $198.8 $4.8 More than 12 months — — 4.8 0.2 Total $— $— $203.6 $5.0 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $28.5 $31.4 1 year - 5 years 105.2 99.1 5 years - 10 years 131.9 122.8 10 years - 15 years 44.3 41.4 15 years - 20 years 38.6 30.9 20 years+ 115.6 99.2 Total $464.1 $424.8 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $85 million and $69.7 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $5 million and $1.7 million , respectively, and gross losses of $0.1 million and $0.04 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $125.6 million and $123.5 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $5 million and $2.6 million , respectively, and gross losses of $0.3 million and $0.1 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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $516.9 $257.6 $— Debt Securities 322.5 3.3 2.3 Total $839.4 $260.9 $2.3 2016 Equity Securities $473.9 $221.9 $0.1 Debt Securities 306.6 2.0 4.5 Total $780.5 $223.9 $4.6 The amortized cost of debt securities was $321.5 million as of June 30, 2017 and $309.1 million as of December 31, 2016 . As of June 30, 2017 , the debt securities have an average coupon rate of approximately 2.37% , an average duration of approximately 6.45 years, and an average maturity of approximately 8.84 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 equity 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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $199.5 $2.0 More than 12 months — — 8.6 0.3 Total $— $— $208.1 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $220.9 $4.4 More than 12 months — 0.1 0.8 0.1 Total $— $0.1 $221.7 $4.5 The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $8.6 $6.6 1 year - 5 years 159.6 188.2 5 years - 10 years 86.4 78.5 10 years - 15 years 2.3 1.3 15 years - 20 years 7.8 7.8 20 years+ 57.8 24.2 Total $322.5 $306.6 During the three months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $177.7 million and $100.9 million , respectively. During the three months ended June 30, 2017 and 2016 , gross gains of $0.4 million and $0.9 million , respectively, and gross losses of $0.6 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. During the six months ended June 30, 2017 and 2016 , proceeds from the dispositions of securities amounted to $253.5 million and $289.4 million , respectively. During the six months ended June 30, 2017 and 2016 , gross gains of $0.5 million and $2.5 million , respectively, and gross losses of $1.3 million and $0.4 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates investment securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with 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 and six months ended June 30, 2017 and 2016 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment is 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 for the three and six months ended June 30, 2017 and 2016 , resulting from the recognition of the other-than-temporary impairment of certain equity securities held in its decommissioning trust funds. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ 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 audits and other income tax matters involving Entergy. The following are updates to that discussion. As discussed in the Form 10-K, in the second quarter 2016, Entergy made a tax election to treat as a corporation for federal income tax purposes its subsidiary that owned the FitzPatrick nuclear power plant. The effect of the election was that the plant and associated assets were deemed to be contributed to a new corporation for federal income tax purposes, which created permanent and temporary differences, as discussed in the Form 10-K. One permanent difference, which increased tax expense in 2016 under the applicable accounting standards, was the reduction to the plant’s tax basis to the extent that it exceeded its fair market value. Entergy sold the FitzPatrick plant on March 31, 2017. The removal of the contingencies regarding the sale of the plant and the receipt of NRC approval for the sale allowed Entergy to re-determine the plant’s tax basis, using the closing price as indicative of a higher fair market value for the plant. The re-determined basis resulted in a $44 million income tax benefit in the first quarter 2017. In the second quarter 2017, Entergy made tax elections to treat as corporations for federal income tax purposes two subsidiaries that each own an Entergy Wholesale Commodities nuclear power plant. This resulted in a constructive contribution of all the assets and liabilities associated with the plants to new subsidiary corporations for federal income tax purposes, and generated both permanent and temporary differences under the income tax accounting standards. The constructive contributions required the Entergy subsidiary that constructively contributed the assets and liabilities to recognize the plants’ nuclear decommissioning liabilities for income tax purposes resulting in permanent differences. The accrual of the nuclear decommissioning liabilities required Entergy to recognize a gain for income tax purposes, a portion of which resulted in an increase in tax basis of the assets constructively contributed to the subsidiaries. Recognition of the gain and the increase in tax basis of the assets represents a temporary difference. The permanent differences reduced income tax expense, net of unrecognized tax benefits, by $373 million . In the first quarter 2017, Entergy implemented ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Entergy will now prospectively recognize all income tax effects related to share-based payments through the income statement. In the first quarter 2017, stock option expirations, along with other stock compensation activity, resulted in the write-off of $11.5 million of deferred tax assets. Entergy’s stock-based compensation plans are discussed in Note 12 to the financial statements in the Form 10-K. |
Entergy Arkansas [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ 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 audits and other income tax matters involving Entergy. The following are updates to that discussion. As discussed in the Form 10-K, in the second quarter 2016, Entergy made a tax election to treat as a corporation for federal income tax purposes its subsidiary that owned the FitzPatrick nuclear power plant. The effect of the election was that the plant and associated assets were deemed to be contributed to a new corporation for federal income tax purposes, which created permanent and temporary differences, as discussed in the Form 10-K. One permanent difference, which increased tax expense in 2016 under the applicable accounting standards, was the reduction to the plant’s tax basis to the extent that it exceeded its fair market value. Entergy sold the FitzPatrick plant on March 31, 2017. The removal of the contingencies regarding the sale of the plant and the receipt of NRC approval for the sale allowed Entergy to re-determine the plant’s tax basis, using the closing price as indicative of a higher fair market value for the plant. The re-determined basis resulted in a $44 million income tax benefit in the first quarter 2017. In the second quarter 2017, Entergy made tax elections to treat as corporations for federal income tax purposes two subsidiaries that each own an Entergy Wholesale Commodities nuclear power plant. This resulted in a constructive contribution of all the assets and liabilities associated with the plants to new subsidiary corporations for federal income tax purposes, and generated both permanent and temporary differences under the income tax accounting standards. The constructive contributions required the Entergy subsidiary that constructively contributed the assets and liabilities to recognize the plants’ nuclear decommissioning liabilities for income tax purposes resulting in permanent differences. The accrual of the nuclear decommissioning liabilities required Entergy to recognize a gain for income tax purposes, a portion of which resulted in an increase in tax basis of the assets constructively contributed to the subsidiaries. Recognition of the gain and the increase in tax basis of the assets represents a temporary difference. The permanent differences reduced income tax expense, net of unrecognized tax benefits, by $373 million . In the first quarter 2017, Entergy implemented ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Entergy will now prospectively recognize all income tax effects related to share-based payments through the income statement. In the first quarter 2017, stock option expirations, along with other stock compensation activity, resulted in the write-off of $11.5 million of deferred tax assets. Entergy’s stock-based compensation plans are discussed in Note 12 to the financial statements in the Form 10-K. |
Entergy Louisiana [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ 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 audits and other income tax matters involving Entergy. The following are updates to that discussion. As discussed in the Form 10-K, in the second quarter 2016, Entergy made a tax election to treat as a corporation for federal income tax purposes its subsidiary that owned the FitzPatrick nuclear power plant. The effect of the election was that the plant and associated assets were deemed to be contributed to a new corporation for federal income tax purposes, which created permanent and temporary differences, as discussed in the Form 10-K. One permanent difference, which increased tax expense in 2016 under the applicable accounting standards, was the reduction to the plant’s tax basis to the extent that it exceeded its fair market value. Entergy sold the FitzPatrick plant on March 31, 2017. The removal of the contingencies regarding the sale of the plant and the receipt of NRC approval for the sale allowed Entergy to re-determine the plant’s tax basis, using the closing price as indicative of a higher fair market value for the plant. The re-determined basis resulted in a $44 million income tax benefit in the first quarter 2017. In the second quarter 2017, Entergy made tax elections to treat as corporations for federal income tax purposes two subsidiaries that each own an Entergy Wholesale Commodities nuclear power plant. This resulted in a constructive contribution of all the assets and liabilities associated with the plants to new subsidiary corporations for federal income tax purposes, and generated both permanent and temporary differences under the income tax accounting standards. The constructive contributions required the Entergy subsidiary that constructively contributed the assets and liabilities to recognize the plants’ nuclear decommissioning liabilities for income tax purposes resulting in permanent differences. The accrual of the nuclear decommissioning liabilities required Entergy to recognize a gain for income tax purposes, a portion of which resulted in an increase in tax basis of the assets constructively contributed to the subsidiaries. Recognition of the gain and the increase in tax basis of the assets represents a temporary difference. The permanent differences reduced income tax expense, net of unrecognized tax benefits, by $373 million . In the first quarter 2017, Entergy implemented ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Entergy will now prospectively recognize all income tax effects related to share-based payments through the income statement. In the first quarter 2017, stock option expirations, along with other stock compensation activity, resulted in the write-off of $11.5 million of deferred tax assets. Entergy’s stock-based compensation plans are discussed in Note 12 to the financial statements in the Form 10-K. |
Entergy Mississippi [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ 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 audits and other income tax matters involving Entergy. The following are updates to that discussion. As discussed in the Form 10-K, in the second quarter 2016, Entergy made a tax election to treat as a corporation for federal income tax purposes its subsidiary that owned the FitzPatrick nuclear power plant. The effect of the election was that the plant and associated assets were deemed to be contributed to a new corporation for federal income tax purposes, which created permanent and temporary differences, as discussed in the Form 10-K. One permanent difference, which increased tax expense in 2016 under the applicable accounting standards, was the reduction to the plant’s tax basis to the extent that it exceeded its fair market value. Entergy sold the FitzPatrick plant on March 31, 2017. The removal of the contingencies regarding the sale of the plant and the receipt of NRC approval for the sale allowed Entergy to re-determine the plant’s tax basis, using the closing price as indicative of a higher fair market value for the plant. The re-determined basis resulted in a $44 million income tax benefit in the first quarter 2017. In the second quarter 2017, Entergy made tax elections to treat as corporations for federal income tax purposes two subsidiaries that each own an Entergy Wholesale Commodities nuclear power plant. This resulted in a constructive contribution of all the assets and liabilities associated with the plants to new subsidiary corporations for federal income tax purposes, and generated both permanent and temporary differences under the income tax accounting standards. The constructive contributions required the Entergy subsidiary that constructively contributed the assets and liabilities to recognize the plants’ nuclear decommissioning liabilities for income tax purposes resulting in permanent differences. The accrual of the nuclear decommissioning liabilities required Entergy to recognize a gain for income tax purposes, a portion of which resulted in an increase in tax basis of the assets constructively contributed to the subsidiaries. Recognition of the gain and the increase in tax basis of the assets represents a temporary difference. The permanent differences reduced income tax expense, net of unrecognized tax benefits, by $373 million . In the first quarter 2017, Entergy implemented ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Entergy will now prospectively recognize all income tax effects related to share-based payments through the income statement. In the first quarter 2017, stock option expirations, along with other stock compensation activity, resulted in the write-off of $11.5 million of deferred tax assets. Entergy’s stock-based compensation plans are discussed in Note 12 to the financial statements in the Form 10-K. |
Entergy New Orleans [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ 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 audits and other income tax matters involving Entergy. The following are updates to that discussion. As discussed in the Form 10-K, in the second quarter 2016, Entergy made a tax election to treat as a corporation for federal income tax purposes its subsidiary that owned the FitzPatrick nuclear power plant. The effect of the election was that the plant and associated assets were deemed to be contributed to a new corporation for federal income tax purposes, which created permanent and temporary differences, as discussed in the Form 10-K. One permanent difference, which increased tax expense in 2016 under the applicable accounting standards, was the reduction to the plant’s tax basis to the extent that it exceeded its fair market value. Entergy sold the FitzPatrick plant on March 31, 2017. The removal of the contingencies regarding the sale of the plant and the receipt of NRC approval for the sale allowed Entergy to re-determine the plant’s tax basis, using the closing price as indicative of a higher fair market value for the plant. The re-determined basis resulted in a $44 million income tax benefit in the first quarter 2017. In the second quarter 2017, Entergy made tax elections to treat as corporations for federal income tax purposes two subsidiaries that each own an Entergy Wholesale Commodities nuclear power plant. This resulted in a constructive contribution of all the assets and liabilities associated with the plants to new subsidiary corporations for federal income tax purposes, and generated both permanent and temporary differences under the income tax accounting standards. The constructive contributions required the Entergy subsidiary that constructively contributed the assets and liabilities to recognize the plants’ nuclear decommissioning liabilities for income tax purposes resulting in permanent differences. The accrual of the nuclear decommissioning liabilities required Entergy to recognize a gain for income tax purposes, a portion of which resulted in an increase in tax basis of the assets constructively contributed to the subsidiaries. Recognition of the gain and the increase in tax basis of the assets represents a temporary difference. The permanent differences reduced income tax expense, net of unrecognized tax benefits, by $373 million . In the first quarter 2017, Entergy implemented ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Entergy will now prospectively recognize all income tax effects related to share-based payments through the income statement. In the first quarter 2017, stock option expirations, along with other stock compensation activity, resulted in the write-off of $11.5 million of deferred tax assets. Entergy’s stock-based compensation plans are discussed in Note 12 to the financial statements in the Form 10-K. |
Entergy Texas [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ 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 audits and other income tax matters involving Entergy. The following are updates to that discussion. As discussed in the Form 10-K, in the second quarter 2016, Entergy made a tax election to treat as a corporation for federal income tax purposes its subsidiary that owned the FitzPatrick nuclear power plant. The effect of the election was that the plant and associated assets were deemed to be contributed to a new corporation for federal income tax purposes, which created permanent and temporary differences, as discussed in the Form 10-K. One permanent difference, which increased tax expense in 2016 under the applicable accounting standards, was the reduction to the plant’s tax basis to the extent that it exceeded its fair market value. Entergy sold the FitzPatrick plant on March 31, 2017. The removal of the contingencies regarding the sale of the plant and the receipt of NRC approval for the sale allowed Entergy to re-determine the plant’s tax basis, using the closing price as indicative of a higher fair market value for the plant. The re-determined basis resulted in a $44 million income tax benefit in the first quarter 2017. In the second quarter 2017, Entergy made tax elections to treat as corporations for federal income tax purposes two subsidiaries that each own an Entergy Wholesale Commodities nuclear power plant. This resulted in a constructive contribution of all the assets and liabilities associated with the plants to new subsidiary corporations for federal income tax purposes, and generated both permanent and temporary differences under the income tax accounting standards. The constructive contributions required the Entergy subsidiary that constructively contributed the assets and liabilities to recognize the plants’ nuclear decommissioning liabilities for income tax purposes resulting in permanent differences. The accrual of the nuclear decommissioning liabilities required Entergy to recognize a gain for income tax purposes, a portion of which resulted in an increase in tax basis of the assets constructively contributed to the subsidiaries. Recognition of the gain and the increase in tax basis of the assets represents a temporary difference. The permanent differences reduced income tax expense, net of unrecognized tax benefits, by $373 million . In the first quarter 2017, Entergy implemented ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Entergy will now prospectively recognize all income tax effects related to share-based payments through the income statement. In the first quarter 2017, stock option expirations, along with other stock compensation activity, resulted in the write-off of $11.5 million of deferred tax assets. Entergy’s stock-based compensation plans are discussed in Note 12 to the financial statements in the Form 10-K. |
System Energy [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ 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 audits and other income tax matters involving Entergy. The following are updates to that discussion. As discussed in the Form 10-K, in the second quarter 2016, Entergy made a tax election to treat as a corporation for federal income tax purposes its subsidiary that owned the FitzPatrick nuclear power plant. The effect of the election was that the plant and associated assets were deemed to be contributed to a new corporation for federal income tax purposes, which created permanent and temporary differences, as discussed in the Form 10-K. One permanent difference, which increased tax expense in 2016 under the applicable accounting standards, was the reduction to the plant’s tax basis to the extent that it exceeded its fair market value. Entergy sold the FitzPatrick plant on March 31, 2017. The removal of the contingencies regarding the sale of the plant and the receipt of NRC approval for the sale allowed Entergy to re-determine the plant’s tax basis, using the closing price as indicative of a higher fair market value for the plant. The re-determined basis resulted in a $44 million income tax benefit in the first quarter 2017. In the second quarter 2017, Entergy made tax elections to treat as corporations for federal income tax purposes two subsidiaries that each own an Entergy Wholesale Commodities nuclear power plant. This resulted in a constructive contribution of all the assets and liabilities associated with the plants to new subsidiary corporations for federal income tax purposes, and generated both permanent and temporary differences under the income tax accounting standards. The constructive contributions required the Entergy subsidiary that constructively contributed the assets and liabilities to recognize the plants’ nuclear decommissioning liabilities for income tax purposes resulting in permanent differences. The accrual of the nuclear decommissioning liabilities required Entergy to recognize a gain for income tax purposes, a portion of which resulted in an increase in tax basis of the assets constructively contributed to the subsidiaries. Recognition of the gain and the increase in tax basis of the assets represents a temporary difference. The permanent differences reduced income tax expense, net of unrecognized tax benefits, by $373 million . In the first quarter 2017, Entergy implemented ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Entergy will now prospectively recognize all income tax effects related to share-based payments through the income statement. In the first quarter 2017, stock option expirations, along with other stock compensation activity, resulted in the write-off of $11.5 million of deferred tax assets. Entergy’s stock-based compensation plans are discussed in Note 12 to the financial statements in the Form 10-K. |
Property, Plant, And Equipment
Property, Plant, And Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at June 30, 2017 are $198 million for Entergy, $47.8 million for Entergy Arkansas, $55.1 million for Entergy Louisiana, $5.3 million for Entergy Mississippi, $1.1 million for Entergy New Orleans, $15.2 million for Entergy Texas, and $28.1 million for System Energy. Construction expenditures included in accounts payable at December 31, 2016 are $253 million for Entergy, $40.9 million for Entergy Arkansas, $114.8 million for Entergy Louisiana, $11.5 million for Entergy Mississippi, $2.3 million for Entergy New Orleans, $9.3 million for Entergy Texas, and $6.2 million for System Energy. |
Entergy Arkansas [Member] | |
Property, Plant And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at June 30, 2017 are $198 million for Entergy, $47.8 million for Entergy Arkansas, $55.1 million for Entergy Louisiana, $5.3 million for Entergy Mississippi, $1.1 million for Entergy New Orleans, $15.2 million for Entergy Texas, and $28.1 million for System Energy. Construction expenditures included in accounts payable at December 31, 2016 are $253 million for Entergy, $40.9 million for Entergy Arkansas, $114.8 million for Entergy Louisiana, $11.5 million for Entergy Mississippi, $2.3 million for Entergy New Orleans, $9.3 million for Entergy Texas, and $6.2 million for System Energy. |
Entergy Louisiana [Member] | |
Property, Plant And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at June 30, 2017 are $198 million for Entergy, $47.8 million for Entergy Arkansas, $55.1 million for Entergy Louisiana, $5.3 million for Entergy Mississippi, $1.1 million for Entergy New Orleans, $15.2 million for Entergy Texas, and $28.1 million for System Energy. Construction expenditures included in accounts payable at December 31, 2016 are $253 million for Entergy, $40.9 million for Entergy Arkansas, $114.8 million for Entergy Louisiana, $11.5 million for Entergy Mississippi, $2.3 million for Entergy New Orleans, $9.3 million for Entergy Texas, and $6.2 million for System Energy. |
Entergy Mississippi [Member] | |
Property, Plant And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at June 30, 2017 are $198 million for Entergy, $47.8 million for Entergy Arkansas, $55.1 million for Entergy Louisiana, $5.3 million for Entergy Mississippi, $1.1 million for Entergy New Orleans, $15.2 million for Entergy Texas, and $28.1 million for System Energy. Construction expenditures included in accounts payable at December 31, 2016 are $253 million for Entergy, $40.9 million for Entergy Arkansas, $114.8 million for Entergy Louisiana, $11.5 million for Entergy Mississippi, $2.3 million for Entergy New Orleans, $9.3 million for Entergy Texas, and $6.2 million for System Energy. |
Entergy New Orleans [Member] | |
Property, Plant And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at June 30, 2017 are $198 million for Entergy, $47.8 million for Entergy Arkansas, $55.1 million for Entergy Louisiana, $5.3 million for Entergy Mississippi, $1.1 million for Entergy New Orleans, $15.2 million for Entergy Texas, and $28.1 million for System Energy. Construction expenditures included in accounts payable at December 31, 2016 are $253 million for Entergy, $40.9 million for Entergy Arkansas, $114.8 million for Entergy Louisiana, $11.5 million for Entergy Mississippi, $2.3 million for Entergy New Orleans, $9.3 million for Entergy Texas, and $6.2 million for System Energy. |
Entergy Texas [Member] | |
Property, Plant And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at June 30, 2017 are $198 million for Entergy, $47.8 million for Entergy Arkansas, $55.1 million for Entergy Louisiana, $5.3 million for Entergy Mississippi, $1.1 million for Entergy New Orleans, $15.2 million for Entergy Texas, and $28.1 million for System Energy. Construction expenditures included in accounts payable at December 31, 2016 are $253 million for Entergy, $40.9 million for Entergy Arkansas, $114.8 million for Entergy Louisiana, $11.5 million for Entergy Mississippi, $2.3 million for Entergy New Orleans, $9.3 million for Entergy Texas, and $6.2 million for System Energy. |
System Energy [Member] | |
Property, Plant And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at June 30, 2017 are $198 million for Entergy, $47.8 million for Entergy Arkansas, $55.1 million for Entergy Louisiana, $5.3 million for Entergy Mississippi, $1.1 million for Entergy New Orleans, $15.2 million for Entergy Texas, and $28.1 million for System Energy. Construction expenditures included in accounts payable at December 31, 2016 are $253 million for Entergy, $40.9 million for Entergy Arkansas, $114.8 million for Entergy Louisiana, $11.5 million for Entergy Mississippi, $2.3 million for Entergy New Orleans, $9.3 million for Entergy Texas, and $6.2 million for System Energy. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2017 | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 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 facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million through March 2016. See Note 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the six months ended June 30, 2017 and $8.6 million in the six months ended June 30, 2016 . |
Entergy Arkansas [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 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 facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million through March 2016. See Note 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the six months ended June 30, 2017 and $8.6 million in the six months ended June 30, 2016 . |
Entergy Louisiana [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 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 facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million through March 2016. See Note 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the six months ended June 30, 2017 and $8.6 million in the six months ended June 30, 2016 . |
Entergy Mississippi [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 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 facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million through March 2016. See Note 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the six months ended June 30, 2017 and $8.6 million in the six months ended June 30, 2016 . |
Entergy New Orleans [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 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 facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million through March 2016. See Note 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the six months ended June 30, 2017 and $8.6 million in the six months ended June 30, 2016 . |
Entergy Texas [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 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 facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million through March 2016. See Note 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the six months ended June 30, 2017 and $8.6 million in the six months ended June 30, 2016 . |
System Energy [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 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 facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million through March 2016. See Note 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the six months ended June 30, 2017 and $8.6 million in the six months ended June 30, 2016 . |
Dispositions Dispositions
Dispositions Dispositions | 6 Months Ended |
Jun. 30, 2017 | |
Business Acquisition [Line Items] | |
Acquisitions and Dispositions [Text Block] | DISPOSITIONS (Entergy Corporation) In March 2017 the NRC approved the sale of the FitzPatrick plant, an 838 MW nuclear power plant owned by Entergy in the Entergy Wholesale Commodities segment, to Exelon. The transaction closed in March 2017 for a purchase price of $110 million , including the $10 million non-refundable signing fee paid in August 2016, in addition to the assumption by Exelon of certain liabilities related to the FitzPatrick plant, resulting in a pre-tax gain on the sale of $16 million . At the transaction close, Exelon paid an additional $8 million for the proration of certain expenses prepaid by Entergy. As discussed in Note 10 to the financial statements herein, as a result of the sale of FitzPatrick on March 31, 2017, Entergy re-determined the plant’s tax basis, resulting in a $44 million income tax benefit in the first quarter 2017. The assets and liabilities associated with the sale of FitzPatrick to Exelon were classified as held for sale on Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet as of December 31, 2016. The disposition-date fair value of the decommissioning trust fund was $805 million , classified within other deferred debits, and the disposition-date fair value of the asset retirement obligation was $727 million , classified within other non-current liabilities. The transaction also included property, plant, and equipment with a net book value of zero , materials and supplies, and prepaid assets. As discussed in Note 14 to the financial statements in the Form 10-K, Entergy entered into a reimbursement agreement with Exelon pursuant to which Exelon reimbursed Entergy for specified out-of-pocket costs associated with Entergy’s operation of FitzPatrick. In the first quarter 2017, Entergy billed Exelon for reimbursement of $98 million of other operation and maintenance expenses, $7 million in lost operating revenues, and $3 million in taxes other than income taxes, partially offset by a $10 million defueling credit to Exelon. |
Asset Retirement Obligations As
Asset Retirement Obligations Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2017 | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, 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 second quarter 2017, System Energy recorded a revision to its estimated decommissioning cost liability for Grand Gulf as a result of a revised decommissioning cost study. The revised estimate resulted in a $35.9 million reduction in its decommissioning cost liability, along with a corresponding reduction in the related asset retirement cost asset that will be depreciated over the remaining life of the unit. |
Entergy Arkansas [Member] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, 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 second quarter 2017, System Energy recorded a revision to its estimated decommissioning cost liability for Grand Gulf as a result of a revised decommissioning cost study. The revised estimate resulted in a $35.9 million reduction in its decommissioning cost liability, along with a corresponding reduction in the related asset retirement cost asset that will be depreciated over the remaining life of the unit. |
Entergy Louisiana [Member] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, 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 second quarter 2017, System Energy recorded a revision to its estimated decommissioning cost liability for Grand Gulf as a result of a revised decommissioning cost study. The revised estimate resulted in a $35.9 million reduction in its decommissioning cost liability, along with a corresponding reduction in the related asset retirement cost asset that will be depreciated over the remaining life of the unit. |
Entergy Mississippi [Member] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, 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 second quarter 2017, System Energy recorded a revision to its estimated decommissioning cost liability for Grand Gulf as a result of a revised decommissioning cost study. The revised estimate resulted in a $35.9 million reduction in its decommissioning cost liability, along with a corresponding reduction in the related asset retirement cost asset that will be depreciated over the remaining life of the unit. |
Entergy New Orleans [Member] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, 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 second quarter 2017, System Energy recorded a revision to its estimated decommissioning cost liability for Grand Gulf as a result of a revised decommissioning cost study. The revised estimate resulted in a $35.9 million reduction in its decommissioning cost liability, along with a corresponding reduction in the related asset retirement cost asset that will be depreciated over the remaining life of the unit. |
Entergy Texas [Member] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, 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 second quarter 2017, System Energy recorded a revision to its estimated decommissioning cost liability for Grand Gulf as a result of a revised decommissioning cost study. The revised estimate resulted in a $35.9 million reduction in its decommissioning cost liability, along with a corresponding reduction in the related asset retirement cost asset that will be depreciated over the remaining life of the unit. |
System Energy [Member] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, 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 second quarter 2017, System Energy recorded a revision to its estimated decommissioning cost liability for Grand Gulf as a result of a revised decommissioning cost study. The revised estimate resulted in a $35.9 million reduction in its decommissioning cost liability, along with a corresponding reduction in the related asset retirement cost asset that will be depreciated over the remaining life of the unit. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 2016 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $409.9 179.5 $2.28 $567.3 178.8 $3.17 Average dilutive effect of: Stock options 0.2 — 0.2 — Other equity plans 0.5 (0.01 ) 0.5 (0.01 ) Diluted earnings per share $409.9 180.2 $2.27 $567.3 179.5 $3.16 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 2.5 million for the three months ended June 30, 2017 and approximately 4.1 million for the three months ended June 30, 2016 . For the Six Months Ended June 30, 2017 2016 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $492.5 179.4 $2.75 $797.3 178.7 $4.46 Average dilutive effect of: Stock options 0.2 — 0.1 — Other equity plans 0.4 (0.01 ) 0.4 (0.01 ) Diluted earnings per share $492.5 180.0 $2.74 $797.3 179.2 $4.45 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2017 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, April 1, 2017 $3,465 ($460,814 ) $467,561 $748 $10,960 Other comprehensive income (loss) before reclassifications 28,057 — 33,870 (748 ) 61,179 Amounts reclassified from accumulated other comprehensive income (loss) (8,108 ) 10,916 (22,174 ) — (19,366 ) Net other comprehensive income (loss) for the period 19,949 10,916 11,696 (748 ) 41,813 Ending balance, June 30, 2017 $23,414 ($449,898 ) $479,257 $— $52,773 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, April 1, 2016 $96,464 ($459,042 ) $390,626 $1,744 $29,792 Other comprehensive income (loss) before reclassifications (34,138 ) — 24,016 (904 ) (11,026 ) Amounts reclassified from accumulated other comprehensive income (loss) (29,903 ) 5,043 (3,061 ) — (27,921 ) Net other comprehensive income (loss) for the period (64,041 ) 5,043 20,955 (904 ) (38,947 ) Ending balance, June 30, 2016 $32,423 ($453,999 ) $411,581 $840 ($9,155 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2017 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2017 $3,993 ($469,446 ) $429,734 $748 ($34,971 ) Other comprehensive income (loss) before reclassifications 60,665 — 73,742 (748 ) 133,659 Amounts reclassified from accumulated other comprehensive income (loss) (41,244 ) 19,548 (24,219 ) — (45,915 ) Net other comprehensive income (loss) for the period 19,421 19,548 49,523 (748 ) 87,744 Ending balance, June 30, 2017 $23,414 ($449,898 ) $479,257 $— $52,773 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2016 $105,970 ($466,604 ) $367,557 $2,028 $8,951 Other comprehensive income (loss) before reclassifications 56,169 — 49,048 (1,188 ) 104,029 Amounts reclassified from accumulated other comprehensive income (loss) (129,716 ) 12,605 (5,024 ) — (122,135 ) Net other comprehensive income (loss) for the period (73,547 ) 12,605 44,024 (1,188 ) (18,106 ) Ending balance, June 30, 2016 $32,423 ($453,999 ) $411,581 $840 ($9,155 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $12,695 $45,975 Competitive business operating revenues Interest rate swaps (219 ) 30 Miscellaneous - net Total realized gain (loss) on cash flow hedges 12,476 46,005 (4,368 ) (16,102 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $8,108 $29,903 Pension and other postretirement liabilities Amortization of prior-service credit $6,564 $7,355 (a) Amortization of loss (21,554 ) (15,177 ) (a) Settlement loss (1,765 ) — (a) Total amortization (16,755 ) (7,822 ) 5,839 2,779 Income taxes Total amortization (net of tax) ($10,916 ) ($5,043 ) Net unrealized investment gain (loss) Realized gain (loss) $43,479 $6,000 Interest and investment income (21,305 ) (2,939 ) Income taxes Total realized investment gain (loss) (net of tax) $22,174 $3,061 Total reclassifications for the period (net of tax) $19,366 $27,921 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the six months ended June 30, 2017 and 2016 are as follows: Amounts reclassified from AOCI Income Statement Location 2017 2016 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $63,922 $199,933 Competitive business operating revenues Interest rate swaps (469 ) (370 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 63,453 199,563 (22,209 ) (69,847 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $41,244 $129,716 Pension and other postretirement liabilities Amortization of prior-service credit $13,126 $14,710 (a) Amortization of loss (43,125 ) (30,352 ) (a) Settlement loss (1,765 ) — (a) Total amortization (31,764 ) (15,642 ) 12,216 3,037 Income taxes Total amortization (net of tax) ($19,548 ) ($12,605 ) Net unrealized investment gain (loss) Realized gain (loss) $47,489 $9,850 Interest and investment income (23,270 ) (4,826 ) Income taxes Total realized investment gain (loss) (net of tax) $24,219 $5,024 Total reclassifications for the period (net of tax) $45,915 $122,135 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Entergy Louisiana [Member] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended June 30, 2017 and 2016: Pension and Other 2017 2016 (In Thousands) Beginning balance, April 1, ($48,812 ) ($56,675 ) Amounts reclassified from accumulated other (310 ) (230 ) Net other comprehensive income (loss) for the period (310 ) (230 ) Ending balance, June 30, ($49,122 ) ($56,905 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the six months ended June 30, 2017 and 2016: Pension and Other 2017 2016 (In Thousands) Beginning balance, January 1, ($48,442 ) ($56,412 ) Amounts reclassified from accumulated other (680 ) (493 ) Net other comprehensive income (loss) for the period (680 ) (493 ) Ending balance, June 30, ($49,122 ) ($56,905 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,934 $1,947 (a) Amortization of loss (1,332 ) (1,573 ) (a) Total amortization 602 374 (292 ) (144 ) Income taxes Total amortization (net of tax) 310 230 Total reclassifications for the period (net of tax) $310 $230 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the six months ended June 30, 2017 and 2016 are as follows: Amounts reclassified Income Statement Location 2017 2016 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $3,868 $3,894 (a) Amortization of loss (2,664 ) (3,142 ) (a) Total amortization 1,204 752 (524 ) (259 ) Income taxes Total amortization (net of tax) 680 493 Total reclassifications for the period (net of tax) $680 $493 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Revolving Credit Facilities, 25
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $225 $6 $3,269 |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. |
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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . |
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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value 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 June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Arkansas [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. |
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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . |
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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value 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 June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Louisiana [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. |
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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . |
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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value 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 June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Mississippi [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. |
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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 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 June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy New Orleans [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. |
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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 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 June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Texas [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of June 30, 2017 Letters of Credit Outstanding as of June 30, 2017 Entergy Arkansas April 2018 $20 million (b) 2.48% $— $— Entergy Arkansas August 2021 $150 million (c) 2.48% $— $— Entergy Louisiana August 2021 $350 million (d) 2.48% $— $4.5 million Entergy Mississippi May 2018 $37.5 million (e) 2.73% $— $— Entergy Mississippi May 2018 $35 million (e) 2.73% $— $— Entergy Mississippi May 2018 $20 million (e) 2.73% $— $— Entergy Mississippi May 2018 $10 million (e) 2.73% $— $— Entergy New Orleans November 2018 $25 million (f) 2.70% $— $0.8 million Entergy Texas August 2021 $150 million (g) 2.73% $— $13.3 million (a) The interest rate is the rate as of June 30, 2017 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. (f) The credit facility allows Entergy New Orleans to issue letters of credit against $10 million of the borrowing capacity of the facility. (g) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2017 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of June 30, 2017 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $36.8 million Entergy Mississippi $40 million 0.70% $7.8 million Entergy New Orleans $15 million 0.75% $5.6 million Entergy Texas $50 million 0.70% $22.3 million (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. See Note 8 to the financial statements for discussion of financial transmission rights. |
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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 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 June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
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 June 30, 2017 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $14 Entergy Louisiana $450 $— Entergy Mississippi $175 $56 Entergy New Orleans $100 $— Entergy Texas $200 $39 System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper as of June 30, 2017 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of June 30, 2017 (Dollars in Millions) Entergy Arkansas VIE May 2019 $80 2.39% $31.4 (b) Entergy Louisiana River Bend VIE May 2019 $105 2.12% $15.5 Entergy Louisiana Waterford VIE May 2019 $85 2.38% $70.8 (c) System Energy VIE May 2019 $120 2.42% $103.2 (d) (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (b) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of June 30, 2017 was $14.7 million . (c) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of June 30, 2017 was $34.5 million . (d) Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of June 30, 2017 was $53.2 million . |
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 June 30, 2017 as follows: Company Description Amount Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value 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 June 30, 2017 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $15,010,668 $15,239,655 Entergy Arkansas $3,064,261 $2,942,288 Entergy Louisiana $6,246,015 $6,484,470 Entergy Mississippi $1,121,356 $1,137,274 Entergy New Orleans $444,159 $467,094 Entergy Texas $1,471,091 $1,560,208 System Energy $551,296 $482,650 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2016 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,832,555 $14,815,535 Entergy Arkansas $2,829,785 $2,623,910 Entergy Louisiana $5,812,791 $5,929,488 Entergy Mississippi $1,120,916 $1,086,203 Entergy New Orleans $448,994 $455,459 Entergy Texas $1,508,407 $1,600,156 System Energy $551,132 $529,520 (a) The values exclude lease obligations of $57 million at Entergy Louisiana and $34 million at System Energy and long-term DOE obligations of $182 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein and are based on prices derived from inputs such as benchmark yields and reported trades. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Financial Information For Stock Options | The following table includes financial information for outstanding stock options for the three months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $1.1 $1.1 Tax benefit recognized in Entergy’s net income $0.4 $0.4 Compensation cost capitalized as part of fixed assets and inventory $0.2 $0.2 The following table includes financial information for outstanding stock options for the six months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $2.2 $2.2 Tax benefit recognized in Entergy’s net income $0.8 $0.8 Compensation cost capitalized as part of fixed assets and inventory $0.4 $0.4 |
Financial Information For Restricted Stock | The following table includes financial information for other outstanding equity awards for the three months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $8.2 $8.5 Tax benefit recognized in Entergy’s net income $3.2 $3.3 Compensation cost capitalized as part of fixed assets and inventory $2.2 $1.9 The following table includes financial information for other outstanding equity awards for the six months ended June 30, 2017 and 2016 : 2017 2016 (In Millions) Compensation expense included in Entergy’s net income $16.4 $16.9 Tax benefit recognized in Entergy’s net income $6.3 $6.5 Compensation cost capitalized as part of fixed assets and inventory $4.2 $3.7 |
Retirement And Other Postreti27
Retirement And Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income, amortization | Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 |
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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $33,410 $35,811 Interest cost on projected benefit obligation 65,206 65,403 Expected return on assets (102,056 ) (97,366 ) Amortization of prior service cost 65 270 Amortization of loss 56,930 48,824 Net pension costs $53,555 $52,942 Entergy’s qualified pension cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $66,820 $71,622 Interest cost on projected benefit obligation 130,412 130,806 Expected return on assets (204,112 ) (194,732 ) Amortization of prior service cost 130 540 Amortization of loss 113,860 97,648 Net pension costs $107,110 $105,884 |
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 second quarters of 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $6,729 $8,073 Interest cost on accumulated postretirement benefit obligation (APBO) 13,960 14,083 Expected return on assets (9,408 ) (10,455 ) Amortization of prior service credit (10,356 ) (11,373 ) Amortization of loss 5,476 4,554 Net other postretirement benefit cost $6,401 $4,882 Entergy’s other postretirement benefit cost, including amounts capitalized, for the six months ended June 30, 2017 and 2016, included the following components: 2017 2016 (In Thousands) Service cost - benefits earned during the period $13,458 $16,146 Interest cost on accumulated postretirement benefit obligation (APBO) 27,920 28,166 Expected return on assets (18,816 ) (20,910 ) Amortization of prior service credit (20,712 ) (22,746 ) Amortization of loss 10,952 9,108 Net other postretirement benefit cost $12,802 $9,764 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) |
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 second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 |
Entergy Louisiana [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income, amortization | Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the second quarters of 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($65 ) $6,718 ($89 ) $6,564 Amortization of loss (18,450 ) (2,202 ) (902 ) (21,554 ) Settlement loss — — (1,765 ) (1,765 ) ($18,515 ) $4,516 ($2,756 ) ($16,755 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (865 ) (465 ) (2 ) (1,332 ) ($865 ) $1,469 ($2 ) $602 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (632 ) (15,177 ) ($12,752 ) $5,675 ($745 ) ($7,822 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (732 ) (5 ) (1,573 ) ($836 ) $1,215 ($5 ) $374 Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2017 and 2016: 2017 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($130 ) $13,435 ($179 ) $13,126 Amortization of loss (36,899 ) (4,404 ) (1,822 ) (43,125 ) Settlement loss — — (1,765 ) (1,765 ) ($37,029 ) $9,031 ($3,766 ) ($31,764 ) Entergy Louisiana Amortization of prior service credit $— $3,868 $— $3,868 Amortization of loss (1,730 ) (930 ) (4 ) (2,664 ) ($1,730 ) $2,938 ($4 ) $1,204 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($540 ) $15,476 ($226 ) $14,710 Amortization of loss (24,964 ) (4,126 ) (1,262 ) (30,352 ) ($25,504 ) $11,350 ($1,488 ) ($15,642 ) Entergy Louisiana Amortization of prior service credit $— $3,894 $— $3,894 Amortization of loss (1,672 ) (1,464 ) (6 ) (3,142 ) ($1,672 ) $2,430 ($6 ) $752 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) |
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 second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) |
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 second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) |
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 second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) |
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 second quarters of 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $267 $47 $63 $18 $126 2016 $106 $59 $59 $16 $127 The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the six months ended June 30, 2017 and 2016: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2017 $372 $96 $127 $36 $253 2016 $212 $118 $118 $32 $254 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $5,090 $6,925 $1,472 $625 $1,364 $1,536 Interest cost on projected benefit obligation 12,944 14,809 3,732 1,791 3,392 3,091 Expected return on assets (20,427 ) (23,017 ) (6,131 ) (2,800 ) (6,180 ) (4,663 ) Amortization of loss 11,640 12,354 3,053 1,658 2,310 2,964 Net pension cost $9,247 $11,071 $2,126 $1,274 $886 $2,928 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,180 $13,850 $2,944 $1,250 $2,728 $3,072 Interest cost on projects benefit obligation 25,888 29,618 7,464 3,582 6,784 6,182 Expected return on assets (40,854 ) (46,034 ) (12,262 ) (5,600 ) (12,360 ) (9,326 ) Amortization of loss 23,280 24,708 6,106 3,316 4,620 5,928 Net pension cost $18,494 $22,142 $4,252 $2,548 $1,772 $5,856 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $10,362 $14,098 $3,124 $1,312 $2,832 $3,132 Interest cost on projected benefit obligation 26,110 29,740 7,622 3,628 7,114 5,984 Expected return on assets (39,544 ) (44,192 ) (11,962 ) (5,374 ) (12,124 ) (8,918 ) Amortization of loss 21,872 23,892 5,970 3,230 4,680 5,208 Net pension cost $18,800 $23,538 $4,754 $2,796 $2,502 $5,406 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2017 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2017 pension contributions $79,495 $87,923 $19,146 $9,920 $17,064 $18,180 Pension contributions made through June 2017 $34,507 $37,519 $8,251 $4,361 $7,227 $8,182 Remaining estimated pension contributions to be made in 2017 $44,988 $50,404 $10,895 $5,559 $9,837 $9,998 |
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 second quarters of 2017 and 2016, included the following components: 2017 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $863 $1,593 $290 $142 $372 $320 Interest cost on APBO 2,255 3,025 690 469 1,124 559 Expected return on assets (3,959 ) — (1,200 ) (1,159 ) (2,180 ) (717 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 1,115 465 419 105 826 390 Net other postretirement benefit cost ($1,004 ) $3,149 ($257 ) ($629 ) ($437 ) $174 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 732 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,914 ($295 ) ($699 ) ($1,101 ) ($57 ) The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the six months ended June 30, 2017 and 2016, included the following components: 2017 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,726 $3,186 $580 $284 $744 $640 Interest cost on APBO 4,510 6,050 1,380 938 2,248 1,118 Expected return on assets (7,918 ) — (2,400 ) (2,318 ) (4,360 ) (1,434 ) Amortization of prior service credit (2,556 ) (3,868 ) (912 ) (372 ) (1,158 ) (756 ) Amortization of loss 2,230 930 838 210 1,652 780 Net other postretirement benefit cost ($2,008 ) $6,298 ($514 ) ($1,258 ) ($874 ) $348 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,956 $3,738 $772 $312 $796 $668 Interest cost on APBO 4,648 6,520 1,418 896 2,078 1,058 Expected return on assets (8,928 ) — (2,758 ) (2,308 ) (4,788 ) (1,628 ) Amortization of prior service credit (2,736 ) (3,894 ) (468 ) (372 ) (1,362 ) (786 ) Amortization of loss 2,128 1,464 446 74 1,074 574 Net other postretirement benefit cost ($2,932 ) $7,828 ($590 ) ($1,398 ) ($2,202 ) ($114 ) |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Financial Information | Entergy’s segment financial information for the second quarters of 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $2,301,332 $317,255 $— ($37 ) $2,618,550 Income taxes $130,851 ($454,944 ) ($13,019 ) $— ($337,112 ) Consolidated net income (loss) $246,382 $223,886 ($25,001 ) ($31,899 ) $413,368 2016 Operating revenues $2,118,478 $344,110 $— ($26 ) $2,462,562 Income taxes ($3,785 ) ($235,055 ) ($10,133 ) $— ($248,973 ) Consolidated net income (loss) $380,317 $250,874 ($26,703 ) ($31,898 ) $572,590 Entergy’s segment financial information for the six months ended June 30, 2017 and 2016 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2017 Operating revenues $4,336,444 $870,622 $— ($58 ) $5,207,008 Income taxes $229,343 ($533,281 ) ($25,412 ) $— ($329,350 ) Consolidated net income (loss) $414,005 $196,689 ($47,477 ) ($63,797 ) $499,420 Total assets as of June 30, 2017 $42,263,832 $5,627,284 $1,165,157 ($3,049,236 ) $46,007,037 2016 Operating revenues $4,206,272 $866,189 $— ($46 ) $5,072,415 Income taxes $104,051 ($182,741 ) ($30,337 ) $— ($109,027 ) Consolidated net income (loss) $579,968 $330,430 ($38,769 ) ($63,797 ) $807,832 Total assets as of December 31, 2016 $41,098,751 $6,696,038 $1,283,816 ($3,174,171 ) $45,904,434 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. |
Restructuring and Related Costs [Table Text Block] | Additional restructuring charges for the second quarter 2017 were comprised of the following: Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total (In Millions) Balance as of April 1, 2017 $94 $21 $115 Restructuring costs accrued 42 — 42 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $194 million of impairment charges in the second quarter 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. These costs are charged to expense as incurred as a result of the impaired value of the Entergy Wholesale Commodities nuclear plants’ long-lived assets due to the significantly reduced remaining estimated operating lives associated with management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. Additional restructuring charges for the six months ended June 30, 2017 were comprised of the following: Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, 2017 $70 $21 $91 Restructuring costs accrued 66 — 66 Cash paid out 100 — 100 Balance as of June 30, 2017 $36 $21 $57 In addition, Entergy incurred $405 million of impairment charges in the six months ended June 30, 2017 related to nuclear fuel spending, nuclear refueling outage spending, and expenditures for capital assets. |
Risk Management And Fair Valu29
Risk Management And Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Values Of Derivative Instruments | The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2017 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $40 ($23) $17 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $19 ($9) $10 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $15 ($15) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $12 ($10) $2 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $16 ($3) $13 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Financial transmission rights Prepayments and other $61 ($4) $57 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $10 ($10) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $5 $— $5 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements 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) $25 ($14) $11 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $6 ($6) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $11 ($10) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($7) $9 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $18 ($13) $5 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $5 ($5) $— Entergy Wholesale Commodities Natural gas swaps Prepayments and other $13 $— $13 Utility Financial transmission rights Prepayments and other $22 ($1) $21 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $18 ($17) $1 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $4 ($4) $— Entergy Wholesale Commodities (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million posted and $3 million held as of June 30, 2017 and $2 million posted as of December 31, 2016. Also excludes $19 million in letters of credit held as of June 30, 2017. |
Derivative Instruments Designated As Cash Flow Hedges On Consolidated Statements Of Income | The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain reclassified from accumulated other comprehensive income into income (a) (In Millions) (In Millions) 2017 Electricity swaps and options $43 Competitive businesses operating revenues $13 2016 Electricity swaps and options ($53) Competitive businesses operating revenues $46 (a) Before taxes of $4 million and $16 million for the three months ended June 30, 2017 and 2016, respectively The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain Income Statement location Amount of gain (In Millions) (In Millions) 2017 Electricity swaps and options $93 Competitive businesses operating revenues $64 2016 Electricity swaps and options $86 Competitive businesses operating revenues $200 (a) Before taxes of $22 million and $70 million for the six months ended June 30, 2017 and 2016, respectively |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2017 and 2016 are as follows: Instrument Amount of loss recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($9) FTRs $— Purchased power expense (b) $44 Electricity swaps and options ($5) (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($6) FTRs $— Purchased power expense (b) $38 Electricity swaps and options ($10) (c) Competitive business operating revenues ($6) The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Amount of gain recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2017 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($16) Financial transmission rights $— Purchased power expense (b) $75 Electricity swaps and options $4 (c) Competitive business operating revenues $— 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($30) Financial transmission rights $— Purchased power expense (b) $59 Electricity swaps and options $15 (c) Competitive business operating revenues ($9) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. |
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 June 30, 2017 and December 31, 2016 . 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. 2017 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $867 $— $— $867 Decommissioning trust funds (a): Equity securities 469 — — 469 Debt securities 1,032 1,376 — 2,408 Common trusts (b) 3,920 Power contracts — — 40 40 Securitization recovery trust account 36 — — 36 Escrow accounts 416 — — 416 Financial transmission rights — — 57 57 $2,820 $1,376 $97 $8,213 Liabilities: Power contracts $— $— $2 $2 Gas hedge contracts 5 — — 5 $5 $— $2 $7 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,058 $— $— $1,058 Decommissioning trust funds (a): Equity securities 480 — — 480 Debt securities 985 1,228 — 2,213 Common trusts (b) 3,031 Power contracts — — 16 16 Securitization recovery trust account 46 — — 46 Escrow accounts 433 — — 433 Gas hedge contracts 13 — — 13 Financial transmission rights — — 21 21 $3,015 $1,228 $37 $7,311 Liabilities: Power contracts $— $— $11 $11 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date. |
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 June 30, 2017 and 2016 : 2017 2016 Power Contracts Financial transmission rights Power Contracts Financial transmission rights (In Millions) Balance as of April 1, $5 $8 $183 $9 Total gains (losses) for the period (a) Included in earnings 4 — (9 ) — Included in OCI 43 — (53 ) — Included as a regulatory liability/asset — 31 — 20 Issuances of FTRs — 62 — 55 Purchases — — — — Settlements (14 ) (44 ) (55 ) (38 ) Balance as of June 30, $38 $57 $66 $46 (a) Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is ($0.1) million for the three months ended June 30, 2017 and ($6) million for the three months ended June 30, 2016. 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 six months ended June 30, 2017 and 2016 : 2017 2016 Power Contracts Financial transmission rights Power Contracts Financial transmission rights (In Millions) Balance as of January 1, $5 $21 $189 $23 Total gains (losses) for the period (a) Included in earnings 4 — (9 ) — Included in OCI 93 — 86 — Included as a regulatory liability/asset — 48 — 27 Issuances of financial transmission rights — 62 — 55 Purchases — — — — Settlements (64 ) (74 ) (200 ) (59 ) Balance as of June 30, $38 $57 $66 $46 (a) Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is $0.3 million for the six months ended June 30, 2017. For the six months ended June 30, 2016, there is no change in unrealized gains or losses included in earnings for derivatives held at the end of the reporting period. |
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 June 30, 2017 : Transaction Type Fair Value as of June 30, 2017 Significant Unobservable Inputs Range from Average % Effect on Fair Value (In Millions) (In Millions) Power contracts - electricity swaps $38 Unit contingent discount +/- 4% $3 |
Entergy Arkansas [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 June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. |
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 June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Arkansas 2017 Level 1 Level 2 Level 3 Total (In Millions) Assets: Decommissioning trust funds (a): Equity securities $10.7 $— $— $10.7 Debt securities 129.7 198.3 — 328.0 Common trusts (b) 545.6 Securitization recovery trust account 3.6 — — 3.6 Escrow accounts 4.7 — — 4.7 Financial transmission rights — — 8.3 8.3 $148.7 $198.3 $8.3 $900.9 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Decommissioning trust funds (a): Equity securities $3.6 $— $— $3.6 Debt securities 112.5 196.8 — 309.3 Common trusts (b) 521.8 Securitization recovery trust account 4.1 — — 4.1 Escrow accounts 7.1 — — 7.1 Financial transmission rights — — 5.4 5.4 $127.3 $196.8 $5.4 $851.3 |
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 June 30, 2017. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $0.9 $4.1 $1.3 $0.5 $1.0 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.0 7.5 6.7 3.1 4.3 Settlements (10.5 ) (14.3 ) (8.5 ) (3.4 ) (6.9 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 June 30, 2016. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $3.7 $3.3 $0.9 $0.6 $0.9 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset (3.0 ) 16.4 2.4 — 3.2 Settlements (5.5 ) (21.6 ) (3.6 ) (1.4 ) (5.4 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 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 six months ended June 30, 2017 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $5.4 $8.5 $3.2 $1.1 $3.1 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.1 18.3 7.9 4.8 7.4 Settlements (15.1 ) (29.5 ) (11.6 ) (5.7 ) (12.1 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 six months ended June 30, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset 0.6 21.7 1.7 (0.4 ) 3.4 Settlements (13.3 ) (32.1 ) (4.4 ) (1.9 ) (6.9 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 |
Entergy 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 June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. |
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 June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Louisiana 2017 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $211.9 $— $— $211.9 Decommissioning trust funds (a): Equity securities 11.2 — — 11.2 Debt securities 137.5 326.6 — 464.1 Common trusts (b) 745.4 Escrow accounts 292.9 — — 292.9 Securitization recovery trust account 2.8 — — 2.8 Financial transmission rights — — 28.3 28.3 $656.3 $326.6 $28.3 $1,756.6 Liabilities: Gas hedge contracts $4.5 $— $— $4.5 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $163.9 $— $— $163.9 Decommissioning trust funds (a): Equity securities 13.9 — — 13.9 Debt securities 132.3 292.5 — 424.8 Common trusts (b) 702.0 Escrow accounts 305.7 — — 305.7 Securitization recovery trust account 2.8 — — 2.8 Gas hedge contracts 10.9 — — 10.9 Financial transmission rights — — 8.5 8.5 $629.5 $292.5 $8.5 $1,632.5 |
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 June 30, 2017. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $0.9 $4.1 $1.3 $0.5 $1.0 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.0 7.5 6.7 3.1 4.3 Settlements (10.5 ) (14.3 ) (8.5 ) (3.4 ) (6.9 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 June 30, 2016. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $3.7 $3.3 $0.9 $0.6 $0.9 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset (3.0 ) 16.4 2.4 — 3.2 Settlements (5.5 ) (21.6 ) (3.6 ) (1.4 ) (5.4 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 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 six months ended June 30, 2017 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $5.4 $8.5 $3.2 $1.1 $3.1 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.1 18.3 7.9 4.8 7.4 Settlements (15.1 ) (29.5 ) (11.6 ) (5.7 ) (12.1 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 six months ended June 30, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset 0.6 21.7 1.7 (0.4 ) 3.4 Settlements (13.3 ) (32.1 ) (4.4 ) (1.9 ) (6.9 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 |
Entergy 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 June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. |
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 June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Mississippi 2017 Level 1 Level 2 Level 3 Total (In Millions) Assets: Escrow accounts $31.9 $— $— $31.9 Financial transmission rights — — 9.1 9.1 $31.9 $— $9.1 $41.0 Liabilities: Gas hedge contracts $0.8 $— $— $0.8 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $76.8 $— $— $76.8 Escrow accounts 31.8 — — 31.8 Gas hedge contracts 2.3 — — 2.3 Financial transmission rights — — 3.2 3.2 $110.9 $— $3.2 $114.1 |
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 June 30, 2017. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $0.9 $4.1 $1.3 $0.5 $1.0 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.0 7.5 6.7 3.1 4.3 Settlements (10.5 ) (14.3 ) (8.5 ) (3.4 ) (6.9 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 June 30, 2016. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $3.7 $3.3 $0.9 $0.6 $0.9 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset (3.0 ) 16.4 2.4 — 3.2 Settlements (5.5 ) (21.6 ) (3.6 ) (1.4 ) (5.4 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 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 six months ended June 30, 2017 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $5.4 $8.5 $3.2 $1.1 $3.1 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.1 18.3 7.9 4.8 7.4 Settlements (15.1 ) (29.5 ) (11.6 ) (5.7 ) (12.1 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 six months ended June 30, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset 0.6 21.7 1.7 (0.4 ) 3.4 Settlements (13.3 ) (32.1 ) (4.4 ) (1.9 ) (6.9 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 |
Entergy 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 June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. |
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 June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy New Orleans 2017 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $60.7 $— $— $60.7 Securitization recovery trust account 1.1 — — 1.1 Escrow accounts 86.4 — — 86.4 Financial transmission rights — — 5.2 5.2 $148.2 $— $5.2 $153.4 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $103.0 $— $— $103.0 Securitization recovery trust account 1.7 — — 1.7 Escrow accounts 88.6 — — 88.6 Gas hedge contracts 0.2 — — 0.2 Financial transmission rights — — 1.1 1.1 $193.5 $— $1.1 $194.6 |
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 June 30, 2017. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $0.9 $4.1 $1.3 $0.5 $1.0 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.0 7.5 6.7 3.1 4.3 Settlements (10.5 ) (14.3 ) (8.5 ) (3.4 ) (6.9 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 June 30, 2016. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $3.7 $3.3 $0.9 $0.6 $0.9 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset (3.0 ) 16.4 2.4 — 3.2 Settlements (5.5 ) (21.6 ) (3.6 ) (1.4 ) (5.4 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 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 six months ended June 30, 2017 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $5.4 $8.5 $3.2 $1.1 $3.1 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.1 18.3 7.9 4.8 7.4 Settlements (15.1 ) (29.5 ) (11.6 ) (5.7 ) (12.1 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 six months ended June 30, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset 0.6 21.7 1.7 (0.4 ) 3.4 Settlements (13.3 ) (32.1 ) (4.4 ) (1.9 ) (6.9 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 |
Entergy 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 June 30, 2017 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Financial transmission rights Prepayments and other $8.3 Entergy Arkansas Financial transmission rights Prepayments and other $28.3 Entergy Louisiana Financial transmission rights Prepayments and other $9.1 Entergy Mississippi Financial transmission rights Prepayments and other $5.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.5 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $4.5 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: Natural gas swaps Prepayments and other $10.9 Entergy Louisiana Natural gas swaps Prepayments and other $2.3 Entergy Mississippi Natural gas swaps Prepayments and other $0.2 Entergy New Orleans Financial transmission rights Prepayments and other $5.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.5 Entergy Louisiana Financial transmission rights Prepayments and other $3.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.1 Entergy New Orleans Financial transmission rights Prepayments and other $3.1 Entergy Texas (a) As of June 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Arkansas and $0.1 million for Entergy Mississippi. |
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 June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($7.6) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.4) (a) Entergy Mississippi FTRs Purchased power expense $10.5 (b) Entergy Arkansas FTRs Purchased power expense $14.3 (b) Entergy Louisiana FTRs Purchased power expense $8.5 (b) Entergy Mississippi FTRs Purchased power expense $3.4 (b) Entergy New Orleans FTRs Purchased power expense $6.9 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.9) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.9) (a) Entergy Mississippi FTRs Purchased power expense $5.5 (b) Entergy Arkansas FTRs Purchased power expense $21.6 (b) Entergy Louisiana FTRs Purchased power expense $3.6 (b) Entergy Mississippi FTRs Purchased power expense $1.4 (b) Entergy New Orleans FTRs Purchased power expense $5.4 (b) Entergy Texas The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2017 and 2016 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2017 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($13.7) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($2.5) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $15.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $29.5 (b) Entergy Louisiana Financial transmission rights Purchased power expense $11.6 (b) Entergy Mississippi Financial transmission rights Purchased power expense $5.7 (b) Entergy New Orleans Financial transmission rights Purchased power expense $12.1 (b) Entergy Texas 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($24.2) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans Financial transmission rights Purchased power expense $13.3 (b) Entergy Arkansas Financial transmission rights Purchased power expense $32.1 (b) Entergy Louisiana Financial transmission rights Purchased power expense $4.4 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $6.9 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Texas 2017 Level 1 Level 2 Level 3 Total (In Millions) Assets : Securitization recovery trust account $28.7 $— $— $28.7 Financial transmission rights — — 5.5 5.5 $28.7 $— $5.5 $34.2 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets : Temporary cash investments $5.0 $— $— $5.0 Securitization recovery trust account 37.5 — — 37.5 Financial transmission rights — — 3.1 3.1 $42.5 $— $3.1 $45.6 |
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 June 30, 2017. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $0.9 $4.1 $1.3 $0.5 $1.0 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.0 7.5 6.7 3.1 4.3 Settlements (10.5 ) (14.3 ) (8.5 ) (3.4 ) (6.9 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 June 30, 2016. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of April 1, $3.7 $3.3 $0.9 $0.6 $0.9 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset (3.0 ) 16.4 2.4 — 3.2 Settlements (5.5 ) (21.6 ) (3.6 ) (1.4 ) (5.4 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 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 six months ended June 30, 2017 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $5.4 $8.5 $3.2 $1.1 $3.1 Issuances of FTRs 8.9 31.0 9.6 5.0 7.1 Gains included as a regulatory liability/asset 9.1 18.3 7.9 4.8 7.4 Settlements (15.1 ) (29.5 ) (11.6 ) (5.7 ) (12.1 ) Balance as of June 30, $8.3 $28.3 $9.1 $5.2 $5.5 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 six months ended June 30, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Issuances of FTRs 18.8 18.1 5.9 2.8 9.3 Gains (losses) included as a regulatory liability/asset 0.6 21.7 1.7 (0.4 ) 3.4 Settlements (13.3 ) (32.1 ) (4.4 ) (1.9 ) (6.9 ) Balance as of June 30, $14.0 $16.2 $5.6 $2.0 $8.0 |
System Energy [Member] | |
Assets and liabilities at fair value on a recurring basis | System Energy 2017 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $337.0 $— $— $337.0 Decommissioning trust funds (a): Equity securities 1.6 — — 1.6 Debt securities 208.9 113.6 — 322.5 Common trusts (b) 515.3 $547.5 $113.6 $— $1,176.4 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $245.1 $— $— $245.1 Decommissioning trust funds (a): Equity securities 0.3 — — 0.3 Debt securities 248.3 58.3 — 306.6 Common trusts (b) 473.6 $493.7 $58.3 $— $1,025.6 |
Decommissioning Trust Funds (Ta
Decommissioning Trust Funds (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Securities Held | The securities held as of June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $4,389 $1,857 $1 Debt Securities 2,408 45 15 Total $6,797 $1,902 $16 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,511 $1,673 $1 Debt Securities 2,213 34 27 Total $5,724 $1,707 $28 |
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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $2 $1 $997 $12 More than 12 months — — 47 3 Total $2 $1 $1,044 $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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $23 $1 $1,169 $26 More than 12 months 1 — 20 1 Total $24 $1 $1,189 $27 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $106 $125 1 year - 5 years 805 763 5 years - 10 years 795 719 10 years - 15 years 111 109 15 years - 20 years 88 73 20 years+ 503 424 Total $2,408 $2,213 |
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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $556.3 $308.0 $— Debt Securities 328.0 3.3 2.3 Total $884.3 $311.3 $2.3 2016 Equity Securities $525.4 $281.5 $— Debt Securities 309.3 3.4 4.2 Total $834.7 $284.9 $4.2 |
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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $118.1 $1.7 More than 12 months — — 10.1 0.6 Total $— $— $128.2 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $146.7 $4.2 More than 12 months — — — — Total $— $— $146.7 $4.2 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $16.8 $16.7 1 year - 5 years 102.6 106.2 5 years - 10 years 183.5 161.2 10 years - 15 years 4.4 7.7 15 years - 20 years 1.1 1.0 20 years+ 19.6 16.5 Total $328.0 $309.3 |
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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $756.6 $395.6 $— Debt Securities 464.1 10.9 2.9 Total $1,220.7 $406.5 $2.9 2016 Equity Securities $715.9 $346.6 $— Debt Securities 424.8 8.0 5.0 Total $1,140.7 $354.6 $5.0 |
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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $164.4 $2.4 More than 12 months — — 9.7 0.5 Total $— $— $174.1 $2.9 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $198.8 $4.8 More than 12 months — — 4.8 0.2 Total $— $— $203.6 $5.0 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $28.5 $31.4 1 year - 5 years 105.2 99.1 5 years - 10 years 131.9 122.8 10 years - 15 years 44.3 41.4 15 years - 20 years 38.6 30.9 20 years+ 115.6 99.2 Total $464.1 $424.8 |
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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2017 Equity Securities $516.9 $257.6 $— Debt Securities 322.5 3.3 2.3 Total $839.4 $260.9 $2.3 2016 Equity Securities $473.9 $221.9 $0.1 Debt Securities 306.6 2.0 4.5 Total $780.5 $223.9 $4.6 |
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 June 30, 2017 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $199.5 $2.0 More than 12 months — — 8.6 0.3 Total $— $— $208.1 $2.3 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, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $— $— $220.9 $4.4 More than 12 months — 0.1 0.8 0.1 Total $— $0.1 $221.7 $4.5 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of June 30, 2017 and December 31, 2016 are as follows: 2017 2016 (In Millions) less than 1 year $8.6 $6.6 1 year - 5 years 159.6 188.2 5 years - 10 years 86.4 78.5 10 years - 15 years 2.3 1.3 15 years - 20 years 7.8 7.8 20 years+ 57.8 24.2 Total $322.5 $306.6 |
Commitments and Contingencies C
Commitments and Contingencies Commitments And Contingencies (Narrative) (Details) (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2016 | Sep. 30, 2016 | Apr. 30, 2016 | |
River Bend [Member] | Entergy Louisiana [Member] | |||
Regulatory Assets [Line Items] | |||
Litigation Settlement, Amount | $ 5 | $ 42 | |
Palisades [Member] | Entergy Wholesale Commodities [Member] | |||
Regulatory Assets [Line Items] | |||
Litigation Settlement, Amount | 14 | ||
Damages awarded for previously capitalized costs | 11 | ||
Damages awarded for previously recorded operation and maintenance | $ 3 | ||
Indian Point 2 [Member] | Entergy Wholesale Commodities [Member] | |||
Regulatory Assets [Line Items] | |||
Litigation Settlement, Amount | $ 34 | ||
Damages awarded for previously capitalized costs | 14 | ||
Damages awarded for previously recorded operation and maintenance | 15 | ||
Damages awarded for previously recorded decommissioning expense | 3 | ||
Damages awarded for previously recorded taxes other than income taxes | $ 2 |
Rate And Regulatory Matters (Na
Rate And Regulatory Matters (Narrative) (Details) | 1 Months Ended | 6 Months Ended | |||||||||||
Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017$ / kWh | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Apr. 30, 2016 | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | |
Regulatory Assets [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 220,828,000 | $ 14,329,000 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | (947,903,000) | |||||||||||
Deferred Fuel Cost | $ 194,245,000 | $ 108,465,000 | 194,245,000 | ||||||||||
Entergy Louisiana [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | (473,956,000) | |||||||||||
Deferred Fuel Cost | 25,902,000 | 0 | 25,902,000 | ||||||||||
Refund To Customers | $ 71,000,000 | ||||||||||||
Earned return on common equity | 9.84% | ||||||||||||
Formula rate plan revenue decrease | $ 16,900,000 | ||||||||||||
Formula rate plan revenue decrease resulting from legacy Entergy Louisiana revenue | 3,500,000 | ||||||||||||
Formula rate plan revenue decrease resulting from legacy Entergy Gulf States Louisiana revenue | 9,700,000 | ||||||||||||
Formula rate plan revenue decrease resulting from incremental revenue | 3,600,000 | ||||||||||||
Adjustment to formula rate plan for reduction in MISO cost recovery mechanism | 40,500,000 | ||||||||||||
Current MISO formula rate plan cost recovery | 46,800,000 | ||||||||||||
Reduced proposed MISO formula rate plan cost recovery | 6,300,000 | ||||||||||||
Entergy Mississippi [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Deferred Fuel Cost | 20,579,000 | 6,957,000 | 20,579,000 | ||||||||||
Entergy New Orleans [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | (236,978,000) | |||||||||||
Long-term payable due to Entergy Louisiana | 18,423,000 | 18,423,000 | 18,423,000 | ||||||||||
Deferred Fuel Cost | 2,731,000 | 4,818,000 | 2,731,000 | ||||||||||
Energy Smart Program Funding | $ 11,800,000 | ||||||||||||
Proposed customer credits in current year | 10,000,000 | ||||||||||||
Proposed customer credits in first quarter of year after transaction closes | 1,400,000 | ||||||||||||
Proposed customer credits per month in second year after transaction closes | 117,500 | ||||||||||||
Proposed customer credits upon FERC approval | $ 5,000,000 | ||||||||||||
Entergy Texas [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Unspecific disallowance associated with settlement agreement | 6,000,000 | ||||||||||||
Projected Over-Recovery Balance | $ 21,000,000 | ||||||||||||
Refund for fuel cost recovery | 30,700,000 | ||||||||||||
Amount Collected From Customers | 29,500,000 | $ 29,500,000 | 10,500,000 | ||||||||||
Requested increase in retail revenues per request for annual distribution cost recovery factor rider | 19,000,000 | ||||||||||||
Book Value of Existing Meters to be Retired with AMI Deployment | 41,000,000 | ||||||||||||
Current annual collection from distribution cost recovery factor rider | 8,650,000 | ||||||||||||
Entergy Texas [Member] | Subsequent Event [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Amended annual revenue requirement from distribution cost recovery factor rider | $ 18,300,000 | ||||||||||||
Estimated nominal benefit to Customers Anticipated with AMI Deployment | 33,000,000 | ||||||||||||
Entergy Arkansas [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | $ (236,969,000) | |||||||||||
Deferred Fuel Cost | $ 145,033,000 | $ 96,690,000 | $ 145,033,000 | ||||||||||
Rate At Which Electricity Sold To Retail Customers | $ / kWh | 0.01164 | ||||||||||||
Increase in Rate At Which Electricity Sold To Retail Customers | $ / kWh | 0.01547 | ||||||||||||
ALJ Recommended Percentage By Which Payments Be Reduced | 20.00% | ||||||||||||
Liability Recorded Related to Estimated Payments Due Utility Operating Companies | $ 87,000,000 | ||||||||||||
Regulatory Asset Recorded to Represent Estimate of Recoverable Retail Portion of Costs | $ 75,000,000 | ||||||||||||
Entergy Arkansas [Member] | Subsequent Event [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Projected Increase in Revenue Requirement | $ 129,700,000 | ||||||||||||
Earned return on common equity | 9.75% | ||||||||||||
Annual revenue constraint per rate class percentage | 400.00% | ||||||||||||
Reduced requested increase in revenue requirement to comply with annual revenue constraint | $ 70,900,000 | ||||||||||||
Payments due Utility Operating Companies Related to Opportunity Sales Proceedings | $ 86,000,000 | ||||||||||||
System Energy [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Earned return on common equity | 10.94% | ||||||||||||
System Energy [Member] | Minimum [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Recommended adjustment to earned return on equity | 8.37% | ||||||||||||
System Energy [Member] | Maximum [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Recommended adjustment to earned return on equity | 8.67% | ||||||||||||
Natural Gas Processing Plant [Member] | Entergy Louisiana [Member] | |||||||||||||
Regulatory Assets [Line Items] | |||||||||||||
Earned return on common equity | 6.37% | ||||||||||||
Requested Recovery of Previously Deferred Operation and Maintenance Expenses | $ 1,500,000 | ||||||||||||
Public Utilities, Requested Increase in Revenue Requirement | $ 1,200,000 | $ 1,400,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Equity [Abstract] | |||||
Stock Options Excluded From Diluted Common Shares Outstanding Calculation | 2,500,000 | 4,100,000 | 3,700,000 | 5,100,000 | |
Dividends, Common Stock, Cash | $ 312,209 | $ 303,843 | |||
Shares, Issued | 390,013 | 390,013 | |||
Common stock dividend (in dollars per share) | $ 0.87 | $ 0.85 | $ 1.74 | $ 1.70 | |
Entergy Louisiana [Member] | |||||
Equity [Abstract] | |||||
Dividends, Common Stock, Cash | $ 91,250 | $ 105,500 | |||
Entergy Mississippi [Member] | |||||
Equity [Abstract] | |||||
Dividends, Common Stock, Cash | 24,000 | ||||
System Energy [Member] | |||||
Equity [Abstract] | |||||
Dividends, Common Stock, Cash | $ 139,000 | ||||
Subsequent Event [Member] | |||||
Equity [Abstract] | |||||
Common stock dividend (in dollars per share) | $ 0.87 |
Equity (Schedule Of Earnings Pe
Equity (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||||
Stock options, Shares | 0 | 200,000 | 0 | 0 |
Stock options $/share | $ 0 | $ 0 | $ 0 | $ 0 |
Restricted stock, Shares | 0 | 500,000 | 0 | 400,000 |
Restricted stock $/share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) |
Basic earnings per share | ||||
Net income (loss) attributable to Entergy Corporation, Income | $ 409,922 | $ 567,314 | $ 492,528 | $ 797,280 |
Net Income Attributable to Entergy Corporation, Shares | 179,475,346 | 178,808,149 | 179,405,592 | 178,693,342 |
Net Income Attributable to Entergy Corporation, $/share | $ 2.28 | $ 3.17 | $ 2.75 | $ 4.46 |
Diluted earnings per share, Shares | 180,234,694 | 179,503,582 | 180,032,233 | 179,233,209 |
Diluted earnings per share $/share | $ 2.27 | $ 3.16 | $ 2.74 | $ 4.45 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss))(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ 10,960 | $ 29,792 | $ (34,971) | $ 8,951 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 61,179 | (11,026) | 133,659 | 104,029 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (19,366) | (27,921) | (45,915) | (122,135) |
Other comprehensive income (loss) | 41,813 | (38,947) | 87,744 | (18,106) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 52,773 | (9,155) | 52,773 | (9,155) |
Foreign Currency Translation [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 748 | 1,744 | 748 | 2,028 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (748) | (904) | (748) | (1,188) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (748) | (904) | (748) | (1,188) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 0 | 840 | 0 | 840 |
Net Unrealized Investment Gains [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 467,561 | 390,626 | 429,734 | 367,557 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 33,870 | 24,016 | 73,742 | 49,048 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (22,174) | (3,061) | (24,219) | (5,024) |
Other comprehensive income (loss) | 11,696 | 20,955 | 49,523 | 44,024 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 479,257 | 411,581 | 479,257 | 411,581 |
Pension And Other Postretirement Liabilities [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (460,814) | (459,042) | (469,446) | (466,604) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10,916 | 5,043 | 19,548 | 12,605 |
Other comprehensive income (loss) | 10,916 | 5,043 | 19,548 | 12,605 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (449,898) | (453,999) | (449,898) | (453,999) |
Cash Flow Hedges Net Unrealized Gain [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 3,465 | 96,464 | 3,993 | 105,970 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 28,057 | (34,138) | 60,665 | 56,169 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (8,108) | (29,903) | (41,244) | (129,716) |
Other comprehensive income (loss) | 19,949 | (64,041) | 19,421 | (73,547) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 23,414 | 32,423 | 23,414 | 32,423 |
Entergy Louisiana [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (48,442) | |||
Other comprehensive income (loss) | (310) | (230) | (680) | (493) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (49,122) | (49,122) | ||
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 | (48,812) | (56,675) | (48,442) | (56,412) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (310) | (230) | (680) | (493) |
Other comprehensive income (loss) | (310) | (230) | (680) | (493) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ (49,122) | $ (56,905) | $ (49,122) | $ (56,905) |
Equity (Reclassification out of
Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Competitive Energy Revenue | $ 317,255 | $ 344,110 | $ 870,622 | $ 866,189 | ||
Other Nonoperating Income (Expense) | (6,872) | (8,377) | (1,371) | (18,963) | ||
INCOME BEFORE INCOME TAXES | 76,256 | 323,617 | 170,070 | 698,805 | ||
Income taxes (benefits) | 337,112 | 248,973 | 329,350 | 109,027 | ||
Consolidated net income | 413,368 | 572,590 | 499,420 | [1] | 807,832 | [1] |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Consolidated net income | 19,366 | 27,921 | 45,915 | 122,135 | ||
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 | 22,174 | 3,061 | 24,219 | 5,024 | ||
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 | 12,695 | 45,975 | 63,922 | 199,933 | ||
Other Nonoperating Income (Expense) | (219) | 30 | (469) | (370) | ||
INCOME BEFORE INCOME TAXES | 12,476 | 46,005 | 63,453 | 199,563 | ||
Income taxes (benefits) | (4,368) | (16,102) | (22,209) | (69,847) | ||
Consolidated net income | 8,108 | 29,903 | 41,244 | 129,716 | ||
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 (loss) | 43,479 | 6,000 | 47,489 | 9,850 | ||
Income taxes (benefits) | (21,305) | (2,939) | (23,270) | (4,826) | ||
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 credit | 6,564 | 7,355 | 13,126 | 14,710 | ||
Amortization of loss | (21,554) | (15,177) | (43,125) | (30,352) | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (1,765) | 0 | (1,765) | 0 | ||
INCOME BEFORE INCOME TAXES | (16,755) | (7,822) | (31,764) | (15,642) | ||
Income taxes (benefits) | 5,839 | 2,779 | 12,216 | 3,037 | ||
Consolidated net income | (10,916) | (5,043) | (19,548) | (12,605) | ||
Entergy Louisiana [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other Nonoperating Income (Expense) | (2,650) | (1,870) | (5,674) | (5,615) | ||
INCOME BEFORE INCOME TAXES | 181,215 | 168,235 | 318,518 | 329,583 | ||
Income taxes (benefits) | (56,736) | 85,090 | (99,661) | 35,348 | ||
Consolidated net income | 124,479 | 253,325 | 218,857 | 364,931 | ||
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 credit | 1,934 | 1,947 | 3,868 | 3,894 | ||
Amortization of loss | (1,332) | (1,573) | (2,664) | (3,142) | ||
INCOME BEFORE INCOME TAXES | 602 | 374 | 1,204 | 752 | ||
Income taxes (benefits) | (292) | (144) | (524) | (259) | ||
Consolidated net income | $ 310 | $ 230 | $ 680 | $ 493 | ||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2017 and 2016 include $6.9 million and $10.6 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Revolving Credit Facilities, 37
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Oct. 31, 2017 | Jul. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||
Amount of Facility | $ 3,500,000 | |||||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | |||||
Letters of Credit Outstanding, Amount | $ 19,000 | |||||
Line of credit facility, commitment fee percentage | 0.225% | |||||
Amount Drawn/ Outstanding | $ 225,000 | |||||
Commercial Paper program limit | 1,500,000 | |||||
Commercial Paper Amount Outstanding | $ 1,100,000 | |||||
Commercial Paper Program [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, weighted average interest rate | 1.38% | |||||
Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, weighted average interest rate | 2.38% | |||||
Entergy Arkansas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 14,696 | $ 0 | ||||
Authorized Short Term Borrowings | $ 250,000 | |||||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | |||||
Letters of Credit Outstanding, Amount | $ 300 | 300 | ||||
Entergy Arkansas [Member] | Three Point Five Percent Series First Mortgage Bonds Due April Two Thousand Twenty Six [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Of Debt | $ 220,000 | |||||
Debt instrument, interest rate, stated percentage | 3.50% | |||||
Entergy Louisiana [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | 34,490 | 3,794 | ||||
Authorized Short Term Borrowings | $ 450,000 | |||||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | |||||
Redemption of debt instrument | $ 45,300 | |||||
Entergy Louisiana [Member] | 3.12% collateral trust mortgage bonds due September 2027 [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Of Debt | $ 450,000 | |||||
Debt instrument, interest rate, stated percentage | 3.12% | |||||
Entergy Mississippi [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Authorized Short Term Borrowings | $ 175,000 | |||||
Letters of Credit Outstanding, Amount | 100 | 100 | ||||
Entergy Texas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Authorized Short Term Borrowings | $ 200,000 | |||||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | |||||
System Energy [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 53,182 | $ 66,893 | ||||
Authorized Short Term Borrowings | 200,000 | |||||
Entergy Nuclear Vermont Yankee [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | $ 100,000 | |||||
Line of credit facility, commitment fee percentage | 0.20% | |||||
Amount Drawn/ Outstanding | $ 71,000 | |||||
Line of Credit Facility, Interest Rate During Period | 2.44% | |||||
Uncommitted Credit Facility | $ 85,000 | |||||
Uncommitted Line of Credit Facility Interest Rate During Period | 2.72% | |||||
Entergy New Orleans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Authorized Short Term Borrowings | $ 100,000 | |||||
Issuance of letters of credit, limit of total borrowing capacity | 10,000 | |||||
System Energy VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | 53,200 | |||||
Amount Drawn/ Outstanding | $ 103,200 | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | |||||
System Energy VIE [Member] | Three Point Seven Eight Percent Series I Notes Due October Two Thousand Eighteen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.78% | |||||
System Energy VIE [Member] | Four Point Zero Two Percent Series H Notes [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of debt instrument | $ 50,000 | |||||
Debt instrument, interest rate, stated percentage | 4.02% | |||||
Entergy Arkansas VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 14,700 | |||||
Amount Drawn/ Outstanding | $ 31,400 | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | |||||
Entergy Arkansas VIE [Member] | Three Point Six Five Percent Series L Notes Due July Two Thousand Twenty One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.65% | |||||
Entergy Louisiana Waterford VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 34,500 | |||||
Amount Drawn/ Outstanding | $ 70,800 | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | |||||
Entergy Louisiana Waterford VIE [Member] | Three Point Nine Two Percent Series H Dues February Two Thousand Twenty One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.92% | |||||
Entergy Louisiana River Bend VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount Drawn/ Outstanding | $ 15,500 | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, commitment fee percentage | 0.275% | |||||
Consolidated debt ratio | 65.00% | |||||
Maximum [Member] | Entergy Arkansas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated debt ratio | 65.00% | |||||
Consolidated debt ratio of total capitalization | 70.00% | |||||
Maximum [Member] | Entergy Louisiana [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated debt ratio | 65.00% | |||||
Consolidated debt ratio of total capitalization | 70.00% | |||||
Maximum [Member] | Entergy Mississippi [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated debt ratio | 65.00% | |||||
Maximum [Member] | Entergy Texas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated debt ratio | 65.00% | |||||
Maximum [Member] | System Energy [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated debt ratio of total capitalization | 70.00% | |||||
Maximum [Member] | Entergy New Orleans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated debt ratio | 65.00% | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, commitment fee percentage | 0.075% | |||||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Arkansas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | $ 150,000 | |||||
Letters of Credit Outstanding, Amount | 0 | |||||
Amount Drawn/ Outstanding | $ 0 | |||||
Line of Credit Facility, Interest Rate During Period | 2.48% | |||||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Texas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | $ 150,000 | |||||
Letters of Credit Outstanding, Amount | 13,300 | |||||
Amount Drawn/ Outstanding | $ 0 | |||||
Line of Credit Facility, Interest Rate During Period | 2.73% | |||||
Subsequent Event [Member] | Entergy Arkansas [Member] | 1.55% Pollution Control Revenue Refunding Bonds [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of debt instrument | $ 54,700 | |||||
Debt instrument, interest rate, stated percentage | 1.55% | |||||
Subsequent Event [Member] | Entergy Louisiana Waterford VIE [Member] | 3.25% Series G notes [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of debt instrument | $ 25,000 | |||||
Debt instrument, interest rate, stated percentage | 3.25% | |||||
Subsequent Event [Member] | Entergy Louisiana River Bend VIE [Member] | 3.25% Series Q notes [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of debt instrument | $ 75,000 | |||||
Debt instrument, interest rate, stated percentage | 3.25% |
Revolving Credit Facilities, 38
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Summary Of The Borrowings Outstanding And Capacity Available Under The Facility) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Summary of the borrowings outstanding and capacity available under the facility | |
Capacity | $ 3,500 |
Amount Drawn/ Outstanding | 225 |
Letters of Credit | 6 |
Capacity Available | $ 3,269 |
Revolving Credit Facilities, 39
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Credit Facilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Amount of Facility | $ 3,500,000 | |
Amount Drawn/ Outstanding | 225,000 | |
Letters of Credit Outstanding, Amount | 19,000 | |
Entergy Arkansas [Member] | ||
Letters of Credit Outstanding, Amount | $ 300 | $ 300 |
Entergy Arkansas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Aug. 14, 2021 | |
Amount of Facility | $ 150,000 | |
Interest Rate | 2.48% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Arkansas [Member] | Credit Facility Of Twenty Million [Member] | ||
Expiration Date | Apr. 30, 2018 | |
Amount of Facility | $ 20,000 | |
Interest Rate | 2.48% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Louisiana [Member] | Credit Facility Of Three Hundred Fifty Million [Member] | ||
Expiration Date | Aug. 14, 2021 | |
Amount of Facility | $ 350,000 | |
Interest Rate | 2.48% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 4,500 | |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | $ 100 | $ 100 |
Entergy Mississippi [Member] | Credit Facility Of Thirty Seven Point Five Million [Member] | ||
Expiration Date | May 31, 2018 | |
Amount of Facility | $ 37,500 | |
Interest Rate | 2.73% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Five Million [Member] | ||
Expiration Date | May 31, 2018 | |
Amount of Facility | $ 35,000 | |
Interest Rate | 2.73% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Twenty Million [Member] | ||
Expiration Date | May 31, 2018 | |
Amount of Facility | $ 20,000 | |
Interest Rate | 2.73% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Ten Million [Member] | ||
Expiration Date | May 31, 2018 | |
Amount of Facility | $ 10,000 | |
Interest Rate | 2.73% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy New Orleans [Member] | Credit Facility Of Twenty Five Million [Member] | ||
Expiration Date | Nov. 20, 2018 | |
Amount of Facility | $ 25,000 | |
Interest Rate | 2.70% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 800 | |
Entergy Texas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Aug. 14, 2021 | |
Amount of Facility | $ 150,000 | |
Interest Rate | 2.73% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 13,300 |
Revolving Credit Facilities, 40
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Short-Term Borrowings And The Outstanding Short-Term Borrowings) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Entergy Arkansas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | $ 250 |
Borrowings | 14 |
Entergy Louisiana [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 450 |
Borrowings | 0 |
Entergy Mississippi [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 175 |
Borrowings | 56 |
Entergy New Orleans [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 100 |
Borrowings | 0 |
Entergy Texas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | 39 |
System Energy [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | $ 0 |
Revolving Credit Facilities, 41
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount Drawn/ Outstanding | $ 225 |
Entergy Arkansas VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | May 16, 2019 |
Amount of Facility | $ 80 |
Weighted Average Interest Rate on Borrowings | 2.39% |
Amount Drawn/ Outstanding | $ 31.4 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
System Energy VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | May 16, 2019 |
Amount of Facility | $ 120 |
Weighted Average Interest Rate on Borrowings | 2.42% |
Amount Drawn/ Outstanding | $ 103.2 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
Entergy Louisiana River Bend VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | May 16, 2019 |
Amount of Facility | $ 105 |
Weighted Average Interest Rate on Borrowings | 2.12% |
Amount Drawn/ Outstanding | $ 15.5 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
Entergy Louisiana Waterford VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | May 16, 2019 |
Amount of Facility | $ 85 |
Weighted Average Interest Rate on Borrowings | 2.38% |
Amount Drawn/ Outstanding | $ 70.8 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
Revolving Credit Facilities, 42
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Notes Payable By Variable Interest Entities) (Details) $ in Millions | Jun. 30, 2017USD ($) |
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 |
Three Point Six Five Percent Series L Notes Due July Two Thousand Twenty One [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.65% |
Amount | $ 90 |
Three Point One Seven Percent Series M Notes Due December Two Thousand Twenty Three [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.17% |
Amount | $ 40 |
Three Point Two Five Percent Series Q Due July Two Thousand Seventeen [Member] | Entergy Louisiana River Bend VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.25% |
Amount | $ 75 |
Three Point Three Eight Percent Series R Notes Due August Two Thousand Twenty [Member] | Entergy Louisiana River Bend VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.38% |
Amount | $ 70 |
Three Point Two Five Percent Series G Due July Two Thousand Seventeen [Member] | Entergy Louisiana Waterford VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.25% |
Amount | $ 25 |
Three Point Nine Two Percent Series H Dues February Two Thousand Twenty One [Member] | Entergy Louisiana Waterford VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.92% |
Amount | $ 40 |
Three Point Two Two Percent Series I Notes Due December Two Thousand Twenty Three [Domain] | Entergy Louisiana Waterford VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.22% |
Amount | $ 20 |
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 |
Revolving Credit Facilities, 43
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Book Value And The Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Long-term Debt, Fair Value | $ 15,239,655 | $ 14,815,535 |
Long-term Debt, Book Value | 15,010,668 | 14,832,555 |
Entergy Arkansas [Member] | ||
Long-term Debt, Fair Value | 2,942,288 | 2,623,910 |
Long-term Debt, Book Value | 3,064,261 | 2,829,785 |
Long term DOE obligations | 182,000 | 182,000 |
Entergy Louisiana [Member] | ||
Long-term Debt, Fair Value | 6,484,470 | 5,929,488 |
Long-term Debt, Book Value | 6,246,015 | 5,812,791 |
Capital Lease Obligations | 57,000 | |
Entergy Mississippi [Member] | ||
Long-term Debt, Fair Value | 1,137,274 | 1,086,203 |
Long-term Debt, Book Value | 1,121,356 | 1,120,916 |
Entergy New Orleans [Member] | ||
Long-term Debt, Fair Value | 467,094 | 455,459 |
Long-term Debt, Book Value | 444,159 | 448,994 |
Entergy Texas [Member] | ||
Long-term Debt, Fair Value | 1,560,208 | 1,600,156 |
Long-term Debt, Book Value | 1,471,091 | 1,508,407 |
System Energy [Member] | ||
Long-term Debt, Fair Value | 482,650 | 529,520 |
Long-term Debt, Book Value | 551,296 | 551,132 |
Capital Lease Obligations | $ 34,000 | $ 34,000 |
Revolving Credit Facilities, 44
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 (Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Letters of Credit Outstanding, Amount | $ 19 | |
Entergy Arkansas [Member] | ||
Letters of Credit Outstanding, Amount | 0.3 | $ 0.3 |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | 0.1 | $ 0.1 |
Credit Facility Of Twenty Five Million [Member] | Entergy Arkansas [Member] | ||
Uncommitted Credit Facility | $ 25 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 1 | |
Credit Facility of Fifty Million [Member] | Entergy Texas [Member] | ||
Uncommitted Credit Facility | $ 50 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 22.3 | |
Credit Facility of Forty Million [Member] | Entergy Mississippi [Member] | ||
Uncommitted Credit Facility | $ 40 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 7.8 | |
Credit Facility of Fifteen Million [Member] | Entergy New Orleans [Member] | ||
Uncommitted Credit Facility | $ 15 | |
Letter of Credit Fee, Percentage | 0.75% | |
Letters of Credit Outstanding, Amount | $ 5.6 | |
Credit Facility Of One Hundred Twenty Five Million [Member] | Entergy Louisiana [Member] | ||
Uncommitted Credit Facility | $ 125 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 36.8 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 26, 2017 | Jan. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted (in shares) | 791,900 | |||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 6.54 | |||
Stock options outstanding | 6,162,359 | |||
Weighted-average exercise price of stock options outstanding (in dollars per share) | $ 81.65 | |||
Intrinsic value in the money stock options | $ 21.5 | |||
Vesting period of awards under Entergy's plans, years | 3 years | |||
Equity Ownership And Long Term Cash Incentive Plan Two Thousand Fifteen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
LTIP awards granted value (in dollars per share) | $ 71.40 | |||
Restricted Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted value (in dollars per share) | $ 70.53 | |||
Restricted Awards [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Fifteen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 379,850 | |||
Long-term incentive plan awards | 220,450 |
Stock-Based Compensation (Finan
Stock-Based Compensation (Financial Information For Stock Options) (Details) - Employee Stock Option [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee service share-based compensation, aggregate disclosures | ||||
Compensation expense included in Entergy's net income | $ 1.1 | $ 1.1 | $ 2.2 | $ 2.2 |
Tax benefit recognized in Entergy's net income | 0.4 | 0.4 | 0.8 | 0.8 |
Compensation cost capitalized as part of fixed assets and inventory | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.4 |
Stock-Based Compensation (Fin47
Stock-Based Compensation (Financial Information For Other Equity Plans) (Details) - Restricted Stock Awards [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee service share-based compensation, aggregate disclosures | ||||
Compensation expense included in Entergy's net income | $ 8.2 | $ 8.5 | $ 16.4 | $ 16.9 |
Tax benefit recognized in Entergy's net income | 3.2 | 3.3 | 6.3 | 6.5 |
Compensation cost capitalized as part of fixed assets and inventory | $ 2.2 | $ 1.9 | $ 4.2 | $ 3.7 |
Retirement And Other Postreti48
Retirement And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Defined Benefit Plan, Contributions by Employer | $ 176,000 | ||||
Entergy Arkansas [Member] | |||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Defined Benefit Plan, Contributions by Employer | 34,507 | ||||
Subsequent Event [Member] | |||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 409,900 | ||||
Subsequent Event [Member] | Entergy Arkansas [Member] | |||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 79,495 | ||||
Defined Benefit Plan Remaining Contributions To Be Made In Current Fiscal Year | $ 44,988 | ||||
Non-Qualified Pension Plans [Member] | |||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Net periodic benefit costs | $ 8,500 | $ 4,300 | 13,100 | $ 8,500 | |
Settlement Charge Associated With Out Of Plan Payment Of Lump Sum Benefits | 4,000 | 4,000 | |||
Non-Qualified Pension Plans [Member] | Entergy Arkansas [Member] | |||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Net periodic benefit costs | $ 267 | $ 106 | 372 | $ 212 | |
Settlement Charge Associated With Out Of Plan Payment Of Lump Sum Benefits | $ 163 |
Retirement And Other Postreti49
Retirement And Other Postretirement Benefits (Components Of Qualified Net Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Plans Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | $ 33,410 | $ 35,811 | $ 66,820 | $ 71,622 |
Interest cost on projected benefit obligation | 65,206 | 65,403 | 130,412 | 130,806 |
Expected return on assets | (102,056) | (97,366) | (204,112) | (194,732) |
Amortization of prior service cost (credit) | 65 | 270 | 130 | 540 |
Amortization of loss | 56,930 | 48,824 | 113,860 | 97,648 |
Net other postretirement benefit cost | 53,555 | 52,942 | 107,110 | 105,884 |
Pension Plans Defined Benefit [Member] | Entergy Arkansas [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 5,090 | 5,181 | 10,180 | 10,362 |
Interest cost on projected benefit obligation | 12,944 | 13,055 | 25,888 | 26,110 |
Expected return on assets | (20,427) | (19,772) | (40,854) | (39,544) |
Amortization of loss | 11,640 | 10,936 | 23,280 | 21,872 |
Net other postretirement benefit cost | 9,247 | 9,400 | 18,494 | 18,800 |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 6,925 | 7,049 | 13,850 | 14,098 |
Interest cost on projected benefit obligation | 14,809 | 14,870 | 29,618 | 29,740 |
Expected return on assets | (23,017) | (22,096) | (46,034) | (44,192) |
Amortization of loss | 12,354 | 11,946 | 24,708 | 23,892 |
Net other postretirement benefit cost | 11,071 | 11,769 | 22,142 | 23,538 |
Pension Plans Defined Benefit [Member] | Entergy Mississippi [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 1,472 | 1,562 | 2,944 | 3,124 |
Interest cost on projected benefit obligation | 3,732 | 3,811 | 7,464 | 7,622 |
Expected return on assets | (6,131) | (5,981) | (12,262) | (11,962) |
Amortization of loss | 3,053 | 2,985 | 6,106 | 5,970 |
Net other postretirement benefit cost | 2,126 | 2,377 | 4,252 | 4,754 |
Pension Plans Defined Benefit [Member] | Entergy New Orleans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 625 | 656 | 1,250 | 1,312 |
Interest cost on projected benefit obligation | 1,791 | 1,814 | 3,582 | 3,628 |
Expected return on assets | (2,800) | (2,687) | (5,600) | (5,374) |
Amortization of loss | 1,658 | 1,615 | 3,316 | 3,230 |
Net other postretirement benefit cost | 1,274 | 1,398 | 2,548 | 2,796 |
Pension Plans Defined Benefit [Member] | Entergy Texas [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 1,364 | 1,416 | 2,728 | 2,832 |
Interest cost on projected benefit obligation | 3,392 | 3,557 | 6,784 | 7,114 |
Expected return on assets | (6,180) | (6,062) | (12,360) | (12,124) |
Amortization of loss | 2,310 | 2,340 | 4,620 | 4,680 |
Net other postretirement benefit cost | 886 | 1,251 | 1,772 | 2,502 |
Pension Plans Defined Benefit [Member] | System Energy [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 1,536 | 1,566 | 3,072 | 3,132 |
Interest cost on projected benefit obligation | 3,091 | 2,992 | 6,182 | 5,984 |
Expected return on assets | (4,663) | (4,459) | (9,326) | (8,918) |
Amortization of loss | 2,964 | 2,604 | 5,928 | 5,208 |
Net other postretirement benefit cost | 2,928 | 2,703 | 5,856 | 5,406 |
Other Postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 6,729 | 8,073 | 13,458 | 16,146 |
Interest cost on projected benefit obligation | 13,960 | 14,083 | 27,920 | 28,166 |
Expected return on assets | (9,408) | (10,455) | (18,816) | (20,910) |
Amortization of prior service cost (credit) | (10,356) | (11,373) | (20,712) | (22,746) |
Amortization of loss | 5,476 | 4,554 | 10,952 | 9,108 |
Net other postretirement benefit cost | 6,401 | 4,882 | 12,802 | 9,764 |
Other Postretirement [Member] | Entergy Arkansas [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 863 | 978 | 1,726 | 1,956 |
Interest cost on projected benefit obligation | 2,255 | 2,324 | 4,510 | 4,648 |
Expected return on assets | (3,959) | (4,464) | (7,918) | (8,928) |
Amortization of prior service cost (credit) | (1,278) | (1,368) | (2,556) | (2,736) |
Amortization of loss | 1,115 | 1,064 | 2,230 | 2,128 |
Net other postretirement benefit cost | (1,004) | (1,466) | (2,008) | (2,932) |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 1,593 | 1,869 | 3,186 | 3,738 |
Interest cost on projected benefit obligation | 3,025 | 3,260 | 6,050 | 6,520 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (1,934) | (1,947) | (3,868) | (3,894) |
Amortization of loss | 465 | 732 | 930 | 1,464 |
Net other postretirement benefit cost | 3,149 | 3,914 | 6,298 | 7,828 |
Other Postretirement [Member] | Entergy Mississippi [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 290 | 386 | 580 | 772 |
Interest cost on projected benefit obligation | 690 | 709 | 1,380 | 1,418 |
Expected return on assets | (1,200) | (1,379) | (2,400) | (2,758) |
Amortization of prior service cost (credit) | (456) | (234) | (912) | (468) |
Amortization of loss | 419 | 223 | 838 | 446 |
Net other postretirement benefit cost | (257) | (295) | (514) | (590) |
Other Postretirement [Member] | Entergy New Orleans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 142 | 156 | 284 | 312 |
Interest cost on projected benefit obligation | 469 | 448 | 938 | 896 |
Expected return on assets | (1,159) | (1,154) | (2,318) | (2,308) |
Amortization of prior service cost (credit) | (186) | (186) | (372) | (372) |
Amortization of loss | 105 | 37 | 210 | 74 |
Net other postretirement benefit cost | (629) | (699) | (1,258) | (1,398) |
Other Postretirement [Member] | Entergy Texas [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 372 | 398 | 744 | 796 |
Interest cost on projected benefit obligation | 1,124 | 1,039 | 2,248 | 2,078 |
Expected return on assets | (2,180) | (2,394) | (4,360) | (4,788) |
Amortization of prior service cost (credit) | (579) | (681) | (1,158) | (1,362) |
Amortization of loss | 826 | 537 | 1,652 | 1,074 |
Net other postretirement benefit cost | (437) | (1,101) | (874) | (2,202) |
Other Postretirement [Member] | System Energy [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 320 | 334 | 640 | 668 |
Interest cost on projected benefit obligation | 559 | 529 | 1,118 | 1,058 |
Expected return on assets | (717) | (814) | (1,434) | (1,628) |
Amortization of prior service cost (credit) | (378) | (393) | (756) | (786) |
Amortization of loss | 390 | 287 | 780 | 574 |
Net other postretirement benefit cost | 174 | (57) | 348 | (114) |
Non-Qualified Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net other postretirement benefit cost | 8,500 | 4,300 | 13,100 | 8,500 |
Non-Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net other postretirement benefit cost | 267 | 106 | 372 | 212 |
Non-Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net other postretirement benefit cost | 47 | 59 | 96 | 118 |
Non-Qualified Pension Plans [Member] | Entergy Mississippi [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net other postretirement benefit cost | 63 | 59 | 127 | 118 |
Non-Qualified Pension Plans [Member] | Entergy New Orleans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net other postretirement benefit cost | 18 | 16 | 36 | 32 |
Non-Qualified Pension Plans [Member] | Entergy Texas [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net other postretirement benefit cost | $ 126 | $ 127 | $ 253 | $ 254 |
Retirement And Other Postreti50
Retirement And Other Postretirement Benefits (Expected Employer Contributions) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Contributions by Employer | $ 176,000 | |
Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 409,900 | |
Entergy Louisiana [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Contributions by Employer | 37,519 | |
Entergy Louisiana [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 87,923 | |
Defined Benefit Plan Remaining Contributions To Be Made In Current Fiscal Year | 50,404 | |
Entergy Mississippi [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Contributions by Employer | 8,251 | |
Entergy Mississippi [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 19,146 | |
Defined Benefit Plan Remaining Contributions To Be Made In Current Fiscal Year | 10,895 | |
Entergy New Orleans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Contributions by Employer | 4,361 | |
Entergy New Orleans [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 9,920 | |
Defined Benefit Plan Remaining Contributions To Be Made In Current Fiscal Year | 5,559 | |
Entergy Texas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Contributions by Employer | 7,227 | |
Entergy Texas [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 17,064 | |
Defined Benefit Plan Remaining Contributions To Be Made In Current Fiscal Year | 9,837 | |
System Energy [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Contributions by Employer | 8,182 | |
System Energy [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 18,180 | |
Defined Benefit Plan Remaining Contributions To Be Made In Current Fiscal Year | 9,998 | |
Entergy Arkansas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Contributions by Employer | $ 34,507 | |
Entergy Arkansas [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 79,495 | |
Defined Benefit Plan Remaining Contributions To Be Made In Current Fiscal Year | $ 44,988 |
Retirement And Other Postreti51
Retirement And Other Postretirement Benefits (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | $ 6,564 | $ 7,355 | $ 13,126 | $ 14,710 |
Amortization of loss | (21,554) | (15,177) | (43,125) | (30,352) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | (1,765) | (1,765) | ||
Total | (16,755) | (7,822) | (31,764) | (15,642) |
Entergy Louisiana [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | 1,934 | 1,947 | 3,868 | 3,894 |
Amortization of loss | (1,332) | (1,573) | (2,664) | (3,142) |
Total | 602 | 374 | 1,204 | 752 |
Pension Plans Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | (65) | (270) | (130) | (540) |
Amortization of loss | (18,450) | (12,482) | (36,899) | (24,964) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | 0 | 0 | ||
Total | (18,515) | (12,752) | (37,029) | (25,504) |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of loss | (865) | (836) | (1,730) | (1,672) |
Total | (865) | (836) | (1,730) | (1,672) |
Other Postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | 6,718 | 7,738 | 13,435 | 15,476 |
Amortization of loss | (2,202) | (2,063) | (4,404) | (4,126) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | 0 | 0 | ||
Total | 4,516 | 5,675 | 9,031 | 11,350 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | 1,934 | 1,947 | 3,868 | 3,894 |
Amortization of loss | (465) | (732) | (930) | (1,464) |
Total | 1,469 | 1,215 | 2,938 | 2,430 |
Non-Qualified Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | (89) | (113) | (179) | (226) |
Amortization of loss | (902) | (632) | (1,822) | (1,262) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | (1,765) | (1,765) | ||
Total | (2,756) | (745) | (3,766) | (1,488) |
Non-Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of loss | (2) | (5) | (4) | (6) |
Total | $ (2) | $ (5) | $ (4) | $ (6) |
Business Segment Information Bu
Business Segment Information Business Segment Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Asset Write-Offs, Impairments, And Related Charges | $ 193,571 | $ 6,969 | $ 405,362 | $ 14,329 |
Business Segment Information (S
Business Segment Information (Segment Financial Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |||
Segment Financial Information | |||||||
Operating revenues | $ 2,618,550,000 | $ 2,462,562,000 | $ 5,207,008,000 | $ 5,072,415,000 | |||
Income taxes (benefits) | (337,112,000) | (248,973,000) | (329,350,000) | (109,027,000) | |||
Consolidated net income | 413,368,000 | 572,590,000 | 499,420,000 | [1] | 807,832,000 | [1] | |
Assets | 46,007,037,000 | 46,007,037,000 | $ 45,904,434,000 | ||||
Utility [Member] | |||||||
Segment Financial Information | |||||||
Operating revenues | 2,301,332,000 | 2,118,478,000 | 4,336,444,000 | 4,206,272,000 | |||
Income taxes (benefits) | 130,851,000 | (3,785,000) | 229,343,000 | 104,051,000 | |||
Consolidated net income | 246,382,000 | 380,317,000 | 414,005,000 | 579,968,000 | |||
Assets | 42,263,832,000 | 42,263,832,000 | 41,098,751,000 | ||||
Entergy Wholesale Commodities [Member] | |||||||
Segment Financial Information | |||||||
Operating revenues | 317,255,000 | 344,110,000 | 870,622,000 | 866,189,000 | |||
Income taxes (benefits) | (454,944,000) | (235,055,000) | (533,281,000) | (182,741,000) | |||
Consolidated net income | 223,886,000 | 250,874,000 | 196,689,000 | 330,430,000 | |||
Assets | 5,627,284,000 | 5,627,284,000 | 6,696,038,000 | ||||
All Other [Member] | |||||||
Segment Financial Information | |||||||
Operating revenues | 0 | 0 | 0 | 0 | |||
Income taxes (benefits) | (13,019,000) | (10,133,000) | (25,412,000) | (30,337,000) | |||
Consolidated net income | (25,001,000) | (26,703,000) | (47,477,000) | (38,769,000) | |||
Assets | 1,165,157,000 | 1,165,157,000 | 1,283,816,000 | ||||
Eliminations [Member] | |||||||
Segment Financial Information | |||||||
Operating revenues | (37,000) | (26,000) | (58,000) | (46,000) | |||
Income taxes (benefits) | 0 | 0 | 0 | 0 | |||
Consolidated net income | (31,899,000) | $ (31,898,000) | (63,797,000) | $ (63,797,000) | |||
Assets | $ (3,049,236,000) | $ (3,049,236,000) | $ (3,174,171,000) | ||||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2017 and 2016 include $6.9 million and $10.6 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Business Segment Information 54
Business Segment Information Business Segment Information (Restructuring Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 42 | $ 66 | ||
Payments for Restructuring | 100 | 100 | ||
Restructuring Reserve | 57 | 57 | $ 115 | $ 91 |
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 42 | 66 | ||
Payments for Restructuring | 100 | 100 | ||
Restructuring Reserve | 36 | 36 | 94 | 70 |
Economic Development Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 0 | 0 | ||
Payments for Restructuring | 0 | 0 | ||
Restructuring Reserve | $ 21 | $ 21 | $ 21 | $ 21 |
Risk Management and Fair Valu55
Risk Management and Fair Values (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)GWhMMBTU | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)GWhMMBTUTWh | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)counterparty | |
Risk Management and Fair Values [Abstract] | |||||
Letters of Credit Outstanding, Amount | $ 19 | $ 19 | |||
Cash collateral posted | 1 | 1 | $ 2 | ||
Derivative, Collateral, Obligation to Return Cash | 3 | 3 | |||
Letters of Credit Held | 19 | 19 | |||
Cash flow hedges relating to power sales as part of net unrealized gains | 39 | ||||
Reclassified from accumulated other comprehensive income (OCI) to operating revenues | 30 | ||||
Number of Derivative Contract Counterparties in a Liability Position | counterparty | 3 | ||||
Maturity of cash flow hedges, Tax | $ 4 | $ 16 | $ 22 | $ 70 | |
Maximum length of time over which Company is currently hedging the variability in future cash flows for forecasted power transactions, years | 2 years 6 months | ||||
Planned generation sold forward from non utility nuclear power plants for the remainder of the period | 89.00% | ||||
Planned Generation Sold Forward under financial derivatives | 59.00% | 59.00% | |||
Total planned generation for remainder of the period | TWh | 15,000,000 | ||||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 34,696,750 | 34,696,750 | |||
Total volume of fixed transmission rights outstanding | GWh | 106,060 | 106,060 | |||
Change in cash flow hedges due to ineffectiveness | $ 5 | (3) | $ 4 | 0 | |
Dollar amount of hedge contract in a liability position | $ 8 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset and Liability Unrealized Gains (Loss) Included in Earnings | (0.1) | (6) | 0.3 | ||
Entergy Arkansas [Member] | |||||
Risk Management and Fair Values [Abstract] | |||||
Letters of Credit Outstanding, Amount | $ 0.3 | $ 0.3 | 0.3 | ||
Total volume of fixed transmission rights outstanding | GWh | 24,188 | 24,188 | |||
Entergy Louisiana [Member] | |||||
Risk Management and Fair Values [Abstract] | |||||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 29,110,800 | 29,110,800 | |||
Total volume of fixed transmission rights outstanding | GWh | 47,173 | 47,173 | |||
Entergy Mississippi [Member] | |||||
Risk Management and Fair Values [Abstract] | |||||
Letters of Credit Outstanding, Amount | $ 0.1 | $ 0.1 | $ 0.1 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 5,585,950 | 5,585,950 | |||
Total volume of fixed transmission rights outstanding | GWh | 14,075 | 14,075 | |||
Entergy New Orleans [Member] | |||||
Risk Management and Fair Values [Abstract] | |||||
Total volume of fixed transmission rights outstanding | GWh | 5,316 | 5,316 | |||
Entergy Texas [Member] | |||||
Risk Management and Fair Values [Abstract] | |||||
Total volume of fixed transmission rights outstanding | GWh | 14,572 | 14,572 | |||
Electricity Swaps And Options [Member] | |||||
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Realized Gain (Loss) Included In Earnings | $ 4 | (9) | $ 4 | (9) | |
Fixed Transmission Rights (FTRs) [Member] | |||||
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Realized Gain (Loss) Included In Earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Risk Management and Fair Valu56
Risk Management and Fair Values (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Derivative asset as hedging instrument offset | $ (3) | |
Other Non-Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative liability as hedging instrument offset | (10) | $ (7) |
Derivative Liability, Fair Value, Gross Liability | 12 | 16 |
Derivative Liability | 2 | 9 |
Other Non-Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative liability as hedging instrument offset | (1) | (4) |
Derivative Liability, Fair Value, Gross Liability | 1 | 4 |
Derivative Liability | 0 | 0 |
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 | 19 | 6 |
Derivative asset as hedging instrument offset | (9) | (6) |
Derivative Asset | 10 | 0 |
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 | 2 | 5 |
Derivative asset as hedging instrument offset | (2) | (5) |
Derivative Asset | 0 | 0 |
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 | 40 | 25 |
Derivative asset as hedging instrument offset | (23) | (14) |
Derivative Asset | 17 | 11 |
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 | 16 | 18 |
Derivative asset as hedging instrument offset | (3) | (13) |
Derivative Asset | 13 | 5 |
Prepayments And Other [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset, Fair Value, Gross Asset | 13 | |
Derivative asset as hedging instrument offset | 0 | |
Derivative Asset | 13 | |
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 | 61 | 22 |
Derivative asset as hedging instrument offset | (4) | (1) |
Derivative Asset | 57 | 21 |
Other Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative liability as hedging instrument offset | (15) | (10) |
Derivative Liability, Fair Value, Gross Liability | 15 | 11 |
Derivative Liability | 0 | 1 |
Other Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative liability as hedging instrument offset | (10) | (17) |
Derivative Liability, Fair Value, Gross Liability | 10 | 18 |
Derivative Liability | 0 | 1 |
Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative liability as hedging instrument offset | 0 | |
Derivative Liability, Fair Value, Gross Liability | 5 | |
Derivative Liability | 5 | |
Entergy Louisiana [Member] | Prepayments And Other [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 10.9 | |
Entergy Louisiana [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 28.3 | 8.5 |
Entergy Louisiana [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability | 4.5 | |
Entergy Mississippi [Member] | Prepayments And Other [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 2.3 | |
Entergy Mississippi [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 9.1 | 3.2 |
Entergy Mississippi [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability | 0.8 | |
Entergy New Orleans [Member] | Prepayments And Other [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.2 | |
Entergy New Orleans [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 5.2 | 1.1 |
Entergy Arkansas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 8.3 | 5.4 |
Entergy Texas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | $ 5.5 | $ 3.1 |
Risk Management and Fair Valu57
Risk Management and Fair Values (Derivative Instruments Designated as Cash Flow Hedges On Consolidated Statements Of Income) (Details) - Competitive Businesses Operating Revenues [Member] - Electricity Swaps And Options [Member] - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effect of Derivative instruments designated as cash flow hedges on consolidated statements of income | ||||
Amount of gain (loss) recognized in AOCI (effective portion) | $ 43 | $ (53) | $ 93 | $ 86 |
Amount of gain reclassified from accumulated OCI into income (effective portion) | $ 13 | $ 46 | $ 64 | $ 200 |
Risk Management and Fair Valu58
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 ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
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 [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | $ (5) | $ (10) | $ 4 | $ 15 |
Amount of gain (loss) recorded in income | 0 | (6) | 0 | (9) |
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 [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | 0 | 0 | 0 | 0 |
Amount of gain (loss) recorded in income | (9) | (6) | (16) | (30) |
Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ||||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||||
Amount of gain (loss) recognized in AOCI | 0 | 0 | 0 | 0 |
Amount of gain (loss) recorded in income | 44 | 38 | 75 | 59 |
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | 10.5 | 5.5 | 15.1 | 13.3 |
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | (7.6) | (4.9) | (13.7) | (24.2) |
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | 14.3 | 21.6 | 29.5 | 32.1 |
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | (1.4) | (0.9) | (2.5) | (5) |
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | 8.5 | 3.6 | 11.6 | 4.4 |
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | (0.1) | (0.5) | ||
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | 3.4 | 1.4 | 5.7 | 1.9 |
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 [Line Items] | ||||
Amount of gain (loss) recorded in income | $ 6.9 | $ 5.4 | $ 12.1 | $ 6.9 |
Risk Management and Fair Valu59
Risk Management and Fair Values (Assets And Liabilities At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | $ 6,797 | $ 5,724 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 867 | 1,058 | |
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 7 | ||
Assets, Fair Value Disclosure | 8,213 | 7,311 | |
Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 5 | ||
Power Contracts Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 2 | 11 | |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 469 | 480 | |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 2,408 | 2,213 | |
Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 3,920 | 3,031 | |
Power Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 40 | 16 | |
Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 416 | 433 | |
Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 36 | 46 | |
Gas Hedge Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 13 | ||
Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 57 | 21 | |
Fair Value Inputs Level 1 [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 867 | 1,058 | |
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 5 | ||
Assets, Fair Value Disclosure | 2,820 | 3,015 | |
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 | 5 | ||
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 | 0 | |
Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 469 | 480 | |
Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 1,032 | 985 | |
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] | Storm Reserve Escrow Account [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 416 | 433 | |
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 | 36 | 46 | |
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 | 13 | ||
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 | |
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Assets, Fair Value Disclosure | 1,376 | 1,228 | |
Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 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 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 1,376 | 1,228 | |
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] | 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] | 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] | 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 | |
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 2 | ||
Assets, Fair Value Disclosure | 97 | 37 | |
Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
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 | 2 | 11 | |
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 | 40 | 16 | |
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] | 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] | 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 | 57 | 21 | |
Entergy Mississippi [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 76.8 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 41 | 114.1 | |
Entergy Mississippi [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0.8 | ||
Entergy Mississippi [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 31.9 | 31.8 | |
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 | 2.3 | ||
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 | 9.1 | 3.2 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 76.8 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 31.9 | 110.9 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0.8 | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 31.9 | 31.8 | |
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 | 2.3 | ||
Entergy Mississippi [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 | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Mississippi [Member] | 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 | ||
Entergy Mississippi [Member] | 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 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 9.1 | 3.2 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Mississippi [Member] | 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 | ||
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 | 9.1 | 3.2 | |
Entergy Louisiana [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 1,220.7 | 1,140.7 | |
Entergy Louisiana [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 211.9 | 163.9 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,756.6 | 1,632.5 | |
Entergy Louisiana [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 4.5 | ||
Entergy Louisiana [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 11.2 | 13.9 |
Entergy Louisiana [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 464.1 | 424.8 |
Entergy Louisiana [Member] | Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 745.4 | 702 |
Entergy Louisiana [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 292.9 | 305.7 | |
Entergy Louisiana [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 | 2.8 | 2.8 | |
Entergy 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 | 10.9 | ||
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 | 28.3 | 8.5 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 211.9 | 163.9 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 656.3 | 629.5 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 4.5 | ||
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 11.2 | 13.9 |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 137.5 | 132.3 |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 292.9 | 305.7 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [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 | 2.8 | 2.8 | |
Entergy 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 | 10.9 | ||
Entergy Louisiana [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 | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 326.6 | 292.5 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 326.6 | 292.5 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [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 | 0 | 0 | |
Entergy Louisiana [Member] | 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 | ||
Entergy Louisiana [Member] | 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 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 28.3 | 8.5 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [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 | 0 | 0 | |
Entergy Louisiana [Member] | 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 | ||
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 | 28.3 | 8.5 | |
Entergy Arkansas [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 884.3 | 834.7 | |
Entergy Arkansas [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 900.9 | 851.3 | |
Entergy Arkansas [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 10.7 | 3.6 |
Entergy Arkansas [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 328 | 309.3 |
Entergy Arkansas [Member] | Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 545.6 | 521.8 |
Entergy Arkansas [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 4.7 | 7.1 | |
Entergy Arkansas [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 | 3.6 | 4.1 | |
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 | 8.3 | 5.4 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 148.7 | 127.3 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 10.7 | 3.6 |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 129.7 | 112.5 |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 4.7 | 7.1 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [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 | 3.6 | 4.1 | |
Entergy Arkansas [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 | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 198.3 | 196.8 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 198.3 | 196.8 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [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 | 0 | 0 | |
Entergy Arkansas [Member] | 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 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 8.3 | 5.4 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [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 | 0 | 0 | |
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 | 8.3 | 5.4 | |
Entergy New Orleans [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 60.7 | 103 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 153.4 | 194.6 | |
Entergy New Orleans [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 86.4 | 88.6 | |
Entergy New Orleans [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 | 1.1 | 1.7 | |
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 | 0.2 | ||
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 | 5.2 | 1.1 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 60.7 | 103 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 148.2 | 193.5 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 86.4 | 88.6 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [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 | 1.1 | 1.7 | |
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 | 0.2 | ||
Entergy New Orleans [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 | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [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 | 0 | 0 | |
Entergy New Orleans [Member] | 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 | ||
Entergy New Orleans [Member] | 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 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 5.2 | 1.1 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [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 | 0 | 0 | |
Entergy New Orleans [Member] | 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 | ||
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 | 5.2 | 1.1 | |
Entergy Texas [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 5 | ||
Entergy Texas [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 34.2 | 45.6 | |
Entergy Texas [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 | 28.7 | 37.5 | |
Entergy Texas [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 | 5.5 | 3.1 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 5 | ||
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 28.7 | 42.5 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [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 | 28.7 | 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 | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [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 | 0 | 0 | |
Entergy Texas [Member] | 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 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 5.5 | 3.1 | |
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 | 0 | 0 | |
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 | 5.5 | 3.1 | |
System Energy [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 839.4 | 780.5 | |
System Energy [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 337 | 245.1 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,176.4 | 1,025.6 | |
System Energy [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 1.6 | 0.3 |
System Energy [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 322.5 | 306.6 |
System Energy [Member] | Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 515.3 | 473.6 |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 337 | 245.1 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 547.5 | 493.7 | |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 1.6 | 0.3 |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 208.9 | 248.3 |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 113.6 | 58.3 | |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 113.6 | 58.3 |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | $ 0 | $ 0 |
[1] | (a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios.(b)Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date. |
Risk Management and Fair Valu60
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 ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Issuance of Fixed Transmission Rights | $ 0 | $ 0 | $ 0 | $ 0 |
Electricity Swaps And Options [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Realized Gain (Loss) Included In Earnings | 4 | (9) | 4 | (9) |
Fair Value Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Purchases | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at Beginning of Period | 5 | 183 | 5 | 189 |
Unrealized losses included in OCI | 43 | (53) | 93 | 86 |
Included as a regulatory liability/asset | 0 | 0 | 0 | 0 |
Settlements | (14) | (55) | (64) | (200) |
Balance as of June 30, | 38 | 66 | 38 | 66 |
Fixed Transmission Rights (FTRs) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Realized Gain (Loss) Included In Earnings | 0 | 0 | 0 | 0 |
Issuance of Fixed Transmission Rights | 62 | 55 | 62 | 55 |
Fair Value Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Purchases | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at Beginning of Period | 8 | 9 | 21 | 23 |
Unrealized losses included in OCI | 0 | 0 | 0 | 0 |
Included as a regulatory liability/asset | 31 | 20 | 48 | 27 |
Settlements | (44) | (38) | (74) | (59) |
Balance as of June 30, | 57 | 46 | 57 | 46 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Arkansas [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Issuance of Fixed Transmission Rights | 8.9 | 18.8 | 8.9 | 18.8 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at Beginning of Period | 0.9 | 3.7 | 5.4 | 7.9 |
Unrealized gains included as a regulatory liability/asset | 9 | (3) | 9.1 | 0.6 |
Settlements | (10.5) | (5.5) | (15.1) | (13.3) |
Balance as of June 30, | 8.3 | 14 | 8.3 | 14 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Louisiana [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Issuance of Fixed Transmission Rights | 31 | 18.1 | 31 | 18.1 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at Beginning of Period | 4.1 | 3.3 | 8.5 | 8.5 |
Unrealized gains included as a regulatory liability/asset | 7.5 | 16.4 | 18.3 | 21.7 |
Settlements | (14.3) | (21.6) | (29.5) | (32.1) |
Balance as of June 30, | 28.3 | 16.2 | 28.3 | 16.2 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Mississippi [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Issuance of Fixed Transmission Rights | 9.6 | 5.9 | 9.6 | 5.9 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at Beginning of Period | 1.3 | 0.9 | 3.2 | 2.4 |
Unrealized gains included as a regulatory liability/asset | 6.7 | 2.4 | 7.9 | 1.7 |
Settlements | (8.5) | (3.6) | (11.6) | (4.4) |
Balance as of June 30, | 9.1 | 5.6 | 9.1 | 5.6 |
Fixed Transmission Rights (FTRs) [Member] | Entergy New Orleans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Issuance of Fixed Transmission Rights | 5 | 2.8 | 5 | 2.8 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at Beginning of Period | 0.5 | 0.6 | 1.1 | 1.5 |
Unrealized gains included as a regulatory liability/asset | 3.1 | 0 | 4.8 | (0.4) |
Settlements | (3.4) | (1.4) | (5.7) | (1.9) |
Balance as of June 30, | 5.2 | 2 | 5.2 | 2 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Texas [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Issuance of Fixed Transmission Rights | 7.1 | 9.3 | 7.1 | 9.3 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at Beginning of Period | 1 | 0.9 | 3.1 | 2.2 |
Unrealized gains included as a regulatory liability/asset | 4.3 | 3.2 | 7.4 | 3.4 |
Settlements | (6.9) | (5.4) | (12.1) | (6.9) |
Balance as of June 30, | $ 5.5 | $ 8 | $ 5.5 | $ 8 |
Risk Management and Fair Valu61
Risk Management and Fair Values (Schedules Of Valuation Techniques) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Range from Average Percentage for Fair Value of Electricity Swaps | 4.00% |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Swaps | $ 3 |
Fair Value of Electricity Swaps | $ 38 |
Decommissioning Trust Funds (Na
Decommissioning Trust Funds (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2017 | Jan. 31, 2017 | |
Decommissioning Trust Funds [Abstract] | |||||||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | $ 441 | $ 399 | |||||
Amortized cost of debt securities | $ 2,378 | $ 2,378 | 2,212 | ||||
Average coupon rate of debt securities | 3.21% | 3.21% | |||||
Average duration of debt securities, years | 6 years 51 days | ||||||
Average maturity of debt securities, years | 9 years 350 days | ||||||
Proceeds from the dispositions of debt securities | $ 949 | $ 504 | $ 1,463 | $ 1,233 | |||
Gains from dispositions of debt securities, gross | 61 | 10 | 70 | 20 | |||
Losses from dispositions of debt securities, gross | 2 | 2 | 7 | 5 | |||
Entergy Arkansas [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Amortized cost of debt securities | $ 327 | $ 327 | 310.1 | ||||
Average coupon rate of debt securities | 2.53% | 2.53% | |||||
Average duration of debt securities, years | 5 years 303 days | ||||||
Average maturity of debt securities, years | 6 years 318 days | ||||||
Proceeds from the dispositions of debt securities | $ 131.3 | 45.2 | $ 167.3 | 103.8 | |||
Gains from dispositions of debt securities, gross | 11.2 | 0.4 | 11.7 | 1.2 | |||
Losses from dispositions of debt securities, gross | 0.1 | 0.2 | $ 0.2 | 0.3 | |||
Entergy Louisiana [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Percentage Interest in River Bend | 30.00% | ||||||
Amortized cost of debt securities | $ 456.1 | $ 456.1 | 421.9 | ||||
Average coupon rate of debt securities | 3.79% | 3.79% | |||||
Average duration of debt securities, years | 5 years 292 days | ||||||
Average maturity of debt securities, years | 11 years 179 days | ||||||
Proceeds from the dispositions of debt securities | $ 85 | 69.7 | $ 125.6 | 123.5 | |||
Gains from dispositions of debt securities, gross | 5 | 1.7 | 5 | 2.6 | |||
Losses from dispositions of debt securities, gross | 0.1 | 0 | 0.3 | 0.1 | |||
System Energy [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Amortized cost of debt securities | $ 321.5 | $ 321.5 | $ 309.1 | ||||
Average coupon rate of debt securities | 2.37% | 2.37% | |||||
Average duration of debt securities, years | 6 years 164 days | ||||||
Average maturity of debt securities, years | 8 years 307 days | ||||||
Proceeds from the dispositions of debt securities | $ 177.7 | 100.9 | $ 253.5 | 289.4 | |||
Gains from dispositions of debt securities, gross | 0.4 | 0.9 | 0.5 | 2.5 | |||
Losses from dispositions of debt securities, gross | 0.6 | $ 0.1 | 1.3 | $ 0.4 | |||
Fitzpatrick [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Decommissioning Fund Investments, Fair Value | $ 805 | $ 793 | |||||
Indian Point 3 [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Decommissioning Fund Investments, Fair Value | 758 | 758 | $ 726 | ||||
Indian Point 1 [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Decommissioning Fund Investments, Fair Value | 465 | 465 | |||||
Indian Point 2 [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Decommissioning Fund Investments, Fair Value | 591 | 591 | |||||
Palisades [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Decommissioning Fund Investments, Fair Value | 434 | 434 | |||||
Pilgrim [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Decommissioning Fund Investments, Fair Value | 1,010 | 1,010 | |||||
Vermont Yankee [Member] | |||||||
Decommissioning Trust Funds [Abstract] | |||||||
Decommissioning Fund Investments, Fair Value | $ 595 | $ 595 |
Decommissioning Trust Funds (Se
Decommissioning Trust Funds (Securities Held) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 6,797 | $ 5,724 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,902 | 1,707 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 16 | 28 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 4,389 | 3,511 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,857 | 1,673 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1 | 1 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 2,408 | 2,213 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 45 | 34 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 15 | 27 |
Entergy Arkansas [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 884.3 | 834.7 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 311.3 | 284.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2.3 | 4.2 |
Entergy Arkansas [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 556.3 | 525.4 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 308 | 281.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Entergy Arkansas [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 328 | 309.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3.3 | 3.4 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2.3 | 4.2 |
Entergy Louisiana [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 1,220.7 | 1,140.7 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 406.5 | 354.6 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2.9 | 5 |
Entergy Louisiana [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 756.6 | 715.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 395.6 | 346.6 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Entergy Louisiana [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 464.1 | 424.8 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 10.9 | 8 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2.9 | 5 |
System Energy [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 839.4 | 780.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 260.9 | 223.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2.3 | 4.6 |
System Energy [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 516.9 | 473.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 257.6 | 221.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0.1 |
System Energy [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 322.5 | 306.6 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3.3 | 2 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 2.3 | $ 4.5 |
Decommissioning Trust Funds (Av
Decommissioning Trust Funds (Available For Sale Securities Continuous Unrealized Loss Position Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 2 | $ 23 |
More than 12 months Fair Value | 0 | 1 |
Total Fair Value | 2 | 24 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1 | 1 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 997 | 1,169 |
More than 12 months Fair Value | 47 | 20 |
Total Fair Value | 1,044 | 1,189 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 12 | 26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 15 | 27 |
Entergy Arkansas [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 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Entergy Arkansas [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 118.1 | 146.7 |
More than 12 months Fair Value | 10.1 | 0 |
Total Fair Value | 128.2 | 146.7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1.7 | 4.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.6 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2.3 | 4.2 |
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 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Entergy Louisiana [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 164.4 | 198.8 |
More than 12 months Fair Value | 9.7 | 4.8 |
Total Fair Value | 174.1 | 203.6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2.4 | 4.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.5 | 0.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2.9 | 5 |
System Energy [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 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | 0.1 |
System Energy [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 199.5 | 220.9 |
More than 12 months Fair Value | 8.6 | 0.8 |
Total Fair Value | 208.1 | 221.7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 4.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.3 | 0.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 2.3 | $ 4.5 |
Decommissioning Trust Funds (Fa
Decommissioning Trust Funds (Fair Value Of Debt Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair value of debt securities by contractual maturities | ||
Less than 1 year | $ 106 | $ 125 |
1 year - 5 years | 805 | 763 |
5 years - 10 years | 795 | 719 |
10 years - 15 years | 111 | 109 |
15 years - 20 years | 88 | 73 |
20 years+ | 503 | 424 |
Total | 2,408 | 2,213 |
Entergy Arkansas [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 16.8 | 16.7 |
1 year - 5 years | 102.6 | 106.2 |
5 years - 10 years | 183.5 | 161.2 |
10 years - 15 years | 4.4 | 7.7 |
15 years - 20 years | 1.1 | 1 |
20 years+ | 19.6 | 16.5 |
Total | 328 | 309.3 |
Entergy Louisiana [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 28.5 | 31.4 |
1 year - 5 years | 105.2 | 99.1 |
5 years - 10 years | 131.9 | 122.8 |
10 years - 15 years | 44.3 | 41.4 |
15 years - 20 years | 38.6 | 30.9 |
20 years+ | 115.6 | 99.2 |
Total | 464.1 | 424.8 |
System Energy [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 8.6 | 6.6 |
1 year - 5 years | 159.6 | 188.2 |
5 years - 10 years | 86.4 | 78.5 |
10 years - 15 years | 2.3 | 1.3 |
15 years - 20 years | 7.8 | 7.8 |
20 years+ | 57.8 | 24.2 |
Total | $ 322.5 | $ 306.6 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2017 | Mar. 31, 2017 | |
Reduction in income tax expense related to permanent difference for nuclear decommissioning liability, net of unrecognized tax benefits | $ 373 | |
Write-off of deferred tax asset resulting from implementation of accounting standard | $ 11.5 | |
Fitzpatrick [Member] | ||
Income tax benefit resulting from sale of FitzPatrick | $ 44 |
Property, Plant, And Equipment
Property, Plant, And Equipment (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Construction expenditures in accounts payable | $ 198 | $ 253 |
Entergy Arkansas [Member] | ||
Construction expenditures in accounts payable | 47.8 | 40.9 |
Entergy Louisiana [Member] | ||
Construction expenditures in accounts payable | 55.1 | 114.8 |
Entergy Mississippi [Member] | ||
Construction expenditures in accounts payable | 5.3 | 11.5 |
Entergy New Orleans [Member] | ||
Construction expenditures in accounts payable | 1.1 | 2.3 |
Entergy Texas [Member] | ||
Construction expenditures in accounts payable | 15.2 | 9.3 |
System Energy [Member] | ||
Construction expenditures in accounts payable | $ 28.1 | $ 6.2 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Waterford Three [Member] | Entergy Louisiana [Member] | |||
Variable Interest Entity [Line Items] | |||
Payments on lease, including interest | $ 9.2 | ||
Percentage In Power Plant Previously Owned By VIE | 9.30% | ||
Grand Gulf [Member] | System Energy [Member] | |||
Variable Interest Entity [Line Items] | |||
Payments on lease, including interest | $ 8.6 | $ 8.6 | |
Percentage in power plant owned by VIE | 11.50% |
Dispositions Dispositions (Narr
Dispositions Dispositions (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2017USD ($)MW | Aug. 31, 2016USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ (947,903,000) | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 0 | $ 0 | (16,270,000) | 0 | |||
Fitzpatrick [Member] | |||||||
Capacity Of Power Plant Unit | MW | 838 | ||||||
Proceeds from Divestiture of Businesses | $ 110,000,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (16,000,000) | ||||||
Cost of Reimbursable Expense | 8,000,000 | ||||||
Non-refundable signing fee paid upon agreement and assumption by Exelon of certain liabilities | $ 10,000,000 | ||||||
Income tax benefit resulting from sale of FitzPatrick | $ 44,000,000 | ||||||
Decommissioning Fund Investments, Fair Value | 805,000,000 | 805,000,000 | |||||
Asset Retirement Obligation | 727,000,000 | 727,000,000 | |||||
Other operation and maintenance expense reimbursement | 98,000,000 | ||||||
Reimbursement Revenue | 7,000,000 | ||||||
Reimbursement for taxes other than income taxes | 3,000,000 | ||||||
Nuclear defueling credit | 10,000,000 | ||||||
Net Book Value | $ 0 | $ 0 | |||||
Entergy Arkansas [Member] | |||||||
Payments to Acquire Property, Plant, and Equipment | 0 | (236,969,000) | |||||
Entergy Louisiana [Member] | |||||||
Payments to Acquire Property, Plant, and Equipment | 0 | (473,956,000) | |||||
Entergy New Orleans [Member] | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ (236,978,000) |
Asset Retirement Obligations 70
Asset Retirement Obligations Asset Retirement Obligations (Narrative) (Details) $ in Millions | Jun. 30, 2017USD ($) |
System Energy [Member] | |
Reduction in decommissioning liability | $ 35.9 |