Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Entity Registrant Name | ENTERGY CORPORATION | |
City Area Code | 504 | |
Local Phone Number | 576-4000 | |
Entity Tax Identification Number | 72-1229752 | |
Entity File Number | 1-11299 | |
Entity Central Index Key | 0000065984 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, State or Province | 639 Loyola Avenue | |
Entity Address, City or Town | New Orleans | |
Entity Address, State or Province | LA | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 70113 | |
Entity Common Stock, Shares Outstanding | 200,161,934 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ETR | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
CHICAGO STOCK EXCHANGE, INC [Member] | ||
Trading Symbol | ETR | |
Security Exchange Name | CHX | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Entergy Arkansas [Member] | ||
Entity Registrant Name | ENTERGY ARKANSAS, LLC | |
City Area Code | 501 | |
Local Phone Number | 377-4000 | |
Entity Tax Identification Number | 83-1918668 | |
Entity File Number | 1-10764 | |
Entity Central Index Key | 0000007323 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 425 West Capitol Avenue | |
Entity Address, City or Town | Little Rock | |
Entity Address, State or Province | AR | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 72201 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy Louisiana [Member] | ||
Entity Registrant Name | ENTERGY LOUISIANA, LLC | |
City Area Code | 504 | |
Local Phone Number | 576-4000 | |
Entity Tax Identification Number | 47-4469646 | |
Entity File Number | 1-32718 | |
Entity Central Index Key | 0001348952 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 4809 Jefferson Highway | |
Entity Address, City or Town | Jefferson | |
Entity Address, State or Province | LA | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 70121 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy Mississippi [Member] | ||
Entity Registrant Name | ENTERGY MISSISSIPPI, LLC | |
City Area Code | 601 | |
Local Phone Number | 368-5000 | |
Entity Tax Identification Number | 83-1950019 | |
Entity File Number | 1-31508 | |
Entity Central Index Key | 0000066901 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 308 East Pearl Street | |
Entity Address, City or Town | Jackson | |
Entity Address, State or Province | MS | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 39201 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy New Orleans [Member] | ||
Entity Registrant Name | ENTERGY NEW ORLEANS, LLC | |
City Area Code | 504 | |
Local Phone Number | 670-3700 | |
Entity Tax Identification Number | 82-2212934 | |
Entity File Number | 1-35747 | |
Entity Central Index Key | 0000071508 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 1600 Perdido Street | |
Entity Address, City or Town | New Orleans | |
Entity Address, State or Province | LA | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 70112 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy Texas [Member] | ||
Entity Registrant Name | ENTERGY TEXAS, INC. | |
City Area Code | 409 | |
Local Phone Number | 981-2000 | |
Entity Tax Identification Number | 61-1435798 | |
Entity File Number | 1-34360 | |
Entity Central Index Key | 0001427437 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 10055 Grogans Mill Road | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 77380 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
System Energy [Member] | ||
Entity Registrant Name | SYSTEM ENERGY RESOURCES, INC. | |
City Area Code | 601 | |
Local Phone Number | 368-5000 | |
Entity Tax Identification Number | 72-0752777 | |
Entity File Number | 1-09067 | |
Entity Central Index Key | 0000202584 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | AR | |
Entity Address, State or Province | 1340 Echelon Parkway | |
Entity Address, City or Town | Jackson | |
Entity Address, State or Province | MS | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 39213 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Five Point Six Two Five Percent Series First Mortgage Bonds Due June Two Thousand Sixty Four [Member] | Entergy Texas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | EZT | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 5.625% Series due June 2064 | |
Mortgage Bonds, Five Point Five Percent Series, Due April Two Thousand Sixty Six [Member] | Entergy New Orleans [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ENO | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 5.50% Series due April 2066 | |
Mortgage Bonds 5.0 Series Due December Two Thousand Fifty Two [Member] | Entergy New Orleans [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ENJ | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 5.0% Series due December 2052 | |
Mortgage Bonds, Four Point Nine Zero Percent Series, Due October Two Thousand Sixty Six [Member] | Entergy Mississippi [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | EMP | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.90% Series due October 2066 | |
Mortgage Bonds Four Point Seven Percent Series Due June Two Thousand Sixty Three [Member] | Entergy Louisiana [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ELU | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.70% Series due June 2063 | |
Mortgage Bonds Five Point Two Five Percent Series Due July Two Thousand Fifty Two [Member] | Entergy Louisiana [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ELJ | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 5.25% Series due July 2052 | |
Four Point Eight Seven Five Percent Series First Mortgage Bonds Due September Two Thousand Sixty Six [Member] | Entergy Arkansas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | EAI | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.875% Series due September 2066 | |
Four Point Eight Seven Five Percent Series First Mortgage Bonds Due September Two Thousand Sixty Six [Member] | Entergy Louisiana [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ELC | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.875% Series due September 2066 | |
Mortgage Bonds Four Point Seven Five Percent Series Due June Two Thousand Sixty Three [Member] [Member] | Entergy Arkansas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | EAE | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.75% Series due June 2063 | |
Mortgage Bonds Four Point Nine Percent Series Due Decembertwenty Fifty Two [Member] | Entergy Arkansas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | EAB | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.90% Series due December 2052 | |
5.375% Series A Preferred Stock, Cumulative, No Par Value [Domain] | Entergy Texas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ETI/PR | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share) |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,427,179 | $ 2,609,584 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 397,403 | 478,330 |
Nuclear refueling outage expenses | 50,218 | 50,441 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 702,084 | 783,051 |
Asset Impairment Charges | 5,095 | 73,979 |
Decommissioning | 93,684 | 102,119 |
Taxes, Other | 170,294 | 158,575 |
Other Depreciation and Amortization | 399,710 | 357,274 |
Other regulatory charges (credits) - net | (7,679) | (16,946) |
Costs and Expenses | 2,027,423 | 2,326,330 |
OPERATING INCOME | 399,756 | 283,254 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 35,953 | 38,216 |
Investment Income, Net | (216,853) | 228,149 |
Miscellaneous - net | 23,389 | (64,658) |
TOTAL | (157,511) | 201,707 |
INTEREST EXPENSE | ||
Interest expense | 205,589 | 200,993 |
Allowance for borrowed funds used during construction | (15,444) | (17,449) |
TOTAL | 190,145 | 183,544 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 52,100 | 301,417 |
Income taxes | (71,194) | 42,771 |
Consolidated net income | 123,294 | 258,646 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | $ 4,580 | $ 4,109 |
Earnings per average common share: | ||
Basic (in dollars per share) | $ 0.59 | $ 1.34 |
Diluted (in dollars per share) | $ 0.59 | $ 1.32 |
Basic average number of common shares outstanding (in shares) | 199,790,016 | 189,575,187 |
Diluted average number of common shares outstanding (in shares) | 200,901,349 | 192,234,191 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 118,714 | $ 254,537 |
Increase (Decrease) in Income Taxes | 26,000 | |
Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,050,638 | 2,121,024 |
Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,976 | 54,948 |
Competitive Businesses [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 332,565 | 433,612 |
Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 216,614 | 339,507 |
Entergy Mississippi [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 293,922 | 282,244 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 63,297 | 53,229 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 62,337 | 59,183 |
Taxes, Other | 27,190 | 26,127 |
Other Depreciation and Amortization | 51,155 | 39,088 |
Other regulatory charges (credits) - net | (3,881) | 2,370 |
Costs and Expenses | 252,741 | 251,452 |
OPERATING INCOME | 41,181 | 30,792 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 1,439 | 1,913 |
Investment Income, Net | 120 | 152 |
Miscellaneous - net | (2,296) | (263) |
TOTAL | (737) | 1,802 |
INTEREST EXPENSE | ||
Interest expense | 16,583 | 14,540 |
Allowance for borrowed funds used during construction | (551) | (785) |
TOTAL | 16,032 | 13,755 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 24,412 | 18,839 |
Income taxes | 1,886 | 3,441 |
Consolidated net income | 22,526 | 15,398 |
Entergy Mississippi [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 293,922 | 282,244 |
Entergy Mississippi [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Mississippi [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 52,643 | 71,455 |
Entergy Arkansas [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 481,912 | 545,812 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 87,411 | 152,159 |
Nuclear refueling outage expenses | 16,247 | 17,248 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 151,857 | 166,460 |
Decommissioning | 17,941 | 15,761 |
Taxes, Other | 31,060 | 28,363 |
Other Depreciation and Amortization | 83,521 | 75,847 |
Other regulatory charges (credits) - net | (20,001) | 445 |
Costs and Expenses | 414,077 | 503,341 |
OPERATING INCOME | 67,835 | 42,471 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 2,917 | 3,428 |
Investment Income, Net | 7,938 | 6,183 |
Miscellaneous - net | (6,436) | (3,690) |
TOTAL | 4,419 | 5,921 |
INTEREST EXPENSE | ||
Interest expense | 35,623 | 33,383 |
Allowance for borrowed funds used during construction | (1,281) | (1,414) |
TOTAL | 34,342 | 31,969 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 37,912 | 16,423 |
Income taxes | (6,683) | (22,698) |
Consolidated net income | 44,595 | 39,121 |
Entergy Arkansas [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 481,912 | 545,812 |
Entergy Arkansas [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Arkansas [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 46,041 | 47,058 |
Entergy Louisiana [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 930,647 | 959,330 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 144,492 | 147,349 |
Nuclear refueling outage expenses | 13,630 | 12,808 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 222,658 | 225,888 |
Decommissioning | 16,001 | 13,879 |
Taxes, Other | 50,077 | 49,682 |
Other Depreciation and Amortization | 145,135 | 126,134 |
Other regulatory charges (credits) - net | 11,132 | (27,660) |
Costs and Expenses | 763,868 | 805,386 |
OPERATING INCOME | 166,779 | 153,944 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 14,887 | 23,914 |
Investment Income, Net | (19,669) | 71,986 |
Miscellaneous - net | 49,601 | (42,344) |
TOTAL | 44,819 | 53,556 |
INTEREST EXPENSE | ||
Interest expense | 79,517 | 74,703 |
Allowance for borrowed funds used during construction | (7,132) | (11,367) |
TOTAL | 72,385 | 63,336 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 139,213 | 144,164 |
Income taxes | (50,183) | 16,531 |
Consolidated net income | 189,396 | 127,633 |
Earnings per average common share: | ||
Net Income (Loss) Available to Common Stockholders, Basic | 189,396 | 127,633 |
Entergy Louisiana [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 912,541 | 936,693 |
Entergy Louisiana [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,106 | 22,637 |
Entergy Louisiana [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 160,743 | 257,306 |
Entergy New Orleans [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 149,302 | 163,194 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 27,495 | 30,760 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 30,704 | 30,298 |
Taxes, Other | 13,206 | 13,542 |
Other Depreciation and Amortization | 15,075 | 14,164 |
Other regulatory charges (credits) - net | (5,736) | (2,355) |
Costs and Expenses | 137,211 | 147,058 |
OPERATING INCOME | 12,091 | 16,136 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 2,485 | 2,290 |
Investment Income, Net | 53 | 179 |
Miscellaneous - net | (738) | (1,506) |
TOTAL | 1,800 | 963 |
INTEREST EXPENSE | ||
Interest expense | 6,640 | 5,936 |
Allowance for borrowed funds used during construction | (1,195) | (914) |
TOTAL | 5,445 | 5,022 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 8,446 | 12,077 |
Income taxes | (2,740) | 3,054 |
Consolidated net income | 11,186 | 9,023 |
Entergy New Orleans [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 123,431 | 130,883 |
Entergy New Orleans [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,871 | 32,311 |
Entergy New Orleans [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 56,467 | 60,649 |
Entergy Texas [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 339,336 | 340,474 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 41,346 | 48,103 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 58,933 | 59,626 |
Taxes, Other | 19,272 | 18,640 |
Other Depreciation and Amortization | 42,566 | 37,037 |
Other regulatory charges (credits) - net | 21,368 | 19,459 |
Costs and Expenses | 303,276 | 323,733 |
OPERATING INCOME | 36,060 | 16,741 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 10,641 | 5,081 |
Investment Income, Net | 429 | 1,682 |
Miscellaneous - net | (346) | (363) |
TOTAL | 10,724 | 6,400 |
INTEREST EXPENSE | ||
Interest expense | 22,858 | 22,460 |
Allowance for borrowed funds used during construction | (4,573) | (2,580) |
TOTAL | 18,285 | 19,880 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 28,499 | 3,261 |
Income taxes | (4,208) | (18,081) |
Consolidated net income | 32,707 | 21,342 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 470 | 0 |
Earnings per average common share: | ||
Net Income (Loss) Available to Common Stockholders, Basic | 32,237 | 21,342 |
Entergy Texas [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 339,336 | 340,474 |
Entergy Texas [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Texas [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 119,791 | 140,868 |
System Energy [Member] | ||
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 13,143 | 21,561 |
Nuclear refueling outage expenses | 8,272 | 8,186 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 40,471 | 45,282 |
Decommissioning | 9,157 | 8,799 |
Taxes, Other | 7,973 | 7,539 |
Other Depreciation and Amortization | 26,899 | 26,574 |
Other regulatory charges (credits) - net | (10,560) | (9,205) |
Costs and Expenses | 95,355 | 108,736 |
OPERATING INCOME | 35,309 | 31,368 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 3,584 | 1,589 |
Investment Income, Net | 5,338 | 6,991 |
Miscellaneous - net | (2,460) | (1,228) |
TOTAL | 6,462 | 7,352 |
INTEREST EXPENSE | ||
Interest expense | 8,540 | 9,397 |
Allowance for borrowed funds used during construction | (711) | (389) |
TOTAL | 7,829 | 9,008 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 33,942 | 29,712 |
Income taxes | 5,429 | 6,134 |
Consolidated net income | 28,513 | 23,578 |
Earnings per average common share: | ||
Net Income (Loss) Available to Common Stockholders, Basic | 28,513 | 23,578 |
System Energy [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 130,664 | $ 140,104 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING ACTIVITIES | ||
Consolidated net income | $ 123,294 | $ 258,646 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 568,596 | 530,224 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (31,405) | 104,884 |
Impairment of Long-Lived Assets Held-for-use | 4,962 | 25,462 |
Changes in working capital: | ||
Receivables | 70,357 | 39,697 |
Fuel inventory | (15,389) | (4,401) |
Accounts payable | (127,727) | (63,613) |
Taxes accrued | (44,241) | (44,083) |
Interest accrued | (4,791) | (20,546) |
Deferred fuel costs | 30,560 | 20,201 |
Other working capital accounts | (21,758) | (42,016) |
Changes in provisions for estimated losses | (35,829) | 13,720 |
Changes in other regulatory assets | 99,275 | (162,192) |
Increase (Decrease) in Regulatory Liabilities | (450,905) | 130,924 |
Changes in pension and other postretirement liabilities | (113,071) | (7,713) |
Other Noncash Income (Expense) | 607,132 | (278,005) |
Net cash flow provided by operating activities | 659,060 | 501,189 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (1,043,608) | (951,629) |
Allowance for equity funds used during construction | 35,953 | 38,322 |
Payments to Acquire Buildings | 24,633 | 0 |
Nuclear fuel purchases | (85,334) | (38,445) |
Payments for Nuclear Fuel | (85,334) | (38,445) |
Payments to storm reserve escrow account | (1,557) | (2,285) |
Receipts from storm reserve escrow account | 40,589 | 0 |
Decrease in other investments | 2,265 | 39,045 |
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 62,162 | 0 |
Proceeds from nuclear decommissioning trust fund sales | 687,487 | 1,307,547 |
Investment in nuclear decommissioning trust funds | (718,741) | (1,342,429) |
Changes in securitization account | (70) | (1,084) |
Net cash flow used in investing activities | (1,045,487) | (950,958) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 3,195,345 | 3,444,230 |
Common stock and treasury stock | 39,964 | 35,577 |
Retirement of long-term debt | (1,614,578) | (2,298,855) |
Changes in credit borrowings and commercial paper - net | (4,911) | (17) |
Payments for Repurchase of Preferred Stock and Preference Stock | 0 | 50,000 |
Dividends paid: | ||
Common stock | (185,763) | (172,591) |
Preferred stock | (4,763) | (4,109) |
Other | (756) | (1,945) |
Net cash flow provided by financing activities | 1,424,538 | 952,290 |
Net increase in cash and cash equivalents | 1,038,111 | 502,521 |
Cash and cash equivalents at beginning of period | 425,722 | 480,975 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 203,466 | 214,935 |
Income taxes | (23,063) | (13,844) |
Entergy Arkansas [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 44,595 | 39,121 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 123,160 | 117,255 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 8,251 | 30,756 |
Changes in working capital: | ||
Receivables | 32,820 | 22,194 |
Fuel inventory | (9,419) | 260 |
Accounts payable | (42,694) | (56,432) |
Taxes accrued | 9,302 | (10,616) |
Interest accrued | 16,839 | 12,661 |
Deferred fuel costs | 23,594 | 44,926 |
Other working capital accounts | (2,691) | 1,599 |
Changes in provisions for estimated losses | 4,695 | 9,930 |
Changes in other regulatory assets | (13,187) | (56,263) |
Increase (Decrease) in Regulatory Liabilities | (161,989) | 53,386 |
Changes in pension and other postretirement liabilities | 11,704 | (910) |
Other Noncash Income (Expense) | 164,694 | (1,400) |
Net cash flow provided by operating activities | 209,674 | 206,467 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (179,117) | (147,214) |
Allowance for equity funds used during construction | 2,917 | 3,506 |
Change in money pool receivable - net | (24,935) | (30,521) |
Nuclear fuel purchases | (52,211) | (214) |
Payments for Nuclear Fuel | (52,211) | (214) |
Proceeds from sale of nuclear fuel | 17,210 | 22,834 |
Decrease in other investments | 0 | 1 |
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 55,001 | 0 |
Proceeds from nuclear decommissioning trust fund sales | 115,030 | 34,423 |
Investment in nuclear decommissioning trust funds | (121,003) | (40,223) |
Changes in securitization account | (3,443) | (3,553) |
Net cash flow used in investing activities | (190,551) | (160,961) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 264,505 | 603,655 |
Retirement of long-term debt | (127,203) | (275,904) |
Change in money pool payable - net | (21,634) | (182,738) |
Dividends paid: | ||
Other | (818) | (397) |
Net cash flow provided by financing activities | 114,850 | 144,616 |
Net increase in cash and cash equivalents | 133,973 | 190,122 |
Cash and cash equivalents at beginning of period | 3,519 | 119 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 17,578 | 19,458 |
Entergy Louisiana [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 189,396 | 127,633 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 191,447 | 153,368 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (39,681) | 49,041 |
Changes in working capital: | ||
Receivables | 23,004 | (849) |
Fuel inventory | (456) | 31 |
Accounts payable | (86,317) | (26,475) |
Taxes accrued | 48,840 | 16,311 |
Interest accrued | (2,384) | (9,300) |
Deferred fuel costs | (18,280) | (50,620) |
Other working capital accounts | (3,156) | (41,481) |
Changes in provisions for estimated losses | (41,113) | 2,962 |
Changes in other regulatory assets | 55,539 | (91,490) |
Increase (Decrease) in Regulatory Liabilities | (129,370) | 49,352 |
Changes in pension and other postretirement liabilities | (22,806) | (1,954) |
Other Noncash Income (Expense) | 149,136 | 3,054 |
Net cash flow provided by operating activities | 313,799 | 179,583 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (344,522) | (401,573) |
Allowance for equity funds used during construction | 14,887 | 23,914 |
Change in money pool receivable - net | (84,466) | 8,880 |
Nuclear fuel purchases | (18,052) | (59,422) |
Payments for Nuclear Fuel | (18,052) | (59,422) |
Proceeds from sale of nuclear fuel | 33,889 | 0 |
Payments to storm reserve escrow account | (1,113) | (1,651) |
Receipts from storm reserve escrow account | 40,589 | 0 |
Proceeds from nuclear decommissioning trust fund sales | 144,962 | 101,555 |
Investment in nuclear decommissioning trust funds | (154,065) | (107,690) |
Changes in securitization account | (5,348) | (5,405) |
Net cash flow used in investing activities | (373,239) | (441,392) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 1,221,900 | 1,212,989 |
Retirement of long-term debt | (603,607) | (642,307) |
Change in money pool payable - net | (82,826) | 0 |
Dividends paid: | ||
Common stock | (11,500) | (49,000) |
Other | (1,139) | 1,926 |
Net cash flow provided by financing activities | 522,828 | 523,608 |
Net increase in cash and cash equivalents | 463,388 | 261,799 |
Cash and cash equivalents at beginning of period | 2,006 | 43,364 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 79,794 | 81,940 |
Income taxes | (20,684) | 0 |
Entergy Mississippi [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 22,526 | 15,398 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 51,155 | 39,088 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 2,762 | 12,072 |
Changes in working capital: | ||
Receivables | 17,971 | 18,364 |
Fuel inventory | (3,266) | (4,267) |
Accounts payable | (8,125) | (5,722) |
Taxes accrued | (58,651) | (66,445) |
Interest accrued | 6,201 | (293) |
Deferred fuel costs | 13,406 | 17,635 |
Other working capital accounts | 7,849 | 3,444 |
Changes in provisions for estimated losses | (47) | (846) |
Changes in other regulatory assets | (8,484) | (3,478) |
Increase (Decrease) in Regulatory Liabilities | (5,532) | (9,301) |
Changes in pension and other postretirement liabilities | (2,482) | 269 |
Other Noncash Income (Expense) | (2,022) | (5,926) |
Net cash flow provided by operating activities | 33,261 | 9,992 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (124,986) | (97,487) |
Allowance for equity funds used during construction | 1,439 | 1,913 |
Change in money pool receivable - net | 44,693 | 41,380 |
Payments to Acquire Buildings | 24,633 | 0 |
Decrease in other investments | (128) | (182) |
Net cash flow used in investing activities | (103,615) | (54,376) |
Proceeds from the issuance of: | ||
Change in money pool payable - net | 19,006 | 10,925 |
Dividends paid: | ||
Common stock | (2,500) | 0 |
Other | 2,266 | (2,610) |
Net cash flow provided by financing activities | 18,772 | 8,315 |
Net increase in cash and cash equivalents | (51,582) | (36,069) |
Cash and cash equivalents at beginning of period | 51,601 | 36,954 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 9,800 | 14,193 |
Entergy New Orleans [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 11,186 | 9,023 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 15,075 | 14,164 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 1,339 | 9,743 |
Changes in working capital: | ||
Receivables | 4,039 | (20) |
Fuel inventory | (25) | 1,529 |
Accounts payable | (5,291) | 8,298 |
Taxes accrued | 122 | (4,443) |
Interest accrued | (929) | 650 |
Deferred fuel costs | 3,702 | (71) |
Other working capital accounts | (10,795) | (15,144) |
Changes in provisions for estimated losses | 923 | 454 |
Changes in other regulatory assets | 1,867 | (16,528) |
Increase (Decrease) in Regulatory Liabilities | (9,599) | (8,634) |
Changes in pension and other postretirement liabilities | (4,878) | (1,706) |
Other Noncash Income (Expense) | 10,582 | 19,207 |
Net cash flow provided by operating activities | 17,318 | 16,522 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (60,001) | (57,788) |
Allowance for equity funds used during construction | 2,485 | 2,290 |
Change in money pool receivable - net | (7,979) | 22,016 |
Payments to storm reserve escrow account | (314) | (451) |
Changes in securitization account | (2,882) | (2,850) |
Net cash flow used in investing activities | (68,691) | (36,783) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 139,116 | 0 |
Retirement of long-term debt | (20,000) | 0 |
Change in money pool payable - net | 0 | 1,877 |
Dividends paid: | ||
Other | (445) | (499) |
Net cash flow provided by financing activities | 118,671 | 1,378 |
Net increase in cash and cash equivalents | 67,298 | (18,883) |
Cash and cash equivalents at beginning of period | 6,017 | 19,677 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 7,275 | 5,027 |
Entergy Texas [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 32,707 | 21,342 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 42,566 | 37,037 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 3,921 | (10,123) |
Changes in working capital: | ||
Receivables | 1,221 | 65,394 |
Fuel inventory | (1,127) | (173) |
Accounts payable | (35,288) | (57,447) |
Taxes accrued | (20,597) | (9,465) |
Interest accrued | (7,380) | (4,638) |
Deferred fuel costs | 8,138 | 8,331 |
Other working capital accounts | 5,004 | (913) |
Changes in provisions for estimated losses | 5 | 1,074 |
Changes in other regulatory assets | 34,309 | 1,358 |
Increase (Decrease) in Regulatory Liabilities | (8,854) | (24,365) |
Changes in pension and other postretirement liabilities | (9,086) | (1,120) |
Other Noncash Income (Expense) | (8,425) | 16,359 |
Net cash flow provided by operating activities | 37,114 | 42,651 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (236,984) | (176,186) |
Allowance for equity funds used during construction | 10,641 | 5,111 |
Change in money pool receivable - net | (17,911) | (3,571) |
Changes in securitization account | 11,604 | 10,724 |
Net cash flow used in investing activities | (232,650) | (163,922) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 194,631 | 692,633 |
Retirement of long-term debt | (26,864) | (525,841) |
Change in money pool payable - net | 0 | (22,389) |
Dividends paid: | ||
Preferred stock | (653) | 0 |
Other | 206 | (959) |
Net cash flow provided by financing activities | 342,320 | 143,444 |
Net increase in cash and cash equivalents | 146,784 | 22,173 |
Cash and cash equivalents at beginning of period | 12,929 | 56 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 29,699 | 26,002 |
Income taxes | (2,358) | 0 |
Proceeds from Contributions from Parent | 175,000 | 0 |
System Energy [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 28,513 | 23,578 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 47,041 | 53,731 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (5,764) | 4,975 |
Changes in working capital: | ||
Receivables | 22,292 | (7,613) |
Accounts payable | 15,049 | (5,182) |
Taxes accrued | (3,590) | (13,575) |
Interest accrued | (201) | (3,150) |
Other working capital accounts | (30,385) | 3,635 |
Changes in other regulatory assets | (3,893) | (3,730) |
Increase (Decrease) in Regulatory Liabilities | (135,561) | 70,486 |
Changes in pension and other postretirement liabilities | (2,587) | 319 |
Other Noncash Income (Expense) | 129,528 | (65,757) |
Net cash flow provided by operating activities | 60,442 | 57,717 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (60,551) | (25,557) |
Allowance for equity funds used during construction | 3,584 | 1,589 |
Change in money pool receivable - net | 42,479 | 81,635 |
Nuclear fuel purchases | (69,022) | (3) |
Payments for Nuclear Fuel | (69,022) | (3) |
Proceeds from sale of nuclear fuel | 9,503 | 18,280 |
Proceeds from nuclear decommissioning trust fund sales | 132,661 | 56,988 |
Investment in nuclear decommissioning trust funds | (138,186) | (62,223) |
Net cash flow used in investing activities | (79,532) | 70,709 |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 243,559 | 529,493 |
Retirement of long-term debt | (186,904) | (549,803) |
Dividends paid: | ||
Common stock | (13,653) | (45,500) |
Net cash flow provided by financing activities | 43,002 | (65,810) |
Net increase in cash and cash equivalents | 23,912 | 62,616 |
Cash and cash equivalents at beginning of period | 68,534 | 95,685 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | $ 8,598 | $ 12,461 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | ||||
Cash | $ 283,491 | $ 34,242 | ||
Temporary cash investments | 1,180,342 | 391,480 | ||
Total cash and cash equivalents | 1,463,833 | 425,722 | $ 983,496 | $ 480,975 |
Securitization recovery trust account | 47,000 | 47,000 | ||
Accounts receivable: | ||||
Customer | 602,278 | 595,509 | ||
Allowance for doubtful accounts | (8,521) | (7,404) | ||
Other | 112,368 | 219,870 | ||
Accrued unbilled revenues | 369,948 | 400,617 | ||
Total accounts receivable | 1,076,073 | 1,208,592 | ||
Fuel inventory - at average cost | 160,865 | 145,476 | ||
Public Utilities, Inventory | 837,855 | 824,989 | ||
Deferred nuclear refueling outage costs | 167,124 | 157,568 | ||
Prepaid Expense and Other Assets, Current | 268,201 | 283,645 | ||
TOTAL | 3,973,951 | 3,045,992 | ||
OTHER PROPERTY AND INVESTMENTS | ||||
Decommissioning trust funds | 5,778,285 | 6,404,030 | ||
Non-utility property - at cost (less accumulated depreciation) | 335,314 | 332,864 | ||
Other | 460,569 | 496,452 | ||
TOTAL | 6,574,168 | 7,233,346 | ||
PROPERTY, PLANT, AND EQUIPMENT | ||||
Electric | 55,524,303 | 54,271,467 | ||
Natural gas | 553,323 | 547,110 | ||
Construction work in progress | 2,469,130 | 2,823,291 | ||
Nuclear fuel | 657,216 | 677,181 | ||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 59,203,972 | 58,319,049 | ||
Less - accumulated depreciation and amortization | 23,422,851 | 23,136,356 | ||
PROPERTY, PLANT, AND EQUIPMENT - NET | 35,781,121 | 35,182,693 | ||
Regulatory assets: | ||||
Other regulatory assets | 5,192,780 | 5,292,055 | ||
Deferred Fuel Cost Non Current | 240,024 | 239,892 | ||
Goodwill | 377,172 | 377,172 | ||
Deferred Income Tax Assets, Net | 76,680 | 64,461 | ||
Other | 339,133 | 288,301 | ||
Deferred Costs and Other Assets | 6,225,789 | 6,261,881 | ||
TOTAL ASSETS | 52,555,029 | 51,723,912 | ||
CURRENT LIABILITIES | ||||
Currently maturing long-term debt | 1,230,015 | 795,012 | ||
Short-term borrowings | 1,941,816 | 1,946,727 | ||
Accounts payable | 1,502,392 | 1,499,861 | ||
Customer deposits | 408,803 | 409,171 | ||
Taxes Payable, Current | 189,214 | 233,455 | ||
Interest accrued | 189,338 | 194,129 | ||
Deferred fuel costs | 228,379 | 197,687 | ||
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 64,339 | 76,457 | ||
Pension and other postretirement liabilities | 62,129 | 66,184 | ||
Other | 201,514 | 201,780 | ||
TOTAL | 6,017,939 | 5,620,463 | ||
NON-CURRENT LIABILITIES | ||||
Deferred Income Tax Liabilities, Net | 4,384,494 | 4,401,190 | ||
Accumulated deferred investment tax credits | 205,041 | 207,113 | ||
Regulatory liability for income taxes - net | 1,600,189 | 1,633,159 | ||
Other regulatory liabilities | 1,555,188 | 1,961,005 | ||
Decommissioning and asset retirement cost liabilities | 6,250,951 | 6,159,212 | ||
Loss Contingency Accrual | 498,199 | 534,028 | ||
Pension and other postretirement liabilities | 2,689,249 | 2,798,265 | ||
Long-term debt | 18,228,528 | 17,078,643 | ||
Deferred Credits and Other Liabilities | 646,899 | 852,749 | ||
TOTAL | 36,058,738 | 35,625,364 | ||
Subsidiaries' preferred stock without sinking fund | 219,385 | 219,410 | ||
Common Shareholders' Equity: | ||||
Common Stock, Value, Issued | 2,700 | 2,700 | ||
Additional Paid in Capital, Common Stock | 6,510,683 | 6,564,436 | ||
Accumulated other comprehensive loss | (398,987) | (446,920) | (551,152) | (557,173) |
Less - treasury stock, at cost | 5,080,570 | 5,154,150 | ||
TOTAL | 10,223,967 | 10,223,675 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 35,000 | 35,000 | ||
Retained Earnings (Accumulated Deficit) | 9,190,141 | 9,257,609 | ||
TOTAL | 10,258,967 | 10,258,675 | 8,970,367 | 8,844,305 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 52,555,029 | 51,723,912 | ||
Entergy Arkansas [Member] | ||||
Cash and cash equivalents: | ||||
Cash | 628 | 3,519 | ||
Temporary cash investments | 136,864 | 0 | ||
Total cash and cash equivalents | 137,492 | 3,519 | 190,241 | 119 |
Securitization recovery trust account | 7,480 | 4,036 | ||
Accounts receivable: | ||||
Customer | 134,111 | 117,679 | ||
Allowance for doubtful accounts | (1,515) | (1,169) | ||
Associated companies | 56,787 | 29,178 | ||
Other | 35,171 | 117,653 | ||
Accrued unbilled revenues | 84,390 | 108,489 | ||
Total accounts receivable | 308,944 | 371,830 | ||
Fuel inventory - at average cost | 43,164 | 33,745 | ||
Public Utilities, Inventory | 211,165 | 211,320 | ||
Deferred nuclear refueling outage costs | 54,837 | 48,875 | ||
Prepaid Expense and Other Assets, Current | 11,809 | 14,096 | ||
TOTAL | 774,891 | 687,421 | ||
OTHER PROPERTY AND INVESTMENTS | ||||
Decommissioning trust funds | 974,026 | 1,101,283 | ||
Other | 344 | 345 | ||
TOTAL | 974,370 | 1,101,628 | ||
PROPERTY, PLANT, AND EQUIPMENT | ||||
Electric | 12,357,569 | 12,293,483 | ||
Construction work in progress | 283,324 | 197,775 | ||
Nuclear fuel | 175,884 | 195,547 | ||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 12,816,777 | 12,686,805 | ||
Less - accumulated depreciation and amortization | 5,079,545 | 5,019,826 | ||
PROPERTY, PLANT, AND EQUIPMENT - NET | 7,737,232 | 7,666,979 | ||
Regulatory assets: | ||||
Other regulatory assets | 1,680,037 | 1,666,850 | ||
Deferred Fuel Cost Non Current | 67,822 | 67,690 | ||
Other | 21,451 | 15,065 | ||
Deferred Costs and Other Assets | 1,769,310 | 1,749,605 | ||
TOTAL ASSETS | 11,255,803 | 11,205,633 | ||
CURRENT LIABILITIES | ||||
Currently maturing long-term debt | 395,000 | 0 | ||
Associated companies accounts payable | 38,534 | 111,785 | ||
Accounts payable | 199,451 | 202,201 | ||
Customer deposits | 101,371 | 101,411 | ||
Taxes Payable, Current | 91,133 | 81,831 | ||
Interest accrued | 39,627 | 22,788 | ||
Deferred fuel costs | 77,447 | 53,721 | ||
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 0 | 9,296 | ||
Other | 40,049 | 38,760 | ||
TOTAL | 982,612 | 621,793 | ||
NON-CURRENT LIABILITIES | ||||
Deferred Income Tax Liabilities, Net | 1,200,932 | 1,183,126 | ||
Accumulated deferred investment tax credits | 31,401 | 31,701 | ||
Regulatory liability for income taxes - net | 469,439 | 478,174 | ||
Other regulatory liabilities | 415,597 | 559,555 | ||
Decommissioning and asset retirement cost liabilities | 1,260,556 | 1,242,616 | ||
Loss Contingency Accrual | 68,575 | 63,880 | ||
Pension and other postretirement liabilities | 330,772 | 319,075 | ||
Long-term debt | 3,260,723 | 3,517,208 | ||
Deferred Credits and Other Liabilities | 64,664 | 62,568 | ||
TOTAL | 7,102,659 | 7,457,903 | ||
Common Shareholders' Equity: | ||||
Members' Equity | 3,170,532 | 3,125,937 | ||
TOTAL | 3,170,532 | 3,125,937 | 3,022,224 | 2,983,103 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 11,255,803 | 11,205,633 | ||
Entergy Louisiana [Member] | ||||
Cash and cash equivalents: | ||||
Cash | 188 | 488 | ||
Temporary cash investments | 465,206 | 1,518 | ||
Total cash and cash equivalents | 465,394 | 2,006 | 305,163 | 43,364 |
Securitization recovery trust account | 9,000 | 3,700 | ||
Accounts receivable: | ||||
Customer | 200,410 | 194,869 | ||
Allowance for doubtful accounts | (2,452) | (1,902) | ||
Associated companies | 142,549 | 77,212 | ||
Other | 36,989 | 42,179 | ||
Accrued unbilled revenues | 165,525 | 169,201 | ||
Total accounts receivable | 543,021 | 481,559 | ||
Fuel inventory - at average cost | 42,069 | 41,613 | ||
Public Utilities, Inventory | 371,123 | 354,020 | ||
Deferred nuclear refueling outage costs | 43,960 | 56,743 | ||
Prepaid Expense and Other Assets, Current | 37,778 | 37,837 | ||
Prepaid Taxes | 0 | 7,959 | ||
TOTAL | 1,503,345 | 981,737 | ||
Investments in and Advances to Affiliates, at Fair Value | 1,390,587 | 1,390,587 | ||
OTHER PROPERTY AND INVESTMENTS | ||||
Decommissioning trust funds | 1,377,881 | 1,563,812 | ||
Non-utility property - at cost (less accumulated depreciation) | 315,027 | 312,896 | ||
Storm Reserve Escrow Account | 256,402 | 295,875 | ||
Other | 12,944 | 13,476 | ||
TOTAL | 3,352,841 | 3,576,646 | ||
PROPERTY, PLANT, AND EQUIPMENT | ||||
Electric | 23,617,789 | 22,620,365 | ||
Natural gas | 239,779 | 235,678 | ||
Construction work in progress | 689,399 | 1,383,603 | ||
Nuclear fuel | 221,397 | 267,779 | ||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 24,768,364 | 24,507,425 | ||
Less - accumulated depreciation and amortization | 9,226,377 | 9,118,524 | ||
PROPERTY, PLANT, AND EQUIPMENT - NET | 15,541,987 | 15,388,901 | ||
Regulatory assets: | ||||
Other regulatory assets | 1,259,672 | 1,315,211 | ||
Deferred Fuel Cost Non Current | 168,122 | 168,122 | ||
Other | 37,122 | 33,491 | ||
Deferred Costs and Other Assets | 1,464,916 | 1,516,824 | ||
TOTAL ASSETS | 21,863,089 | 21,464,108 | ||
CURRENT LIABILITIES | ||||
Currently maturing long-term debt | 360,002 | 320,002 | ||
Associated companies accounts payable | 49,566 | 187,615 | ||
Accounts payable | 486,241 | 357,206 | ||
Customer deposits | 153,051 | 153,097 | ||
Taxes Payable, Current | 40,881 | 0 | ||
Interest accrued | 85,360 | 87,744 | ||
Deferred fuel costs | 37,365 | 55,645 | ||
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 31,138 | 31,138 | ||
Other | 60,365 | 64,668 | ||
TOTAL | 1,303,969 | 1,257,115 | ||
NON-CURRENT LIABILITIES | ||||
Deferred Income Tax Liabilities, Net | 2,440,159 | 2,464,513 | ||
Accumulated deferred investment tax credits | 110,926 | 112,128 | ||
Regulatory liability for income taxes - net | 491,694 | 500,083 | ||
Other regulatory liabilities | 673,159 | 794,140 | ||
Decommissioning and asset retirement cost liabilities | 1,515,981 | 1,497,349 | ||
Loss Contingency Accrual | 279,306 | 320,419 | ||
Pension and other postretirement liabilities | 655,324 | 677,619 | ||
Long-term debt | 7,563,379 | 6,983,667 | ||
Deferred Credits and Other Liabilities | 244,721 | 459,957 | ||
TOTAL | 13,974,649 | 13,809,875 | ||
Common Shareholders' Equity: | ||||
Accumulated other comprehensive loss | 14,029 | 4,562 | ||
Members' Equity | 6,570,442 | 6,392,556 | ||
TOTAL | 6,584,471 | 6,397,118 | 5,980,571 | 5,902,918 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 21,863,089 | 21,464,108 | ||
Entergy Mississippi [Member] | ||||
Cash and cash equivalents: | ||||
Cash | 12 | 11 | ||
Temporary cash investments | 7 | 51,590 | ||
Total cash and cash equivalents | 19 | 51,601 | 885 | 36,954 |
Accounts receivable: | ||||
Customer | 84,644 | 92,050 | ||
Allowance for doubtful accounts | (554) | (636) | ||
Associated companies | 4,415 | 49,257 | ||
Other | 7,951 | 14,986 | ||
Accrued unbilled revenues | 43,964 | 47,426 | ||
Total accounts receivable | 140,420 | 203,083 | ||
Fuel inventory - at average cost | 18,405 | 15,139 | ||
Public Utilities, Inventory | 52,563 | 57,972 | ||
Prepaid Expense and Other Assets, Current | 6,147 | 7,149 | ||
TOTAL | 217,554 | 334,944 | ||
OTHER PROPERTY AND INVESTMENTS | ||||
Non-utility property - at cost (less accumulated depreciation) | 4,556 | 4,560 | ||
Escrow accounts | 80,328 | 80,201 | ||
TOTAL | 84,884 | 84,761 | ||
PROPERTY, PLANT, AND EQUIPMENT | ||||
Electric | 5,751,292 | 5,672,589 | ||
Construction work in progress | 113,864 | 88,373 | ||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,865,156 | 5,760,962 | ||
Less - accumulated depreciation and amortization | 1,911,652 | 1,894,000 | ||
PROPERTY, PLANT, AND EQUIPMENT - NET | 3,953,504 | 3,866,962 | ||
Regulatory assets: | ||||
Other regulatory assets | 386,456 | 377,972 | ||
Other | 15,615 | 10,105 | ||
Deferred Costs and Other Assets | 402,071 | 388,077 | ||
TOTAL ASSETS | 4,658,013 | 4,674,744 | ||
CURRENT LIABILITIES | ||||
Associated companies accounts payable | 52,735 | 48,090 | ||
Accounts payable | 90,853 | 94,729 | ||
Customer deposits | 85,976 | 85,938 | ||
Taxes Payable, Current | 32,010 | 90,661 | ||
Interest accrued | 25,101 | 18,900 | ||
Deferred fuel costs | 83,807 | 70,402 | ||
Other | 33,976 | 32,667 | ||
TOTAL | 404,458 | 441,387 | ||
NON-CURRENT LIABILITIES | ||||
Deferred Income Tax Liabilities, Net | 602,881 | 594,832 | ||
Accumulated deferred investment tax credits | 9,562 | 9,602 | ||
Regulatory liability for income taxes - net | 234,557 | 236,988 | ||
Other regulatory liabilities | 18,411 | 21,512 | ||
Decommissioning and asset retirement cost liabilities | 9,862 | 9,727 | ||
Loss Contingency Accrual | 49,974 | 50,021 | ||
Pension and other postretirement liabilities | 96,930 | 99,406 | ||
Long-term debt | 1,614,156 | 1,614,129 | ||
Deferred Credits and Other Liabilities | 55,045 | 54,989 | ||
TOTAL | 2,691,378 | 2,691,206 | ||
Common Shareholders' Equity: | ||||
Members' Equity | 1,562,177 | 1,542,151 | ||
TOTAL | 1,562,177 | 1,542,151 | 1,307,624 | 1,292,226 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,658,013 | 4,674,744 | ||
Entergy New Orleans [Member] | ||||
Cash and cash equivalents: | ||||
Cash | 1,026 | 26 | ||
Temporary cash investments | 72,289 | 5,991 | ||
Total cash and cash equivalents | 73,315 | 6,017 | 794 | 19,677 |
Securitization recovery trust account | 4,871 | 1,989 | ||
Accounts receivable: | ||||
Customer | 48,544 | 48,265 | ||
Allowance for doubtful accounts | (3,387) | (3,226) | ||
Associated companies | 14,876 | 6,280 | ||
Other | 4,982 | 7,378 | ||
Accrued unbilled revenues | 23,075 | 25,453 | ||
Total accounts receivable | 88,090 | 84,150 | ||
Fuel inventory - at average cost | 1,945 | 1,920 | ||
Public Utilities, Inventory | 13,861 | 13,522 | ||
Prepaid Expense and Other Assets, Current | 15,167 | 4,846 | ||
TOTAL | 197,249 | 112,444 | ||
OTHER PROPERTY AND INVESTMENTS | ||||
Non-utility property - at cost (less accumulated depreciation) | 1,016 | 1,016 | ||
Storm Reserve Escrow Account | 82,919 | 82,605 | ||
TOTAL | 83,935 | 83,621 | ||
PROPERTY, PLANT, AND EQUIPMENT | ||||
Electric | 1,475,260 | 1,467,215 | ||
Natural gas | 313,544 | 311,432 | ||
Construction work in progress | 226,714 | 201,829 | ||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 2,015,518 | 1,980,476 | ||
Less - accumulated depreciation and amortization | 718,461 | 715,406 | ||
PROPERTY, PLANT, AND EQUIPMENT - NET | 1,297,057 | 1,265,070 | ||
Regulatory assets: | ||||
Other regulatory assets | 257,496 | 259,363 | ||
Deferred Fuel Cost Non Current | 4,080 | 4,080 | ||
Other | 16,063 | 10,720 | ||
Deferred Costs and Other Assets | 277,639 | 274,163 | ||
TOTAL ASSETS | 1,855,880 | 1,735,298 | ||
CURRENT LIABILITIES | ||||
Currently maturing long-term debt | 25,000 | 25,000 | ||
Notes Payable, Related Parties, Current | 1,838 | 1,838 | ||
Associated companies accounts payable | 34,787 | 43,222 | ||
Accounts payable | 36,811 | 43,963 | ||
Customer deposits | 28,631 | 28,493 | ||
Taxes Payable, Current | 4,424 | 4,302 | ||
Interest accrued | 5,987 | 6,916 | ||
Deferred fuel costs | 8,620 | 4,918 | ||
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 5,957 | 9,470 | ||
Other | 15,494 | 15,827 | ||
TOTAL | 167,549 | 183,949 | ||
NON-CURRENT LIABILITIES | ||||
Deferred Income Tax Liabilities, Net | 357,097 | 354,536 | ||
Accumulated deferred investment tax credits | 2,110 | 2,131 | ||
Regulatory liability for income taxes - net | 49,419 | 49,090 | ||
Decommissioning and asset retirement cost liabilities | 3,582 | 3,522 | ||
Loss Contingency Accrual | 89,465 | 88,542 | ||
Long-term debt | 640,821 | 521,539 | ||
Notes Payable, Related Parties, Noncurrent | 12,529 | 12,529 | ||
Deferred Credits and Other Liabilities | 24,543 | 21,881 | ||
TOTAL | 1,179,566 | 1,053,770 | ||
Common Shareholders' Equity: | ||||
Members' Equity | 508,765 | 497,579 | ||
TOTAL | 508,765 | 497,579 | 453,973 | 444,950 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,855,880 | 1,735,298 | ||
Entergy Texas [Member] | ||||
Cash and cash equivalents: | ||||
Cash | 30 | 25 | ||
Temporary cash investments | 159,683 | 12,904 | ||
Total cash and cash equivalents | 159,713 | 12,929 | 22,229 | 56 |
Securitization recovery trust account | 26,116 | 37,720 | ||
Accounts receivable: | ||||
Customer | 64,497 | 59,365 | ||
Allowance for doubtful accounts | (613) | (471) | ||
Associated companies | 42,628 | 24,001 | ||
Other | 7,177 | 17,050 | ||
Accrued unbilled revenues | 52,994 | 50,048 | ||
Total accounts receivable | 166,683 | 149,993 | ||
Fuel inventory - at average cost | 48,720 | 47,593 | ||
Public Utilities, Inventory | 45,647 | 46,056 | ||
Prepaid Expense and Other Assets, Current | 15,481 | 21,012 | ||
TOTAL | 462,360 | 315,303 | ||
OTHER PROPERTY AND INVESTMENTS | ||||
Investment in affiliates - at equity | 384 | 396 | ||
Non-utility property - at cost (less accumulated depreciation) | 376 | 376 | ||
Other | 20,299 | 20,077 | ||
TOTAL | 21,059 | 20,849 | ||
PROPERTY, PLANT, AND EQUIPMENT | ||||
Electric | 5,274,289 | 5,199,027 | ||
Construction work in progress | 897,690 | 760,354 | ||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 6,171,979 | 5,959,381 | ||
Less - accumulated depreciation and amortization | 1,796,382 | 1,770,852 | ||
PROPERTY, PLANT, AND EQUIPMENT - NET | 4,375,597 | 4,188,529 | ||
Regulatory assets: | ||||
Other regulatory assets | 478,339 | 512,648 | ||
Other | 45,926 | 33,393 | ||
Deferred Costs and Other Assets | 524,265 | 546,041 | ||
TOTAL ASSETS | 5,383,281 | 5,070,722 | ||
CURRENT LIABILITIES | ||||
Associated companies accounts payable | 44,446 | 58,055 | ||
Accounts payable | 156,817 | 188,460 | ||
Customer deposits | 39,774 | 40,232 | ||
Taxes Payable, Current | 29,111 | 49,708 | ||
Interest accrued | 11,612 | 18,992 | ||
Deferred fuel costs | 21,139 | 13,001 | ||
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 27,244 | 26,552 | ||
Other | 10,223 | 10,521 | ||
TOTAL | 340,366 | 405,521 | ||
NON-CURRENT LIABILITIES | ||||
Deferred Income Tax Liabilities, Net | 594,102 | 585,413 | ||
Accumulated deferred investment tax credits | 10,405 | 10,559 | ||
Regulatory liability for income taxes - net | 215,551 | 225,980 | ||
Other regulatory liabilities | 42,968 | 42,085 | ||
Decommissioning and asset retirement cost liabilities | 7,736 | 7,631 | ||
Loss Contingency Accrual | 8,113 | 8,108 | ||
Long-term debt | 2,091,130 | 1,922,956 | ||
Deferred Credits and Other Liabilities | 66,266 | 63,062 | ||
TOTAL | 3,036,271 | 2,865,794 | ||
Common Shareholders' Equity: | ||||
Common Stock, Value, Issued | 49,452 | 49,452 | ||
Additional Paid in Capital, Common Stock | 955,182 | 780,182 | ||
TOTAL | 1,971,644 | 1,764,407 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 35,000 | 35,000 | ||
Retained Earnings (Accumulated Deficit) | 967,010 | 934,773 | ||
TOTAL | 2,006,644 | 1,799,407 | 1,443,744 | 1,422,402 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,383,281 | 5,070,722 | ||
System Energy [Member] | ||||
Cash and cash equivalents: | ||||
Cash | 124 | 93 | ||
Temporary cash investments | 92,322 | 68,441 | ||
Total cash and cash equivalents | 92,446 | 68,534 | 158,301 | 95,685 |
Accounts receivable: | ||||
Associated companies | 54,693 | 121,972 | ||
Other | 10,055 | 7,547 | ||
Total accounts receivable | 64,748 | 129,519 | ||
Public Utilities, Inventory | 111,251 | 108,766 | ||
Deferred nuclear refueling outage costs | 41,878 | 14,493 | ||
Prepaid Expense and Other Assets, Current | 6,562 | 6,045 | ||
TOTAL | 316,885 | 327,357 | ||
OTHER PROPERTY AND INVESTMENTS | ||||
Decommissioning trust funds | 928,434 | 1,054,098 | ||
TOTAL | 928,434 | 1,054,098 | ||
PROPERTY, PLANT, AND EQUIPMENT | ||||
Electric | 5,095,622 | 5,070,859 | ||
Construction work in progress | 227,519 | 164,996 | ||
Nuclear fuel | 197,955 | 149,574 | ||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,521,096 | 5,385,429 | ||
Less - accumulated depreciation and amortization | 3,308,560 | 3,285,487 | ||
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,212,536 | 2,099,942 | ||
Regulatory assets: | ||||
Other regulatory assets | 493,976 | 490,083 | ||
Deferred Income Tax Assets, Net | 0 | 8,023 | ||
Other | 3,170 | 3,192 | ||
Deferred Costs and Other Assets | 497,146 | 501,298 | ||
TOTAL ASSETS | 3,955,001 | 3,982,695 | ||
CURRENT LIABILITIES | ||||
Currently maturing long-term debt | 12 | 10 | ||
Associated companies accounts payable | 9,683 | 14,619 | ||
Accounts payable | 112,284 | 64,144 | ||
Taxes Payable, Current | 10,242 | 13,832 | ||
Interest accrued | 11,792 | 11,993 | ||
Other | 3,383 | 3,381 | ||
TOTAL | 147,396 | 107,979 | ||
NON-CURRENT LIABILITIES | ||||
Deferred Income Tax Liabilities, Net | 812,055 | 821,963 | ||
Accumulated deferred investment tax credits | 39,862 | 40,181 | ||
Regulatory liability for income taxes - net | 139,529 | 142,845 | ||
Other regulatory liabilities | 401,170 | 533,415 | ||
Decommissioning and asset retirement cost liabilities | 940,886 | 931,729 | ||
Pension and other postretirement liabilities | 107,229 | 109,816 | ||
Long-term debt | 604,913 | 548,097 | ||
Deferred Credits and Other Liabilities | 35,033 | 34,602 | ||
TOTAL | 3,080,677 | 3,162,648 | ||
Common Shareholders' Equity: | ||||
Common Stock, Value, Issued | 601,850 | 601,850 | ||
Retained Earnings (Accumulated Deficit) | 125,078 | 110,218 | ||
TOTAL | 726,928 | 712,068 | $ 715,276 | $ 737,198 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,955,001 | $ 3,982,695 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securitization property | $ 212,163 | $ 239,219 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 270,035,180 | 270,035,180 |
Treasury stock, shares | 69,874,430 | 70,886,400 |
Long-term Transition Bond, Noncurrent | $ 271,391 | $ 297,981 |
Entergy Arkansas [Member] | ||
Securitization property | 0 | 1,706 |
Long-term Transition Bond, Noncurrent | 6,849 | 6,772 |
Entergy Louisiana [Member] | ||
Securitization property | 22,545 | 27,596 |
Long-term Transition Bond, Noncurrent | 33,286 | 33,220 |
Entergy New Orleans [Member] | ||
Securitization property | 46,980 | 49,542 |
Long-term Transition Bond, Noncurrent | 52,702 | 52,641 |
Entergy Texas [Member] | ||
Securitization property | $ 143,883 | $ 160,375 |
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 |
Long-term Transition Bond, Noncurrent | $ 178,555 | $ 205,349 |
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 Texas [Member] | Entergy Texas [Member]Subsidiaries Preferred Stock [Member] | Entergy Texas [Member]Paid In Capital [Member] | Entergy Texas [Member]Retained Earnings [Member] | Entergy Texas [Member]Common Stock [Member] | Entergy Mississippi [Member] | Entergy Arkansas [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member]Member's Equity [Member] | Entergy Louisiana [Member]Accumulated Other Comprehensive Income [Member] | System Energy [Member] | System Energy [Member]Retained Earnings [Member] | System Energy [Member]Common Stock [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,844,305 | $ 0 | $ 5,951,431 | $ 8,721,150 | $ (557,173) | $ 2,616 | $ (5,273,719) | $ 1,422,402 | $ 0 | $ 596,994 | $ 775,956 | $ 49,452 | $ 1,292,226 | $ 2,983,103 | $ 5,902,918 | $ 5,909,071 | $ (6,153) | $ 737,198 | $ 135,348 | $ 601,850 |
Consolidated net income | 258,646 | 4,109 | 0 | 254,537 | 0 | 0 | 0 | 21,342 | 0 | 0 | 21,342 | 0 | 15,398 | 39,121 | 127,633 | 127,633 | 0 | 23,578 | 23,578 | 0 |
Proceeds from Contributions from Parent | 0 | |||||||||||||||||||
Dividends, Common Stock, Cash | (172,591) | 0 | 0 | (172,591) | 0 | 0 | 0 | (49,000) | (49,000) | 0 | (45,500) | (45,500) | 0 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,109 | 0 | ||||||||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (4,109) | (4,109) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Other comprehensive income (loss) | 12,827 | 0 | 0 | 0 | 12,827 | 0 | 0 | (969) | 0 | (969) | ||||||||||
Common stock issuances related to stock plans | (31,289) | 0 | 31,248 | 0 | 0 | 0 | (62,537) | |||||||||||||
Other | (11) | (11) | 0 | |||||||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 50,000 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | 4,100 | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 8,970,367 | 0 | 5,920,183 | 8,809,902 | (551,152) | 2,616 | (5,211,182) | 1,443,744 | 0 | 596,994 | 797,298 | 49,452 | 1,307,624 | 3,022,224 | 5,980,571 | 5,987,693 | (7,122) | 715,276 | 113,426 | 601,850 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,258,675 | 35,000 | 6,564,436 | 9,257,609 | (446,920) | 2,700 | (5,154,150) | 1,799,407 | 35,000 | 780,182 | 934,773 | 49,452 | 1,542,151 | 3,125,937 | 6,397,118 | 6,392,556 | 4,562 | 712,068 | 110,218 | 601,850 |
Consolidated net income | 123,294 | 4,580 | 0 | 118,714 | 0 | 0 | 0 | 32,707 | 0 | 0 | 32,707 | 0 | 22,526 | 44,595 | 189,396 | 189,396 | 0 | 28,513 | 28,513 | 0 |
Proceeds from Contributions from Parent | 175,000 | 0 | 175,000 | 0 | 0 | |||||||||||||||
Dividends, Common Stock, Cash | (185,763) | 0 | 0 | (185,763) | 0 | 0 | 0 | (2,500) | (11,500) | (11,500) | 0 | (13,653) | (13,653) | 0 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,580 | 4,580 | 0 | 0 | 0 | 0 | 0 | 470 | ||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (4,763) | (653) | ||||||||||||||||||
Other comprehensive income (loss) | 47,933 | 0 | 0 | 0 | 47,933 | 0 | 0 | 9,467 | 0 | 9,467 | ||||||||||
Common stock issuances related to stock plans | (19,827) | 0 | 53,753 | 0 | 0 | 0 | (73,580) | |||||||||||||
Other | (10) | (10) | 0 | |||||||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 0 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | 4,100 | 470 | 0 | 0 | 470 | 0 | ||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 10,258,967 | $ 35,000 | $ 6,510,683 | $ 9,190,141 | $ (398,987) | $ 2,700 | $ (5,080,570) | $ 2,006,644 | $ 35,000 | $ 955,182 | $ 967,010 | $ 49,452 | $ 1,562,177 | $ 3,170,532 | $ 6,584,471 | $ 6,570,442 | $ 14,029 | $ 726,928 | $ 125,078 | $ 601,850 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 123,294 | $ 258,646 |
Other comprehensive income (loss) | ||
Cash flow hedges net unrealized gain (loss) | (21,710) | (12,426) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 53,899 | 11,550 |
Net unrealized investment gains | 15,744 | 13,703 |
Other comprehensive income (loss) | 47,933 | 12,827 |
Total comprehensive income | 171,227 | 271,473 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,580 | 4,109 |
Comprehensive Income Attributable to Entergy Corporation | 166,647 | 267,364 |
Entergy Louisiana [Member] | ||
Net income | 189,396 | 127,633 |
Other comprehensive income (loss) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 9,467 | (969) |
Other comprehensive income (loss) | 9,467 | (969) |
Total comprehensive income | $ 198,863 | $ 126,664 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ (5,777) | $ (5,352) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 15,076 | 3,249 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 8,743 | 8,073 |
Entergy Louisiana [Member] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 3,340 | $ (342) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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. 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. 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. Non-Nuclear 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. Grand Gulf-Related Agreements |
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. 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. 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. Non-Nuclear 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. Grand Gulf-Related Agreements |
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. 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. 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. Non-Nuclear 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. Grand Gulf-Related Agreements |
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. 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. 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. Non-Nuclear 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. Grand Gulf-Related Agreements |
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. 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. 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. Non-Nuclear 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. Grand Gulf-Related Agreements |
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. 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. 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. Non-Nuclear 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. Grand Gulf-Related Agreements |
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. 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. 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. Non-Nuclear 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. Grand Gulf-Related Agreements |
Rate And Regulatory Matters
Rate And Regulatory Matters | 3 Months Ended |
Mar. 31, 2020 | |
Rate and Regulatory Matters | 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. Regulatory activity regarding the Tax Cuts and Jobs Act System Energy In a filing made with the FERC in March 2018, Entergy proposed revisions to the Unit Power Sales Agreement, among other agreements, to reflect the effects of the Tax Act. In the filing System Energy proposed to return all of its unprotected excess accumulated deferred income taxes to its customers by the end of 2018. In May 2018 the FERC accepted System Energy’s proposed tax revisions with an effective date of June 1, 2018, subject to refund and the outcome of settlement and hearing procedures. Settlement discussions were terminated in April 2019, and the hearing was held in March 2020. The retail regulators of the Utility operating companies that are parties to the Unit Power Sales Agreement are challenging the treatment and amount of excess tax liabilities associated with uncertain tax positions related to nuclear decommissioning. The initial decision is due in July 2020. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2020, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01462 per kWh to $0.01052 per kWh. The redetermined rate became effective with the first billing cycle in April 2020 through the normal operation of the tariff. Entergy Louisiana In March 2020 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2016 through 2019. Discovery has not yet commenced. Entergy Texas In September 2019, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period from April 2016 through March 2019. During the reconciliation period, Entergy Texas incurred approximately $1.6 billion in Texas jurisdictional eligible fuel and purchased power expenses, net of certain revenues credited to such expenses and other adjustments. Entergy Texas estimated an under-recovery balance of approximately $25.8 million , including interest, which Entergy Texas requested authority to carry over as the beginning balance for the subsequent reconciliation period beginning April 2019. In March 2020 an intervenor filed testimony proposing that the PUCT disallow: (1) $2 million in replacement power costs associated with generation outages during the reconciliation period; and (2) $24.4 million associated with the operation of the Spindletop natural gas storage facility during the reconciliation period. In April 2020, Entergy Texas filed rebuttal testimony refuting all points raised by the intervenor. A hearing on the merits is currently set for May 2020. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2018 Formula Rate Plan Filing Commercial operation at Lake Charles Power Station commenced in March 2020. In March 2020, Entergy Louisiana filed an update to its 2018 formula rate plan evaluation report to include the estimated first-year revenue requirement of $108 million associated with the Lake Charles Power Station. The resulting interim adjustment to rates became effective with the first billing cycle of April 2020. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan Filing In March 2020, Entergy Mississippi submitted its formula rate plan 2020 test year filing and 2019 look-back filing showing Entergy Mississippi’s earned return for the historical 2019 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2020 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $24.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.51% return on rate base, within the formula rate plan bandwidth. The 2019 look-back filing compares actual 2019 results to the approved benchmark return on rate base and reflects the need for a $7.3 million interim increase in formula rate plan revenues. In accordance with the MPSC-approved revisions to the formula rate plan, Entergy Mississippi implemented a $24.3 million interim rate increase, reflecting a cap equal to 2% of 2019 retail revenues, effective with the April 2020 billing cycle, subject to refund, pending a final MPSC order. A final order is expected in the second quarter 2020, with the resulting final rates, including amounts above the 2% cap of 2019 retail revenues, effective July 2020. Filings with the City Council (Entergy New Orleans) Energy Efficiency As discussed in the Form 10-K, in December 2019, Entergy New Orleans filed an application with the City Council seeking approval of an implementation plan for the Energy Smart energy efficiency program from April 2020 through December 2022. Entergy New Orleans proposed to recover the costs of the program through mechanisms previously approved by the City Council or through the energy efficiency cost recovery rider, which was approved in the 2018 combined rate case resolution. In February 2020 the City Council approved Entergy New Orleans’s application. 2018 Base Rate Case Filing See the Form 10-K for discussion of the electric and gas base rate case filed in September 2018. In response to the City Council’s November 2019 resolution in the rate case, Entergy New Orleans made a compliance filing in December 2019 and also filed timely a petition for appeal and judicial review and for stay of or injunctive relief alleging that the resolution is unlawful in failing to produce just and reasonable rates. A hearing on the requested injunction was scheduled in Civil District Court for February 2020, but by joint motion of the City Council and Entergy New Orleans, the Civil District Court issued an order for a limited remand to the City Council to consider a potential agreement in principle/stipulation at its February 20, 2020 meeting. On February 17, 2020, Entergy New Orleans filed with the City Council an agreement in principle between Entergy New Orleans and the City Council’s advisors. On February 20, 2020, the City Council voted to approve the proposed agreement in principle and issued a resolution modifying the required treatment of certain accumulated deferred income taxes. As a result of the agreement in principle, the total annual revenue requirement reduction will be approximately $45 million ( $42 million electric, including $29 million in rider reductions; and $3 million gas). As a result, Entergy New Orleans fully implemented the new rates in April 2020. The merits of the appeal will be subject to a separate procedural schedule issued by the Civil District Court. 2020 Formula Rate Plan Filing In April 2020, Entergy New Orleans filed a motion with the City Council to delay its formula rate plan filing until June 2020. In May 2020 the City Council issued an order extending the filing deadline for Entergy New Orleans’s formula rate plan filing to June 29, 2020. Filings with the PUCT (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider In March 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect approximately $23.6 million annually, or $20.4 million in incremental annual DCRF revenue beyond Entergy Texas’s currently effective DCRF rider from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2019 and December 31, 2019. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in August 2019, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The new TCRF rider is designed to collect approximately $19.4 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and June 30, 2019. In January 2020 the PUCT issued an order approving an unopposed settlement providing for recovery of the requested revenue requirement. Entergy Texas implemented the amended rider beginning with bills covering usage on and after January 23, 2020. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates Consolidated 2011, 2012, 2013, and 2014 Rate Filing Proceedings As discussed in the Form 10-K, in April 2018 the LPSC requested rehearing of the FERC’s March 2018 order affirming the ALJ’s initial decision in the consolidated proceedings. Entergy filed in May 2018 the bandwidth true-up payments and receipts for the 2011-2014 rate filings and the payments were made in May 2018. In April 2020 the FERC issued an order partially granting the LPSC’s rehearing request. In the order the FERC reversed its prior finding and determined that the tax gain portion of the Waterford 3 financing accumulated deferred income tax should be included in the bandwidth calculation. The order requires Entergy Services to redetermine bandwidth true-up payments and receipts for the 2010-2012 test years. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, the FERC’s opportunity sales orders have been appealed to the D.C. Circuit by Entergy, the LPSC, and the APSC. In February 2020 all of the appeals were consolidated and in April 2020 the D.C. Circuit established a briefing schedule. Briefing will occur in May 2020 through September 2020. Also as discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application with the APSC requesting approval of a special rider tariff to recover the costs of its opportunity sales payments from its retail customers over a 24-month period. In January 2020 the Attorney General and Arkansas Electric Energy Consumers, Inc. filed testimony opposing the recovery by Entergy Arkansas of the opportunity sales payment but also claiming that certain components of the payment should be segregated and refunded to customers. In March 2020, Entergy Arkansas filed rebuttal testimony. Also in March 2020, Entergy Arkansas, the APSC staff, and the Arkansas Electric Energy Consumers, Inc. filed a joint motion asking the APSC to issue a final decision based on the record in the proceeding and cancel the April 2020 evidentiary hearing. The Arkansas Attorney General did not oppose the request, which was granted by the APSC in March 2020. A final decision is expected in July 2020. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in November 2019, in a proceeding that did not involve Entergy, the FERC issued an order addressing the methodology for determining the return on equity applicable to transmission owners in MISO. Thereafter, the participants in the System Energy proceeding agreed to amend the procedural schedule to allow the participants to file supplemental testimony addressing the order in the MISO transmission owner proceeding (Opinion No. 569). In February 2020 the LPSC, the MPSC and APSC, and the FERC trial staff filed supplemental testimony addressing Opinion No. 569 and how it would affect the return on equity evaluation for the two complaint periods concerning System Energy. For the first refund period, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 8.44% ; the MPSC and APSC argue for an authorized return on equity of 8.41% ; and the FERC trial staff argues for an authorized return on equity of 9.22% . For the second refund period and on a prospective basis, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 7.89% ; the MPSC and APSC argue that an authorized return on equity of 8.01% may be appropriate; and the FERC trial staff argues for an authorized return on equity of 8.66% . In April 2020, System Energy filed supplemental answering testimony addressing Opinion No. 569. System Energy argues that the Opinion No. 569 methodology is conceptually and analytically defective for purposes of establishing just and reasonable authorized return on equity determinations and proposes an alternative approach. As its primary recommendation, System Energy continues to support the return on equity determinations in its March 2019 testimony for the first refund period and its June 2019 testimony for the second refund period. Under the Opinion No. 569 methodology, System Energy calculates a “presumptively just and reasonable range” for the authorized return on equity for the first refund period of 8.57% to 9.52% , and for the second refund period of 8.28% to 9.11% . System Energy argues that these ranges are not just and reasonable results. Under its proposed alternative methodology, System Energy calculates an authorized return on equity of 10.26% for the first refund period, which also falls within the presumptively just and reasonable range calculated for the second refund period and prospectively. The schedule was further revised in March 2020, and rebuttal testimony addressing Opinion No. 569 is due in June 2020; the hearing in the System Energy proceeding will commence in August 2020; and the initial decision will be due in December 2020. Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC, and City Council filed direct testimony. The LPSC testimony sought refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions, and the cost of capital additions associated with the sale-leaseback interest, as well as interest on those amounts. In June 2019 System Energy filed answering testimony arguing that the FERC should reject all claims for refunds. Among other things, System Energy argued that claims for refunds of the costs of lease renewal payments and capital additions should be rejected because those costs were recovered consistent with the Unit Power Sales Agreement formula rate, System Energy was not over or double recovering any costs, and customers will save costs over the initial and renewal terms of the leases. System Energy argued that claims for refunds associated with liabilities arising from uncertain tax positions should be rejected because the liabilities do not provide cost-free capital, the repayment timing of the liabilities is uncertain, and the outcome of the underlying tax positions is uncertain. System Energy’s testimony also challenged the refund calculations supplied by the other parties. In August 2019 the FERC trial staff filed direct and answering testimony seeking refunds for rate base reductions for the liabilities associated with uncertain tax positions. The FERC trial staff also argued that System Energy recovered $32 million more than it should have in depreciation expense for capital additions. In September 2019, System Energy filed cross-answering testimony disputing the FERC trial staff’s arguments for refunds, stating that the FERC trial staff’s position regarding depreciation rates for capital additions is not unreasonable, but explaining that any change in depreciation expense is only one element of a Unit Power Sales Agreement re-billing calculation. Adjustments to depreciation expense in any re-billing under the Unit Power Sales Agreement formula rate will also involve changes to accumulated depreciation, accumulated deferred income taxes, and other formula elements as needed. In October 2019 the LPSC filed rebuttal testimony increasing the amount of refunds sought for the liabilities associated with uncertain tax positions. The LPSC now seeks approximately $512 million , plus interest, which is approximately $170 million through March 31, 2020. The FERC trial staff also filed rebuttal testimony in which it seeks refunds of a similar amount as the LPSC for the liabilities associated with uncertain tax positions. The LPSC testimony also argued that adjustments to depreciation rates should affect rate base on a prospective basis only. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energy’s recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million . The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and System Energy’s rate base should have been reduced for those liabilities. If the ALJ’s initial decision is upheld, the estimated refund for this issue through March 31, 2020, is approximately $397 million , plus interest, which is approximately $96 million through March 31, 2020. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $18 million , which includes interest through March 31, 2020. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. System Energy plans to file briefs on exceptions to the FERC, re-urging its positions and requesting the reversal of many of the findings in the ALJ’s initial decision, including the lease renewal and uncertain tax position issues. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. Briefs on exceptions from all parties are scheduled for June 2020, and briefs opposing exceptions are scheduled for September 2020. The FERC will then review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJ’s initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. |
Entergy Arkansas [Member] | |
Rate and Regulatory Matters | 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. Regulatory activity regarding the Tax Cuts and Jobs Act System Energy In a filing made with the FERC in March 2018, Entergy proposed revisions to the Unit Power Sales Agreement, among other agreements, to reflect the effects of the Tax Act. In the filing System Energy proposed to return all of its unprotected excess accumulated deferred income taxes to its customers by the end of 2018. In May 2018 the FERC accepted System Energy’s proposed tax revisions with an effective date of June 1, 2018, subject to refund and the outcome of settlement and hearing procedures. Settlement discussions were terminated in April 2019, and the hearing was held in March 2020. The retail regulators of the Utility operating companies that are parties to the Unit Power Sales Agreement are challenging the treatment and amount of excess tax liabilities associated with uncertain tax positions related to nuclear decommissioning. The initial decision is due in July 2020. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2020, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01462 per kWh to $0.01052 per kWh. The redetermined rate became effective with the first billing cycle in April 2020 through the normal operation of the tariff. Entergy Louisiana In March 2020 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2016 through 2019. Discovery has not yet commenced. Entergy Texas In September 2019, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period from April 2016 through March 2019. During the reconciliation period, Entergy Texas incurred approximately $1.6 billion in Texas jurisdictional eligible fuel and purchased power expenses, net of certain revenues credited to such expenses and other adjustments. Entergy Texas estimated an under-recovery balance of approximately $25.8 million , including interest, which Entergy Texas requested authority to carry over as the beginning balance for the subsequent reconciliation period beginning April 2019. In March 2020 an intervenor filed testimony proposing that the PUCT disallow: (1) $2 million in replacement power costs associated with generation outages during the reconciliation period; and (2) $24.4 million associated with the operation of the Spindletop natural gas storage facility during the reconciliation period. In April 2020, Entergy Texas filed rebuttal testimony refuting all points raised by the intervenor. A hearing on the merits is currently set for May 2020. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2018 Formula Rate Plan Filing Commercial operation at Lake Charles Power Station commenced in March 2020. In March 2020, Entergy Louisiana filed an update to its 2018 formula rate plan evaluation report to include the estimated first-year revenue requirement of $108 million associated with the Lake Charles Power Station. The resulting interim adjustment to rates became effective with the first billing cycle of April 2020. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan Filing In March 2020, Entergy Mississippi submitted its formula rate plan 2020 test year filing and 2019 look-back filing showing Entergy Mississippi’s earned return for the historical 2019 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2020 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $24.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.51% return on rate base, within the formula rate plan bandwidth. The 2019 look-back filing compares actual 2019 results to the approved benchmark return on rate base and reflects the need for a $7.3 million interim increase in formula rate plan revenues. In accordance with the MPSC-approved revisions to the formula rate plan, Entergy Mississippi implemented a $24.3 million interim rate increase, reflecting a cap equal to 2% of 2019 retail revenues, effective with the April 2020 billing cycle, subject to refund, pending a final MPSC order. A final order is expected in the second quarter 2020, with the resulting final rates, including amounts above the 2% cap of 2019 retail revenues, effective July 2020. Filings with the City Council (Entergy New Orleans) Energy Efficiency As discussed in the Form 10-K, in December 2019, Entergy New Orleans filed an application with the City Council seeking approval of an implementation plan for the Energy Smart energy efficiency program from April 2020 through December 2022. Entergy New Orleans proposed to recover the costs of the program through mechanisms previously approved by the City Council or through the energy efficiency cost recovery rider, which was approved in the 2018 combined rate case resolution. In February 2020 the City Council approved Entergy New Orleans’s application. 2018 Base Rate Case Filing See the Form 10-K for discussion of the electric and gas base rate case filed in September 2018. In response to the City Council’s November 2019 resolution in the rate case, Entergy New Orleans made a compliance filing in December 2019 and also filed timely a petition for appeal and judicial review and for stay of or injunctive relief alleging that the resolution is unlawful in failing to produce just and reasonable rates. A hearing on the requested injunction was scheduled in Civil District Court for February 2020, but by joint motion of the City Council and Entergy New Orleans, the Civil District Court issued an order for a limited remand to the City Council to consider a potential agreement in principle/stipulation at its February 20, 2020 meeting. On February 17, 2020, Entergy New Orleans filed with the City Council an agreement in principle between Entergy New Orleans and the City Council’s advisors. On February 20, 2020, the City Council voted to approve the proposed agreement in principle and issued a resolution modifying the required treatment of certain accumulated deferred income taxes. As a result of the agreement in principle, the total annual revenue requirement reduction will be approximately $45 million ( $42 million electric, including $29 million in rider reductions; and $3 million gas). As a result, Entergy New Orleans fully implemented the new rates in April 2020. The merits of the appeal will be subject to a separate procedural schedule issued by the Civil District Court. 2020 Formula Rate Plan Filing In April 2020, Entergy New Orleans filed a motion with the City Council to delay its formula rate plan filing until June 2020. In May 2020 the City Council issued an order extending the filing deadline for Entergy New Orleans’s formula rate plan filing to June 29, 2020. Filings with the PUCT (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider In March 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect approximately $23.6 million annually, or $20.4 million in incremental annual DCRF revenue beyond Entergy Texas’s currently effective DCRF rider from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2019 and December 31, 2019. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in August 2019, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The new TCRF rider is designed to collect approximately $19.4 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and June 30, 2019. In January 2020 the PUCT issued an order approving an unopposed settlement providing for recovery of the requested revenue requirement. Entergy Texas implemented the amended rider beginning with bills covering usage on and after January 23, 2020. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates Consolidated 2011, 2012, 2013, and 2014 Rate Filing Proceedings As discussed in the Form 10-K, in April 2018 the LPSC requested rehearing of the FERC’s March 2018 order affirming the ALJ’s initial decision in the consolidated proceedings. Entergy filed in May 2018 the bandwidth true-up payments and receipts for the 2011-2014 rate filings and the payments were made in May 2018. In April 2020 the FERC issued an order partially granting the LPSC’s rehearing request. In the order the FERC reversed its prior finding and determined that the tax gain portion of the Waterford 3 financing accumulated deferred income tax should be included in the bandwidth calculation. The order requires Entergy Services to redetermine bandwidth true-up payments and receipts for the 2010-2012 test years. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, the FERC’s opportunity sales orders have been appealed to the D.C. Circuit by Entergy, the LPSC, and the APSC. In February 2020 all of the appeals were consolidated and in April 2020 the D.C. Circuit established a briefing schedule. Briefing will occur in May 2020 through September 2020. Also as discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application with the APSC requesting approval of a special rider tariff to recover the costs of its opportunity sales payments from its retail customers over a 24-month period. In January 2020 the Attorney General and Arkansas Electric Energy Consumers, Inc. filed testimony opposing the recovery by Entergy Arkansas of the opportunity sales payment but also claiming that certain components of the payment should be segregated and refunded to customers. In March 2020, Entergy Arkansas filed rebuttal testimony. Also in March 2020, Entergy Arkansas, the APSC staff, and the Arkansas Electric Energy Consumers, Inc. filed a joint motion asking the APSC to issue a final decision based on the record in the proceeding and cancel the April 2020 evidentiary hearing. The Arkansas Attorney General did not oppose the request, which was granted by the APSC in March 2020. A final decision is expected in July 2020. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in November 2019, in a proceeding that did not involve Entergy, the FERC issued an order addressing the methodology for determining the return on equity applicable to transmission owners in MISO. Thereafter, the participants in the System Energy proceeding agreed to amend the procedural schedule to allow the participants to file supplemental testimony addressing the order in the MISO transmission owner proceeding (Opinion No. 569). In February 2020 the LPSC, the MPSC and APSC, and the FERC trial staff filed supplemental testimony addressing Opinion No. 569 and how it would affect the return on equity evaluation for the two complaint periods concerning System Energy. For the first refund period, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 8.44% ; the MPSC and APSC argue for an authorized return on equity of 8.41% ; and the FERC trial staff argues for an authorized return on equity of 9.22% . For the second refund period and on a prospective basis, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 7.89% ; the MPSC and APSC argue that an authorized return on equity of 8.01% may be appropriate; and the FERC trial staff argues for an authorized return on equity of 8.66% . In April 2020, System Energy filed supplemental answering testimony addressing Opinion No. 569. System Energy argues that the Opinion No. 569 methodology is conceptually and analytically defective for purposes of establishing just and reasonable authorized return on equity determinations and proposes an alternative approach. As its primary recommendation, System Energy continues to support the return on equity determinations in its March 2019 testimony for the first refund period and its June 2019 testimony for the second refund period. Under the Opinion No. 569 methodology, System Energy calculates a “presumptively just and reasonable range” for the authorized return on equity for the first refund period of 8.57% to 9.52% , and for the second refund period of 8.28% to 9.11% . System Energy argues that these ranges are not just and reasonable results. Under its proposed alternative methodology, System Energy calculates an authorized return on equity of 10.26% for the first refund period, which also falls within the presumptively just and reasonable range calculated for the second refund period and prospectively. The schedule was further revised in March 2020, and rebuttal testimony addressing Opinion No. 569 is due in June 2020; the hearing in the System Energy proceeding will commence in August 2020; and the initial decision will be due in December 2020. Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC, and City Council filed direct testimony. The LPSC testimony sought refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions, and the cost of capital additions associated with the sale-leaseback interest, as well as interest on those amounts. In June 2019 System Energy filed answering testimony arguing that the FERC should reject all claims for refunds. Among other things, System Energy argued that claims for refunds of the costs of lease renewal payments and capital additions should be rejected because those costs were recovered consistent with the Unit Power Sales Agreement formula rate, System Energy was not over or double recovering any costs, and customers will save costs over the initial and renewal terms of the leases. System Energy argued that claims for refunds associated with liabilities arising from uncertain tax positions should be rejected because the liabilities do not provide cost-free capital, the repayment timing of the liabilities is uncertain, and the outcome of the underlying tax positions is uncertain. System Energy’s testimony also challenged the refund calculations supplied by the other parties. In August 2019 the FERC trial staff filed direct and answering testimony seeking refunds for rate base reductions for the liabilities associated with uncertain tax positions. The FERC trial staff also argued that System Energy recovered $32 million more than it should have in depreciation expense for capital additions. In September 2019, System Energy filed cross-answering testimony disputing the FERC trial staff’s arguments for refunds, stating that the FERC trial staff’s position regarding depreciation rates for capital additions is not unreasonable, but explaining that any change in depreciation expense is only one element of a Unit Power Sales Agreement re-billing calculation. Adjustments to depreciation expense in any re-billing under the Unit Power Sales Agreement formula rate will also involve changes to accumulated depreciation, accumulated deferred income taxes, and other formula elements as needed. In October 2019 the LPSC filed rebuttal testimony increasing the amount of refunds sought for the liabilities associated with uncertain tax positions. The LPSC now seeks approximately $512 million , plus interest, which is approximately $170 million through March 31, 2020. The FERC trial staff also filed rebuttal testimony in which it seeks refunds of a similar amount as the LPSC for the liabilities associated with uncertain tax positions. The LPSC testimony also argued that adjustments to depreciation rates should affect rate base on a prospective basis only. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energy’s recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million . The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and System Energy’s rate base should have been reduced for those liabilities. If the ALJ’s initial decision is upheld, the estimated refund for this issue through March 31, 2020, is approximately $397 million , plus interest, which is approximately $96 million through March 31, 2020. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $18 million , which includes interest through March 31, 2020. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. System Energy plans to file briefs on exceptions to the FERC, re-urging its positions and requesting the reversal of many of the findings in the ALJ’s initial decision, including the lease renewal and uncertain tax position issues. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. Briefs on exceptions from all parties are scheduled for June 2020, and briefs opposing exceptions are scheduled for September 2020. The FERC will then review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJ’s initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. |
Entergy Louisiana [Member] | |
Rate and Regulatory Matters | 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. Regulatory activity regarding the Tax Cuts and Jobs Act System Energy In a filing made with the FERC in March 2018, Entergy proposed revisions to the Unit Power Sales Agreement, among other agreements, to reflect the effects of the Tax Act. In the filing System Energy proposed to return all of its unprotected excess accumulated deferred income taxes to its customers by the end of 2018. In May 2018 the FERC accepted System Energy’s proposed tax revisions with an effective date of June 1, 2018, subject to refund and the outcome of settlement and hearing procedures. Settlement discussions were terminated in April 2019, and the hearing was held in March 2020. The retail regulators of the Utility operating companies that are parties to the Unit Power Sales Agreement are challenging the treatment and amount of excess tax liabilities associated with uncertain tax positions related to nuclear decommissioning. The initial decision is due in July 2020. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2020, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01462 per kWh to $0.01052 per kWh. The redetermined rate became effective with the first billing cycle in April 2020 through the normal operation of the tariff. Entergy Louisiana In March 2020 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2016 through 2019. Discovery has not yet commenced. Entergy Texas In September 2019, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period from April 2016 through March 2019. During the reconciliation period, Entergy Texas incurred approximately $1.6 billion in Texas jurisdictional eligible fuel and purchased power expenses, net of certain revenues credited to such expenses and other adjustments. Entergy Texas estimated an under-recovery balance of approximately $25.8 million , including interest, which Entergy Texas requested authority to carry over as the beginning balance for the subsequent reconciliation period beginning April 2019. In March 2020 an intervenor filed testimony proposing that the PUCT disallow: (1) $2 million in replacement power costs associated with generation outages during the reconciliation period; and (2) $24.4 million associated with the operation of the Spindletop natural gas storage facility during the reconciliation period. In April 2020, Entergy Texas filed rebuttal testimony refuting all points raised by the intervenor. A hearing on the merits is currently set for May 2020. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2018 Formula Rate Plan Filing Commercial operation at Lake Charles Power Station commenced in March 2020. In March 2020, Entergy Louisiana filed an update to its 2018 formula rate plan evaluation report to include the estimated first-year revenue requirement of $108 million associated with the Lake Charles Power Station. The resulting interim adjustment to rates became effective with the first billing cycle of April 2020. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan Filing In March 2020, Entergy Mississippi submitted its formula rate plan 2020 test year filing and 2019 look-back filing showing Entergy Mississippi’s earned return for the historical 2019 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2020 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $24.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.51% return on rate base, within the formula rate plan bandwidth. The 2019 look-back filing compares actual 2019 results to the approved benchmark return on rate base and reflects the need for a $7.3 million interim increase in formula rate plan revenues. In accordance with the MPSC-approved revisions to the formula rate plan, Entergy Mississippi implemented a $24.3 million interim rate increase, reflecting a cap equal to 2% of 2019 retail revenues, effective with the April 2020 billing cycle, subject to refund, pending a final MPSC order. A final order is expected in the second quarter 2020, with the resulting final rates, including amounts above the 2% cap of 2019 retail revenues, effective July 2020. Filings with the City Council (Entergy New Orleans) Energy Efficiency As discussed in the Form 10-K, in December 2019, Entergy New Orleans filed an application with the City Council seeking approval of an implementation plan for the Energy Smart energy efficiency program from April 2020 through December 2022. Entergy New Orleans proposed to recover the costs of the program through mechanisms previously approved by the City Council or through the energy efficiency cost recovery rider, which was approved in the 2018 combined rate case resolution. In February 2020 the City Council approved Entergy New Orleans’s application. 2018 Base Rate Case Filing See the Form 10-K for discussion of the electric and gas base rate case filed in September 2018. In response to the City Council’s November 2019 resolution in the rate case, Entergy New Orleans made a compliance filing in December 2019 and also filed timely a petition for appeal and judicial review and for stay of or injunctive relief alleging that the resolution is unlawful in failing to produce just and reasonable rates. A hearing on the requested injunction was scheduled in Civil District Court for February 2020, but by joint motion of the City Council and Entergy New Orleans, the Civil District Court issued an order for a limited remand to the City Council to consider a potential agreement in principle/stipulation at its February 20, 2020 meeting. On February 17, 2020, Entergy New Orleans filed with the City Council an agreement in principle between Entergy New Orleans and the City Council’s advisors. On February 20, 2020, the City Council voted to approve the proposed agreement in principle and issued a resolution modifying the required treatment of certain accumulated deferred income taxes. As a result of the agreement in principle, the total annual revenue requirement reduction will be approximately $45 million ( $42 million electric, including $29 million in rider reductions; and $3 million gas). As a result, Entergy New Orleans fully implemented the new rates in April 2020. The merits of the appeal will be subject to a separate procedural schedule issued by the Civil District Court. 2020 Formula Rate Plan Filing In April 2020, Entergy New Orleans filed a motion with the City Council to delay its formula rate plan filing until June 2020. In May 2020 the City Council issued an order extending the filing deadline for Entergy New Orleans’s formula rate plan filing to June 29, 2020. Filings with the PUCT (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider In March 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect approximately $23.6 million annually, or $20.4 million in incremental annual DCRF revenue beyond Entergy Texas’s currently effective DCRF rider from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2019 and December 31, 2019. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in August 2019, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The new TCRF rider is designed to collect approximately $19.4 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and June 30, 2019. In January 2020 the PUCT issued an order approving an unopposed settlement providing for recovery of the requested revenue requirement. Entergy Texas implemented the amended rider beginning with bills covering usage on and after January 23, 2020. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates Consolidated 2011, 2012, 2013, and 2014 Rate Filing Proceedings As discussed in the Form 10-K, in April 2018 the LPSC requested rehearing of the FERC’s March 2018 order affirming the ALJ’s initial decision in the consolidated proceedings. Entergy filed in May 2018 the bandwidth true-up payments and receipts for the 2011-2014 rate filings and the payments were made in May 2018. In April 2020 the FERC issued an order partially granting the LPSC’s rehearing request. In the order the FERC reversed its prior finding and determined that the tax gain portion of the Waterford 3 financing accumulated deferred income tax should be included in the bandwidth calculation. The order requires Entergy Services to redetermine bandwidth true-up payments and receipts for the 2010-2012 test years. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, the FERC’s opportunity sales orders have been appealed to the D.C. Circuit by Entergy, the LPSC, and the APSC. In February 2020 all of the appeals were consolidated and in April 2020 the D.C. Circuit established a briefing schedule. Briefing will occur in May 2020 through September 2020. Also as discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application with the APSC requesting approval of a special rider tariff to recover the costs of its opportunity sales payments from its retail customers over a 24-month period. In January 2020 the Attorney General and Arkansas Electric Energy Consumers, Inc. filed testimony opposing the recovery by Entergy Arkansas of the opportunity sales payment but also claiming that certain components of the payment should be segregated and refunded to customers. In March 2020, Entergy Arkansas filed rebuttal testimony. Also in March 2020, Entergy Arkansas, the APSC staff, and the Arkansas Electric Energy Consumers, Inc. filed a joint motion asking the APSC to issue a final decision based on the record in the proceeding and cancel the April 2020 evidentiary hearing. The Arkansas Attorney General did not oppose the request, which was granted by the APSC in March 2020. A final decision is expected in July 2020. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in November 2019, in a proceeding that did not involve Entergy, the FERC issued an order addressing the methodology for determining the return on equity applicable to transmission owners in MISO. Thereafter, the participants in the System Energy proceeding agreed to amend the procedural schedule to allow the participants to file supplemental testimony addressing the order in the MISO transmission owner proceeding (Opinion No. 569). In February 2020 the LPSC, the MPSC and APSC, and the FERC trial staff filed supplemental testimony addressing Opinion No. 569 and how it would affect the return on equity evaluation for the two complaint periods concerning System Energy. For the first refund period, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 8.44% ; the MPSC and APSC argue for an authorized return on equity of 8.41% ; and the FERC trial staff argues for an authorized return on equity of 9.22% . For the second refund period and on a prospective basis, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 7.89% ; the MPSC and APSC argue that an authorized return on equity of 8.01% may be appropriate; and the FERC trial staff argues for an authorized return on equity of 8.66% . In April 2020, System Energy filed supplemental answering testimony addressing Opinion No. 569. System Energy argues that the Opinion No. 569 methodology is conceptually and analytically defective for purposes of establishing just and reasonable authorized return on equity determinations and proposes an alternative approach. As its primary recommendation, System Energy continues to support the return on equity determinations in its March 2019 testimony for the first refund period and its June 2019 testimony for the second refund period. Under the Opinion No. 569 methodology, System Energy calculates a “presumptively just and reasonable range” for the authorized return on equity for the first refund period of 8.57% to 9.52% , and for the second refund period of 8.28% to 9.11% . System Energy argues that these ranges are not just and reasonable results. Under its proposed alternative methodology, System Energy calculates an authorized return on equity of 10.26% for the first refund period, which also falls within the presumptively just and reasonable range calculated for the second refund period and prospectively. The schedule was further revised in March 2020, and rebuttal testimony addressing Opinion No. 569 is due in June 2020; the hearing in the System Energy proceeding will commence in August 2020; and the initial decision will be due in December 2020. Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC, and City Council filed direct testimony. The LPSC testimony sought refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions, and the cost of capital additions associated with the sale-leaseback interest, as well as interest on those amounts. In June 2019 System Energy filed answering testimony arguing that the FERC should reject all claims for refunds. Among other things, System Energy argued that claims for refunds of the costs of lease renewal payments and capital additions should be rejected because those costs were recovered consistent with the Unit Power Sales Agreement formula rate, System Energy was not over or double recovering any costs, and customers will save costs over the initial and renewal terms of the leases. System Energy argued that claims for refunds associated with liabilities arising from uncertain tax positions should be rejected because the liabilities do not provide cost-free capital, the repayment timing of the liabilities is uncertain, and the outcome of the underlying tax positions is uncertain. System Energy’s testimony also challenged the refund calculations supplied by the other parties. In August 2019 the FERC trial staff filed direct and answering testimony seeking refunds for rate base reductions for the liabilities associated with uncertain tax positions. The FERC trial staff also argued that System Energy recovered $32 million more than it should have in depreciation expense for capital additions. In September 2019, System Energy filed cross-answering testimony disputing the FERC trial staff’s arguments for refunds, stating that the FERC trial staff’s position regarding depreciation rates for capital additions is not unreasonable, but explaining that any change in depreciation expense is only one element of a Unit Power Sales Agreement re-billing calculation. Adjustments to depreciation expense in any re-billing under the Unit Power Sales Agreement formula rate will also involve changes to accumulated depreciation, accumulated deferred income taxes, and other formula elements as needed. In October 2019 the LPSC filed rebuttal testimony increasing the amount of refunds sought for the liabilities associated with uncertain tax positions. The LPSC now seeks approximately $512 million , plus interest, which is approximately $170 million through March 31, 2020. The FERC trial staff also filed rebuttal testimony in which it seeks refunds of a similar amount as the LPSC for the liabilities associated with uncertain tax positions. The LPSC testimony also argued that adjustments to depreciation rates should affect rate base on a prospective basis only. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energy’s recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million . The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and System Energy’s rate base should have been reduced for those liabilities. If the ALJ’s initial decision is upheld, the estimated refund for this issue through March 31, 2020, is approximately $397 million , plus interest, which is approximately $96 million through March 31, 2020. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $18 million , which includes interest through March 31, 2020. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. System Energy plans to file briefs on exceptions to the FERC, re-urging its positions and requesting the reversal of many of the findings in the ALJ’s initial decision, including the lease renewal and uncertain tax position issues. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. Briefs on exceptions from all parties are scheduled for June 2020, and briefs opposing exceptions are scheduled for September 2020. The FERC will then review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJ’s initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. |
Entergy Mississippi [Member] | |
Rate and Regulatory Matters | 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. Regulatory activity regarding the Tax Cuts and Jobs Act System Energy In a filing made with the FERC in March 2018, Entergy proposed revisions to the Unit Power Sales Agreement, among other agreements, to reflect the effects of the Tax Act. In the filing System Energy proposed to return all of its unprotected excess accumulated deferred income taxes to its customers by the end of 2018. In May 2018 the FERC accepted System Energy’s proposed tax revisions with an effective date of June 1, 2018, subject to refund and the outcome of settlement and hearing procedures. Settlement discussions were terminated in April 2019, and the hearing was held in March 2020. The retail regulators of the Utility operating companies that are parties to the Unit Power Sales Agreement are challenging the treatment and amount of excess tax liabilities associated with uncertain tax positions related to nuclear decommissioning. The initial decision is due in July 2020. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2020, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01462 per kWh to $0.01052 per kWh. The redetermined rate became effective with the first billing cycle in April 2020 through the normal operation of the tariff. Entergy Louisiana In March 2020 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2016 through 2019. Discovery has not yet commenced. Entergy Texas In September 2019, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period from April 2016 through March 2019. During the reconciliation period, Entergy Texas incurred approximately $1.6 billion in Texas jurisdictional eligible fuel and purchased power expenses, net of certain revenues credited to such expenses and other adjustments. Entergy Texas estimated an under-recovery balance of approximately $25.8 million , including interest, which Entergy Texas requested authority to carry over as the beginning balance for the subsequent reconciliation period beginning April 2019. In March 2020 an intervenor filed testimony proposing that the PUCT disallow: (1) $2 million in replacement power costs associated with generation outages during the reconciliation period; and (2) $24.4 million associated with the operation of the Spindletop natural gas storage facility during the reconciliation period. In April 2020, Entergy Texas filed rebuttal testimony refuting all points raised by the intervenor. A hearing on the merits is currently set for May 2020. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2018 Formula Rate Plan Filing Commercial operation at Lake Charles Power Station commenced in March 2020. In March 2020, Entergy Louisiana filed an update to its 2018 formula rate plan evaluation report to include the estimated first-year revenue requirement of $108 million associated with the Lake Charles Power Station. The resulting interim adjustment to rates became effective with the first billing cycle of April 2020. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan Filing In March 2020, Entergy Mississippi submitted its formula rate plan 2020 test year filing and 2019 look-back filing showing Entergy Mississippi’s earned return for the historical 2019 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2020 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $24.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.51% return on rate base, within the formula rate plan bandwidth. The 2019 look-back filing compares actual 2019 results to the approved benchmark return on rate base and reflects the need for a $7.3 million interim increase in formula rate plan revenues. In accordance with the MPSC-approved revisions to the formula rate plan, Entergy Mississippi implemented a $24.3 million interim rate increase, reflecting a cap equal to 2% of 2019 retail revenues, effective with the April 2020 billing cycle, subject to refund, pending a final MPSC order. A final order is expected in the second quarter 2020, with the resulting final rates, including amounts above the 2% cap of 2019 retail revenues, effective July 2020. Filings with the City Council (Entergy New Orleans) Energy Efficiency As discussed in the Form 10-K, in December 2019, Entergy New Orleans filed an application with the City Council seeking approval of an implementation plan for the Energy Smart energy efficiency program from April 2020 through December 2022. Entergy New Orleans proposed to recover the costs of the program through mechanisms previously approved by the City Council or through the energy efficiency cost recovery rider, which was approved in the 2018 combined rate case resolution. In February 2020 the City Council approved Entergy New Orleans’s application. 2018 Base Rate Case Filing See the Form 10-K for discussion of the electric and gas base rate case filed in September 2018. In response to the City Council’s November 2019 resolution in the rate case, Entergy New Orleans made a compliance filing in December 2019 and also filed timely a petition for appeal and judicial review and for stay of or injunctive relief alleging that the resolution is unlawful in failing to produce just and reasonable rates. A hearing on the requested injunction was scheduled in Civil District Court for February 2020, but by joint motion of the City Council and Entergy New Orleans, the Civil District Court issued an order for a limited remand to the City Council to consider a potential agreement in principle/stipulation at its February 20, 2020 meeting. On February 17, 2020, Entergy New Orleans filed with the City Council an agreement in principle between Entergy New Orleans and the City Council’s advisors. On February 20, 2020, the City Council voted to approve the proposed agreement in principle and issued a resolution modifying the required treatment of certain accumulated deferred income taxes. As a result of the agreement in principle, the total annual revenue requirement reduction will be approximately $45 million ( $42 million electric, including $29 million in rider reductions; and $3 million gas). As a result, Entergy New Orleans fully implemented the new rates in April 2020. The merits of the appeal will be subject to a separate procedural schedule issued by the Civil District Court. 2020 Formula Rate Plan Filing In April 2020, Entergy New Orleans filed a motion with the City Council to delay its formula rate plan filing until June 2020. In May 2020 the City Council issued an order extending the filing deadline for Entergy New Orleans’s formula rate plan filing to June 29, 2020. Filings with the PUCT (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider In March 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect approximately $23.6 million annually, or $20.4 million in incremental annual DCRF revenue beyond Entergy Texas’s currently effective DCRF rider from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2019 and December 31, 2019. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in August 2019, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The new TCRF rider is designed to collect approximately $19.4 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and June 30, 2019. In January 2020 the PUCT issued an order approving an unopposed settlement providing for recovery of the requested revenue requirement. Entergy Texas implemented the amended rider beginning with bills covering usage on and after January 23, 2020. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates Consolidated 2011, 2012, 2013, and 2014 Rate Filing Proceedings As discussed in the Form 10-K, in April 2018 the LPSC requested rehearing of the FERC’s March 2018 order affirming the ALJ’s initial decision in the consolidated proceedings. Entergy filed in May 2018 the bandwidth true-up payments and receipts for the 2011-2014 rate filings and the payments were made in May 2018. In April 2020 the FERC issued an order partially granting the LPSC’s rehearing request. In the order the FERC reversed its prior finding and determined that the tax gain portion of the Waterford 3 financing accumulated deferred income tax should be included in the bandwidth calculation. The order requires Entergy Services to redetermine bandwidth true-up payments and receipts for the 2010-2012 test years. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, the FERC’s opportunity sales orders have been appealed to the D.C. Circuit by Entergy, the LPSC, and the APSC. In February 2020 all of the appeals were consolidated and in April 2020 the D.C. Circuit established a briefing schedule. Briefing will occur in May 2020 through September 2020. Also as discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application with the APSC requesting approval of a special rider tariff to recover the costs of its opportunity sales payments from its retail customers over a 24-month period. In January 2020 the Attorney General and Arkansas Electric Energy Consumers, Inc. filed testimony opposing the recovery by Entergy Arkansas of the opportunity sales payment but also claiming that certain components of the payment should be segregated and refunded to customers. In March 2020, Entergy Arkansas filed rebuttal testimony. Also in March 2020, Entergy Arkansas, the APSC staff, and the Arkansas Electric Energy Consumers, Inc. filed a joint motion asking the APSC to issue a final decision based on the record in the proceeding and cancel the April 2020 evidentiary hearing. The Arkansas Attorney General did not oppose the request, which was granted by the APSC in March 2020. A final decision is expected in July 2020. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in November 2019, in a proceeding that did not involve Entergy, the FERC issued an order addressing the methodology for determining the return on equity applicable to transmission owners in MISO. Thereafter, the participants in the System Energy proceeding agreed to amend the procedural schedule to allow the participants to file supplemental testimony addressing the order in the MISO transmission owner proceeding (Opinion No. 569). In February 2020 the LPSC, the MPSC and APSC, and the FERC trial staff filed supplemental testimony addressing Opinion No. 569 and how it would affect the return on equity evaluation for the two complaint periods concerning System Energy. For the first refund period, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 8.44% ; the MPSC and APSC argue for an authorized return on equity of 8.41% ; and the FERC trial staff argues for an authorized return on equity of 9.22% . For the second refund period and on a prospective basis, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 7.89% ; the MPSC and APSC argue that an authorized return on equity of 8.01% may be appropriate; and the FERC trial staff argues for an authorized return on equity of 8.66% . In April 2020, System Energy filed supplemental answering testimony addressing Opinion No. 569. System Energy argues that the Opinion No. 569 methodology is conceptually and analytically defective for purposes of establishing just and reasonable authorized return on equity determinations and proposes an alternative approach. As its primary recommendation, System Energy continues to support the return on equity determinations in its March 2019 testimony for the first refund period and its June 2019 testimony for the second refund period. Under the Opinion No. 569 methodology, System Energy calculates a “presumptively just and reasonable range” for the authorized return on equity for the first refund period of 8.57% to 9.52% , and for the second refund period of 8.28% to 9.11% . System Energy argues that these ranges are not just and reasonable results. Under its proposed alternative methodology, System Energy calculates an authorized return on equity of 10.26% for the first refund period, which also falls within the presumptively just and reasonable range calculated for the second refund period and prospectively. The schedule was further revised in March 2020, and rebuttal testimony addressing Opinion No. 569 is due in June 2020; the hearing in the System Energy proceeding will commence in August 2020; and the initial decision will be due in December 2020. Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC, and City Council filed direct testimony. The LPSC testimony sought refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions, and the cost of capital additions associated with the sale-leaseback interest, as well as interest on those amounts. In June 2019 System Energy filed answering testimony arguing that the FERC should reject all claims for refunds. Among other things, System Energy argued that claims for refunds of the costs of lease renewal payments and capital additions should be rejected because those costs were recovered consistent with the Unit Power Sales Agreement formula rate, System Energy was not over or double recovering any costs, and customers will save costs over the initial and renewal terms of the leases. System Energy argued that claims for refunds associated with liabilities arising from uncertain tax positions should be rejected because the liabilities do not provide cost-free capital, the repayment timing of the liabilities is uncertain, and the outcome of the underlying tax positions is uncertain. System Energy’s testimony also challenged the refund calculations supplied by the other parties. In August 2019 the FERC trial staff filed direct and answering testimony seeking refunds for rate base reductions for the liabilities associated with uncertain tax positions. The FERC trial staff also argued that System Energy recovered $32 million more than it should have in depreciation expense for capital additions. In September 2019, System Energy filed cross-answering testimony disputing the FERC trial staff’s arguments for refunds, stating that the FERC trial staff’s position regarding depreciation rates for capital additions is not unreasonable, but explaining that any change in depreciation expense is only one element of a Unit Power Sales Agreement re-billing calculation. Adjustments to depreciation expense in any re-billing under the Unit Power Sales Agreement formula rate will also involve changes to accumulated depreciation, accumulated deferred income taxes, and other formula elements as needed. In October 2019 the LPSC filed rebuttal testimony increasing the amount of refunds sought for the liabilities associated with uncertain tax positions. The LPSC now seeks approximately $512 million , plus interest, which is approximately $170 million through March 31, 2020. The FERC trial staff also filed rebuttal testimony in which it seeks refunds of a similar amount as the LPSC for the liabilities associated with uncertain tax positions. The LPSC testimony also argued that adjustments to depreciation rates should affect rate base on a prospective basis only. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energy’s recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million . The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and System Energy’s rate base should have been reduced for those liabilities. If the ALJ’s initial decision is upheld, the estimated refund for this issue through March 31, 2020, is approximately $397 million , plus interest, which is approximately $96 million through March 31, 2020. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $18 million , which includes interest through March 31, 2020. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. System Energy plans to file briefs on exceptions to the FERC, re-urging its positions and requesting the reversal of many of the findings in the ALJ’s initial decision, including the lease renewal and uncertain tax position issues. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. Briefs on exceptions from all parties are scheduled for June 2020, and briefs opposing exceptions are scheduled for September 2020. The FERC will then review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJ’s initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. |
Entergy New Orleans [Member] | |
Rate and Regulatory Matters | 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. Regulatory activity regarding the Tax Cuts and Jobs Act System Energy In a filing made with the FERC in March 2018, Entergy proposed revisions to the Unit Power Sales Agreement, among other agreements, to reflect the effects of the Tax Act. In the filing System Energy proposed to return all of its unprotected excess accumulated deferred income taxes to its customers by the end of 2018. In May 2018 the FERC accepted System Energy’s proposed tax revisions with an effective date of June 1, 2018, subject to refund and the outcome of settlement and hearing procedures. Settlement discussions were terminated in April 2019, and the hearing was held in March 2020. The retail regulators of the Utility operating companies that are parties to the Unit Power Sales Agreement are challenging the treatment and amount of excess tax liabilities associated with uncertain tax positions related to nuclear decommissioning. The initial decision is due in July 2020. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2020, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01462 per kWh to $0.01052 per kWh. The redetermined rate became effective with the first billing cycle in April 2020 through the normal operation of the tariff. Entergy Louisiana In March 2020 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2016 through 2019. Discovery has not yet commenced. Entergy Texas In September 2019, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period from April 2016 through March 2019. During the reconciliation period, Entergy Texas incurred approximately $1.6 billion in Texas jurisdictional eligible fuel and purchased power expenses, net of certain revenues credited to such expenses and other adjustments. Entergy Texas estimated an under-recovery balance of approximately $25.8 million , including interest, which Entergy Texas requested authority to carry over as the beginning balance for the subsequent reconciliation period beginning April 2019. In March 2020 an intervenor filed testimony proposing that the PUCT disallow: (1) $2 million in replacement power costs associated with generation outages during the reconciliation period; and (2) $24.4 million associated with the operation of the Spindletop natural gas storage facility during the reconciliation period. In April 2020, Entergy Texas filed rebuttal testimony refuting all points raised by the intervenor. A hearing on the merits is currently set for May 2020. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2018 Formula Rate Plan Filing Commercial operation at Lake Charles Power Station commenced in March 2020. In March 2020, Entergy Louisiana filed an update to its 2018 formula rate plan evaluation report to include the estimated first-year revenue requirement of $108 million associated with the Lake Charles Power Station. The resulting interim adjustment to rates became effective with the first billing cycle of April 2020. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan Filing In March 2020, Entergy Mississippi submitted its formula rate plan 2020 test year filing and 2019 look-back filing showing Entergy Mississippi’s earned return for the historical 2019 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2020 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $24.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.51% return on rate base, within the formula rate plan bandwidth. The 2019 look-back filing compares actual 2019 results to the approved benchmark return on rate base and reflects the need for a $7.3 million interim increase in formula rate plan revenues. In accordance with the MPSC-approved revisions to the formula rate plan, Entergy Mississippi implemented a $24.3 million interim rate increase, reflecting a cap equal to 2% of 2019 retail revenues, effective with the April 2020 billing cycle, subject to refund, pending a final MPSC order. A final order is expected in the second quarter 2020, with the resulting final rates, including amounts above the 2% cap of 2019 retail revenues, effective July 2020. Filings with the City Council (Entergy New Orleans) Energy Efficiency As discussed in the Form 10-K, in December 2019, Entergy New Orleans filed an application with the City Council seeking approval of an implementation plan for the Energy Smart energy efficiency program from April 2020 through December 2022. Entergy New Orleans proposed to recover the costs of the program through mechanisms previously approved by the City Council or through the energy efficiency cost recovery rider, which was approved in the 2018 combined rate case resolution. In February 2020 the City Council approved Entergy New Orleans’s application. 2018 Base Rate Case Filing See the Form 10-K for discussion of the electric and gas base rate case filed in September 2018. In response to the City Council’s November 2019 resolution in the rate case, Entergy New Orleans made a compliance filing in December 2019 and also filed timely a petition for appeal and judicial review and for stay of or injunctive relief alleging that the resolution is unlawful in failing to produce just and reasonable rates. A hearing on the requested injunction was scheduled in Civil District Court for February 2020, but by joint motion of the City Council and Entergy New Orleans, the Civil District Court issued an order for a limited remand to the City Council to consider a potential agreement in principle/stipulation at its February 20, 2020 meeting. On February 17, 2020, Entergy New Orleans filed with the City Council an agreement in principle between Entergy New Orleans and the City Council’s advisors. On February 20, 2020, the City Council voted to approve the proposed agreement in principle and issued a resolution modifying the required treatment of certain accumulated deferred income taxes. As a result of the agreement in principle, the total annual revenue requirement reduction will be approximately $45 million ( $42 million electric, including $29 million in rider reductions; and $3 million gas). As a result, Entergy New Orleans fully implemented the new rates in April 2020. The merits of the appeal will be subject to a separate procedural schedule issued by the Civil District Court. 2020 Formula Rate Plan Filing In April 2020, Entergy New Orleans filed a motion with the City Council to delay its formula rate plan filing until June 2020. In May 2020 the City Council issued an order extending the filing deadline for Entergy New Orleans’s formula rate plan filing to June 29, 2020. Filings with the PUCT (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider In March 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect approximately $23.6 million annually, or $20.4 million in incremental annual DCRF revenue beyond Entergy Texas’s currently effective DCRF rider from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2019 and December 31, 2019. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in August 2019, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The new TCRF rider is designed to collect approximately $19.4 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and June 30, 2019. In January 2020 the PUCT issued an order approving an unopposed settlement providing for recovery of the requested revenue requirement. Entergy Texas implemented the amended rider beginning with bills covering usage on and after January 23, 2020. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates Consolidated 2011, 2012, 2013, and 2014 Rate Filing Proceedings As discussed in the Form 10-K, in April 2018 the LPSC requested rehearing of the FERC’s March 2018 order affirming the ALJ’s initial decision in the consolidated proceedings. Entergy filed in May 2018 the bandwidth true-up payments and receipts for the 2011-2014 rate filings and the payments were made in May 2018. In April 2020 the FERC issued an order partially granting the LPSC’s rehearing request. In the order the FERC reversed its prior finding and determined that the tax gain portion of the Waterford 3 financing accumulated deferred income tax should be included in the bandwidth calculation. The order requires Entergy Services to redetermine bandwidth true-up payments and receipts for the 2010-2012 test years. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, the FERC’s opportunity sales orders have been appealed to the D.C. Circuit by Entergy, the LPSC, and the APSC. In February 2020 all of the appeals were consolidated and in April 2020 the D.C. Circuit established a briefing schedule. Briefing will occur in May 2020 through September 2020. Also as discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application with the APSC requesting approval of a special rider tariff to recover the costs of its opportunity sales payments from its retail customers over a 24-month period. In January 2020 the Attorney General and Arkansas Electric Energy Consumers, Inc. filed testimony opposing the recovery by Entergy Arkansas of the opportunity sales payment but also claiming that certain components of the payment should be segregated and refunded to customers. In March 2020, Entergy Arkansas filed rebuttal testimony. Also in March 2020, Entergy Arkansas, the APSC staff, and the Arkansas Electric Energy Consumers, Inc. filed a joint motion asking the APSC to issue a final decision based on the record in the proceeding and cancel the April 2020 evidentiary hearing. The Arkansas Attorney General did not oppose the request, which was granted by the APSC in March 2020. A final decision is expected in July 2020. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in November 2019, in a proceeding that did not involve Entergy, the FERC issued an order addressing the methodology for determining the return on equity applicable to transmission owners in MISO. Thereafter, the participants in the System Energy proceeding agreed to amend the procedural schedule to allow the participants to file supplemental testimony addressing the order in the MISO transmission owner proceeding (Opinion No. 569). In February 2020 the LPSC, the MPSC and APSC, and the FERC trial staff filed supplemental testimony addressing Opinion No. 569 and how it would affect the return on equity evaluation for the two complaint periods concerning System Energy. For the first refund period, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 8.44% ; the MPSC and APSC argue for an authorized return on equity of 8.41% ; and the FERC trial staff argues for an authorized return on equity of 9.22% . For the second refund period and on a prospective basis, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 7.89% ; the MPSC and APSC argue that an authorized return on equity of 8.01% may be appropriate; and the FERC trial staff argues for an authorized return on equity of 8.66% . In April 2020, System Energy filed supplemental answering testimony addressing Opinion No. 569. System Energy argues that the Opinion No. 569 methodology is conceptually and analytically defective for purposes of establishing just and reasonable authorized return on equity determinations and proposes an alternative approach. As its primary recommendation, System Energy continues to support the return on equity determinations in its March 2019 testimony for the first refund period and its June 2019 testimony for the second refund period. Under the Opinion No. 569 methodology, System Energy calculates a “presumptively just and reasonable range” for the authorized return on equity for the first refund period of 8.57% to 9.52% , and for the second refund period of 8.28% to 9.11% . System Energy argues that these ranges are not just and reasonable results. Under its proposed alternative methodology, System Energy calculates an authorized return on equity of 10.26% for the first refund period, which also falls within the presumptively just and reasonable range calculated for the second refund period and prospectively. The schedule was further revised in March 2020, and rebuttal testimony addressing Opinion No. 569 is due in June 2020; the hearing in the System Energy proceeding will commence in August 2020; and the initial decision will be due in December 2020. Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC, and City Council filed direct testimony. The LPSC testimony sought refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions, and the cost of capital additions associated with the sale-leaseback interest, as well as interest on those amounts. In June 2019 System Energy filed answering testimony arguing that the FERC should reject all claims for refunds. Among other things, System Energy argued that claims for refunds of the costs of lease renewal payments and capital additions should be rejected because those costs were recovered consistent with the Unit Power Sales Agreement formula rate, System Energy was not over or double recovering any costs, and customers will save costs over the initial and renewal terms of the leases. System Energy argued that claims for refunds associated with liabilities arising from uncertain tax positions should be rejected because the liabilities do not provide cost-free capital, the repayment timing of the liabilities is uncertain, and the outcome of the underlying tax positions is uncertain. System Energy’s testimony also challenged the refund calculations supplied by the other parties. In August 2019 the FERC trial staff filed direct and answering testimony seeking refunds for rate base reductions for the liabilities associated with uncertain tax positions. The FERC trial staff also argued that System Energy recovered $32 million more than it should have in depreciation expense for capital additions. In September 2019, System Energy filed cross-answering testimony disputing the FERC trial staff’s arguments for refunds, stating that the FERC trial staff’s position regarding depreciation rates for capital additions is not unreasonable, but explaining that any change in depreciation expense is only one element of a Unit Power Sales Agreement re-billing calculation. Adjustments to depreciation expense in any re-billing under the Unit Power Sales Agreement formula rate will also involve changes to accumulated depreciation, accumulated deferred income taxes, and other formula elements as needed. In October 2019 the LPSC filed rebuttal testimony increasing the amount of refunds sought for the liabilities associated with uncertain tax positions. The LPSC now seeks approximately $512 million , plus interest, which is approximately $170 million through March 31, 2020. The FERC trial staff also filed rebuttal testimony in which it seeks refunds of a similar amount as the LPSC for the liabilities associated with uncertain tax positions. The LPSC testimony also argued that adjustments to depreciation rates should affect rate base on a prospective basis only. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energy’s recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million . The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and System Energy’s rate base should have been reduced for those liabilities. If the ALJ’s initial decision is upheld, the estimated refund for this issue through March 31, 2020, is approximately $397 million , plus interest, which is approximately $96 million through March 31, 2020. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $18 million , which includes interest through March 31, 2020. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. System Energy plans to file briefs on exceptions to the FERC, re-urging its positions and requesting the reversal of many of the findings in the ALJ’s initial decision, including the lease renewal and uncertain tax position issues. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. Briefs on exceptions from all parties are scheduled for June 2020, and briefs opposing exceptions are scheduled for September 2020. The FERC will then review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJ’s initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. |
Entergy Texas [Member] | |
Rate and Regulatory Matters | 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. Regulatory activity regarding the Tax Cuts and Jobs Act System Energy In a filing made with the FERC in March 2018, Entergy proposed revisions to the Unit Power Sales Agreement, among other agreements, to reflect the effects of the Tax Act. In the filing System Energy proposed to return all of its unprotected excess accumulated deferred income taxes to its customers by the end of 2018. In May 2018 the FERC accepted System Energy’s proposed tax revisions with an effective date of June 1, 2018, subject to refund and the outcome of settlement and hearing procedures. Settlement discussions were terminated in April 2019, and the hearing was held in March 2020. The retail regulators of the Utility operating companies that are parties to the Unit Power Sales Agreement are challenging the treatment and amount of excess tax liabilities associated with uncertain tax positions related to nuclear decommissioning. The initial decision is due in July 2020. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2020, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01462 per kWh to $0.01052 per kWh. The redetermined rate became effective with the first billing cycle in April 2020 through the normal operation of the tariff. Entergy Louisiana In March 2020 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2016 through 2019. Discovery has not yet commenced. Entergy Texas In September 2019, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period from April 2016 through March 2019. During the reconciliation period, Entergy Texas incurred approximately $1.6 billion in Texas jurisdictional eligible fuel and purchased power expenses, net of certain revenues credited to such expenses and other adjustments. Entergy Texas estimated an under-recovery balance of approximately $25.8 million , including interest, which Entergy Texas requested authority to carry over as the beginning balance for the subsequent reconciliation period beginning April 2019. In March 2020 an intervenor filed testimony proposing that the PUCT disallow: (1) $2 million in replacement power costs associated with generation outages during the reconciliation period; and (2) $24.4 million associated with the operation of the Spindletop natural gas storage facility during the reconciliation period. In April 2020, Entergy Texas filed rebuttal testimony refuting all points raised by the intervenor. A hearing on the merits is currently set for May 2020. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2018 Formula Rate Plan Filing Commercial operation at Lake Charles Power Station commenced in March 2020. In March 2020, Entergy Louisiana filed an update to its 2018 formula rate plan evaluation report to include the estimated first-year revenue requirement of $108 million associated with the Lake Charles Power Station. The resulting interim adjustment to rates became effective with the first billing cycle of April 2020. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan Filing In March 2020, Entergy Mississippi submitted its formula rate plan 2020 test year filing and 2019 look-back filing showing Entergy Mississippi’s earned return for the historical 2019 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2020 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $24.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.51% return on rate base, within the formula rate plan bandwidth. The 2019 look-back filing compares actual 2019 results to the approved benchmark return on rate base and reflects the need for a $7.3 million interim increase in formula rate plan revenues. In accordance with the MPSC-approved revisions to the formula rate plan, Entergy Mississippi implemented a $24.3 million interim rate increase, reflecting a cap equal to 2% of 2019 retail revenues, effective with the April 2020 billing cycle, subject to refund, pending a final MPSC order. A final order is expected in the second quarter 2020, with the resulting final rates, including amounts above the 2% cap of 2019 retail revenues, effective July 2020. Filings with the City Council (Entergy New Orleans) Energy Efficiency As discussed in the Form 10-K, in December 2019, Entergy New Orleans filed an application with the City Council seeking approval of an implementation plan for the Energy Smart energy efficiency program from April 2020 through December 2022. Entergy New Orleans proposed to recover the costs of the program through mechanisms previously approved by the City Council or through the energy efficiency cost recovery rider, which was approved in the 2018 combined rate case resolution. In February 2020 the City Council approved Entergy New Orleans’s application. 2018 Base Rate Case Filing See the Form 10-K for discussion of the electric and gas base rate case filed in September 2018. In response to the City Council’s November 2019 resolution in the rate case, Entergy New Orleans made a compliance filing in December 2019 and also filed timely a petition for appeal and judicial review and for stay of or injunctive relief alleging that the resolution is unlawful in failing to produce just and reasonable rates. A hearing on the requested injunction was scheduled in Civil District Court for February 2020, but by joint motion of the City Council and Entergy New Orleans, the Civil District Court issued an order for a limited remand to the City Council to consider a potential agreement in principle/stipulation at its February 20, 2020 meeting. On February 17, 2020, Entergy New Orleans filed with the City Council an agreement in principle between Entergy New Orleans and the City Council’s advisors. On February 20, 2020, the City Council voted to approve the proposed agreement in principle and issued a resolution modifying the required treatment of certain accumulated deferred income taxes. As a result of the agreement in principle, the total annual revenue requirement reduction will be approximately $45 million ( $42 million electric, including $29 million in rider reductions; and $3 million gas). As a result, Entergy New Orleans fully implemented the new rates in April 2020. The merits of the appeal will be subject to a separate procedural schedule issued by the Civil District Court. 2020 Formula Rate Plan Filing In April 2020, Entergy New Orleans filed a motion with the City Council to delay its formula rate plan filing until June 2020. In May 2020 the City Council issued an order extending the filing deadline for Entergy New Orleans’s formula rate plan filing to June 29, 2020. Filings with the PUCT (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider In March 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect approximately $23.6 million annually, or $20.4 million in incremental annual DCRF revenue beyond Entergy Texas’s currently effective DCRF rider from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2019 and December 31, 2019. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in August 2019, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The new TCRF rider is designed to collect approximately $19.4 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and June 30, 2019. In January 2020 the PUCT issued an order approving an unopposed settlement providing for recovery of the requested revenue requirement. Entergy Texas implemented the amended rider beginning with bills covering usage on and after January 23, 2020. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates Consolidated 2011, 2012, 2013, and 2014 Rate Filing Proceedings As discussed in the Form 10-K, in April 2018 the LPSC requested rehearing of the FERC’s March 2018 order affirming the ALJ’s initial decision in the consolidated proceedings. Entergy filed in May 2018 the bandwidth true-up payments and receipts for the 2011-2014 rate filings and the payments were made in May 2018. In April 2020 the FERC issued an order partially granting the LPSC’s rehearing request. In the order the FERC reversed its prior finding and determined that the tax gain portion of the Waterford 3 financing accumulated deferred income tax should be included in the bandwidth calculation. The order requires Entergy Services to redetermine bandwidth true-up payments and receipts for the 2010-2012 test years. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, the FERC’s opportunity sales orders have been appealed to the D.C. Circuit by Entergy, the LPSC, and the APSC. In February 2020 all of the appeals were consolidated and in April 2020 the D.C. Circuit established a briefing schedule. Briefing will occur in May 2020 through September 2020. Also as discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application with the APSC requesting approval of a special rider tariff to recover the costs of its opportunity sales payments from its retail customers over a 24-month period. In January 2020 the Attorney General and Arkansas Electric Energy Consumers, Inc. filed testimony opposing the recovery by Entergy Arkansas of the opportunity sales payment but also claiming that certain components of the payment should be segregated and refunded to customers. In March 2020, Entergy Arkansas filed rebuttal testimony. Also in March 2020, Entergy Arkansas, the APSC staff, and the Arkansas Electric Energy Consumers, Inc. filed a joint motion asking the APSC to issue a final decision based on the record in the proceeding and cancel the April 2020 evidentiary hearing. The Arkansas Attorney General did not oppose the request, which was granted by the APSC in March 2020. A final decision is expected in July 2020. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in November 2019, in a proceeding that did not involve Entergy, the FERC issued an order addressing the methodology for determining the return on equity applicable to transmission owners in MISO. Thereafter, the participants in the System Energy proceeding agreed to amend the procedural schedule to allow the participants to file supplemental testimony addressing the order in the MISO transmission owner proceeding (Opinion No. 569). In February 2020 the LPSC, the MPSC and APSC, and the FERC trial staff filed supplemental testimony addressing Opinion No. 569 and how it would affect the return on equity evaluation for the two complaint periods concerning System Energy. For the first refund period, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 8.44% ; the MPSC and APSC argue for an authorized return on equity of 8.41% ; and the FERC trial staff argues for an authorized return on equity of 9.22% . For the second refund period and on a prospective basis, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 7.89% ; the MPSC and APSC argue that an authorized return on equity of 8.01% may be appropriate; and the FERC trial staff argues for an authorized return on equity of 8.66% . In April 2020, System Energy filed supplemental answering testimony addressing Opinion No. 569. System Energy argues that the Opinion No. 569 methodology is conceptually and analytically defective for purposes of establishing just and reasonable authorized return on equity determinations and proposes an alternative approach. As its primary recommendation, System Energy continues to support the return on equity determinations in its March 2019 testimony for the first refund period and its June 2019 testimony for the second refund period. Under the Opinion No. 569 methodology, System Energy calculates a “presumptively just and reasonable range” for the authorized return on equity for the first refund period of 8.57% to 9.52% , and for the second refund period of 8.28% to 9.11% . System Energy argues that these ranges are not just and reasonable results. Under its proposed alternative methodology, System Energy calculates an authorized return on equity of 10.26% for the first refund period, which also falls within the presumptively just and reasonable range calculated for the second refund period and prospectively. The schedule was further revised in March 2020, and rebuttal testimony addressing Opinion No. 569 is due in June 2020; the hearing in the System Energy proceeding will commence in August 2020; and the initial decision will be due in December 2020. Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC, and City Council filed direct testimony. The LPSC testimony sought refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions, and the cost of capital additions associated with the sale-leaseback interest, as well as interest on those amounts. In June 2019 System Energy filed answering testimony arguing that the FERC should reject all claims for refunds. Among other things, System Energy argued that claims for refunds of the costs of lease renewal payments and capital additions should be rejected because those costs were recovered consistent with the Unit Power Sales Agreement formula rate, System Energy was not over or double recovering any costs, and customers will save costs over the initial and renewal terms of the leases. System Energy argued that claims for refunds associated with liabilities arising from uncertain tax positions should be rejected because the liabilities do not provide cost-free capital, the repayment timing of the liabilities is uncertain, and the outcome of the underlying tax positions is uncertain. System Energy’s testimony also challenged the refund calculations supplied by the other parties. In August 2019 the FERC trial staff filed direct and answering testimony seeking refunds for rate base reductions for the liabilities associated with uncertain tax positions. The FERC trial staff also argued that System Energy recovered $32 million more than it should have in depreciation expense for capital additions. In September 2019, System Energy filed cross-answering testimony disputing the FERC trial staff’s arguments for refunds, stating that the FERC trial staff’s position regarding depreciation rates for capital additions is not unreasonable, but explaining that any change in depreciation expense is only one element of a Unit Power Sales Agreement re-billing calculation. Adjustments to depreciation expense in any re-billing under the Unit Power Sales Agreement formula rate will also involve changes to accumulated depreciation, accumulated deferred income taxes, and other formula elements as needed. In October 2019 the LPSC filed rebuttal testimony increasing the amount of refunds sought for the liabilities associated with uncertain tax positions. The LPSC now seeks approximately $512 million , plus interest, which is approximately $170 million through March 31, 2020. The FERC trial staff also filed rebuttal testimony in which it seeks refunds of a similar amount as the LPSC for the liabilities associated with uncertain tax positions. The LPSC testimony also argued that adjustments to depreciation rates should affect rate base on a prospective basis only. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energy’s recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million . The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and System Energy’s rate base should have been reduced for those liabilities. If the ALJ’s initial decision is upheld, the estimated refund for this issue through March 31, 2020, is approximately $397 million , plus interest, which is approximately $96 million through March 31, 2020. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $18 million , which includes interest through March 31, 2020. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. System Energy plans to file briefs on exceptions to the FERC, re-urging its positions and requesting the reversal of many of the findings in the ALJ’s initial decision, including the lease renewal and uncertain tax position issues. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. Briefs on exceptions from all parties are scheduled for June 2020, and briefs opposing exceptions are scheduled for September 2020. The FERC will then review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJ’s initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. |
System Energy [Member] | |
Rate and Regulatory Matters | 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. Regulatory activity regarding the Tax Cuts and Jobs Act System Energy In a filing made with the FERC in March 2018, Entergy proposed revisions to the Unit Power Sales Agreement, among other agreements, to reflect the effects of the Tax Act. In the filing System Energy proposed to return all of its unprotected excess accumulated deferred income taxes to its customers by the end of 2018. In May 2018 the FERC accepted System Energy’s proposed tax revisions with an effective date of June 1, 2018, subject to refund and the outcome of settlement and hearing procedures. Settlement discussions were terminated in April 2019, and the hearing was held in March 2020. The retail regulators of the Utility operating companies that are parties to the Unit Power Sales Agreement are challenging the treatment and amount of excess tax liabilities associated with uncertain tax positions related to nuclear decommissioning. The initial decision is due in July 2020. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2020, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01462 per kWh to $0.01052 per kWh. The redetermined rate became effective with the first billing cycle in April 2020 through the normal operation of the tariff. Entergy Louisiana In March 2020 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2016 through 2019. Discovery has not yet commenced. Entergy Texas In September 2019, Entergy Texas filed an application to reconcile its fuel and purchased power costs for the period from April 2016 through March 2019. During the reconciliation period, Entergy Texas incurred approximately $1.6 billion in Texas jurisdictional eligible fuel and purchased power expenses, net of certain revenues credited to such expenses and other adjustments. Entergy Texas estimated an under-recovery balance of approximately $25.8 million , including interest, which Entergy Texas requested authority to carry over as the beginning balance for the subsequent reconciliation period beginning April 2019. In March 2020 an intervenor filed testimony proposing that the PUCT disallow: (1) $2 million in replacement power costs associated with generation outages during the reconciliation period; and (2) $24.4 million associated with the operation of the Spindletop natural gas storage facility during the reconciliation period. In April 2020, Entergy Texas filed rebuttal testimony refuting all points raised by the intervenor. A hearing on the merits is currently set for May 2020. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2018 Formula Rate Plan Filing Commercial operation at Lake Charles Power Station commenced in March 2020. In March 2020, Entergy Louisiana filed an update to its 2018 formula rate plan evaluation report to include the estimated first-year revenue requirement of $108 million associated with the Lake Charles Power Station. The resulting interim adjustment to rates became effective with the first billing cycle of April 2020. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan Filing In March 2020, Entergy Mississippi submitted its formula rate plan 2020 test year filing and 2019 look-back filing showing Entergy Mississippi’s earned return for the historical 2019 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2020 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $24.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.51% return on rate base, within the formula rate plan bandwidth. The 2019 look-back filing compares actual 2019 results to the approved benchmark return on rate base and reflects the need for a $7.3 million interim increase in formula rate plan revenues. In accordance with the MPSC-approved revisions to the formula rate plan, Entergy Mississippi implemented a $24.3 million interim rate increase, reflecting a cap equal to 2% of 2019 retail revenues, effective with the April 2020 billing cycle, subject to refund, pending a final MPSC order. A final order is expected in the second quarter 2020, with the resulting final rates, including amounts above the 2% cap of 2019 retail revenues, effective July 2020. Filings with the City Council (Entergy New Orleans) Energy Efficiency As discussed in the Form 10-K, in December 2019, Entergy New Orleans filed an application with the City Council seeking approval of an implementation plan for the Energy Smart energy efficiency program from April 2020 through December 2022. Entergy New Orleans proposed to recover the costs of the program through mechanisms previously approved by the City Council or through the energy efficiency cost recovery rider, which was approved in the 2018 combined rate case resolution. In February 2020 the City Council approved Entergy New Orleans’s application. 2018 Base Rate Case Filing See the Form 10-K for discussion of the electric and gas base rate case filed in September 2018. In response to the City Council’s November 2019 resolution in the rate case, Entergy New Orleans made a compliance filing in December 2019 and also filed timely a petition for appeal and judicial review and for stay of or injunctive relief alleging that the resolution is unlawful in failing to produce just and reasonable rates. A hearing on the requested injunction was scheduled in Civil District Court for February 2020, but by joint motion of the City Council and Entergy New Orleans, the Civil District Court issued an order for a limited remand to the City Council to consider a potential agreement in principle/stipulation at its February 20, 2020 meeting. On February 17, 2020, Entergy New Orleans filed with the City Council an agreement in principle between Entergy New Orleans and the City Council’s advisors. On February 20, 2020, the City Council voted to approve the proposed agreement in principle and issued a resolution modifying the required treatment of certain accumulated deferred income taxes. As a result of the agreement in principle, the total annual revenue requirement reduction will be approximately $45 million ( $42 million electric, including $29 million in rider reductions; and $3 million gas). As a result, Entergy New Orleans fully implemented the new rates in April 2020. The merits of the appeal will be subject to a separate procedural schedule issued by the Civil District Court. 2020 Formula Rate Plan Filing In April 2020, Entergy New Orleans filed a motion with the City Council to delay its formula rate plan filing until June 2020. In May 2020 the City Council issued an order extending the filing deadline for Entergy New Orleans’s formula rate plan filing to June 29, 2020. Filings with the PUCT (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider In March 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect approximately $23.6 million annually, or $20.4 million in incremental annual DCRF revenue beyond Entergy Texas’s currently effective DCRF rider from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2019 and December 31, 2019. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in August 2019, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The new TCRF rider is designed to collect approximately $19.4 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and June 30, 2019. In January 2020 the PUCT issued an order approving an unopposed settlement providing for recovery of the requested revenue requirement. Entergy Texas implemented the amended rider beginning with bills covering usage on and after January 23, 2020. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates Consolidated 2011, 2012, 2013, and 2014 Rate Filing Proceedings As discussed in the Form 10-K, in April 2018 the LPSC requested rehearing of the FERC’s March 2018 order affirming the ALJ’s initial decision in the consolidated proceedings. Entergy filed in May 2018 the bandwidth true-up payments and receipts for the 2011-2014 rate filings and the payments were made in May 2018. In April 2020 the FERC issued an order partially granting the LPSC’s rehearing request. In the order the FERC reversed its prior finding and determined that the tax gain portion of the Waterford 3 financing accumulated deferred income tax should be included in the bandwidth calculation. The order requires Entergy Services to redetermine bandwidth true-up payments and receipts for the 2010-2012 test years. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, the FERC’s opportunity sales orders have been appealed to the D.C. Circuit by Entergy, the LPSC, and the APSC. In February 2020 all of the appeals were consolidated and in April 2020 the D.C. Circuit established a briefing schedule. Briefing will occur in May 2020 through September 2020. Also as discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application with the APSC requesting approval of a special rider tariff to recover the costs of its opportunity sales payments from its retail customers over a 24-month period. In January 2020 the Attorney General and Arkansas Electric Energy Consumers, Inc. filed testimony opposing the recovery by Entergy Arkansas of the opportunity sales payment but also claiming that certain components of the payment should be segregated and refunded to customers. In March 2020, Entergy Arkansas filed rebuttal testimony. Also in March 2020, Entergy Arkansas, the APSC staff, and the Arkansas Electric Energy Consumers, Inc. filed a joint motion asking the APSC to issue a final decision based on the record in the proceeding and cancel the April 2020 evidentiary hearing. The Arkansas Attorney General did not oppose the request, which was granted by the APSC in March 2020. A final decision is expected in July 2020. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in November 2019, in a proceeding that did not involve Entergy, the FERC issued an order addressing the methodology for determining the return on equity applicable to transmission owners in MISO. Thereafter, the participants in the System Energy proceeding agreed to amend the procedural schedule to allow the participants to file supplemental testimony addressing the order in the MISO transmission owner proceeding (Opinion No. 569). In February 2020 the LPSC, the MPSC and APSC, and the FERC trial staff filed supplemental testimony addressing Opinion No. 569 and how it would affect the return on equity evaluation for the two complaint periods concerning System Energy. For the first refund period, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 8.44% ; the MPSC and APSC argue for an authorized return on equity of 8.41% ; and the FERC trial staff argues for an authorized return on equity of 9.22% . For the second refund period and on a prospective basis, based on their respective interpretations and applications of the Opinion No. 569 methodology, the LPSC argues for an authorized return on equity for System Energy of 7.89% ; the MPSC and APSC argue that an authorized return on equity of 8.01% may be appropriate; and the FERC trial staff argues for an authorized return on equity of 8.66% . In April 2020, System Energy filed supplemental answering testimony addressing Opinion No. 569. System Energy argues that the Opinion No. 569 methodology is conceptually and analytically defective for purposes of establishing just and reasonable authorized return on equity determinations and proposes an alternative approach. As its primary recommendation, System Energy continues to support the return on equity determinations in its March 2019 testimony for the first refund period and its June 2019 testimony for the second refund period. Under the Opinion No. 569 methodology, System Energy calculates a “presumptively just and reasonable range” for the authorized return on equity for the first refund period of 8.57% to 9.52% , and for the second refund period of 8.28% to 9.11% . System Energy argues that these ranges are not just and reasonable results. Under its proposed alternative methodology, System Energy calculates an authorized return on equity of 10.26% for the first refund period, which also falls within the presumptively just and reasonable range calculated for the second refund period and prospectively. The schedule was further revised in March 2020, and rebuttal testimony addressing Opinion No. 569 is due in June 2020; the hearing in the System Energy proceeding will commence in August 2020; and the initial decision will be due in December 2020. Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC, and City Council filed direct testimony. The LPSC testimony sought refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions, and the cost of capital additions associated with the sale-leaseback interest, as well as interest on those amounts. In June 2019 System Energy filed answering testimony arguing that the FERC should reject all claims for refunds. Among other things, System Energy argued that claims for refunds of the costs of lease renewal payments and capital additions should be rejected because those costs were recovered consistent with the Unit Power Sales Agreement formula rate, System Energy was not over or double recovering any costs, and customers will save costs over the initial and renewal terms of the leases. System Energy argued that claims for refunds associated with liabilities arising from uncertain tax positions should be rejected because the liabilities do not provide cost-free capital, the repayment timing of the liabilities is uncertain, and the outcome of the underlying tax positions is uncertain. System Energy’s testimony also challenged the refund calculations supplied by the other parties. In August 2019 the FERC trial staff filed direct and answering testimony seeking refunds for rate base reductions for the liabilities associated with uncertain tax positions. The FERC trial staff also argued that System Energy recovered $32 million more than it should have in depreciation expense for capital additions. In September 2019, System Energy filed cross-answering testimony disputing the FERC trial staff’s arguments for refunds, stating that the FERC trial staff’s position regarding depreciation rates for capital additions is not unreasonable, but explaining that any change in depreciation expense is only one element of a Unit Power Sales Agreement re-billing calculation. Adjustments to depreciation expense in any re-billing under the Unit Power Sales Agreement formula rate will also involve changes to accumulated depreciation, accumulated deferred income taxes, and other formula elements as needed. In October 2019 the LPSC filed rebuttal testimony increasing the amount of refunds sought for the liabilities associated with uncertain tax positions. The LPSC now seeks approximately $512 million , plus interest, which is approximately $170 million through March 31, 2020. The FERC trial staff also filed rebuttal testimony in which it seeks refunds of a similar amount as the LPSC for the liabilities associated with uncertain tax positions. The LPSC testimony also argued that adjustments to depreciation rates should affect rate base on a prospective basis only. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energy’s recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million . The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and System Energy’s rate base should have been reduced for those liabilities. If the ALJ’s initial decision is upheld, the estimated refund for this issue through March 31, 2020, is approximately $397 million , plus interest, which is approximately $96 million through March 31, 2020. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $18 million , which includes interest through March 31, 2020. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. System Energy plans to file briefs on exceptions to the FERC, re-urging its positions and requesting the reversal of many of the findings in the ALJ’s initial decision, including the lease renewal and uncertain tax position issues. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. Briefs on exceptions from all parties are scheduled for June 2020, and briefs opposing exceptions are scheduled for September 2020. The FERC will then review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJ’s initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $118.7 199.8 $0.59 $254.5 189.6 $1.34 Average dilutive effect of: Stock options 0.7 — 0.4 — Other equity plans 0.4 — 0.5 (0.01 ) Equity forwards — — 1.7 (0.01 ) Diluted earnings per share $118.7 200.9 $0.59 $254.5 192.2 $1.32 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.5 million for the three months ended March 31, 2020 and approximately 0.7 million for the three months ended March 31, 2019 . 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. Dividends declared per common share were $0.93 for the three months ended March 31, 2020 and $0.91 for the three months ended March 31, 2019 . Treasury Stock During the three months ended March 31, 2020 , Entergy Corporation issued 1,011,970 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2020 . Retained Earnings On April 8, 2020, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.93 per share, payable on June 1, 2020, to holders of record as of May 7, 2020. 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 March 31, 2020 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, December 31, 2019 $84,206 ($557,072 ) $25,946 ($446,920 ) Other comprehensive income (loss) before reclassifications 52,846 34,349 17,713 104,908 Amounts reclassified from accumulated other comprehensive income (loss) (74,556 ) 19,550 (1,969 ) (56,975 ) Net other comprehensive income (loss) for the period (21,710 ) 53,899 15,744 47,933 Ending balance, March 31, 2020 $62,496 ($503,173 ) $41,690 ($398,987 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2019 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2018 ($23,135 ) ($531,922 ) ($2,116 ) ($557,173 ) Implementation of accounting standards (7,685 ) — 879 (6,806 ) Beginning balance, January 1, 2019 ($30,820 ) ($531,922 ) ($1,237 ) ($563,979 ) Other comprehensive income (loss) before reclassifications 28,312 — 13,539 41,851 Amounts reclassified from accumulated other comprehensive income (loss) (40,738 ) 11,550 164 (29,024 ) Net other comprehensive income (loss) for the period (12,426 ) 11,550 13,703 12,827 Ending balance, March 31, 2019 ($43,246 ) ($520,372 ) $12,466 ($551,152 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2020 and 2019: Pension and Other 2020 2019 (In Thousands) Beginning balance, January 1, $4,562 ($6,153 ) Other comprehensive income (loss) before reclassifications 10,050 — Amounts reclassified from accumulated other (583 ) (969 ) Net other comprehensive income (loss) for the period 9,467 (969 ) Ending balance, March 31, $14,029 ($7,122 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2020 and 2019 were as follows: Amounts reclassified from AOCI Income Statement Location 2020 2019 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $94,423 $51,615 Competitive business operating revenues Interest rate swaps (48 ) (48 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 94,375 51,567 Income taxes (19,819 ) (10,829 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $74,556 $40,738 Pension and other postretirement liabilities Amortization of prior-service credit $3,719 $5,326 (a) Amortization of loss (27,318 ) (18,988 ) (a) Settlement loss — (1,137 ) (a) Total amortization (23,599 ) (14,799 ) Income taxes 4,049 3,249 Income taxes Total amortization (net of tax) ($19,550 ) ($11,550 ) Net unrealized investment gain (loss) Realized gain (loss) $3,116 ($259 ) Interest and investment income Income taxes (1,147 ) 95 Income taxes Total realized investment gain (loss) (net of tax) $1,969 ($164 ) Total reclassifications for the period (net of tax) $56,975 $29,024 (a) These accumulated other comprehensive income (loss) components were 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) into income for Entergy Louisiana for the three months ended March 31, 2020 and 2019 were as follows: Amounts reclassified Income Statement Location 2020 2019 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,089 $1,838 (a) Amortization of loss (301 ) (527 ) (a) Total amortization 788 1,311 Income taxes (205 ) (342 ) Income taxes Total amortization (net of tax) 583 969 Total reclassifications for the period (net of tax) $583 $969 (a) These accumulated other comprehensive income (loss) components were 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 March 31, 2020 2019 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $118.7 199.8 $0.59 $254.5 189.6 $1.34 Average dilutive effect of: Stock options 0.7 — 0.4 — Other equity plans 0.4 — 0.5 (0.01 ) Equity forwards — — 1.7 (0.01 ) Diluted earnings per share $118.7 200.9 $0.59 $254.5 192.2 $1.32 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.5 million for the three months ended March 31, 2020 and approximately 0.7 million for the three months ended March 31, 2019 . 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. Dividends declared per common share were $0.93 for the three months ended March 31, 2020 and $0.91 for the three months ended March 31, 2019 . Treasury Stock During the three months ended March 31, 2020 , Entergy Corporation issued 1,011,970 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2020 . Retained Earnings On April 8, 2020, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.93 per share, payable on June 1, 2020, to holders of record as of May 7, 2020. 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 March 31, 2020 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, December 31, 2019 $84,206 ($557,072 ) $25,946 ($446,920 ) Other comprehensive income (loss) before reclassifications 52,846 34,349 17,713 104,908 Amounts reclassified from accumulated other comprehensive income (loss) (74,556 ) 19,550 (1,969 ) (56,975 ) Net other comprehensive income (loss) for the period (21,710 ) 53,899 15,744 47,933 Ending balance, March 31, 2020 $62,496 ($503,173 ) $41,690 ($398,987 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2019 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2018 ($23,135 ) ($531,922 ) ($2,116 ) ($557,173 ) Implementation of accounting standards (7,685 ) — 879 (6,806 ) Beginning balance, January 1, 2019 ($30,820 ) ($531,922 ) ($1,237 ) ($563,979 ) Other comprehensive income (loss) before reclassifications 28,312 — 13,539 41,851 Amounts reclassified from accumulated other comprehensive income (loss) (40,738 ) 11,550 164 (29,024 ) Net other comprehensive income (loss) for the period (12,426 ) 11,550 13,703 12,827 Ending balance, March 31, 2019 ($43,246 ) ($520,372 ) $12,466 ($551,152 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2020 and 2019: Pension and Other 2020 2019 (In Thousands) Beginning balance, January 1, $4,562 ($6,153 ) Other comprehensive income (loss) before reclassifications 10,050 — Amounts reclassified from accumulated other (583 ) (969 ) Net other comprehensive income (loss) for the period 9,467 (969 ) Ending balance, March 31, $14,029 ($7,122 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2020 and 2019 were as follows: Amounts reclassified from AOCI Income Statement Location 2020 2019 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $94,423 $51,615 Competitive business operating revenues Interest rate swaps (48 ) (48 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 94,375 51,567 Income taxes (19,819 ) (10,829 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $74,556 $40,738 Pension and other postretirement liabilities Amortization of prior-service credit $3,719 $5,326 (a) Amortization of loss (27,318 ) (18,988 ) (a) Settlement loss — (1,137 ) (a) Total amortization (23,599 ) (14,799 ) Income taxes 4,049 3,249 Income taxes Total amortization (net of tax) ($19,550 ) ($11,550 ) Net unrealized investment gain (loss) Realized gain (loss) $3,116 ($259 ) Interest and investment income Income taxes (1,147 ) 95 Income taxes Total realized investment gain (loss) (net of tax) $1,969 ($164 ) Total reclassifications for the period (net of tax) $56,975 $29,024 (a) These accumulated other comprehensive income (loss) components were 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) into income for Entergy Louisiana for the three months ended March 31, 2020 and 2019 were as follows: Amounts reclassified Income Statement Location 2020 2019 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,089 $1,838 (a) Amortization of loss (301 ) (527 ) (a) Total amortization 788 1,311 Income taxes (205 ) (342 ) Income taxes Total amortization (net of tax) 583 969 Total reclassifications for the period (net of tax) $583 $969 (a) These accumulated other comprehensive income (loss) components were 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million 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 three months ended March 31, 2020 was 2.99% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 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 Registrant Subsidiaries (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 $2 billion . At March 31, 2020 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2020 was 2.02% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. The commitment fees on the credit facilities range from 0.075% to 0.225% 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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein 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 for Entergy New Orleans are effective through October 31, 2021. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. 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 were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. 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 were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 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 March 2020, Entergy Arkansas issued $100 million of 4.00% Series mortgage bonds due June 2028. Entergy Arkansas is using the proceeds for general corporate purposes. (Entergy Louisiana) In March 2020, Entergy Louisiana issued $350 million of 2.90% Series mortgage bonds due March 2051. Entergy Louisiana is using the proceeds, together with other funds, to repay borrowings of $100 million on its $350 million credit facility and for general corporate purposes. In March 2020, Entergy Louisiana issued $300 million of 4.20% Series mortgage bonds due September 2048. Entergy Louisiana expects to use the proceeds, together with other funds, to repay, at maturity, its $250 million of 3.95% Series mortgage bonds due October 2020 and for general corporate purposes. (Entergy New Orleans) In March 2020, Entergy New Orleans issued $62 million of 3.75% Series mortgage bonds due March 2040 and $78 million of 3.00% Series mortgage bonds due March 2025. Entergy New Orleans is using the proceeds to repay short-term debt, to finance a portion of the construction of the New Orleans Power Station, and for general corporate purposes. (Entergy Texas) In March 2020, Entergy Texas issued $175 million of 3.55% Series mortgage bonds due September 2049. Entergy Texas is using the proceeds, together with other funds, to finance a portion of the construction of the Montgomery County Power Station, to repay borrowings of $100 million on its $150 million credit facility, and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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 September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million 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 three months ended March 31, 2020 was 2.99% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 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 Registrant Subsidiaries (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 $2 billion . At March 31, 2020 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2020 was 2.02% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. The commitment fees on the credit facilities range from 0.075% to 0.225% 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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein 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 for Entergy New Orleans are effective through October 31, 2021. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. 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 were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. 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 were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 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 March 2020, Entergy Arkansas issued $100 million of 4.00% Series mortgage bonds due June 2028. Entergy Arkansas is using the proceeds for general corporate purposes. (Entergy Louisiana) In March 2020, Entergy Louisiana issued $350 million of 2.90% Series mortgage bonds due March 2051. Entergy Louisiana is using the proceeds, together with other funds, to repay borrowings of $100 million on its $350 million credit facility and for general corporate purposes. In March 2020, Entergy Louisiana issued $300 million of 4.20% Series mortgage bonds due September 2048. Entergy Louisiana expects to use the proceeds, together with other funds, to repay, at maturity, its $250 million of 3.95% Series mortgage bonds due October 2020 and for general corporate purposes. (Entergy New Orleans) In March 2020, Entergy New Orleans issued $62 million of 3.75% Series mortgage bonds due March 2040 and $78 million of 3.00% Series mortgage bonds due March 2025. Entergy New Orleans is using the proceeds to repay short-term debt, to finance a portion of the construction of the New Orleans Power Station, and for general corporate purposes. (Entergy Texas) In March 2020, Entergy Texas issued $175 million of 3.55% Series mortgage bonds due September 2049. Entergy Texas is using the proceeds, together with other funds, to finance a portion of the construction of the Montgomery County Power Station, to repay borrowings of $100 million on its $150 million credit facility, and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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 September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million 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 three months ended March 31, 2020 was 2.99% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 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 Registrant Subsidiaries (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 $2 billion . At March 31, 2020 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2020 was 2.02% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. The commitment fees on the credit facilities range from 0.075% to 0.225% 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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein 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 for Entergy New Orleans are effective through October 31, 2021. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. 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 were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. 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 were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 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 March 2020, Entergy Arkansas issued $100 million of 4.00% Series mortgage bonds due June 2028. Entergy Arkansas is using the proceeds for general corporate purposes. (Entergy Louisiana) In March 2020, Entergy Louisiana issued $350 million of 2.90% Series mortgage bonds due March 2051. Entergy Louisiana is using the proceeds, together with other funds, to repay borrowings of $100 million on its $350 million credit facility and for general corporate purposes. In March 2020, Entergy Louisiana issued $300 million of 4.20% Series mortgage bonds due September 2048. Entergy Louisiana expects to use the proceeds, together with other funds, to repay, at maturity, its $250 million of 3.95% Series mortgage bonds due October 2020 and for general corporate purposes. (Entergy New Orleans) In March 2020, Entergy New Orleans issued $62 million of 3.75% Series mortgage bonds due March 2040 and $78 million of 3.00% Series mortgage bonds due March 2025. Entergy New Orleans is using the proceeds to repay short-term debt, to finance a portion of the construction of the New Orleans Power Station, and for general corporate purposes. (Entergy Texas) In March 2020, Entergy Texas issued $175 million of 3.55% Series mortgage bonds due September 2049. Entergy Texas is using the proceeds, together with other funds, to finance a portion of the construction of the Montgomery County Power Station, to repay borrowings of $100 million on its $150 million credit facility, and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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 September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million 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 three months ended March 31, 2020 was 2.99% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 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 Registrant Subsidiaries (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 $2 billion . At March 31, 2020 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2020 was 2.02% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. The commitment fees on the credit facilities range from 0.075% to 0.225% 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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein 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 for Entergy New Orleans are effective through October 31, 2021. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. 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 were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. 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 were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 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 March 2020, Entergy Arkansas issued $100 million of 4.00% Series mortgage bonds due June 2028. Entergy Arkansas is using the proceeds for general corporate purposes. (Entergy Louisiana) In March 2020, Entergy Louisiana issued $350 million of 2.90% Series mortgage bonds due March 2051. Entergy Louisiana is using the proceeds, together with other funds, to repay borrowings of $100 million on its $350 million credit facility and for general corporate purposes. In March 2020, Entergy Louisiana issued $300 million of 4.20% Series mortgage bonds due September 2048. Entergy Louisiana expects to use the proceeds, together with other funds, to repay, at maturity, its $250 million of 3.95% Series mortgage bonds due October 2020 and for general corporate purposes. (Entergy New Orleans) In March 2020, Entergy New Orleans issued $62 million of 3.75% Series mortgage bonds due March 2040 and $78 million of 3.00% Series mortgage bonds due March 2025. Entergy New Orleans is using the proceeds to repay short-term debt, to finance a portion of the construction of the New Orleans Power Station, and for general corporate purposes. (Entergy Texas) In March 2020, Entergy Texas issued $175 million of 3.55% Series mortgage bonds due September 2049. Entergy Texas is using the proceeds, together with other funds, to finance a portion of the construction of the Montgomery County Power Station, to repay borrowings of $100 million on its $150 million credit facility, and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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 September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million 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 three months ended March 31, 2020 was 2.99% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 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 Registrant Subsidiaries (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 $2 billion . At March 31, 2020 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2020 was 2.02% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. The commitment fees on the credit facilities range from 0.075% to 0.225% 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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein 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 for Entergy New Orleans are effective through October 31, 2021. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. 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 were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. 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 were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 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 March 2020, Entergy Arkansas issued $100 million of 4.00% Series mortgage bonds due June 2028. Entergy Arkansas is using the proceeds for general corporate purposes. (Entergy Louisiana) In March 2020, Entergy Louisiana issued $350 million of 2.90% Series mortgage bonds due March 2051. Entergy Louisiana is using the proceeds, together with other funds, to repay borrowings of $100 million on its $350 million credit facility and for general corporate purposes. In March 2020, Entergy Louisiana issued $300 million of 4.20% Series mortgage bonds due September 2048. Entergy Louisiana expects to use the proceeds, together with other funds, to repay, at maturity, its $250 million of 3.95% Series mortgage bonds due October 2020 and for general corporate purposes. (Entergy New Orleans) In March 2020, Entergy New Orleans issued $62 million of 3.75% Series mortgage bonds due March 2040 and $78 million of 3.00% Series mortgage bonds due March 2025. Entergy New Orleans is using the proceeds to repay short-term debt, to finance a portion of the construction of the New Orleans Power Station, and for general corporate purposes. (Entergy Texas) In March 2020, Entergy Texas issued $175 million of 3.55% Series mortgage bonds due September 2049. Entergy Texas is using the proceeds, together with other funds, to finance a portion of the construction of the Montgomery County Power Station, to repay borrowings of $100 million on its $150 million credit facility, and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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 September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million 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 three months ended March 31, 2020 was 2.99% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 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 Registrant Subsidiaries (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 $2 billion . At March 31, 2020 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2020 was 2.02% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. The commitment fees on the credit facilities range from 0.075% to 0.225% 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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein 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 for Entergy New Orleans are effective through October 31, 2021. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. 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 were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. 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 were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 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 March 2020, Entergy Arkansas issued $100 million of 4.00% Series mortgage bonds due June 2028. Entergy Arkansas is using the proceeds for general corporate purposes. (Entergy Louisiana) In March 2020, Entergy Louisiana issued $350 million of 2.90% Series mortgage bonds due March 2051. Entergy Louisiana is using the proceeds, together with other funds, to repay borrowings of $100 million on its $350 million credit facility and for general corporate purposes. In March 2020, Entergy Louisiana issued $300 million of 4.20% Series mortgage bonds due September 2048. Entergy Louisiana expects to use the proceeds, together with other funds, to repay, at maturity, its $250 million of 3.95% Series mortgage bonds due October 2020 and for general corporate purposes. (Entergy New Orleans) In March 2020, Entergy New Orleans issued $62 million of 3.75% Series mortgage bonds due March 2040 and $78 million of 3.00% Series mortgage bonds due March 2025. Entergy New Orleans is using the proceeds to repay short-term debt, to finance a portion of the construction of the New Orleans Power Station, and for general corporate purposes. (Entergy Texas) In March 2020, Entergy Texas issued $175 million of 3.55% Series mortgage bonds due September 2049. Entergy Texas is using the proceeds, together with other funds, to finance a portion of the construction of the Montgomery County Power Station, to repay borrowings of $100 million on its $150 million credit facility, and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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 September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million 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 three months ended March 31, 2020 was 2.99% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 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 Registrant Subsidiaries (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 $2 billion . At March 31, 2020 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2020 was 2.02% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. The commitment fees on the credit facilities range from 0.075% to 0.225% 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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein 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 for Entergy New Orleans are effective through October 31, 2021. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. 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 were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. 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 were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 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 March 2020, Entergy Arkansas issued $100 million of 4.00% Series mortgage bonds due June 2028. Entergy Arkansas is using the proceeds for general corporate purposes. (Entergy Louisiana) In March 2020, Entergy Louisiana issued $350 million of 2.90% Series mortgage bonds due March 2051. Entergy Louisiana is using the proceeds, together with other funds, to repay borrowings of $100 million on its $350 million credit facility and for general corporate purposes. In March 2020, Entergy Louisiana issued $300 million of 4.20% Series mortgage bonds due September 2048. Entergy Louisiana expects to use the proceeds, together with other funds, to repay, at maturity, its $250 million of 3.95% Series mortgage bonds due October 2020 and for general corporate purposes. (Entergy New Orleans) In March 2020, Entergy New Orleans issued $62 million of 3.75% Series mortgage bonds due March 2040 and $78 million of 3.00% Series mortgage bonds due March 2025. Entergy New Orleans is using the proceeds to repay short-term debt, to finance a portion of the construction of the New Orleans Power Station, and for general corporate purposes. (Entergy Texas) In March 2020, Entergy Texas issued $175 million of 3.55% Series mortgage bonds due September 2049. Entergy Texas is using the proceeds, together with other funds, to finance a portion of the construction of the Montgomery County Power Station, to repay borrowings of $100 million on its $150 million credit facility, and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Entergy Corporation [Member] | |
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 . Stock Options Entergy granted options on 530,716 shares of its common stock under the 2019 Omnibus Incentive Plan during the first quarter 2020 with a fair value of $11.45 per option. As of March 31, 2020 , there were options on 2,474,280 shares of common stock outstanding with a weighted-average exercise price of $89.74 . 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 March 31, 2020 . The aggregate intrinsic value of the stock options outstanding as of March 31, 2020 was $30.5 million . The following table includes financial information for outstanding stock options for the three months ended March 31, 2020 and 2019 : 2020 2019 (In Millions) Compensation expense included in Entergy’s net income $1.0 $1.0 Tax benefit recognized in Entergy’s net income $0.3 $0.2 Compensation cost capitalized as part of fixed assets and materials and supplies $0.4 $0.3 Other Equity Awards In January 2020 the Board approved and Entergy granted 313,805 restricted stock awards and 134,853 long-term incentive awards under the 2019 Omnibus Incentive Plan. The restricted stock awards were made effective as of January 30, 2020 and were valued at $131.72 per share, which was the closing price of Entergy’s common stock on that date. 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 three-year vesting period. One-third of the restricted stock awards and accrued dividends will vest upon each anniversary of the grant date. In addition, long-term incentive awards were also 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. For the 2020-2022 performance period, performance will be measured based eighty percent on relative total shareholder return and twenty percent on a cumulative adjusted earnings per share metric. The performance units were granted as of January 30, 2020 and eighty percent were valued at $169.74 per share based on various factors, primarily market conditions; and twenty percent were valued at $131.72 per share, the closing price of Entergy’s common stock on that date. Performance units have the same dividend rights as shares of Entergy common stock and are considered issued and outstanding shares of Entergy upon vesting. Performance units are expensed ratably over the three-year vesting period and compensation cost for the portion of the award based on cumulative adjusted earnings per share will be adjusted based on the number of units that ultimately vest. See Note 12 to the financial statements in the Form 10-K for a description of the Long-Term Performance Unit Program. The following table includes financial information for other outstanding equity awards for the three months ended March 31, 2020 and 2019 : 2020 2019 (In Millions) Compensation expense included in Entergy’s net income $9.4 $8.8 Tax benefit recognized in Entergy’s net income $2.4 $2.2 Compensation cost capitalized as part of fixed assets and materials and supplies $3.4 $2.9 |
Retirement And Other Postretire
Retirement And Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
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 first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 Non-Qualified Net Pension Cost Entergy recognized $4.5 million and $4 million in pension cost for its non-qualified pension plans in the first quarters of 2020 and 2019 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 Components of Net Other Postretirement Benefit Cost (Income) Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), will be eligible to participate in a new Entergy-sponsored retiree health plan, and will no longer be eligible for retiree coverage under the Entergy Corporation Companies’ Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants will be eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change have been reflected in the March 31, 2020 other postretirement obligation. The changes affecting active bargaining unit employees will be negotiated with the unions prior to implementation, where necessary, and to the extent required by law. Employer Contributions Based on current assumptions, Entergy expects to contribute $216.3 million to its qualified pension plans in 2020. As of March 31, 2020 , Entergy had contributed $59.8 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 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
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 first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 Non-Qualified Net Pension Cost Entergy recognized $4.5 million and $4 million in pension cost for its non-qualified pension plans in the first quarters of 2020 and 2019 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 Components of Net Other Postretirement Benefit Cost (Income) Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), will be eligible to participate in a new Entergy-sponsored retiree health plan, and will no longer be eligible for retiree coverage under the Entergy Corporation Companies’ Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants will be eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change have been reflected in the March 31, 2020 other postretirement obligation. The changes affecting active bargaining unit employees will be negotiated with the unions prior to implementation, where necessary, and to the extent required by law. Employer Contributions Based on current assumptions, Entergy expects to contribute $216.3 million to its qualified pension plans in 2020. As of March 31, 2020 , Entergy had contributed $59.8 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 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
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 first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 Non-Qualified Net Pension Cost Entergy recognized $4.5 million and $4 million in pension cost for its non-qualified pension plans in the first quarters of 2020 and 2019 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 Components of Net Other Postretirement Benefit Cost (Income) Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), will be eligible to participate in a new Entergy-sponsored retiree health plan, and will no longer be eligible for retiree coverage under the Entergy Corporation Companies’ Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants will be eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change have been reflected in the March 31, 2020 other postretirement obligation. The changes affecting active bargaining unit employees will be negotiated with the unions prior to implementation, where necessary, and to the extent required by law. Employer Contributions Based on current assumptions, Entergy expects to contribute $216.3 million to its qualified pension plans in 2020. As of March 31, 2020 , Entergy had contributed $59.8 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 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
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 first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 Non-Qualified Net Pension Cost Entergy recognized $4.5 million and $4 million in pension cost for its non-qualified pension plans in the first quarters of 2020 and 2019 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 Components of Net Other Postretirement Benefit Cost (Income) Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), will be eligible to participate in a new Entergy-sponsored retiree health plan, and will no longer be eligible for retiree coverage under the Entergy Corporation Companies’ Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants will be eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change have been reflected in the March 31, 2020 other postretirement obligation. The changes affecting active bargaining unit employees will be negotiated with the unions prior to implementation, where necessary, and to the extent required by law. Employer Contributions Based on current assumptions, Entergy expects to contribute $216.3 million to its qualified pension plans in 2020. As of March 31, 2020 , Entergy had contributed $59.8 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 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
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 first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 Non-Qualified Net Pension Cost Entergy recognized $4.5 million and $4 million in pension cost for its non-qualified pension plans in the first quarters of 2020 and 2019 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 Components of Net Other Postretirement Benefit Cost (Income) Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), will be eligible to participate in a new Entergy-sponsored retiree health plan, and will no longer be eligible for retiree coverage under the Entergy Corporation Companies’ Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants will be eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change have been reflected in the March 31, 2020 other postretirement obligation. The changes affecting active bargaining unit employees will be negotiated with the unions prior to implementation, where necessary, and to the extent required by law. Employer Contributions Based on current assumptions, Entergy expects to contribute $216.3 million to its qualified pension plans in 2020. As of March 31, 2020 , Entergy had contributed $59.8 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 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
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 first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 Non-Qualified Net Pension Cost Entergy recognized $4.5 million and $4 million in pension cost for its non-qualified pension plans in the first quarters of 2020 and 2019 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 Components of Net Other Postretirement Benefit Cost (Income) Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), will be eligible to participate in a new Entergy-sponsored retiree health plan, and will no longer be eligible for retiree coverage under the Entergy Corporation Companies’ Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants will be eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change have been reflected in the March 31, 2020 other postretirement obligation. The changes affecting active bargaining unit employees will be negotiated with the unions prior to implementation, where necessary, and to the extent required by law. Employer Contributions Based on current assumptions, Entergy expects to contribute $216.3 million to its qualified pension plans in 2020. As of March 31, 2020 , Entergy had contributed $59.8 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 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
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 first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 Non-Qualified Net Pension Cost Entergy recognized $4.5 million and $4 million in pension cost for its non-qualified pension plans in the first quarters of 2020 and 2019 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 Components of Net Other Postretirement Benefit Cost (Income) Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), will be eligible to participate in a new Entergy-sponsored retiree health plan, and will no longer be eligible for retiree coverage under the Entergy Corporation Companies’ Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants will be eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change have been reflected in the March 31, 2020 other postretirement obligation. The changes affecting active bargaining unit employees will be negotiated with the unions prior to implementation, where necessary, and to the extent required by law. Employer Contributions Based on current assumptions, Entergy expects to contribute $216.3 million to its qualified pension plans in 2020. As of March 31, 2020 , Entergy had contributed $59.8 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 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was 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 shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $75 million in 2020, of which $21 million has been incurred as of March 31, 2020, and a total of approximately $55 million from 2021 through 2022. 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 March 31, 2020 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was 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 shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $75 million in 2020, of which $21 million has been incurred as of March 31, 2020, and a total of approximately $55 million from 2021 through 2022. 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 March 31, 2020 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was 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 shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $75 million in 2020, of which $21 million has been incurred as of March 31, 2020, and a total of approximately $55 million from 2021 through 2022. 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 March 31, 2020 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was 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 shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $75 million in 2020, of which $21 million has been incurred as of March 31, 2020, and a total of approximately $55 million from 2021 through 2022. 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 March 31, 2020 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was 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 shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $75 million in 2020, of which $21 million has been incurred as of March 31, 2020, and a total of approximately $55 million from 2021 through 2022. 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 March 31, 2020 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was 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 shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $75 million in 2020, of which $21 million has been incurred as of March 31, 2020, and a total of approximately $55 million from 2021 through 2022. 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 March 31, 2020 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was 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 shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $75 million in 2020, of which $21 million has been incurred as of March 31, 2020, and a total of approximately $55 million from 2021 through 2022. 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 may also use 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 Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2020 is approximately 1 year. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 97% for the remainder of 2020 , of which approximately 61% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2020 is 11.6 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 guarantee, 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 March 31, 2020 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $95 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2019 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $11 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash collateral and $98 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, 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 natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options 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 price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2020 was 4 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2020 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2020 was 42,371,000 MMBtu for Entergy, including 29,220,000 MMBtu for Entergy Louisiana and 13,151,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2019, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2019 through May 31, 2020. Financial transmission rights are derivative instruments that 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 March 31, 2020 was 18,987 GWh for Entergy, including 4,368 GWh for Entergy Arkansas, 8,517 GWh for Entergy Louisiana, 2,427 GWh for Entergy Mississippi, 934 GWh for Entergy New Orleans, and 2,662 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 March 31, 2020 and December 31, 2019. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi as of March 31, 2020 and December 31, 2019. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million held as of December 31, 2019. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, respectively Based on market prices as of March 31, 2020 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $81 million of net unrealized losses. Approximately $80 million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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 swaps traded on exchanges with active markets. 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 and gas swaps and options valued using observable inputs. • 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 Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight 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 Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the 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 Office of Corporate Risk Oversight 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 are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’ portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergy’s Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. |
Entergy Arkansas [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 may also use 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 Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2020 is approximately 1 year. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 97% for the remainder of 2020 , of which approximately 61% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2020 is 11.6 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 guarantee, 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 March 31, 2020 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $95 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2019 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $11 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash collateral and $98 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, 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 natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options 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 price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2020 was 4 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2020 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2020 was 42,371,000 MMBtu for Entergy, including 29,220,000 MMBtu for Entergy Louisiana and 13,151,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2019, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2019 through May 31, 2020. Financial transmission rights are derivative instruments that 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 March 31, 2020 was 18,987 GWh for Entergy, including 4,368 GWh for Entergy Arkansas, 8,517 GWh for Entergy Louisiana, 2,427 GWh for Entergy Mississippi, 934 GWh for Entergy New Orleans, and 2,662 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 March 31, 2020 and December 31, 2019. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi as of March 31, 2020 and December 31, 2019. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million held as of December 31, 2019. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, respectively Based on market prices as of March 31, 2020 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $81 million of net unrealized losses. Approximately $80 million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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 swaps traded on exchanges with active markets. 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 and gas swaps and options valued using observable inputs. • 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 Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight 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 Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the 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 Office of Corporate Risk Oversight 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 are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’ portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergy’s Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. |
Entergy 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 may also use 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 Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2020 is approximately 1 year. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 97% for the remainder of 2020 , of which approximately 61% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2020 is 11.6 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 guarantee, 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 March 31, 2020 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $95 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2019 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $11 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash collateral and $98 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, 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 natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options 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 price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2020 was 4 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2020 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2020 was 42,371,000 MMBtu for Entergy, including 29,220,000 MMBtu for Entergy Louisiana and 13,151,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2019, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2019 through May 31, 2020. Financial transmission rights are derivative instruments that 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 March 31, 2020 was 18,987 GWh for Entergy, including 4,368 GWh for Entergy Arkansas, 8,517 GWh for Entergy Louisiana, 2,427 GWh for Entergy Mississippi, 934 GWh for Entergy New Orleans, and 2,662 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 March 31, 2020 and December 31, 2019. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi as of March 31, 2020 and December 31, 2019. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million held as of December 31, 2019. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, respectively Based on market prices as of March 31, 2020 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $81 million of net unrealized losses. Approximately $80 million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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 swaps traded on exchanges with active markets. 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 and gas swaps and options valued using observable inputs. • 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 Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight 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 Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the 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 Office of Corporate Risk Oversight 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 are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’ portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergy’s Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. |
Entergy 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 may also use 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 Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2020 is approximately 1 year. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 97% for the remainder of 2020 , of which approximately 61% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2020 is 11.6 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 guarantee, 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 March 31, 2020 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $95 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2019 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $11 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash collateral and $98 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, 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 natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options 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 price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2020 was 4 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2020 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2020 was 42,371,000 MMBtu for Entergy, including 29,220,000 MMBtu for Entergy Louisiana and 13,151,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2019, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2019 through May 31, 2020. Financial transmission rights are derivative instruments that 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 March 31, 2020 was 18,987 GWh for Entergy, including 4,368 GWh for Entergy Arkansas, 8,517 GWh for Entergy Louisiana, 2,427 GWh for Entergy Mississippi, 934 GWh for Entergy New Orleans, and 2,662 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 March 31, 2020 and December 31, 2019. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi as of March 31, 2020 and December 31, 2019. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million held as of December 31, 2019. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, respectively Based on market prices as of March 31, 2020 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $81 million of net unrealized losses. Approximately $80 million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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 swaps traded on exchanges with active markets. 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 and gas swaps and options valued using observable inputs. • 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 Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight 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 Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the 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 Office of Corporate Risk Oversight 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 are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’ portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergy’s Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. |
Entergy 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 may also use 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 Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2020 is approximately 1 year. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 97% for the remainder of 2020 , of which approximately 61% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2020 is 11.6 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 guarantee, 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 March 31, 2020 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $95 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2019 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $11 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash collateral and $98 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, 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 natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options 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 price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2020 was 4 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2020 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2020 was 42,371,000 MMBtu for Entergy, including 29,220,000 MMBtu for Entergy Louisiana and 13,151,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2019, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2019 through May 31, 2020. Financial transmission rights are derivative instruments that 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 March 31, 2020 was 18,987 GWh for Entergy, including 4,368 GWh for Entergy Arkansas, 8,517 GWh for Entergy Louisiana, 2,427 GWh for Entergy Mississippi, 934 GWh for Entergy New Orleans, and 2,662 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 March 31, 2020 and December 31, 2019. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi as of March 31, 2020 and December 31, 2019. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million held as of December 31, 2019. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, respectively Based on market prices as of March 31, 2020 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $81 million of net unrealized losses. Approximately $80 million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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 swaps traded on exchanges with active markets. 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 and gas swaps and options valued using observable inputs. • 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 Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight 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 Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the 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 Office of Corporate Risk Oversight 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 are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’ portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergy’s Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. |
Entergy 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 may also use 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 Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2020 is approximately 1 year. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 97% for the remainder of 2020 , of which approximately 61% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2020 is 11.6 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 guarantee, 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 March 31, 2020 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $95 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2019 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $11 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash collateral and $98 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, 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 natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options 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 price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2020 was 4 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2020 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2020 was 42,371,000 MMBtu for Entergy, including 29,220,000 MMBtu for Entergy Louisiana and 13,151,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2019, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2019 through May 31, 2020. Financial transmission rights are derivative instruments that 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 March 31, 2020 was 18,987 GWh for Entergy, including 4,368 GWh for Entergy Arkansas, 8,517 GWh for Entergy Louisiana, 2,427 GWh for Entergy Mississippi, 934 GWh for Entergy New Orleans, and 2,662 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 March 31, 2020 and December 31, 2019. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi as of March 31, 2020 and December 31, 2019. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million held as of December 31, 2019. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, respectively Based on market prices as of March 31, 2020 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $81 million of net unrealized losses. Approximately $80 million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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 swaps traded on exchanges with active markets. 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 and gas swaps and options valued using observable inputs. • 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 Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight 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 Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the 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 Office of Corporate Risk Oversight 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 are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’ portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergy’s Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . 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. |
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 may also use 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 Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2020 is approximately 1 year. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 97% for the remainder of 2020 , of which approximately 61% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2020 is 11.6 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 guarantee, 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 March 31, 2020 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $95 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2019 , there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $11 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash collateral and $98 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, 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 natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options 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 price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2020 was 4 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2020 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2020 was 42,371,000 MMBtu for Entergy, including 29,220,000 MMBtu for Entergy Louisiana and 13,151,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2019, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2019 through May 31, 2020. Financial transmission rights are derivative instruments that 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 March 31, 2020 was 18,987 GWh for Entergy, including 4,368 GWh for Entergy Arkansas, 8,517 GWh for Entergy Louisiana, 2,427 GWh for Entergy Mississippi, 934 GWh for Entergy New Orleans, and 2,662 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 March 31, 2020 and December 31, 2019. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi as of March 31, 2020 and December 31, 2019. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million held as of December 31, 2019. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, respectively Based on market prices as of March 31, 2020 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $81 million of net unrealized losses. Approximately $80 million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options 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 and options 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 swaps traded on exchanges with active markets. 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 and gas swaps and options valued using observable inputs. • 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 Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight 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 Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the 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 Office of Corporate Risk Oversight 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 are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commodities’ portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergy’s Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . 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. |
Decommissioning Trust Funds
Decommissioning Trust Funds | 3 Months Ended |
Mar. 31, 2020 | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the 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. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($636) million . 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 debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities (a) $2,523 $158 $16 2019 Debt Securities (a) $2,456 $96 $6 (a) Debt securities presented herein do not include the $521 million and $507 million of debt securities held in the wholly-owned registered investment company as of March 31, 2020 and December 31, 2019 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $22 million as of March 31, 2020 and $13 million as of December 31, 2019 for debt securities. The amortized cost of available-for-sale debt securities was $2,382 million as of March 31, 2020 and $2,366 million as of December 31, 2019 . As of March 31, 2020 , available- for-sale debt securities had an average coupon rate of approximately 3.23% , an average duration of approximately 6.73 years, and an average maturity of approximately 10.47 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $411 $16 $404 $5 More than 12 months 5 — 38 1 Total $416 $16 $442 $6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $84 $128 1 year - 5 years 798 807 5 years - 10 years 686 666 10 years - 15 years 226 125 15 years - 20 years 129 126 20 years+ 600 604 Total $2,523 $2,456 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $400 million and $365 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $14 million and $2 million , respectively, and gross losses of $3 million and $2 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2020 were $506 million for Indian Point 1, $644 million for Indian Point 2, $858 million for Indian Point 3, and $493 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2019 were $556 million for Indian Point 1, $701 million for Indian Point 2, $930 million for Indian Point 3, and $498 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $417.8 $20.4 $1.4 2019 Debt Securities $412.8 $9.9 $2.6 The amortized cost of available-for-sale debt securities was $398.9 million as of March 31, 2020 and $405.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.73% , an average duration of approximately 6.87 years, and an average maturity of approximately 8.36 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($147.1) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $60.2 $1.4 $104.8 $2.5 More than 12 months — — 7.7 0.1 Total $60.2 $1.4 $112.5 $2.6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $34.4 $44.1 1 year - 5 years 108.2 109.1 5 years - 10 years 163.0 156.0 10 years - 15 years 43.8 31.3 15 years - 20 years 27.7 23.8 20 years+ 40.7 48.5 Total $417.8 $412.8 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $48.6 million and $10.9 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $4.5 million and $0.02 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $603.0 $38.5 $3.9 2019 Debt Securities $601.5 $29.3 $0.8 The amortized cost of available-for-sale debt securities was $568.4 million as of March 31, 2020 and $573 million as of December 31, 2019 . As of March 31, 2020 , the available-for-sale debt securities had an average coupon rate of approximately 3.87% , an average duration of approximately 6.85 years, and an average maturity of approximately 13.38 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($200.8) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $95.2 $3.9 $71.2 $0.8 More than 12 months 0.8 — 7.9 — Total $96.0 $3.9 $79.1 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $10.4 $40.7 1 year - 5 years 143.3 142.0 5 years - 10 years 133.8 132.4 10 years - 15 years 62.2 39.8 15 years - 20 years 54.6 49.2 20 years+ 198.7 197.4 Total $603.0 $601.5 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $67.4 million and $56.2 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $2.9 million and $0.3 million , respectively, and gross losses of $0.6 million and $0.2 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $408.0 $26.9 $2.7 2019 Debt Securities $386.2 $15.1 $0.3 The amortized cost of available-for-sale debt securities was $383.8 million as of March 31, 2020 and $371.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.91% , an average duration of approximately 7.03 years, and an average maturity of approximately 10.70 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($140) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $52.3 $2.7 $56.9 $0.3 More than 12 months — — 0.3 — Total $52.3 $2.7 $57.2 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $17.4 $8.5 1 year - 5 years 163.9 154.6 5 years - 10 years 96.0 92.3 10 years - 15 years 20.8 13.4 15 years - 20 years 6.7 14.4 20 years+ 103.2 103.0 Total $408.0 $386.2 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $92 million and $42.1 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $1.7 million and $0.4 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses Entergy implemented ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020. In accordance with the new standard, Entergy estimates the expected credit losses for its available for sale securities based on the current credit rating and remaining life of the securities. To the extent an individual security is determined to be uncollectible it is written off against this allowance. Entergy’s available-for-sale securities are held in trusts managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Specifically, available-for-sale securities are subject to credit worthiness restrictions, with requirements for both the average credit rating of the portfolio and minimum credit ratings for individual debt securities. As of March 31, 2020, Entergy’s allowance for expected credit losses related to available-for-sale securities was $3 million . Entergy did not record any impairments of available-for-sale debt securities for the three months ended March 31, 2020 . Other-than-temporary impairments and unrealized gains and losses Prior to the implementation of ASU 2016-13 on January 1, 2020, Entergy evaluated the available-for-sale debt 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 had occurred. The assessment of whether an investment in a debt security suffered an other-than-temporary impairment was based on whether Entergy had the intent to sell or more likely than not would have been required to sell the debt security before recovery of its amortized costs. Further, if Entergy did not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment was considered to have occurred and it was measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2019 |
Entergy Arkansas [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the 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. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($636) million . 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 debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities (a) $2,523 $158 $16 2019 Debt Securities (a) $2,456 $96 $6 (a) Debt securities presented herein do not include the $521 million and $507 million of debt securities held in the wholly-owned registered investment company as of March 31, 2020 and December 31, 2019 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $22 million as of March 31, 2020 and $13 million as of December 31, 2019 for debt securities. The amortized cost of available-for-sale debt securities was $2,382 million as of March 31, 2020 and $2,366 million as of December 31, 2019 . As of March 31, 2020 , available- for-sale debt securities had an average coupon rate of approximately 3.23% , an average duration of approximately 6.73 years, and an average maturity of approximately 10.47 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $411 $16 $404 $5 More than 12 months 5 — 38 1 Total $416 $16 $442 $6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $84 $128 1 year - 5 years 798 807 5 years - 10 years 686 666 10 years - 15 years 226 125 15 years - 20 years 129 126 20 years+ 600 604 Total $2,523 $2,456 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $400 million and $365 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $14 million and $2 million , respectively, and gross losses of $3 million and $2 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2020 were $506 million for Indian Point 1, $644 million for Indian Point 2, $858 million for Indian Point 3, and $493 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2019 were $556 million for Indian Point 1, $701 million for Indian Point 2, $930 million for Indian Point 3, and $498 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $417.8 $20.4 $1.4 2019 Debt Securities $412.8 $9.9 $2.6 The amortized cost of available-for-sale debt securities was $398.9 million as of March 31, 2020 and $405.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.73% , an average duration of approximately 6.87 years, and an average maturity of approximately 8.36 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($147.1) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $60.2 $1.4 $104.8 $2.5 More than 12 months — — 7.7 0.1 Total $60.2 $1.4 $112.5 $2.6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $34.4 $44.1 1 year - 5 years 108.2 109.1 5 years - 10 years 163.0 156.0 10 years - 15 years 43.8 31.3 15 years - 20 years 27.7 23.8 20 years+ 40.7 48.5 Total $417.8 $412.8 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $48.6 million and $10.9 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $4.5 million and $0.02 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $603.0 $38.5 $3.9 2019 Debt Securities $601.5 $29.3 $0.8 The amortized cost of available-for-sale debt securities was $568.4 million as of March 31, 2020 and $573 million as of December 31, 2019 . As of March 31, 2020 , the available-for-sale debt securities had an average coupon rate of approximately 3.87% , an average duration of approximately 6.85 years, and an average maturity of approximately 13.38 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($200.8) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $95.2 $3.9 $71.2 $0.8 More than 12 months 0.8 — 7.9 — Total $96.0 $3.9 $79.1 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $10.4 $40.7 1 year - 5 years 143.3 142.0 5 years - 10 years 133.8 132.4 10 years - 15 years 62.2 39.8 15 years - 20 years 54.6 49.2 20 years+ 198.7 197.4 Total $603.0 $601.5 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $67.4 million and $56.2 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $2.9 million and $0.3 million , respectively, and gross losses of $0.6 million and $0.2 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $408.0 $26.9 $2.7 2019 Debt Securities $386.2 $15.1 $0.3 The amortized cost of available-for-sale debt securities was $383.8 million as of March 31, 2020 and $371.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.91% , an average duration of approximately 7.03 years, and an average maturity of approximately 10.70 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($140) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $52.3 $2.7 $56.9 $0.3 More than 12 months — — 0.3 — Total $52.3 $2.7 $57.2 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $17.4 $8.5 1 year - 5 years 163.9 154.6 5 years - 10 years 96.0 92.3 10 years - 15 years 20.8 13.4 15 years - 20 years 6.7 14.4 20 years+ 103.2 103.0 Total $408.0 $386.2 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $92 million and $42.1 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $1.7 million and $0.4 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses Entergy implemented ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020. In accordance with the new standard, Entergy estimates the expected credit losses for its available for sale securities based on the current credit rating and remaining life of the securities. To the extent an individual security is determined to be uncollectible it is written off against this allowance. Entergy’s available-for-sale securities are held in trusts managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Specifically, available-for-sale securities are subject to credit worthiness restrictions, with requirements for both the average credit rating of the portfolio and minimum credit ratings for individual debt securities. As of March 31, 2020, Entergy’s allowance for expected credit losses related to available-for-sale securities was $3 million . Entergy did not record any impairments of available-for-sale debt securities for the three months ended March 31, 2020 . Other-than-temporary impairments and unrealized gains and losses Prior to the implementation of ASU 2016-13 on January 1, 2020, Entergy evaluated the available-for-sale debt 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 had occurred. The assessment of whether an investment in a debt security suffered an other-than-temporary impairment was based on whether Entergy had the intent to sell or more likely than not would have been required to sell the debt security before recovery of its amortized costs. Further, if Entergy did not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment was considered to have occurred and it was measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2019 |
Entergy Louisiana [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the 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. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($636) million . 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 debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities (a) $2,523 $158 $16 2019 Debt Securities (a) $2,456 $96 $6 (a) Debt securities presented herein do not include the $521 million and $507 million of debt securities held in the wholly-owned registered investment company as of March 31, 2020 and December 31, 2019 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $22 million as of March 31, 2020 and $13 million as of December 31, 2019 for debt securities. The amortized cost of available-for-sale debt securities was $2,382 million as of March 31, 2020 and $2,366 million as of December 31, 2019 . As of March 31, 2020 , available- for-sale debt securities had an average coupon rate of approximately 3.23% , an average duration of approximately 6.73 years, and an average maturity of approximately 10.47 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $411 $16 $404 $5 More than 12 months 5 — 38 1 Total $416 $16 $442 $6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $84 $128 1 year - 5 years 798 807 5 years - 10 years 686 666 10 years - 15 years 226 125 15 years - 20 years 129 126 20 years+ 600 604 Total $2,523 $2,456 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $400 million and $365 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $14 million and $2 million , respectively, and gross losses of $3 million and $2 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2020 were $506 million for Indian Point 1, $644 million for Indian Point 2, $858 million for Indian Point 3, and $493 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2019 were $556 million for Indian Point 1, $701 million for Indian Point 2, $930 million for Indian Point 3, and $498 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $417.8 $20.4 $1.4 2019 Debt Securities $412.8 $9.9 $2.6 The amortized cost of available-for-sale debt securities was $398.9 million as of March 31, 2020 and $405.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.73% , an average duration of approximately 6.87 years, and an average maturity of approximately 8.36 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($147.1) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $60.2 $1.4 $104.8 $2.5 More than 12 months — — 7.7 0.1 Total $60.2 $1.4 $112.5 $2.6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $34.4 $44.1 1 year - 5 years 108.2 109.1 5 years - 10 years 163.0 156.0 10 years - 15 years 43.8 31.3 15 years - 20 years 27.7 23.8 20 years+ 40.7 48.5 Total $417.8 $412.8 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $48.6 million and $10.9 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $4.5 million and $0.02 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $603.0 $38.5 $3.9 2019 Debt Securities $601.5 $29.3 $0.8 The amortized cost of available-for-sale debt securities was $568.4 million as of March 31, 2020 and $573 million as of December 31, 2019 . As of March 31, 2020 , the available-for-sale debt securities had an average coupon rate of approximately 3.87% , an average duration of approximately 6.85 years, and an average maturity of approximately 13.38 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($200.8) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $95.2 $3.9 $71.2 $0.8 More than 12 months 0.8 — 7.9 — Total $96.0 $3.9 $79.1 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $10.4 $40.7 1 year - 5 years 143.3 142.0 5 years - 10 years 133.8 132.4 10 years - 15 years 62.2 39.8 15 years - 20 years 54.6 49.2 20 years+ 198.7 197.4 Total $603.0 $601.5 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $67.4 million and $56.2 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $2.9 million and $0.3 million , respectively, and gross losses of $0.6 million and $0.2 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $408.0 $26.9 $2.7 2019 Debt Securities $386.2 $15.1 $0.3 The amortized cost of available-for-sale debt securities was $383.8 million as of March 31, 2020 and $371.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.91% , an average duration of approximately 7.03 years, and an average maturity of approximately 10.70 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($140) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $52.3 $2.7 $56.9 $0.3 More than 12 months — — 0.3 — Total $52.3 $2.7 $57.2 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $17.4 $8.5 1 year - 5 years 163.9 154.6 5 years - 10 years 96.0 92.3 10 years - 15 years 20.8 13.4 15 years - 20 years 6.7 14.4 20 years+ 103.2 103.0 Total $408.0 $386.2 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $92 million and $42.1 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $1.7 million and $0.4 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses Entergy implemented ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020. In accordance with the new standard, Entergy estimates the expected credit losses for its available for sale securities based on the current credit rating and remaining life of the securities. To the extent an individual security is determined to be uncollectible it is written off against this allowance. Entergy’s available-for-sale securities are held in trusts managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Specifically, available-for-sale securities are subject to credit worthiness restrictions, with requirements for both the average credit rating of the portfolio and minimum credit ratings for individual debt securities. As of March 31, 2020, Entergy’s allowance for expected credit losses related to available-for-sale securities was $3 million . Entergy did not record any impairments of available-for-sale debt securities for the three months ended March 31, 2020 . Other-than-temporary impairments and unrealized gains and losses Prior to the implementation of ASU 2016-13 on January 1, 2020, Entergy evaluated the available-for-sale debt 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 had occurred. The assessment of whether an investment in a debt security suffered an other-than-temporary impairment was based on whether Entergy had the intent to sell or more likely than not would have been required to sell the debt security before recovery of its amortized costs. Further, if Entergy did not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment was considered to have occurred and it was measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2019 |
System Energy [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the 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. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($636) million . 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 debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities (a) $2,523 $158 $16 2019 Debt Securities (a) $2,456 $96 $6 (a) Debt securities presented herein do not include the $521 million and $507 million of debt securities held in the wholly-owned registered investment company as of March 31, 2020 and December 31, 2019 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $22 million as of March 31, 2020 and $13 million as of December 31, 2019 for debt securities. The amortized cost of available-for-sale debt securities was $2,382 million as of March 31, 2020 and $2,366 million as of December 31, 2019 . As of March 31, 2020 , available- for-sale debt securities had an average coupon rate of approximately 3.23% , an average duration of approximately 6.73 years, and an average maturity of approximately 10.47 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $411 $16 $404 $5 More than 12 months 5 — 38 1 Total $416 $16 $442 $6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $84 $128 1 year - 5 years 798 807 5 years - 10 years 686 666 10 years - 15 years 226 125 15 years - 20 years 129 126 20 years+ 600 604 Total $2,523 $2,456 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $400 million and $365 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $14 million and $2 million , respectively, and gross losses of $3 million and $2 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2020 were $506 million for Indian Point 1, $644 million for Indian Point 2, $858 million for Indian Point 3, and $493 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2019 were $556 million for Indian Point 1, $701 million for Indian Point 2, $930 million for Indian Point 3, and $498 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $417.8 $20.4 $1.4 2019 Debt Securities $412.8 $9.9 $2.6 The amortized cost of available-for-sale debt securities was $398.9 million as of March 31, 2020 and $405.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.73% , an average duration of approximately 6.87 years, and an average maturity of approximately 8.36 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($147.1) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $60.2 $1.4 $104.8 $2.5 More than 12 months — — 7.7 0.1 Total $60.2 $1.4 $112.5 $2.6 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $34.4 $44.1 1 year - 5 years 108.2 109.1 5 years - 10 years 163.0 156.0 10 years - 15 years 43.8 31.3 15 years - 20 years 27.7 23.8 20 years+ 40.7 48.5 Total $417.8 $412.8 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $48.6 million and $10.9 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $4.5 million and $0.02 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $603.0 $38.5 $3.9 2019 Debt Securities $601.5 $29.3 $0.8 The amortized cost of available-for-sale debt securities was $568.4 million as of March 31, 2020 and $573 million as of December 31, 2019 . As of March 31, 2020 , the available-for-sale debt securities had an average coupon rate of approximately 3.87% , an average duration of approximately 6.85 years, and an average maturity of approximately 13.38 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($200.8) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $95.2 $3.9 $71.2 $0.8 More than 12 months 0.8 — 7.9 — Total $96.0 $3.9 $79.1 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $10.4 $40.7 1 year - 5 years 143.3 142.0 5 years - 10 years 133.8 132.4 10 years - 15 years 62.2 39.8 15 years - 20 years 54.6 49.2 20 years+ 198.7 197.4 Total $603.0 $601.5 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $67.4 million and $56.2 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $2.9 million and $0.3 million , respectively, and gross losses of $0.6 million and $0.2 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $408.0 $26.9 $2.7 2019 Debt Securities $386.2 $15.1 $0.3 The amortized cost of available-for-sale debt securities was $383.8 million as of March 31, 2020 and $371.4 million as of December 31, 2019 . As of March 31, 2020 , available-for-sale debt securities had an average coupon rate of approximately 2.91% , an average duration of approximately 7.03 years, and an average maturity of approximately 10.70 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2020 on equity securities still held as of March 31, 2020 were ($140) million . 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 debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $52.3 $2.7 $56.9 $0.3 More than 12 months — — 0.3 — Total $52.3 $2.7 $57.2 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $17.4 $8.5 1 year - 5 years 163.9 154.6 5 years - 10 years 96.0 92.3 10 years - 15 years 20.8 13.4 15 years - 20 years 6.7 14.4 20 years+ 103.2 103.0 Total $408.0 $386.2 During the three months ended March 31, 2020 and 2019 , proceeds from the dispositions of available-for-sale securities amounted to $92 million and $42.1 million , respectively. During the three months ended March 31, 2020 and 2019 , gross gains of $1.7 million and $0.4 million , respectively, and gross losses of $0.2 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses Entergy implemented ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020. In accordance with the new standard, Entergy estimates the expected credit losses for its available for sale securities based on the current credit rating and remaining life of the securities. To the extent an individual security is determined to be uncollectible it is written off against this allowance. Entergy’s available-for-sale securities are held in trusts managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Specifically, available-for-sale securities are subject to credit worthiness restrictions, with requirements for both the average credit rating of the portfolio and minimum credit ratings for individual debt securities. As of March 31, 2020, Entergy’s allowance for expected credit losses related to available-for-sale securities was $3 million . Entergy did not record any impairments of available-for-sale debt securities for the three months ended March 31, 2020 . Other-than-temporary impairments and unrealized gains and losses Prior to the implementation of ASU 2016-13 on January 1, 2020, Entergy evaluated the available-for-sale debt 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 had occurred. The assessment of whether an investment in a debt security suffered an other-than-temporary impairment was based on whether Entergy had the intent to sell or more likely than not would have been required to sell the debt security before recovery of its amortized costs. Further, if Entergy did not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment was considered to have occurred and it was measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2019 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
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, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 Other Tax Matters In accordance with ASC 718, “Compensation - Stock Compensation,” Entergy and the Registrant Subsidiaries recognized excess tax deductions as a reduction of income tax expense in the first quarter 2020. Due to the vesting and exercise of certain Entergy stock-based awards, Entergy recorded a permanent tax reduction of approximately $24.7 million , including $4.8 million for Entergy Arkansas, $8.6 million for Entergy Louisiana, $2.7 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $2.7 million for Entergy Texas, and $1.3 million for System Energy. In the first quarter 2020, Entergy and the IRS agreed upon and settled on the treatment of funds received by Entergy Louisiana in conjunction with the Act 55 financing of Hurricane Isaac storm costs, which resulted in a reduction of income tax expense of approximately $32 million . As a result of the settlement, the position was partially sustained and Entergy Louisiana recorded a reduction of income tax expense of approximately $58 million primarily due to the reversal of liabilities for uncertain tax positions in excess of the agreed-upon settlement. Entergy recorded an increase to income tax expense of $26 million primarily resulting from the reduction of the deferred tax asset, associated with utilization of the net operating loss as a result of the settlement. This adjustment recorded by Entergy also accounted for the tax rate change of the Tax Cuts and Jobs Act. As a result of the IRS settlement, Entergy Louisiana recorded a $29 million ( $21 million net-of-tax) regulatory charge and a corresponding regulatory liability to reflect its obligation to customers pursuant to the LPSC Hurricane Isaac Act 55 financing order. Coronavirus Aid, Relief, and Economic Security Act In response to the economic impacts of the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act provisions that result in the most significant opportunities for tax relief to Entergy and the Registrant Subsidiaries are permitting a five year carryback of 2018-2020 net operating losses, removing the 80 percent limitation on the carryback of 2018-2020 net operating losses, increasing the limitation on interest expense deductibility for 2019 and 2020, accelerating available refunds for minimum tax credit carryforwards, modifying limitations on charitable contributions during 2020, and delaying the payment of employer payroll taxes. Based on current estimates, Entergy could defer approximately $64 million of 2020 payroll tax payments, which would be payable in two installments of $32 million on December 31, 2021 and December 31, 2022. Currently, these provisions do not have a significant effect on Entergy’s or the Registrant Subsidiaries’ balance sheets. |
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, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 Other Tax Matters In accordance with ASC 718, “Compensation - Stock Compensation,” Entergy and the Registrant Subsidiaries recognized excess tax deductions as a reduction of income tax expense in the first quarter 2020. Due to the vesting and exercise of certain Entergy stock-based awards, Entergy recorded a permanent tax reduction of approximately $24.7 million , including $4.8 million for Entergy Arkansas, $8.6 million for Entergy Louisiana, $2.7 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $2.7 million for Entergy Texas, and $1.3 million for System Energy. In the first quarter 2020, Entergy and the IRS agreed upon and settled on the treatment of funds received by Entergy Louisiana in conjunction with the Act 55 financing of Hurricane Isaac storm costs, which resulted in a reduction of income tax expense of approximately $32 million . As a result of the settlement, the position was partially sustained and Entergy Louisiana recorded a reduction of income tax expense of approximately $58 million primarily due to the reversal of liabilities for uncertain tax positions in excess of the agreed-upon settlement. Entergy recorded an increase to income tax expense of $26 million primarily resulting from the reduction of the deferred tax asset, associated with utilization of the net operating loss as a result of the settlement. This adjustment recorded by Entergy also accounted for the tax rate change of the Tax Cuts and Jobs Act. As a result of the IRS settlement, Entergy Louisiana recorded a $29 million ( $21 million net-of-tax) regulatory charge and a corresponding regulatory liability to reflect its obligation to customers pursuant to the LPSC Hurricane Isaac Act 55 financing order. Coronavirus Aid, Relief, and Economic Security Act In response to the economic impacts of the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act provisions that result in the most significant opportunities for tax relief to Entergy and the Registrant Subsidiaries are permitting a five year carryback of 2018-2020 net operating losses, removing the 80 percent limitation on the carryback of 2018-2020 net operating losses, increasing the limitation on interest expense deductibility for 2019 and 2020, accelerating available refunds for minimum tax credit carryforwards, modifying limitations on charitable contributions during 2020, and delaying the payment of employer payroll taxes. Based on current estimates, Entergy could defer approximately $64 million of 2020 payroll tax payments, which would be payable in two installments of $32 million on December 31, 2021 and December 31, 2022. Currently, these provisions do not have a significant effect on Entergy’s or the Registrant Subsidiaries’ balance sheets. |
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, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 Other Tax Matters In accordance with ASC 718, “Compensation - Stock Compensation,” Entergy and the Registrant Subsidiaries recognized excess tax deductions as a reduction of income tax expense in the first quarter 2020. Due to the vesting and exercise of certain Entergy stock-based awards, Entergy recorded a permanent tax reduction of approximately $24.7 million , including $4.8 million for Entergy Arkansas, $8.6 million for Entergy Louisiana, $2.7 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $2.7 million for Entergy Texas, and $1.3 million for System Energy. In the first quarter 2020, Entergy and the IRS agreed upon and settled on the treatment of funds received by Entergy Louisiana in conjunction with the Act 55 financing of Hurricane Isaac storm costs, which resulted in a reduction of income tax expense of approximately $32 million . As a result of the settlement, the position was partially sustained and Entergy Louisiana recorded a reduction of income tax expense of approximately $58 million primarily due to the reversal of liabilities for uncertain tax positions in excess of the agreed-upon settlement. Entergy recorded an increase to income tax expense of $26 million primarily resulting from the reduction of the deferred tax asset, associated with utilization of the net operating loss as a result of the settlement. This adjustment recorded by Entergy also accounted for the tax rate change of the Tax Cuts and Jobs Act. As a result of the IRS settlement, Entergy Louisiana recorded a $29 million ( $21 million net-of-tax) regulatory charge and a corresponding regulatory liability to reflect its obligation to customers pursuant to the LPSC Hurricane Isaac Act 55 financing order. Coronavirus Aid, Relief, and Economic Security Act In response to the economic impacts of the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act provisions that result in the most significant opportunities for tax relief to Entergy and the Registrant Subsidiaries are permitting a five year carryback of 2018-2020 net operating losses, removing the 80 percent limitation on the carryback of 2018-2020 net operating losses, increasing the limitation on interest expense deductibility for 2019 and 2020, accelerating available refunds for minimum tax credit carryforwards, modifying limitations on charitable contributions during 2020, and delaying the payment of employer payroll taxes. Based on current estimates, Entergy could defer approximately $64 million of 2020 payroll tax payments, which would be payable in two installments of $32 million on December 31, 2021 and December 31, 2022. Currently, these provisions do not have a significant effect on Entergy’s or the Registrant Subsidiaries’ balance sheets. |
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, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 Other Tax Matters In accordance with ASC 718, “Compensation - Stock Compensation,” Entergy and the Registrant Subsidiaries recognized excess tax deductions as a reduction of income tax expense in the first quarter 2020. Due to the vesting and exercise of certain Entergy stock-based awards, Entergy recorded a permanent tax reduction of approximately $24.7 million , including $4.8 million for Entergy Arkansas, $8.6 million for Entergy Louisiana, $2.7 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $2.7 million for Entergy Texas, and $1.3 million for System Energy. In the first quarter 2020, Entergy and the IRS agreed upon and settled on the treatment of funds received by Entergy Louisiana in conjunction with the Act 55 financing of Hurricane Isaac storm costs, which resulted in a reduction of income tax expense of approximately $32 million . As a result of the settlement, the position was partially sustained and Entergy Louisiana recorded a reduction of income tax expense of approximately $58 million primarily due to the reversal of liabilities for uncertain tax positions in excess of the agreed-upon settlement. Entergy recorded an increase to income tax expense of $26 million primarily resulting from the reduction of the deferred tax asset, associated with utilization of the net operating loss as a result of the settlement. This adjustment recorded by Entergy also accounted for the tax rate change of the Tax Cuts and Jobs Act. As a result of the IRS settlement, Entergy Louisiana recorded a $29 million ( $21 million net-of-tax) regulatory charge and a corresponding regulatory liability to reflect its obligation to customers pursuant to the LPSC Hurricane Isaac Act 55 financing order. Coronavirus Aid, Relief, and Economic Security Act In response to the economic impacts of the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act provisions that result in the most significant opportunities for tax relief to Entergy and the Registrant Subsidiaries are permitting a five year carryback of 2018-2020 net operating losses, removing the 80 percent limitation on the carryback of 2018-2020 net operating losses, increasing the limitation on interest expense deductibility for 2019 and 2020, accelerating available refunds for minimum tax credit carryforwards, modifying limitations on charitable contributions during 2020, and delaying the payment of employer payroll taxes. Based on current estimates, Entergy could defer approximately $64 million of 2020 payroll tax payments, which would be payable in two installments of $32 million on December 31, 2021 and December 31, 2022. Currently, these provisions do not have a significant effect on Entergy’s or the Registrant Subsidiaries’ balance sheets. |
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, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 Other Tax Matters In accordance with ASC 718, “Compensation - Stock Compensation,” Entergy and the Registrant Subsidiaries recognized excess tax deductions as a reduction of income tax expense in the first quarter 2020. Due to the vesting and exercise of certain Entergy stock-based awards, Entergy recorded a permanent tax reduction of approximately $24.7 million , including $4.8 million for Entergy Arkansas, $8.6 million for Entergy Louisiana, $2.7 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $2.7 million for Entergy Texas, and $1.3 million for System Energy. In the first quarter 2020, Entergy and the IRS agreed upon and settled on the treatment of funds received by Entergy Louisiana in conjunction with the Act 55 financing of Hurricane Isaac storm costs, which resulted in a reduction of income tax expense of approximately $32 million . As a result of the settlement, the position was partially sustained and Entergy Louisiana recorded a reduction of income tax expense of approximately $58 million primarily due to the reversal of liabilities for uncertain tax positions in excess of the agreed-upon settlement. Entergy recorded an increase to income tax expense of $26 million primarily resulting from the reduction of the deferred tax asset, associated with utilization of the net operating loss as a result of the settlement. This adjustment recorded by Entergy also accounted for the tax rate change of the Tax Cuts and Jobs Act. As a result of the IRS settlement, Entergy Louisiana recorded a $29 million ( $21 million net-of-tax) regulatory charge and a corresponding regulatory liability to reflect its obligation to customers pursuant to the LPSC Hurricane Isaac Act 55 financing order. Coronavirus Aid, Relief, and Economic Security Act In response to the economic impacts of the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act provisions that result in the most significant opportunities for tax relief to Entergy and the Registrant Subsidiaries are permitting a five year carryback of 2018-2020 net operating losses, removing the 80 percent limitation on the carryback of 2018-2020 net operating losses, increasing the limitation on interest expense deductibility for 2019 and 2020, accelerating available refunds for minimum tax credit carryforwards, modifying limitations on charitable contributions during 2020, and delaying the payment of employer payroll taxes. Based on current estimates, Entergy could defer approximately $64 million of 2020 payroll tax payments, which would be payable in two installments of $32 million on December 31, 2021 and December 31, 2022. Currently, these provisions do not have a significant effect on Entergy’s or the Registrant Subsidiaries’ balance sheets. |
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, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 Other Tax Matters In accordance with ASC 718, “Compensation - Stock Compensation,” Entergy and the Registrant Subsidiaries recognized excess tax deductions as a reduction of income tax expense in the first quarter 2020. Due to the vesting and exercise of certain Entergy stock-based awards, Entergy recorded a permanent tax reduction of approximately $24.7 million , including $4.8 million for Entergy Arkansas, $8.6 million for Entergy Louisiana, $2.7 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $2.7 million for Entergy Texas, and $1.3 million for System Energy. In the first quarter 2020, Entergy and the IRS agreed upon and settled on the treatment of funds received by Entergy Louisiana in conjunction with the Act 55 financing of Hurricane Isaac storm costs, which resulted in a reduction of income tax expense of approximately $32 million . As a result of the settlement, the position was partially sustained and Entergy Louisiana recorded a reduction of income tax expense of approximately $58 million primarily due to the reversal of liabilities for uncertain tax positions in excess of the agreed-upon settlement. Entergy recorded an increase to income tax expense of $26 million primarily resulting from the reduction of the deferred tax asset, associated with utilization of the net operating loss as a result of the settlement. This adjustment recorded by Entergy also accounted for the tax rate change of the Tax Cuts and Jobs Act. As a result of the IRS settlement, Entergy Louisiana recorded a $29 million ( $21 million net-of-tax) regulatory charge and a corresponding regulatory liability to reflect its obligation to customers pursuant to the LPSC Hurricane Isaac Act 55 financing order. Coronavirus Aid, Relief, and Economic Security Act In response to the economic impacts of the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act provisions that result in the most significant opportunities for tax relief to Entergy and the Registrant Subsidiaries are permitting a five year carryback of 2018-2020 net operating losses, removing the 80 percent limitation on the carryback of 2018-2020 net operating losses, increasing the limitation on interest expense deductibility for 2019 and 2020, accelerating available refunds for minimum tax credit carryforwards, modifying limitations on charitable contributions during 2020, and delaying the payment of employer payroll taxes. Based on current estimates, Entergy could defer approximately $64 million of 2020 payroll tax payments, which would be payable in two installments of $32 million on December 31, 2021 and December 31, 2022. Currently, these provisions do not have a significant effect on Entergy’s or the Registrant Subsidiaries’ balance sheets. |
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, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 Other Tax Matters In accordance with ASC 718, “Compensation - Stock Compensation,” Entergy and the Registrant Subsidiaries recognized excess tax deductions as a reduction of income tax expense in the first quarter 2020. Due to the vesting and exercise of certain Entergy stock-based awards, Entergy recorded a permanent tax reduction of approximately $24.7 million , including $4.8 million for Entergy Arkansas, $8.6 million for Entergy Louisiana, $2.7 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $2.7 million for Entergy Texas, and $1.3 million for System Energy. In the first quarter 2020, Entergy and the IRS agreed upon and settled on the treatment of funds received by Entergy Louisiana in conjunction with the Act 55 financing of Hurricane Isaac storm costs, which resulted in a reduction of income tax expense of approximately $32 million . As a result of the settlement, the position was partially sustained and Entergy Louisiana recorded a reduction of income tax expense of approximately $58 million primarily due to the reversal of liabilities for uncertain tax positions in excess of the agreed-upon settlement. Entergy recorded an increase to income tax expense of $26 million primarily resulting from the reduction of the deferred tax asset, associated with utilization of the net operating loss as a result of the settlement. This adjustment recorded by Entergy also accounted for the tax rate change of the Tax Cuts and Jobs Act. As a result of the IRS settlement, Entergy Louisiana recorded a $29 million ( $21 million net-of-tax) regulatory charge and a corresponding regulatory liability to reflect its obligation to customers pursuant to the LPSC Hurricane Isaac Act 55 financing order. Coronavirus Aid, Relief, and Economic Security Act In response to the economic impacts of the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020. The CARES Act provisions that result in the most significant opportunities for tax relief to Entergy and the Registrant Subsidiaries are permitting a five year carryback of 2018-2020 net operating losses, removing the 80 percent limitation on the carryback of 2018-2020 net operating losses, increasing the limitation on interest expense deductibility for 2019 and 2020, accelerating available refunds for minimum tax credit carryforwards, modifying limitations on charitable contributions during 2020, and delaying the payment of employer payroll taxes. Based on current estimates, Entergy could defer approximately $64 million of 2020 payroll tax payments, which would be payable in two installments of $32 million on December 31, 2021 and December 31, 2022. Currently, these provisions do not have a significant effect on Entergy’s or the Registrant Subsidiaries’ balance sheets. |
Property, Plant, And Equipment
Property, Plant, And Equipment | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 were $367 million for Entergy, $57.5 million for Entergy Arkansas, $106.7 million for Entergy Louisiana, $24.2 million for Entergy Mississippi, $8.1 million for Entergy New Orleans, $78.2 million for Entergy Texas, and $52.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2019 were $406 million for Entergy, $67.9 million for Entergy Arkansas, $115.1 million for Entergy Louisiana, $34.2 million for Entergy Mississippi, $18.4 million for Entergy New Orleans, $88.1 million for Entergy Texas, and $23.2 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 March 31, 2020 were $367 million for Entergy, $57.5 million for Entergy Arkansas, $106.7 million for Entergy Louisiana, $24.2 million for Entergy Mississippi, $8.1 million for Entergy New Orleans, $78.2 million for Entergy Texas, and $52.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2019 were $406 million for Entergy, $67.9 million for Entergy Arkansas, $115.1 million for Entergy Louisiana, $34.2 million for Entergy Mississippi, $18.4 million for Entergy New Orleans, $88.1 million for Entergy Texas, and $23.2 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 March 31, 2020 were $367 million for Entergy, $57.5 million for Entergy Arkansas, $106.7 million for Entergy Louisiana, $24.2 million for Entergy Mississippi, $8.1 million for Entergy New Orleans, $78.2 million for Entergy Texas, and $52.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2019 were $406 million for Entergy, $67.9 million for Entergy Arkansas, $115.1 million for Entergy Louisiana, $34.2 million for Entergy Mississippi, $18.4 million for Entergy New Orleans, $88.1 million for Entergy Texas, and $23.2 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 March 31, 2020 were $367 million for Entergy, $57.5 million for Entergy Arkansas, $106.7 million for Entergy Louisiana, $24.2 million for Entergy Mississippi, $8.1 million for Entergy New Orleans, $78.2 million for Entergy Texas, and $52.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2019 were $406 million for Entergy, $67.9 million for Entergy Arkansas, $115.1 million for Entergy Louisiana, $34.2 million for Entergy Mississippi, $18.4 million for Entergy New Orleans, $88.1 million for Entergy Texas, and $23.2 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 March 31, 2020 were $367 million for Entergy, $57.5 million for Entergy Arkansas, $106.7 million for Entergy Louisiana, $24.2 million for Entergy Mississippi, $8.1 million for Entergy New Orleans, $78.2 million for Entergy Texas, and $52.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2019 were $406 million for Entergy, $67.9 million for Entergy Arkansas, $115.1 million for Entergy Louisiana, $34.2 million for Entergy Mississippi, $18.4 million for Entergy New Orleans, $88.1 million for Entergy Texas, and $23.2 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 March 31, 2020 were $367 million for Entergy, $57.5 million for Entergy Arkansas, $106.7 million for Entergy Louisiana, $24.2 million for Entergy Mississippi, $8.1 million for Entergy New Orleans, $78.2 million for Entergy Texas, and $52.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2019 were $406 million for Entergy, $67.9 million for Entergy Arkansas, $115.1 million for Entergy Louisiana, $34.2 million for Entergy Mississippi, $18.4 million for Entergy New Orleans, $88.1 million for Entergy Texas, and $23.2 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 March 31, 2020 were $367 million for Entergy, $57.5 million for Entergy Arkansas, $106.7 million for Entergy Louisiana, $24.2 million for Entergy Mississippi, $8.1 million for Entergy New Orleans, $78.2 million for Entergy Texas, and $52.6 million for System Energy. Construction expenditures included in accounts payable at December 31, 2019 were $406 million for Entergy, $67.9 million for Entergy Arkansas, $115.1 million for Entergy Louisiana, $34.2 million for Entergy Mississippi, $18.4 million for Entergy New Orleans, $88.1 million for Entergy Texas, and $23.2 million for System Energy. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
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, commercial paper borrowings, and long-term debt. 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 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2020 and the three months ended March 31, 2019 |
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, commercial paper borrowings, and long-term debt. 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 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2020 and the three months ended March 31, 2019 |
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, commercial paper borrowings, and long-term debt. 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 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2020 and the three months ended March 31, 2019 |
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, commercial paper borrowings, and long-term debt. 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 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2020 and the three months ended March 31, 2019 |
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, commercial paper borrowings, and long-term debt. 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 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2020 and the three months ended March 31, 2019 |
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, commercial paper borrowings, and long-term debt. 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 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2020 and the three months ended March 31, 2019 |
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, commercial paper borrowings, and long-term debt. 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 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2020 and the three months ended March 31, 2019 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition | REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on the accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 The allowance for currently expected credit losses is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance. Although this balance has historically experienced minimal variation over time, management monitors the current condition of individual customer accounts to manage collections and ensure write-offs are recorded in a timely manner. |
Entergy Arkansas [Member] | |
Revenue Recognition | REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on the accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 The allowance for currently expected credit losses is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance. Although this balance has historically experienced minimal variation over time, management monitors the current condition of individual customer accounts to manage collections and ensure write-offs are recorded in a timely manner. |
Entergy Louisiana [Member] | |
Revenue Recognition | REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on the accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 The allowance for currently expected credit losses is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance. Although this balance has historically experienced minimal variation over time, management monitors the current condition of individual customer accounts to manage collections and ensure write-offs are recorded in a timely manner. |
Entergy Mississippi [Member] | |
Revenue Recognition | REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on the accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 The allowance for currently expected credit losses is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance. Although this balance has historically experienced minimal variation over time, management monitors the current condition of individual customer accounts to manage collections and ensure write-offs are recorded in a timely manner. |
Entergy New Orleans [Member] | |
Revenue Recognition | REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on the accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 The allowance for currently expected credit losses is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance. Although this balance has historically experienced minimal variation over time, management monitors the current condition of individual customer accounts to manage collections and ensure write-offs are recorded in a timely manner. |
Entergy Texas [Member] | |
Revenue Recognition | REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on the accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
System Energy [Member] | |
Revenue Recognition | REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on the accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 The allowance for currently expected credit losses is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance. Although this balance has historically experienced minimal variation over time, management monitors the current condition of individual customer accounts to manage collections and ensure write-offs are recorded in a timely manner. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule Of Earnings Per Share Basic And Diluted | The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements: For the Three Months Ended March 31, 2020 2019 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $118.7 199.8 $0.59 $254.5 189.6 $1.34 Average dilutive effect of: Stock options 0.7 — 0.4 — Other equity plans 0.4 — 0.5 (0.01 ) Equity forwards — — 1.7 (0.01 ) Diluted earnings per share $118.7 200.9 $0.59 $254.5 192.2 $1.32 |
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 March 31, 2020 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, December 31, 2019 $84,206 ($557,072 ) $25,946 ($446,920 ) Other comprehensive income (loss) before reclassifications 52,846 34,349 17,713 104,908 Amounts reclassified from accumulated other comprehensive income (loss) (74,556 ) 19,550 (1,969 ) (56,975 ) Net other comprehensive income (loss) for the period (21,710 ) 53,899 15,744 47,933 Ending balance, March 31, 2020 $62,496 ($503,173 ) $41,690 ($398,987 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2019 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2018 ($23,135 ) ($531,922 ) ($2,116 ) ($557,173 ) Implementation of accounting standards (7,685 ) — 879 (6,806 ) Beginning balance, January 1, 2019 ($30,820 ) ($531,922 ) ($1,237 ) ($563,979 ) Other comprehensive income (loss) before reclassifications 28,312 — 13,539 41,851 Amounts reclassified from accumulated other comprehensive income (loss) (40,738 ) 11,550 164 (29,024 ) Net other comprehensive income (loss) for the period (12,426 ) 11,550 13,703 12,827 Ending balance, March 31, 2019 ($43,246 ) ($520,372 ) $12,466 ($551,152 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2020 and 2019 were as follows: Amounts reclassified from AOCI Income Statement Location 2020 2019 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $94,423 $51,615 Competitive business operating revenues Interest rate swaps (48 ) (48 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 94,375 51,567 Income taxes (19,819 ) (10,829 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $74,556 $40,738 Pension and other postretirement liabilities Amortization of prior-service credit $3,719 $5,326 (a) Amortization of loss (27,318 ) (18,988 ) (a) Settlement loss — (1,137 ) (a) Total amortization (23,599 ) (14,799 ) Income taxes 4,049 3,249 Income taxes Total amortization (net of tax) ($19,550 ) ($11,550 ) Net unrealized investment gain (loss) Realized gain (loss) $3,116 ($259 ) Interest and investment income Income taxes (1,147 ) 95 Income taxes Total realized investment gain (loss) (net of tax) $1,969 ($164 ) Total reclassifications for the period (net of tax) $56,975 $29,024 (a) These accumulated other comprehensive income (loss) components were 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 March 31, 2020 and 2019: Pension and Other 2020 2019 (In Thousands) Beginning balance, January 1, $4,562 ($6,153 ) Other comprehensive income (loss) before reclassifications 10,050 — Amounts reclassified from accumulated other (583 ) (969 ) Net other comprehensive income (loss) for the period 9,467 (969 ) Ending balance, March 31, $14,029 ($7,122 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended March 31, 2020 and 2019 were as follows: Amounts reclassified Income Statement Location 2020 2019 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,089 $1,838 (a) Amortization of loss (301 ) (527 ) (a) Total amortization 788 1,311 Income taxes (205 ) (342 ) Income taxes Total amortization (net of tax) 583 969 Total reclassifications for the period (net of tax) $583 $969 (a) These accumulated other comprehensive income (loss) components were 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, _2
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Summary Of The Borrowings Outstanding And Capacity Available Under The Facility | Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2020 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $922 $6 $2,572 |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. |
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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Arkansas [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. |
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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Louisiana [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. |
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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Mississippi [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. |
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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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 March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. |
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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Texas [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2020 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2020 Letters of Credit Outstanding as of March 31, 2020 Entergy Arkansas April 2021 $20 million (b) 2.11% $— $— Entergy Arkansas September 2024 $150 million (c) 2.11% $— $— Entergy Louisiana September 2024 $350 million (c) 2.11% $— $— Entergy Mississippi April 2021 $37.5 million (d) 2.49% $— $— Entergy Mississippi April 2021 $35 million (d) 2.49% $— $— Entergy Mississippi April 2021 $10 million (d) 2.49% $— $— Entergy New Orleans November 2021 $25 million (c) 2.26% $— $0.8 million Entergy Texas September 2024 $150 million (c) 2.49% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2020 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. |
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 March 31, 2020 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2020 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $25.6 million Entergy Mississippi $64 million 0.70% $1.8 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $10.4 million (a) As of March 31, 2020 , letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— System Energy $200 $— |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
System Energy [Member] | |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2020 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $19 Entergy New Orleans $150 $— Entergy Texas $200 $— 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 have commercial paper programs in place. Following is a summary as of March 31, 2020 : Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2020 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 2.59% $43.8 Entergy Louisiana River Bend VIE September 2021 $105 2.69% $58.4 Entergy Louisiana Waterford VIE September 2021 $105 2.69% $33.3 System Energy VIE September 2021 $120 2.59% $88.3 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, 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. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2020 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2020 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $19,458,543 $20,426,604 Entergy Arkansas $3,655,723 $3,831,058 Entergy Louisiana $7,923,381 $8,496,243 Entergy Mississippi $1,614,156 $1,692,495 Entergy New Orleans $680,188 $652,690 Entergy Texas $2,091,130 $2,239,980 System Energy $604,925 $615,747 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2019 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (In Thousands) Entergy $17,873,655 $19,059,950 Entergy Arkansas $3,517,208 $3,747,914 Entergy Louisiana $7,303,669 $7,961,168 Entergy Mississippi $1,614,129 $1,709,505 Entergy New Orleans $560,906 $523,846 Entergy Texas $1,922,956 $2,090,215 System Energy $548,107 $565,209 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) - Entergy Corporation [Member] | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and 2019 : 2020 2019 (In Millions) Compensation expense included in Entergy’s net income $1.0 $1.0 Tax benefit recognized in Entergy’s net income $0.3 $0.2 Compensation cost capitalized as part of fixed assets and materials and supplies $0.4 $0.3 |
Financial Information For Restricted Stock | The following table includes financial information for other outstanding equity awards for the three months ended March 31, 2020 and 2019 : 2020 2019 (In Millions) Compensation expense included in Entergy’s net income $9.4 $8.8 Tax benefit recognized in Entergy’s net income $2.4 $2.2 Compensation cost capitalized as part of fixed assets and materials and supplies $3.4 $2.9 |
Retirement And Other Postreti_2
Retirement And Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 |
Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $40,379 $33,607 Interest cost on projected benefit obligation 60,799 73,941 Expected return on assets (103,565 ) (103,884 ) Amortization of net loss 87,259 58,418 Settlement charges — 1,137 Net pension costs $84,872 $63,219 |
Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | Entergy’s other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2020 and 2019, included the following components: 2020 2019 (In Thousands) Service cost - benefits earned during the period $5,801 $4,675 Interest cost on accumulated postretirement benefit obligation (APBO) 7,932 11,975 Expected return on assets (10,328 ) (9,562 ) Amortization of prior service credit (5,922 ) (8,844 ) Amortization of net loss 468 358 Net other postretirement benefit cost (income) ($2,049 ) ($1,398 ) |
Entergy Arkansas [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
Entergy Arkansas [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) |
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 for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 |
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 first quarters of 2020 and 2019: 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $3,776 ($57 ) $3,719 Amortization of net loss (26,462 ) (25 ) (831 ) (27,318 ) ($26,462 ) $3,751 ($888 ) ($23,599 ) Entergy Louisiana Amortization of prior service credit $— $1,089 $— $1,089 Amortization of net gain (loss) (499 ) 199 (1 ) (301 ) ($499 ) $1,288 ($1 ) $788 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of net gain (loss) (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of net gain (loss) (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 |
Entergy Louisiana [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
Entergy Louisiana [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) |
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 for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 |
Entergy Mississippi [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
Entergy Mississippi [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) |
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 for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 |
Entergy New Orleans [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
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 (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) |
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 for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 |
Entergy Texas [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
Entergy Texas [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) |
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 for the first quarters of 2020 and 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2020 $83 $37 $90 $8 $117 2019 $73 $43 $75 $5 $124 |
System Energy [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622 ) (22,402 ) (5,757 ) (2,627 ) (5,486 ) (4,663 ) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of net loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2020 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2020 pension contributions $32,512 $38,766 $7,768 $3,248 $3,549 $10,544 Pension contributions made through March 2020 $10,120 $8,676 $2,560 $563 $453 $3,299 Remaining estimated pension contributions to be made in 2020 $22,392 $30,090 $5,208 $2,685 $3,096 $7,245 |
System Energy [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2020 and 2019, included the following components: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326 ) — (1,307 ) (1,355 ) (2,435 ) (748 ) Amortization of prior service credit (661 ) (1,089 ) (321 ) (76 ) (550 ) (219 ) Amortization of net (gain) loss 55 (199 ) 29 (38 ) 212 20 Net other postretirement benefit cost (income) ($2,887 ) $1,858 ($826 ) ($1,137 ) ($1,888 ) ($346 ) 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of net (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost (income) ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) |
Business Segment Information (T
Business Segment Information (Tables) - Entergy Corporation [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Segment Financial Information | Entergy’s segment financial information for the first quarters of 2020 and 2019 was as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2020 Operating revenues $2,094,629 $332,549 $11 ($10 ) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $— ($71,194) Consolidated net income (loss) $323,849 ($110,428 ) ($58,228 ) ($31,899 ) $123,294 Total assets as of March 31, 2020 $50,421,661 $3,921,539 $697,784 ($2,485,955 ) $52,555,029 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of December 31, 2019 $49,557,664 $4,154,961 $514,020 ($2,502,733 ) $51,723,912 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations were primarily intersegment activity. Almost all of Entergy’s goodwill was related to the Utility segment. |
Restructuring and Related Costs [Table Text Block] | Total restructuring charges for the first quarters of 2020 and 2019 were comprised of the following: 2020 2019 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $129 $14 $143 $179 $14 $193 Restructuring costs accrued 21 — 21 34 — 34 Balance as of March 31, $150 $14 $164 $213 $14 $227 In addition, Entergy Wholesale Commodities incurred $5 million in the first quarter 2020 and $74 million in the first quarter 2019 of impairment and other related charges associated with these strategic decisions and transactions. |
Risk Management And Fair Valu_2
Risk Management And Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Values Of Derivative Instruments | The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $81 $— $81 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $8 ($4) $4 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $4 $— $4 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $3 ($3) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $7 $— $7 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2019 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $92 ($1) $91 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 $— $17 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $11 ($1) $10 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $10 $— $10 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities (current portion) $5 $— $5 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $2 $— $2 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $9 million posted as of March 31, 2020 and $11 million posted and $1 million held as of December 31, 2019. Also excludes letters of credit in the amount of $95 million held as of March 31, 2020 and $98 million |
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 March 31, 2020 and 2019 were as follows: Instrument Amount of gain (loss) recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 (a) Before taxes of $20 million and $11 million for the three months ended March 31, 2020 and 2019, 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 March 31, 2020 and 2019 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $— 2019 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights Purchased power expense (b) $21 Electricity swaps and options (c) Competitive business operating revenues $5 |
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 were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 . 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. 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,180 $— $— $1,180 Decommissioning trust funds (a): Equity securities 745 — — 745 Debt securities (b) 1,151 1,893 — 3,044 Common trusts (c) 1,992 Power contracts — — 85 85 Securitization recovery trust account 47 — — 47 Escrow accounts 420 — — 420 Gas hedge contracts — 1 — 1 Financial transmission rights — — 4 4 $3,543 $1,894 $89 $7,518 Liabilities: Gas hedge contracts $7 $2 $— $9 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $391 $— $— $391 Decommissioning trust funds (a): Equity securities 905 — — 905 Debt securities 1,139 1,824 — 2,963 Common trusts (c) 2,536 Power contracts — — 118 118 Securitization recovery trust account 47 — — 47 Escrow accounts 459 — — 459 Gas hedge contracts — 1 — 1 Financial transmission rights — — 10 10 $2,941 $1,825 $128 $7,430 Liabilities: Gas hedge contracts $5 $2 $— $7 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios. (b) The decommissioning trust funds fair value presented herein does not include the recognition of a credit loss valuation allowance of $3 million on debt securities due to the adoption of ASU 2016-13. See Note 9 to the financial statements herein for additional information on the allowance for expected credit losses. (c) 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 March 31, 2020 and 2019 : 2020 2019 Power Contracts Financial transmission rights Power Contracts Financial transmission rights (In Millions) Balance as of January 1, $118 $10 ($31 ) $15 Total gains (losses) for the period (a) Included in earnings (18 ) — 5 — Included in other comprehensive income 67 — 26 — Included as a regulatory liability/asset — 7 — 11 Settlements (82 ) (13 ) (46 ) (21 ) Balance as of March 31, $85 $4 ($46 ) $5 (a) Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period was $1 million for the three months ended March 31, 2020 and ($4.9) million for the three months ended March 31, 2019. |
Fair Value Inputs Liabilities Quantitative Information | The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification as of March 31, 2020 : Transaction Type Fair Value Significant Unobservable Inputs Range from Average % Effect on Fair Value (In Millions) (In Millions) Power contracts - electricity swaps $85 Unit contingent discount +/- 4.75% $9 |
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 March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas |
Assets and liabilities at fair value on a recurring basis | Entergy Arkansas 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $136.9 $— $— $136.9 Decommissioning trust funds (a): Equity securities 14.4 — — 14.4 Debt securities 107.2 310.6 — 417.8 Common trusts (b) 541.8 Securitization recovery trust account 7.5 — — 7.5 Financial transmission rights — — 1.1 1.1 $266.0 $310.6 $1.1 $1,119.5 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Decommissioning trust funds (a): Equity securities $0.6 $— $— $0.6 Debt securities 108.7 304.1 — 412.8 Common trusts (b) 687.9 Securitization recovery trust account 4.0 — — 4.0 Financial transmission rights — — 3.3 3.3 $113.3 $304.1 $3.3 $1,108.6 |
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 March 31, 2020 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6 ) 0.1 1.8 Settlements (4.6 ) (5.3 ) 0.1 (0.4 ) (2.4 ) Balance as of March 31, $1.1 $1.9 $0.3 $— $0.3 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) |
Entergy Louisiana [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas |
Assets and liabilities at fair value on a recurring basis | Entergy Louisiana 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $465.2 $— $— $465.2 Decommissioning trust funds (a): Equity securities 15.7 — — 15.7 Debt securities 171.1 431.9 — 603.0 Common trusts (b) 759.2 Escrow accounts 256.4 — — 256.4 Securitization recovery trust account 9.0 — — 9.0 Gas hedge contracts 0.2 0.9 — 1.1 Financial transmission rights — — 1.9 1.9 $917.6 $432.8 $1.9 $2,111.5 Liabilities: Gas hedge contracts $2.5 $2.3 $— $4.8 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1.5 $— $— $1.5 Decommissioning trust funds (a): Equity securities 4.3 — — 4.3 Debt securities 180.8 420.7 — 601.5 Common trusts (b) 958.0 Escrow accounts 295.9 — — 295.9 Securitization recovery trust account 3.7 — — 3.7 Gas hedge contracts — 0.8 — 0.8 Financial transmission rights — — 4.5 4.5 $486.2 $421.5 $4.5 $1,870.2 Liabilities: Gas hedge contracts $2.4 $2.2 $— $4.6 |
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 March 31, 2020 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6 ) 0.1 1.8 Settlements (4.6 ) (5.3 ) 0.1 (0.4 ) (2.4 ) Balance as of March 31, $1.1 $1.9 $0.3 $— $0.3 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) |
Entergy Mississippi [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas |
Assets and liabilities at fair value on a recurring basis | Entergy Mississippi 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Escrow accounts $80.3 $— $— $80.3 Financial transmission rights — — 0.3 0.3 $80.3 $— $0.3 $80.6 Liabilities: Gas hedge contracts $4.4 $— $— $4.4 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $51.6 $— $— $51.6 Escrow accounts 80.2 — — 80.2 Financial transmission rights — — 0.8 0.8 $131.8 $— $0.8 $132.6 Liabilities: Gas hedge contracts $2.3 $— $— $2.3 |
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 March 31, 2020 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6 ) 0.1 1.8 Settlements (4.6 ) (5.3 ) 0.1 (0.4 ) (2.4 ) Balance as of March 31, $1.1 $1.9 $0.3 $— $0.3 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) |
Entergy New Orleans [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas |
Assets and liabilities at fair value on a recurring basis | Entergy New Orleans 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $72.3 $— $— $72.3 Securitization recovery trust account 4.9 — — 4.9 Escrow accounts 82.9 — — 82.9 $160.1 $— $— $160.1 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $6.0 $— $— $6.0 Securitization recovery trust account 2.0 — — 2.0 Escrow accounts 82.6 — — 82.6 Financial transmission rights — — 0.3 0.3 $90.6 $— $0.3 $90.9 Liabilities: Gas hedge contracts $0.2 $— $— $0.2 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2020 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6 ) 0.1 1.8 Settlements (4.6 ) (5.3 ) 0.1 (0.4 ) (2.4 ) Balance as of March 31, $1.1 $1.9 $0.3 $— $0.3 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) |
Entergy Texas [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2020 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 Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.9 $— $0.9 Entergy Louisiana Financial transmission rights Prepayments and other $1.1 $— $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.0 ($0.1) $1.9 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.5 $— $2.5 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.3 $— $2.3 Entergy Louisiana Natural gas swaps Other current liabilities $4.4 $— $4.4 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2019 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Other deferred debits and other assets $0.8 $— $0.8 Entergy Louisiana Financial transmission rights Prepayments and other $3.4 ($0.1) $3.3 Entergy Arkansas Financial transmission rights Prepayments and other $4.5 $— $4.5 Entergy Louisiana Financial transmission rights Prepayments and other $0.8 $— $0.8 Entergy Mississippi Financial transmission rights Prepayments and other $0.3 $— $0.3 Entergy New Orleans Financial transmission rights Prepayments and other $1.0 ($0.1) $0.9 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $2.4 $— $2.4 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $2.2 $— $2.2 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $— $2.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.2 $— $0.2 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi. As of December 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2020 and 2019 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas |
Assets and liabilities at fair value on a recurring basis | Entergy Texas 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets : Temporary cash investments $159.7 $— $— $159.7 Securitization recovery trust account 26.1 — — 26.1 Financial transmission rights — — 0.3 0.3 $185.8 $— $0.3 $186.1 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets : Temporary cash investments $12.9 $— $— $12.9 Securitization recovery trust account 37.7 — — 37.7 Financial transmission rights — — 0.9 0.9 $50.6 $— $0.9 $51.5 |
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 March 31, 2020 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6 ) 0.1 1.8 Settlements (4.6 ) (5.3 ) 0.1 (0.4 ) (2.4 ) Balance as of March 31, $1.1 $1.9 $0.3 $— $0.3 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) |
System Energy [Member] | |
Assets and liabilities at fair value on a recurring basis | System Energy 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $92.3 $— $— $92.3 Decommissioning trust funds (a): Equity securities 4.9 — — 4.9 Debt Securities 185.1 222.9 — 408.0 Common trusts (b) 515.5 $282.3 $222.9 $— $1,020.7 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $68.4 $— $— $68.4 Decommissioning trust funds (a): Equity securities 13.3 — — 13.3 Debt securities 176.3 209.9 — 386.2 Common trusts (b) 654.6 $258.0 $209.9 $— $1,122.5 |
Decommissioning Trust Funds (Ta
Decommissioning Trust Funds (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Securities Held | The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities (a) $2,523 $158 $16 2019 Debt Securities (a) $2,456 $96 $6 (a) Debt securities presented herein do not include the $521 million and $507 million of debt securities held in the wholly-owned registered investment company as of March 31, 2020 and December 31, 2019 , respectively, which are not accounted for as available-for-sale. |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $411 $16 $404 $5 More than 12 months 5 — 38 1 Total $416 $16 $442 $6 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $84 $128 1 year - 5 years 798 807 5 years - 10 years 686 666 10 years - 15 years 226 125 15 years - 20 years 129 126 20 years+ 600 604 Total $2,523 $2,456 |
Entergy Arkansas [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $417.8 $20.4 $1.4 2019 Debt Securities $412.8 $9.9 $2.6 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $60.2 $1.4 $104.8 $2.5 More than 12 months — — 7.7 0.1 Total $60.2 $1.4 $112.5 $2.6 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $34.4 $44.1 1 year - 5 years 108.2 109.1 5 years - 10 years 163.0 156.0 10 years - 15 years 43.8 31.3 15 years - 20 years 27.7 23.8 20 years+ 40.7 48.5 Total $417.8 $412.8 |
Entergy Louisiana [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $603.0 $38.5 $3.9 2019 Debt Securities $601.5 $29.3 $0.8 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $95.2 $3.9 $71.2 $0.8 More than 12 months 0.8 — 7.9 — Total $96.0 $3.9 $79.1 $0.8 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $10.4 $40.7 1 year - 5 years 143.3 142.0 5 years - 10 years 133.8 132.4 10 years - 15 years 62.2 39.8 15 years - 20 years 54.6 49.2 20 years+ 198.7 197.4 Total $603.0 $601.5 |
System Energy [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2020 Debt Securities $408.0 $26.9 $2.7 2019 Debt Securities $386.2 $15.1 $0.3 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $52.3 $2.7 $56.9 $0.3 More than 12 months — — 0.3 — Total $52.3 $2.7 $57.2 $0.3 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2020 and December 31, 2019 were as follows: 2020 2019 (In Millions) Less than 1 year $17.4 $8.5 1 year - 5 years 163.9 154.6 5 years - 10 years 96.0 92.3 10 years - 15 years 20.8 13.4 15 years - 20 years 6.7 14.4 20 years+ 103.2 103.0 Total $408.0 $386.2 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 |
Entergy Arkansas [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 |
Entergy Louisiana [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 |
Entergy New Orleans [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 |
Entergy Texas [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergy’s and the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Three Months Ended March 31, 2020 2019 (In Millions) Entergy $30 $61 Entergy Arkansas $13 $32 Entergy Louisiana $8 $7 Entergy New Orleans $3 $— Entergy Texas $6 $22 |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Table Text Block] | Entergy’s total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 2019 (In Thousands) Utility: Residential $798,028 $802,539 Commercial 538,940 554,058 Industrial 557,515 601,000 Governmental 52,582 52,960 Total billed retail 1,947,065 2,010,557 Sales for resale (a) 53,725 84,435 Other electric revenues (b) 50,166 15,470 Revenues from contracts with customers 2,050,956 2,110,462 Other revenues (c) (318 ) 10,562 Total electric revenues 2,050,638 2,121,024 Natural gas 43,976 54,948 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 216,002 360,471 Other revenues (c) 116,563 73,141 Total competitive businesses revenues 332,565 433,612 Total operating revenues $2,427,179 $2,609,584 |
Allowance for Doubtful Accounts [Table Text Block] | Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Arkansas [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Allowance for Doubtful Accounts [Table Text Block] | Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Louisiana [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Allowance for Doubtful Accounts [Table Text Block] | Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Mississippi [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Allowance for Doubtful Accounts [Table Text Block] | Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy New Orleans [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Allowance for Doubtful Accounts [Table Text Block] | Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Texas [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2020 and 2019 were as follows: 2020 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104 ) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas — 18,106 — 25,871 — Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Revenues from contracts with customers 542,809 930,809 279,675 129,486 340,070 Other revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Allowance for Doubtful Accounts [Table Text Block] | Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables, as shown below: Entergy Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4 ) (1.8 ) (3.5 ) (1.2 ) (0.8 ) (1.1 ) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | $ 62,162 | $ 0 |
Rate And Regulatory Matters (Na
Rate And Regulatory Matters (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 36 Months Ended | ||||||||||
Apr. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Aug. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 27, 2019 | Apr. 23, 2018 | Mar. 31, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | |
Regulatory Assets [Line Items] | ||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 4,962,000 | $ 25,462,000 | ||||||||||||||
Entergy Louisiana [Member] | Subsequent Event [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Projected Increase in Revenue Requirement | $ 108,000,000 | |||||||||||||||
Entergy Mississippi [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 7,300,000 | |||||||||||||||
Entergy Mississippi [Member] | Subsequent Event [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 6.51% | |||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 24,600,000 | |||||||||||||||
Public Utilities Temporary Rate Increase Amount | $ 24,300,000 | |||||||||||||||
Cap on 2019 retail revenues | 2.00% | |||||||||||||||
Entergy New Orleans [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 45,000,000 | |||||||||||||||
Entergy Texas [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Jurisdictional eligible fuel and purchased power expenses, net of credits | $ 1,600,000,000 | |||||||||||||||
Fuel and purchased power under-recovery balance including interest | $ 25,800,000 | |||||||||||||||
Replacement power costs associated with generation outages | 2,000,000 | |||||||||||||||
Costs associated with the operation of the Spindletop natural gas storage facility | $ 24,400,000 | |||||||||||||||
Entergy Arkansas [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Energy Cost Recovery Rider Rate Per kWh | $ 0.01462 | |||||||||||||||
Entergy Arkansas [Member] | Subsequent Event [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Energy Cost Recovery Rider Rate Per kWh | $ 0.01052 | |||||||||||||||
System Energy [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Requested return on equity based on alternative methodology | 10.26% | |||||||||||||||
LPSC requested authorized return on equity for System Energy in return on equity proceeding | 7.89% | 8.44% | ||||||||||||||
APSC/MPSC requested authorized return on equity for System Energy in return on equity proceeding | 8.01% | 8.41% | ||||||||||||||
FERC requested authorized return on equity for System Energy in return on equity proceeding, rebuttal | 8.66% | 9.22% | ||||||||||||||
Annual renewal lease payments on Grand Gulf Sale-Leaseback | 17,200,000 | |||||||||||||||
LPSC requested rate reduction for ADIT associated with uncertain tax positions resulting from Grand Gulf sale-leaseback | $ 512,000,000 | |||||||||||||||
FERC staff argued over-recovery in depreciation expense for capital additions | $ 32,000,000 | |||||||||||||||
Interest Portion of LPSC requested rate reduction for ADIT associated with uncertain tax positions resulting from Grand Gulf sale-leaseback | $ 170,000,000 | 170,000,000 | 170,000,000 | |||||||||||||
Rate reduction for ADIT associated with uncertain tax positions resulting from Grand Gulf sale-leaseback | 397,000,000 | 397,000,000 | 397,000,000 | |||||||||||||
Interest Portion of rate reduction for ADIT associated with uncertain tax positions resulting from Grand Gulf sale-leaseback | 96,000,000 | 96,000,000 | 96,000,000 | |||||||||||||
Refund related to depreciation expense adjustments | 18,000,000 | $ 18,000,000 | $ 18,000,000 | |||||||||||||
System Energy [Member] | Minimum [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 8.28% | 8.57% | ||||||||||||||
System Energy [Member] | Maximum [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 9.11% | 9.52% | ||||||||||||||
System Energy [Member] | Subsequent Event [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Remaining NBV of Leased Assets | 70,000,000 | |||||||||||||||
Refund of Lease Payments | $ 17,200,000 | |||||||||||||||
Distribution Cost Recovery Factor Rider [Member] | Entergy Texas [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 23,600,000 | |||||||||||||||
Revenue increase resulting from incremental revenue | $ 20,400,000 | |||||||||||||||
Transmission Cost Recovery Factor Rider [Member] | Entergy Texas [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 19,400,000 | |||||||||||||||
Grand Gulf [Member] | System Energy [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 11.50% | |||||||||||||||
Natural Gas [Member] | Entergy New Orleans [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 3,000,000 | |||||||||||||||
Electricity [Member] | Entergy New Orleans [Member] | ||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 42,000,000 | |||||||||||||||
Rider reductions included in decreased rates | $ 29,000,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 08, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2019 |
Equity [Abstract] | ||||
Stock Options Excluded From Diluted Common Shares Outstanding Calculation | 500,000 | 700,000 | ||
Shares, Issued | 1,011,970 | |||
Common stock dividend (in dollars per share) | $ 0.93 | $ 0.91 | ||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | $ 6,806 | |||
Subsequent Event [Member] | ||||
Equity [Abstract] | ||||
Common stock dividend (in dollars per share) | $ 0.93 |
Equity (Schedule Of Earnings Pe
Equity (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Stock options, Shares | 700,000 | 400,000 |
Stock options $/share | $ 0 | $ 0 |
Restricted stock, Shares | 400,000 | 500,000 |
Restricted stock $/share | $ 0 | $ (0.01) |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 0 | 1,700,000 |
Average Dilutive Effect Of Equity Forwards | $ 0 | $ (0.01) |
Basic earnings per share | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ 118,714 | $ 254,537 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 118,700 | $ 254,500 |
Net Income Attributable to Entergy Corporation, Shares | 199,790,016 | 189,575,187 |
Net Income Attributable to Entergy Corporation, $/share | $ 0.59 | $ 1.34 |
Diluted earnings per share, Shares | 200,901,349 | 192,234,191 |
Diluted earnings per share $/share | $ 0.59 | $ 1.32 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | $ (398,987) | $ (551,152) | $ (446,920) | $ (557,173) | |
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | $ (6,806) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 104,908 | 41,851 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (56,975) | (29,024) | |||
Other comprehensive income (loss) | 47,933 | 12,827 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | 41,690 | 12,466 | 25,946 | (2,116) | |
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | 879 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 17,713 | 13,539 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,969) | 164 | |||
Other comprehensive income (loss) | 15,744 | 13,703 | |||
Accumulated Other Comprehensive Income [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Other comprehensive income (loss) | 47,933 | 12,827 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | (503,173) | (520,372) | (557,072) | (531,922) | |
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | 0 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 34,349 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 19,550 | 11,550 | |||
Other comprehensive income (loss) | 53,899 | 11,550 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | 62,496 | (43,246) | 84,206 | (23,135) | |
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | (7,685) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 52,846 | 28,312 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (74,556) | (40,738) | |||
Other comprehensive income (loss) | (21,710) | (12,426) | |||
Entergy Louisiana [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | 14,029 | 4,562 | |||
Other comprehensive income (loss) | 9,467 | (969) | |||
Entergy Louisiana [Member] | Accumulated Other Comprehensive Income [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Other comprehensive income (loss) | 9,467 | (969) | |||
Entergy Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | 14,029 | (7,122) | $ 4,562 | $ (6,153) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 10,050 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (583) | (969) | |||
Other comprehensive income (loss) | $ 9,467 | $ (969) | |||
Restatement Adjustment [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | (563,979) | ||||
Restatement Adjustment [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | (1,237) | ||||
Restatement Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | (531,922) | ||||
Restatement Adjustment [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | $ (30,820) |
Equity (Reclassification out of
Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,427,179 | $ 2,609,584 |
Other Nonoperating Income (Expense) | 23,389 | (64,658) |
Income taxes (benefits) | 71,194 | (42,771) |
Consolidated net income | 123,294 | 258,646 |
Competitive Businesses [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 332,565 | 433,612 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Consolidated net income | 56,975 | 29,024 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Nonoperating Income (Expense) | (48) | (48) |
INCOME (LOSS) BEFORE INCOME TAXES | 94,375 | 51,567 |
Income taxes (benefits) | (19,819) | (10,829) |
Consolidated net income | 74,556 | 40,738 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Competitive Businesses [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 94,423 | 51,615 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gain (loss) | 3,116 | (259) |
Income taxes (benefits) | (1,147) | 95 |
Consolidated net income | 1,969 | (164) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior-service credit | 3,719 | 5,326 |
Amortization of loss | (27,318) | (18,988) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | (1,137) |
INCOME (LOSS) BEFORE INCOME TAXES | (23,599) | (14,799) |
Income taxes (benefits) | 4,049 | 3,249 |
Consolidated net income | (19,550) | (11,550) |
Entergy Louisiana [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 930,647 | 959,330 |
Other Nonoperating Income (Expense) | 49,601 | (42,344) |
Income taxes (benefits) | 50,183 | (16,531) |
Consolidated net income | 189,396 | 127,633 |
Entergy Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior-service credit | 1,089 | 1,838 |
Amortization of loss | (301) | (527) |
INCOME (LOSS) BEFORE INCOME TAXES | 788 | 1,311 |
Income taxes (benefits) | (205) | (342) |
Consolidated net income | $ 583 | $ 969 |
Revolving Credit Facilities, _3
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Short-term borrowings | $ 1,941,816 | $ 1,941,816 | $ 1,946,727 |
Amount of Facility | 3,500,000 | 3,500,000 | |
Letters of Credit Outstanding, Amount | 6,000 | 6,000 | |
Amount Drawn/ Outstanding | $ 922,000 | $ 922,000 | |
Commercial Paper Program [Member] | |||
Debt Instrument [Line Items] | |||
Debt, weighted average interest rate | 2.02% | 2.02% | |
Commercial Paper program limit | $ 2,000,000 | $ 2,000,000 | |
Commercial Paper Amount Outstanding | 1,942,000 | 1,942,000 | |
Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 3,500,000 | 3,500,000 | |
Amount of total borrowing capacity against which fronting commitments exist | 20,000 | $ 20,000 | |
Line of credit facility, commitment fee percentage | 0.225% | ||
Line of Credit Facility, Interest Rate During Period | 2.99% | ||
Entergy Arkansas [Member] | |||
Debt Instrument [Line Items] | |||
Authorized Short Term Borrowings | 250,000 | $ 250,000 | |
Amount of total borrowing capacity against which fronting commitments exist | 5,000 | $ 5,000 | |
Entergy Arkansas [Member] | 4.0% Series First Mortgage Bonds Due June 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 100,000 | ||
Debt instrument, interest rate, stated percentage | 4.00% | 4.00% | |
Entergy Louisiana [Member] | |||
Debt Instrument [Line Items] | |||
Authorized Short Term Borrowings | $ 450,000 | $ 450,000 | |
Amount of total borrowing capacity against which fronting commitments exist | 15,000 | $ 15,000 | |
Repayments of Debt | 100,000 | ||
Entergy Louisiana [Member] | Mortgage Bonds, Two Point Nine Zero Percent Series due March Twenty Fifty One [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 350,000 | ||
Debt instrument, interest rate, stated percentage | 2.90% | 2.90% | |
Entergy Louisiana [Member] | Mortgage Bonds, Four Point Two Zero Percent Series due September Twenty Forty Eight [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 300,000 | ||
Debt instrument, interest rate, stated percentage | 4.20% | 4.20% | |
Entergy Louisiana [Member] | Mortgage Bonds, Four Point Two Zero Percent Series due April Twenty Fifty [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 3.95% | 3.95% | |
Repayments of Debt | $ 250,000 | ||
Entergy Mississippi [Member] | |||
Debt Instrument [Line Items] | |||
Authorized Short Term Borrowings | 175,000 | $ 175,000 | |
Letters of Credit Outstanding, Amount | 200 | 200 | $ 200 |
Entergy Texas [Member] | |||
Debt Instrument [Line Items] | |||
Authorized Short Term Borrowings | 200,000 | 200,000 | |
Amount of total borrowing capacity against which fronting commitments exist | 30,000 | $ 30,000 | |
Entergy Texas [Member] | Mortgage Bonds, Three Point Five Five Percent Series due September Twenty Forty Nine [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 175,000 | ||
Debt instrument, interest rate, stated percentage | 3.55% | 3.55% | |
Entergy Texas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | $ 150,000 | $ 150,000 | |
Repayments of Debt | 100,000 | ||
System Energy [Member] | |||
Debt Instrument [Line Items] | |||
Authorized Short Term Borrowings | 200,000 | 200,000 | |
Entergy New Orleans [Member] | |||
Debt Instrument [Line Items] | |||
Authorized Short Term Borrowings | 150,000 | 150,000 | |
Amount of total borrowing capacity against which fronting commitments exist | 10,000 | $ 10,000 | |
Entergy New Orleans [Member] | Mortgage Bonds, Three Point Seven Five Percent Series due March Twenty Forty [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 62,000 | ||
Debt instrument, interest rate, stated percentage | 3.75% | 3.75% | |
Entergy New Orleans [Member] | Mortgage Bonds, Three Percent Series due March Twenty Twenty Five [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 78,000 | ||
Debt instrument, interest rate, stated percentage | 3.00% | 3.00% | |
System Energy VIE [Member] | |||
Debt Instrument [Line Items] | |||
Amount Drawn/ Outstanding | $ 88,300 | $ 88,300 | |
Line of Credit Facility, Interest Rate During Period | 2.59% | ||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||
Line of Credit Facility, Expiration Date | Sep. 16, 2021 | ||
Entergy Arkansas VIE [Member] | |||
Debt Instrument [Line Items] | |||
Amount Drawn/ Outstanding | $ 43,800 | $ 43,800 | |
Line of Credit Facility, Interest Rate During Period | 2.59% | ||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||
Line of Credit Facility, Expiration Date | Sep. 16, 2021 | ||
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% | 3.65% | |
Entergy Louisiana Waterford VIE [Member] | |||
Debt Instrument [Line Items] | |||
Amount Drawn/ Outstanding | $ 33,300 | $ 33,300 | |
Line of Credit Facility, Interest Rate During Period | 2.69% | ||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||
Line of Credit Facility, Expiration Date | Sep. 16, 2021 | ||
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% | 3.92% | |
Entergy Louisiana River Bend VIE [Member] | |||
Debt Instrument [Line Items] | |||
Amount Drawn/ Outstanding | $ 58,400 | $ 58,400 | |
Line of Credit Facility, Interest Rate During Period | 2.69% | ||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||
Line of Credit Facility, Expiration Date | Sep. 16, 2021 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, commitment fee percentage | 0.225% | ||
Consolidated debt ratio | 0.65 | 0.65 | |
Maximum [Member] | Entergy Arkansas [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated debt ratio | 0.65 | 0.65 | |
Consolidated debt ratio of total capitalization | 70.00% | ||
Maximum [Member] | Entergy Louisiana [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated debt ratio | 0.65 | 0.65 | |
Consolidated debt ratio of total capitalization | 70.00% | ||
Maximum [Member] | Entergy Mississippi [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated debt ratio | 0.65 | 0.65 | |
Maximum [Member] | Entergy Texas [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated debt ratio | 0.65 | 0.65 | |
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 | 0.65 | 0.65 | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, commitment fee percentage | 0.075% | ||
Credit Facility Of Twenty Million [Member] | Entergy Arkansas [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | $ 20,000 | $ 20,000 | |
Letters of Credit Outstanding, Amount | 0 | 0 | |
Amount Drawn/ Outstanding | 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.11% | ||
Line of Credit Facility, Expiration Date | Apr. 30, 2021 | ||
Credit Facility Of Three Hundred Fifty Million [Member] | Entergy Louisiana [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 350,000 | $ 350,000 | |
Letters of Credit Outstanding, Amount | 0 | 0 | |
Amount Drawn/ Outstanding | 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.11% | ||
Line of Credit Facility, Expiration Date | Sep. 14, 2024 | ||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Arkansas [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 150,000 | $ 150,000 | |
Letters of Credit Outstanding, Amount | 0 | 0 | |
Amount Drawn/ Outstanding | 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.11% | ||
Line of Credit Facility, Expiration Date | Sep. 14, 2024 | ||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Texas [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 150,000 | $ 150,000 | |
Letters of Credit Outstanding, Amount | 1,300 | 1,300 | |
Amount Drawn/ Outstanding | 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.49% | ||
Line of Credit Facility, Expiration Date | Sep. 14, 2024 | ||
Credit Facility Of Thirty Seven Point Five Million [Member] | Entergy Mississippi [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 37,500 | $ 37,500 | |
Letters of Credit Outstanding, Amount | 0 | 0 | |
Amount Drawn/ Outstanding | 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.49% | ||
Line of Credit Facility, Expiration Date | Apr. 30, 2021 | ||
Credit Facility Of Thirty Five Million [Member] | Entergy Mississippi [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 35,000 | $ 35,000 | |
Letters of Credit Outstanding, Amount | 0 | 0 | |
Amount Drawn/ Outstanding | 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.49% | ||
Line of Credit Facility, Expiration Date | Apr. 30, 2021 | ||
Credit Facility Of Ten Million [Member] | Entergy Mississippi [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 10,000 | $ 10,000 | |
Letters of Credit Outstanding, Amount | 0 | 0 | |
Amount Drawn/ Outstanding | 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.49% | ||
Line of Credit Facility, Expiration Date | Apr. 30, 2021 | ||
Credit Facility Of Twenty Five Million [Member] | Entergy New Orleans [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Facility | 25,000 | $ 25,000 | |
Letters of Credit Outstanding, Amount | 800 | 800 | |
Amount Drawn/ Outstanding | $ 0 | $ 0 | |
Line of Credit Facility, Interest Rate During Period | 2.26% | ||
Line of Credit Facility, Expiration Date | Nov. 20, 2021 |
Revolving Credit Facilities, _4
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 | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Capacity | $ 3,500 |
Amount Drawn/ Outstanding | 922 |
Letters of Credit | 6 |
Capacity Available | $ 2,572 |
Revolving Credit Facilities, _5
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Credit Facilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Amount of Facility | $ 3,500,000 | |
Amount Drawn/ Outstanding | 922,000 | |
Letters of Credit Outstanding, Amount | 6,000 | |
Entergy Arkansas [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | $ 5,000 | |
Entergy Arkansas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Sep. 14, 2024 | |
Amount of Facility | $ 150,000 | |
Interest Rate | 2.11% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Arkansas [Member] | Credit Facility Of Twenty Million [Member] | ||
Expiration Date | Apr. 30, 2021 | |
Amount of Facility | $ 20,000 | |
Interest Rate | 2.11% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Louisiana [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | $ 15,000 | |
Entergy Louisiana [Member] | Credit Facility Of Three Hundred Fifty Million [Member] | ||
Expiration Date | Sep. 14, 2024 | |
Amount of Facility | $ 350,000 | |
Interest Rate | 2.11% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | $ 200 | $ 200 |
Entergy Mississippi [Member] | Credit Facility Of Thirty Seven Point Five Million [Member] | ||
Expiration Date | Apr. 30, 2021 | |
Amount of Facility | $ 37,500 | |
Interest Rate | 2.49% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Five Million [Member] | ||
Expiration Date | Apr. 30, 2021 | |
Amount of Facility | $ 35,000 | |
Interest Rate | 2.49% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Ten Million [Member] | ||
Expiration Date | Apr. 30, 2021 | |
Amount of Facility | $ 10,000 | |
Interest Rate | 2.49% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy New Orleans [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | $ 10,000 | |
Entergy New Orleans [Member] | Credit Facility Of Twenty Five Million [Member] | ||
Expiration Date | Nov. 20, 2021 | |
Amount of Facility | $ 25,000 | |
Interest Rate | 2.26% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 800 | |
Entergy Texas [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | $ 30,000 | |
Entergy Texas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Sep. 14, 2024 | |
Amount of Facility | $ 150,000 | |
Interest Rate | 2.49% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 1,300 |
Revolving Credit Facilities, _6
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 | Mar. 31, 2020USD ($) |
Entergy Arkansas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | $ 250 |
Borrowings | 0 |
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 | 19 |
Entergy New Orleans [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 150 |
Borrowings | 0 |
Entergy Texas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | 0 |
System Energy [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | $ 0 |
Revolving Credit Facilities, _7
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 | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount Drawn/ Outstanding | $ 922 |
Entergy Arkansas VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | Sep. 16, 2021 |
Amount of Facility | $ 80 |
Line of Credit Facility, Interest Rate During Period | 2.59% |
Amount Drawn/ Outstanding | $ 43.8 |
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 | Sep. 16, 2021 |
Amount of Facility | $ 120 |
Line of Credit Facility, Interest Rate During Period | 2.59% |
Amount Drawn/ Outstanding | $ 88.3 |
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 | Sep. 16, 2021 |
Amount of Facility | $ 105 |
Line of Credit Facility, Interest Rate During Period | 2.69% |
Amount Drawn/ Outstanding | $ 58.4 |
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 | Sep. 16, 2021 |
Amount of Facility | $ 105 |
Line of Credit Facility, Interest Rate During Period | 2.69% |
Amount Drawn/ Outstanding | $ 33.3 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
Revolving Credit Facilities, _8
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Notes Payable By Variable Interest Entities) (Details) $ in Millions | Mar. 31, 2020USD ($) |
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 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 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 Four Two Percent Series J Notes Due April Two Thousand Twenty One [Member] | System Energy VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.42% |
Amount | $ 100 |
Revolving Credit Facilities, _9
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Fair Value | $ 20,426,604 | $ 19,059,950 |
Long-term Debt, Book Value | 19,458,543 | 17,873,655 |
Entergy Arkansas [Member] | ||
Long-term Debt, Fair Value | 3,831,058 | 3,747,914 |
Long-term Debt, Book Value | 3,655,723 | 3,517,208 |
Entergy Louisiana [Member] | ||
Long-term Debt, Fair Value | 8,496,243 | 7,961,168 |
Long-term Debt, Book Value | 7,923,381 | 7,303,669 |
Entergy Mississippi [Member] | ||
Long-term Debt, Fair Value | 1,692,495 | 1,709,505 |
Long-term Debt, Book Value | 1,614,156 | 1,614,129 |
Entergy New Orleans [Member] | ||
Long-term Debt, Fair Value | 652,690 | 523,846 |
Long-term Debt, Book Value | 680,188 | 560,906 |
Entergy Texas [Member] | ||
Long-term Debt, Fair Value | 2,239,980 | 2,090,215 |
Long-term Debt, Book Value | 2,091,130 | 1,922,956 |
System Energy [Member] | ||
Long-term Debt, Fair Value | 615,747 | 565,209 |
Long-term Debt, Book Value | $ 604,925 | $ 548,107 |
Revolving Credit Facilities,_10
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Letters of Credit Outstanding, Amount | $ 6 | |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | 0.2 | $ 0.2 |
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 | $ 10.4 | |
Credit Facility of Fifteen Million [Member] | Entergy New Orleans [Member] | ||
Uncommitted Credit Facility | $ 15 | |
Letter of Credit Fee, Percentage | 1.00% | |
Letters of Credit Outstanding, Amount | $ 1 | |
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 | $ 25.6 | |
Credit Facility of Sixty Five Million [Member] | Entergy Mississippi [Member] | ||
Uncommitted Credit Facility | $ 64 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 1.8 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 30, 2020 | Jan. 31, 2020 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards under Entergy's plans, years | 3 years | ||
Equity Ownership And Long Term Cash Incentive Plan Two Thousand Nineteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option granted (in shares) | 530,716 | ||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 11.45 | ||
Stock options outstanding | 2,474,280 | ||
Weighted-average exercise price of stock options outstanding (in dollars per share) | $ 89.74 | ||
Intrinsic value in the money stock options | $ 30.5 | ||
Restricted Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards under Entergy's plans, years | 3 years | ||
Restricted Awards [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Nineteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 313,805 | ||
Restricted stock awards granted value (in dollars per share) | $ 131.72 | ||
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards under Entergy's plans, years | 3 years | ||
Long Term Incentive Plan [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Nineteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-term incentive plan awards | 134,853 | ||
Percent of performance measure based on relative total shareholder return | 80.00% | 80.00% | |
Percent of performance measure based on cumulative adjusted EPS metric | 20.00% | 20.00% | |
Long Term Incentive Plan [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Nineteen [Member] | Performance measure based on relative total shareholder return [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted value (in dollars per share) | $ 169.74 | ||
Long Term Incentive Plan [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Nineteen [Member] | Performance measure based on cumulative adjusted earnings per share metric [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted value (in dollars per share) | $ 131.72 |
Stock-Based Compensation (Finan
Stock-Based Compensation (Financial Information For Stock Options) (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 1 | $ 1 |
Tax benefit recognized in Entergy's net income | 0.3 | 0.2 |
Compensation cost capitalized as part of fixed assets and inventory | $ 0.4 | $ 0.3 |
Stock-Based Compensation (Fin_2
Stock-Based Compensation (Financial Information For Other Equity Plans) (Details) - Other Equity Awards [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 9.4 | $ 8.8 |
Tax benefit recognized in Entergy's net income | 2.4 | 2.2 |
Compensation cost capitalized as part of fixed assets and inventory | $ 3.4 | $ 2.9 |
Retirement And Other Postreti_3
Retirement And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 216,300 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 59,800 | ||
Entergy Arkansas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 32,512 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 10,120 | ||
Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 38,766 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 8,676 | ||
Entergy Mississippi [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 7,768 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,560 | ||
Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 3,248 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 563 | ||
Entergy Texas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 3,549 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 453 | ||
System Energy [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 10,544 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3,299 | ||
Subsequent Event [Member] | Entergy Arkansas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 22,392 | ||
Subsequent Event [Member] | Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 30,090 | ||
Subsequent Event [Member] | Entergy Mississippi [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5,208 | ||
Subsequent Event [Member] | Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,685 | ||
Subsequent Event [Member] | Entergy Texas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3,096 | ||
Subsequent Event [Member] | System Energy [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 7,245 | ||
Non Qualified Pension Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 4,500 | $ 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 | 83 | 73 | |
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 37 | 43 | |
Non Qualified Pension Plans [Member] | Entergy Mississippi [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 90 | 75 | |
Non Qualified Pension Plans [Member] | Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 8 | 5 | |
Non Qualified Pension Plans [Member] | Entergy Texas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | $ 117 | $ 124 |
Retirement And Other Postreti_4
Retirement And Other Postretirement Benefits (Components Of Qualified Net Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | $ 40,379 | $ 33,607 |
Interest cost on projected benefit obligation | 60,799 | 73,941 |
Expected return on assets | (103,565) | (103,884) |
Amortization of loss | 87,259 | 58,418 |
Net other postretirement benefit cost | 84,872 | 63,219 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 1,137 |
Pension Plans Defined Benefit [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 6,566 | 5,261 |
Interest cost on projected benefit obligation | 11,433 | 14,175 |
Expected return on assets | (19,622) | (20,176) |
Amortization of loss | 16,897 | 11,840 |
Net other postretirement benefit cost | 15,274 | 11,100 |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 8,794 | 7,284 |
Interest cost on projected benefit obligation | 12,841 | 15,882 |
Expected return on assets | (22,402) | (22,652) |
Amortization of loss | 16,627 | 11,643 |
Net other postretirement benefit cost | 15,860 | 12,157 |
Pension Plans Defined Benefit [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 2,023 | 1,629 |
Interest cost on projected benefit obligation | 3,340 | 4,068 |
Expected return on assets | (5,757) | (5,968) |
Amortization of loss | 4,748 | 3,104 |
Net other postretirement benefit cost | 4,354 | 2,833 |
Pension Plans Defined Benefit [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 663 | 569 |
Interest cost on projected benefit obligation | 1,456 | 1,874 |
Expected return on assets | (2,627) | (2,696) |
Amortization of loss | 2,005 | 1,529 |
Net other postretirement benefit cost | 1,497 | 1,276 |
Pension Plans Defined Benefit [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,546 | 1,350 |
Interest cost on projected benefit obligation | 2,782 | 3,613 |
Expected return on assets | (5,486) | (5,862) |
Amortization of loss | 3,265 | 2,334 |
Net other postretirement benefit cost | 2,107 | 1,435 |
Pension Plans Defined Benefit [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,965 | 1,550 |
Interest cost on projected benefit obligation | 2,814 | 3,364 |
Expected return on assets | (4,663) | (4,678) |
Amortization of loss | 4,279 | 2,850 |
Net other postretirement benefit cost | 4,395 | 3,086 |
Other Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 5,801 | 4,675 |
Interest cost on projected benefit obligation | 7,932 | 11,975 |
Expected return on assets | (10,328) | (9,562) |
Amortization of prior service cost (credit) | (5,922) | (8,844) |
Amortization of loss | 468 | 358 |
Net other postretirement benefit cost | (2,049) | (1,398) |
Other Postretirement [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 828 | 591 |
Interest cost on projected benefit obligation | 1,217 | 1,807 |
Expected return on assets | (4,326) | (3,991) |
Amortization of prior service cost (credit) | (661) | (1,238) |
Amortization of loss | 55 | 144 |
Net other postretirement benefit cost | (2,887) | (2,687) |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,423 | 1,160 |
Interest cost on projected benefit obligation | 1,723 | 2,666 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost (credit) | (1,089) | (1,837) |
Amortization of loss | (199) | (174) |
Net other postretirement benefit cost | 1,858 | 1,815 |
Other Postretirement [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 351 | 262 |
Interest cost on projected benefit obligation | 422 | 670 |
Expected return on assets | (1,307) | (1,199) |
Amortization of prior service cost (credit) | (321) | (439) |
Amortization of loss | 29 | 181 |
Net other postretirement benefit cost | (826) | (525) |
Other Postretirement [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 105 | 92 |
Interest cost on projected benefit obligation | 227 | 395 |
Expected return on assets | (1,355) | (1,237) |
Amortization of prior service cost (credit) | (76) | (171) |
Amortization of loss | (38) | 58 |
Net other postretirement benefit cost | (1,137) | (863) |
Other Postretirement [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 303 | 236 |
Interest cost on projected benefit obligation | 582 | 854 |
Expected return on assets | (2,435) | (2,276) |
Amortization of prior service cost (credit) | (550) | (561) |
Amortization of loss | 212 | 121 |
Net other postretirement benefit cost | (1,888) | (1,626) |
Other Postretirement [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 294 | 243 |
Interest cost on projected benefit obligation | 307 | 476 |
Expected return on assets | (748) | (697) |
Amortization of prior service cost (credit) | (219) | (363) |
Amortization of loss | 20 | 89 |
Net other postretirement benefit cost | (346) | (252) |
Non Qualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 4,500 | 4,000 |
Non Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 83 | 73 |
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 37 | 43 |
Non Qualified Pension Plans [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 90 | 75 |
Non Qualified Pension Plans [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 8 | 5 |
Non Qualified Pension Plans [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | $ 117 | $ 124 |
Retirement And Other Postreti_5
Retirement And Other Postretirement Benefits (Expected Employer Contributions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 216,300 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 59,800 | |
Entergy Louisiana [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 38,766 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 8,676 | |
Entergy Louisiana [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 30,090 | |
Entergy Mississippi [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 7,768 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,560 | |
Entergy Mississippi [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5,208 | |
Entergy New Orleans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 3,248 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 563 | |
Entergy New Orleans [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,685 | |
Entergy Texas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 3,549 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 453 | |
Entergy Texas [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3,096 | |
System Energy [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 10,544 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3,299 | |
System Energy [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 7,245 | |
Entergy Arkansas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 32,512 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 10,120 | |
Entergy Arkansas [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 22,392 |
Retirement And Other Postreti_6
Retirement And Other Postretirement Benefits (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | $ 3,719 | $ 5,326 |
Amortization of loss | (27,318) | (18,988) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | (1,137) | |
Total | (23,599) | (14,799) |
Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,089 | 1,838 |
Amortization of loss | (301) | (527) |
Total | 788 | 1,311 |
Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (26,462) | (18,735) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | (1,137) | |
Total | (26,462) | (19,872) |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (499) | (699) |
Total | (499) | (699) |
Other Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 3,776 | 5,375 |
Amortization of loss | (25) | 308 |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | 0 | |
Total | 3,751 | 5,683 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,089 | 1,838 |
Amortization of loss | 199 | 174 |
Total | 1,288 | 2,012 |
Non Qualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | (57) | (49) |
Amortization of loss | (831) | (561) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | 0 | |
Total | (888) | (610) |
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (1) | (2) |
Total | $ (1) | $ (2) |
Business Segment Information Bu
Business Segment Information Business Segment Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2022 | |
Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Write-Offs, Impairments, And Related Charges | $ 5 | $ 74 | ||
Restructuring Charges | 21 | 34 | ||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 21 | |||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | Subsequent Event [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 75 | $ 55 | ||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 21 | $ 34 |
Business Segment Information (S
Business Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,427,179 | $ 2,609,584 | |
Segment Financial Information | |||
Income taxes (benefits) | (71,194) | 42,771 | |
Consolidated net income | 123,294 | 258,646 | |
Assets | 52,555,029 | $ 51,723,912 | |
Utility [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,094,629 | 2,175,982 | |
Segment Financial Information | |||
Income taxes (benefits) | (52,949) | (11,564) | |
Consolidated net income | 323,849 | 234,147 | |
Assets | 50,421,661 | 49,557,664 | |
Entergy Wholesale Commodities [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 332,549 | 433,612 | |
Segment Financial Information | |||
Income taxes (benefits) | (30,540) | 65,908 | |
Consolidated net income | (110,428) | 97,079 | |
Assets | 3,921,539 | 4,154,961 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 11 | 0 | |
Segment Financial Information | |||
Income taxes (benefits) | 12,295 | (11,573) | |
Consolidated net income | (58,228) | (40,682) | |
Assets | 697,784 | 514,020 | |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (10) | (10) | |
Segment Financial Information | |||
Income taxes (benefits) | 0 | 0 | |
Consolidated net income | (31,899) | $ (31,898) | |
Assets | $ (2,485,955) | $ (2,502,733) |
Business Segment Information _2
Business Segment Information Business Segment Information (Restructuring Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 21 | |||
Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 21 | $ 34 | ||
Restructuring Reserve | 164 | 227 | $ 143 | $ 193 |
Entergy Wholesale Commodities [Member] | Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 21 | 34 | ||
Restructuring Reserve | 150 | 213 | 129 | 179 |
Entergy Wholesale Commodities [Member] | Economic Development Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 0 | 0 | ||
Restructuring Reserve | $ 14 | $ 14 | $ 14 | $ 14 |
Risk Management and Fair Valu_3
Risk Management and Fair Values (Narrative) (Details) TWh in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020USD ($)GWhMMBTU | Mar. 31, 2019USD ($) | Dec. 31, 2020TWh | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 3 | |||
Risk Management and Fair Values [Abstract] | ||||
Letters of Credit Outstanding, Amount | 6 | |||
Derivative, Collateral, Obligation to Return Cash | $ 1 | |||
Cash flow hedges relating to power sales as part of net unrealized gains | 81 | |||
Reclassified from accumulated other comprehensive income (OCI) to operating revenues | 80 | |||
Maturity of cash flow hedges, Tax | $ 20 | $ 11 | ||
Maximum length of time over which Company is currently hedging the variability in future cash flows for forecasted power transactions, years | 1 year | |||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 42,371,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 18,987 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset and Liability Unrealized Gains (Loss) Included in Earnings | $ 1 | $ (4.9) | ||
Entergy Arkansas [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Total volume of fixed transmission rights outstanding | GWh | 4,368 | |||
Entergy Louisiana [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 29,220,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 8,517 | |||
Entergy Mississippi [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Letters of Credit Outstanding, Amount | $ 0.2 | 0.2 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 13,151,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 2,427 | |||
Entergy New Orleans [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Total volume of fixed transmission rights outstanding | GWh | 934 | |||
Entergy Texas [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Total volume of fixed transmission rights outstanding | GWh | 2,662 | |||
Gas Hedge Contracts [Member] | Entergy Louisiana [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 4 years | |||
Gas Hedge Contracts [Member] | Entergy Mississippi [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 7 months | |||
Entergy Wholesale Commodities [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Cash collateral posted | $ 9 | 11 | ||
Derivative, Collateral, Obligation to Return Cash | 1 | |||
Letters of Credit Held | $ 95 | $ 98 | ||
Subsequent Event [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Planned generation sold forward from non utility nuclear power plants for the remainder of the period | 97.00% | |||
Planned Generation From Non Nuclear Power Plants Sold Forward Under Financial Hedges | 61.00% | |||
Total planned generation for remainder of the period | TWh | 11.6 |
Risk Management and Fair Valu_4
Risk Management and Fair Values (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Derivative, Collateral, Obligation to Return Cash | $ (1) | |
Liabilities: | ||
Letters of Credit Outstanding, Amount | $ 6 | |
Entergy Wholesale Commodities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral posted | 9 | 11 |
Assets: | ||
Derivative, Collateral, Obligation to Return Cash | (1) | |
Liabilities: | ||
Letters of Credit Held | 95 | 98 |
Other Non-Current Liabilities [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 2 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 2 | 2 |
Other Deferred Debits And Other Assets [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 17 | |
Derivative Asset, Fair Value, Gross Asset | 17 | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Other Deferred Debits And Other Assets [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1 | 1 |
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 81 | 91 |
Derivative Asset, Fair Value, Gross Asset | 81 | 92 |
Derivative, Collateral, Obligation to Return Cash | 0 | (1) |
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 4 | 10 |
Derivative Asset, Fair Value, Gross Asset | 8 | 11 |
Derivative, Collateral, Obligation to Return Cash | (4) | (1) |
Prepayments And Other [Member] | Financial Transmission Rights (FTRs) [Member] | Utility and Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 4 | 10 |
Derivative Asset, Fair Value, Gross Asset | 4 | 10 |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Other Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 1 | |
Derivative, Collateral, Right to Reclaim Cash | (1) | |
Derivative Liability | 0 | |
Other Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 3 | 2 |
Derivative, Collateral, Right to Reclaim Cash | (3) | (2) |
Derivative Liability | 0 | 0 |
Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 7 | 5 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 7 | 5 |
Entergy Louisiana [Member] | Other Non-Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 2.3 | 2.2 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 2.3 | 2.2 |
Entergy Louisiana [Member] | Other Deferred Debits And Other Assets [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.9 | 0.8 |
Derivative Asset, Fair Value, Gross Asset | 0.9 | 0.8 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Entergy Louisiana [Member] | Prepayments And Other [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.2 | |
Derivative Asset, Fair Value, Gross Asset | 0.2 | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Entergy Louisiana [Member] | Prepayments And Other [Member] | Financial Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1.9 | 4.5 |
Derivative Asset, Fair Value, Gross Asset | 2 | 4.5 |
Derivative, Collateral, Obligation to Return Cash | 0.1 | 0 |
Entergy Louisiana [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 2.5 | 2.4 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 2.5 | 2.4 |
Entergy Mississippi [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | 0.2 | 0.2 |
Entergy Mississippi [Member] | Prepayments And Other [Member] | Financial Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.3 | 0.8 |
Derivative Asset, Fair Value, Gross Asset | 0.3 | 0.8 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Entergy Mississippi [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 4.4 | 2.3 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 4.4 | 2.3 |
Entergy New Orleans [Member] | Prepayments And Other [Member] | Financial Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.3 | |
Derivative Asset, Fair Value, Gross Asset | 0.3 | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Entergy New Orleans [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 0.2 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 0.2 | |
Entergy Arkansas [Member] | Prepayments And Other [Member] | Financial Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1.1 | 3.3 |
Derivative Asset, Fair Value, Gross Asset | 1.1 | 3.4 |
Derivative, Collateral, Obligation to Return Cash | 0 | (0.1) |
Entergy Texas [Member] | Prepayments And Other [Member] | Financial Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.3 | 0.9 |
Derivative Asset, Fair Value, Gross Asset | 0.3 | 1 |
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0.1 |
Risk Management and Fair Valu_5
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Effect of Derivative instruments designated as cash flow hedges on consolidated statements of income | ||
Amount of gain (loss) recognized in AOCI (effective portion) | $ 67 | $ 26 |
Amount of gain reclassified from accumulated OCI into income (effective portion) | $ 94 | $ 52 |
Risk Management and Fair Valu_6
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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) recorded in income | $ 0 | $ 5 |
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) | (1) |
Purchased Power Expense [Member] | Financial 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 | 13 | 21 |
Entergy Arkansas [Member] | Purchased Power Expense [Member] | Financial 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 | 4.6 | 8.4 |
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 | (1.3) | 0.8 |
Entergy Louisiana [Member] | Purchased Power Expense [Member] | Financial 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 | 5.3 | 8.8 |
Entergy Mississippi [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | (5.2) | (1.8) |
Entergy Mississippi [Member] | Purchased Power Expense [Member] | Financial 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 | (0.1) | 1.1 |
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 | (0.4) | 0.2 |
Entergy New Orleans [Member] | Purchased Power Expense [Member] | Financial 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 | 0.4 | 1.9 |
Entergy Texas [Member] | Purchased Power Expense [Member] | Financial 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 | $ 2.4 | $ 0.3 |
Risk Management and Fair Valu_7
Risk Management and Fair Values (Assets And Liabilities At Fair Value On A Recurring Basis) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | $ 1,180,342,000 | $ 391,480,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 47,000,000 | 47,000,000 | |
Replacement Reserve Escrow | 420,000,000 | 459,000,000 | |
Equity Securities, FV-NI | 745,000,000 | 905,000,000 | |
Debt Securities | 3,044,000,000 | 2,963,000,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 7,518,000,000 | 7,430,000,000 | |
Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 9,000,000 | 7,000,000 | |
Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | 1,992,000,000 | 2,536,000,000 | |
Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 85,000,000 | 118,000,000 | |
Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,000,000 | 1,000,000 | |
Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 4,000,000 | 10,000,000 | |
Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 1,180,000,000 | 391,000,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 47,000,000 | 47,000,000 | |
Replacement Reserve Escrow | 420,000,000 | 459,000,000 | |
Equity Securities, FV-NI | 745,000,000 | 905,000,000 | |
Debt Securities | 1,151,000,000 | 1,139,000,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 3,543,000,000 | 2,941,000,000 | |
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 | 7,000,000 | 5,000,000 | |
Fair Value Inputs Level 1 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value Inputs Level 1 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Debt Securities | 1,893,000,000 | 1,824,000,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,894,000,000 | 1,825,000,000 | |
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 | 2,000,000 | 2,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,000,000 | 1,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Debt Securities | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 89,000,000 | 128,000,000 | |
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 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 85,000,000 | 118,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 4,000,000 | 10,000,000 | |
Entergy New Orleans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 72,289,000 | 5,991,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 4,871,000 | 1,989,000 | |
Replacement Reserve Escrow | 82,900,000 | 82,600,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 160,100,000 | 90,900,000 | |
Entergy New Orleans [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 200,000 | ||
Entergy New Orleans [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 300,000 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 72,300,000 | 6,000,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 4,900,000 | 2,000,000 | |
Replacement Reserve Escrow | 82,900,000 | 82,600,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 160,100,000 | 90,600,000 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 200,000 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 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] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 300,000 | |
Entergy New Orleans [Member] | 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 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 300,000 | ||
Entergy Mississippi [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 7,000 | 51,590,000 | |
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 80,300,000 | 80,200,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 80,600,000 | 132,600,000 | |
Entergy Mississippi [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 4,400,000 | 2,300,000 | |
Entergy Mississippi [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 300,000 | 800,000 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 51,600,000 | ||
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 80,300,000 | 80,200,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 80,300,000 | 131,800,000 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 4,400,000 | 2,300,000 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 0 | 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] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 300,000 | 800,000 | |
Entergy Mississippi [Member] | 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 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 300,000 | 800,000 | |
Entergy Louisiana [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 465,206,000 | 1,518,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 9,000,000 | 3,700,000 | |
Replacement Reserve Escrow | 256,400,000 | 295,900,000 | |
Equity Securities, FV-NI | [1] | 15,700,000 | 4,300,000 |
Debt Securities | [1] | 603,000,000 | 601,500,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 2,111,500,000 | 1,870,200,000 | |
Entergy Louisiana [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 4,800,000 | 4,600,000 | |
Entergy Louisiana [Member] | Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | [2] | 759,200,000 | 958,000,000 |
Entergy Louisiana [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,100,000 | 800,000 | |
Entergy Louisiana [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,900,000 | 4,500,000 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 465,200,000 | 1,500,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 9,000,000 | 3,700,000 | |
Replacement Reserve Escrow | 256,400,000 | 295,900,000 | |
Equity Securities, FV-NI | [1] | 15,700,000 | 4,300,000 |
Debt Securities | [1] | 171,100,000 | 180,800,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 917,600,000 | 486,200,000 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 2,500,000 | 2,400,000 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 200,000 | 0 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 431,900,000 | 420,700,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 432,800,000 | 421,500,000 | |
Entergy Louisiana [Member] | 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 | 2,300,000 | 2,200,000 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 900,000 | 800,000 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 0 | 0 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,900,000 | 4,500,000 | |
Entergy Louisiana [Member] | 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 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,900,000 | 4,500,000 | |
Entergy Arkansas [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 136,864,000 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 7,480,000 | 4,036,000 | |
Equity Securities, FV-NI | [1] | 14,400,000 | 600,000 |
Debt Securities | [1] | 417,800,000 | 412,800,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,119,500,000 | 1,108,600,000 | |
Entergy Arkansas [Member] | Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | [2] | 541,800,000 | 687,900,000 |
Entergy Arkansas [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,100,000 | 3,300,000 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 136,900,000 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 7,500,000 | 4,000,000 | |
Equity Securities, FV-NI | [1] | 14,400,000 | 600,000 |
Debt Securities | [1] | 107,200,000 | 108,700,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 266,000,000 | 113,300,000 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 310,600,000 | 304,100,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 310,600,000 | 304,100,000 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 0 | 0 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,100,000 | 3,300,000 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,100,000 | 3,300,000 | |
Entergy Texas [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 159,683,000 | 12,904,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 26,116,000 | 37,720,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 186,100,000 | 51,500,000 | |
Entergy Texas [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 300,000 | 900,000 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 159,700,000 | 12,900,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 26,100,000 | 37,700,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 185,800,000 | 50,600,000 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 300,000 | 900,000 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | Financial Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 300,000 | 900,000 | |
System Energy [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 92,322,000 | 68,441,000 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 4,900,000 | 13,300,000 |
Debt Securities | [1] | 408,000,000 | 386,200,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,020,700,000 | 1,122,500,000 | |
System Energy [Member] | Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | [2] | 515,500,000 | 654,600,000 |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 92,300,000 | 68,400,000 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 4,900,000 | 13,300,000 |
Debt Securities | [1] | 185,100,000 | 176,300,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 282,300,000 | 258,000,000 | |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 222,900,000 | 209,900,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 222,900,000 | 209,900,000 | |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 0 | 0 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | $ 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 herein for additional information on the investment portfolios. | ||
[2] | (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 Valu_8
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 | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 85 | |||
Electricity Swaps And Options [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 85 | $ 118 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (18) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 5 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 67 | 26 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (82) | (46) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (46) | $ (31) | ||
Financial Transmission Rights (FTRs) [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4 | 5 | 10 | 15 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 7 | 11 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (13) | (21) | ||
Financial Transmission Rights (FTRs) [Member] | Entergy Arkansas [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1.1 | 1.1 | 3.3 | 3.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 6.1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 2.4 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (4.6) | (8.4) | ||
Financial Transmission Rights (FTRs) [Member] | Entergy Louisiana [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1.9 | 2.8 | 4.5 | 8.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 3.3 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 2.7 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (5.3) | (8.8) | ||
Financial Transmission Rights (FTRs) [Member] | Entergy Mississippi [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0.3 | 0.7 | 0.8 | 2.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included as Regulatory Liability/Asset | (0.6) | (0.4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1.1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (0.1) | |||
Financial Transmission Rights (FTRs) [Member] | Entergy New Orleans [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0.5 | 0.3 | 1.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1.1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 0.1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (0.4) | (1.9) | ||
Financial Transmission Rights (FTRs) [Member] | Entergy Texas [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0.3 | $ 0.9 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0.5 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 1.8 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ (2.4) | (0.3) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ (0.3) | $ (0.5) |
Risk Management and Fair Valu_9
Risk Management and Fair Values (Schedules Of Valuation Techniques) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Range from Average Percentage for Fair Value of Electricity Swaps | 4.75% |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Swaps | $ 9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 85 |
Gas Hedge Contracts [Member] | Entergy Louisiana [Member] | |
Maximum Length of Time Hedged in Cash Flow Hedge | 4 years |
Gas Hedge Contracts [Member] | Entergy Mississippi [Member] | |
Maximum Length of Time Hedged in Cash Flow Hedge | 7 months |
Decommissioning Trust Funds (Na
Decommissioning Trust Funds (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Debt Securities, Trading, Measurement Input | $ 521,000 | $ 507,000 | ||
Decommissioning Trust Funds [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | $ (6,806) | |||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | 8,743 | $ 8,073 | ||
Amortized cost of debt securities | $ 2,382,000 | 2,366,000 | ||
Average coupon rate of debt securities | 3.23% | |||
Average duration of debt securities, years | 6 years 8 months 23 days | |||
Average maturity of debt securities, years | 10 years 5 months 19 days | |||
Proceeds from the dispositions of debt securities | $ 400,000 | 365,000 | ||
Gains from dispositions of debt securities, gross | 14,000 | 2,000 | ||
Losses from dispositions of debt securities, gross | 3,000 | 2,000 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 3,000 | |||
Equity Securities, FV-NI, Unrealized Loss | (636,000) | |||
Debt Securities [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | 22,000 | 13,000 | ||
Entergy Arkansas [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Amortized cost of debt securities | $ 398,900 | 405,400 | ||
Average coupon rate of debt securities | 2.73% | |||
Average duration of debt securities, years | 6 years 10 months 13 days | |||
Average maturity of debt securities, years | 8 years 4 months 9 days | |||
Proceeds from the dispositions of debt securities | $ 48,600 | 10,900 | ||
Gains from dispositions of debt securities, gross | 4,500 | 20 | ||
Losses from dispositions of debt securities, gross | 200 | 100 | ||
Equity Securities, FV-NI, Unrealized Loss | (147,100) | |||
Entergy Louisiana [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Amortized cost of debt securities | $ 568,400 | 573,000 | ||
Average coupon rate of debt securities | 3.87% | |||
Average duration of debt securities, years | 6 years 10 months 6 days | |||
Average maturity of debt securities, years | 13 years 4 months 17 days | |||
Proceeds from the dispositions of debt securities | $ 67,400 | 56,200 | ||
Gains from dispositions of debt securities, gross | 2,900 | 300 | ||
Losses from dispositions of debt securities, gross | $ 600 | 200 | ||
Percentage Interest in River Bend | 30.00% | |||
Equity Securities, FV-NI, Unrealized Loss | $ (200,800) | |||
System Energy [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Amortized cost of debt securities | $ 383,800 | 371,400 | ||
Average coupon rate of debt securities | 2.91% | |||
Average duration of debt securities, years | 7 years 10 days | |||
Average maturity of debt securities, years | 10 years 8 months 12 days | |||
Proceeds from the dispositions of debt securities | $ 92,000 | 42,100 | ||
Gains from dispositions of debt securities, gross | 1,700 | 400 | ||
Losses from dispositions of debt securities, gross | 200 | $ 100 | ||
Equity Securities, FV-NI, Unrealized Loss | (140,000) | |||
Indian Point 3 [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | 858,000 | 930,000 | ||
Indian Point 1 [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | 506,000 | 556,000 | ||
Indian Point 2 [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | 644,000 | 701,000 | ||
Palisades [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | $ 493,000 | $ 498,000 |
Decommissioning Trust Funds (Se
Decommissioning Trust Funds (Securities Held) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Trading, Measurement Input | $ 521 | $ 507 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 2,523 | 2,456 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 158 | 96 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 16 | 6 |
Entergy Arkansas [Member] | Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 417.8 | 412.8 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 20.4 | 9.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1.4 | 2.6 |
Entergy Louisiana [Member] | Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 603 | 601.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 38.5 | 29.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3.9 | 0.8 |
System Energy [Member] | Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 408 | 386.2 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 26.9 | 15.1 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 2.7 | $ 0.3 |
Decommissioning Trust Funds (Av
Decommissioning Trust Funds (Available For Sale Securities Continuous Unrealized Loss Position Fair Value) (Details) - Debt Securities [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | $ 411 | $ 404 |
More than 12 months Fair Value | 5 | 38 |
Total Fair Value | 416 | 442 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 16 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 16 | 6 |
Entergy Arkansas [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 60.2 | 104.8 |
More than 12 months Fair Value | 0 | 7.7 |
Total Fair Value | 60.2 | 112.5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1.4 | 2.5 |
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 | 1.4 | 2.6 |
Entergy Louisiana [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 95.2 | 71.2 |
More than 12 months Fair Value | 0.8 | 7.9 |
Total Fair Value | 96 | 79.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3.9 | 0.8 |
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 | 3.9 | 0.8 |
System Energy [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 52.3 | 56.9 |
More than 12 months Fair Value | 0 | 0.3 |
Total Fair Value | 52.3 | 57.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2.7 | 0.3 |
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 | $ 2.7 | $ 0.3 |
Decommissioning Trust Funds (Fa
Decommissioning Trust Funds (Fair Value Of Debt Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair value of debt securities by contractual maturities | ||
Less than 1 year | $ 84 | $ 128 |
1 year - 5 years | 798 | 807 |
5 years - 10 years | 686 | 666 |
10 years - 15 years | 226 | 125 |
15 years - 20 years | 129 | 126 |
20 years+ | 600 | 604 |
Total | 2,523 | 2,456 |
Entergy Arkansas [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 34.4 | 44.1 |
1 year - 5 years | 108.2 | 109.1 |
5 years - 10 years | 163 | 156 |
10 years - 15 years | 43.8 | 31.3 |
15 years - 20 years | 27.7 | 23.8 |
20 years+ | 40.7 | 48.5 |
Total | 417.8 | 412.8 |
Entergy Louisiana [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 10.4 | 40.7 |
1 year - 5 years | 143.3 | 142 |
5 years - 10 years | 133.8 | 132.4 |
10 years - 15 years | 62.2 | 39.8 |
15 years - 20 years | 54.6 | 49.2 |
20 years+ | 198.7 | 197.4 |
Total | 603 | 601.5 |
System Energy [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 17.4 | 8.5 |
1 year - 5 years | 163.9 | 154.6 |
5 years - 10 years | 96 | 92.3 |
10 years - 15 years | 20.8 | 13.4 |
15 years - 20 years | 6.7 | 14.4 |
20 years+ | 103.2 | 103 |
Total | $ 408 | $ 386.2 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2020 | |
Income Tax Reconciliation Flow Through Permanent Differences | $ 24.7 | ||
Increase (Reduction) in income tax resulting from Act 55 financing settlement | 32 | ||
Act 55 final recorded income tax reduction | 58 | ||
Increase (Decrease) in Income Taxes | 26 | ||
Subsequent Event [Member] | |||
CARES Act Deferred Tax Expense | $ 64 | ||
CARES Act annual payroll tax installment due resulting from deferred tax payments | $ 32 | ||
Entergy Arkansas [Member] | |||
Income Tax Reconciliation Flow Through Permanent Differences | 4.8 | ||
Entergy Louisiana [Member] | |||
Income Tax Reconciliation Flow Through Permanent Differences | 8.6 | ||
Regulatory Charge for Hurricane Isaac Act 55 Tax Obligation to Customers | 29 | ||
Regulatory Charge for Hurricane Isaac Act 55 Tax Obligation to Customers (Net-of-tax) | 21 | ||
Entergy Mississippi [Member] | |||
Income Tax Reconciliation Flow Through Permanent Differences | 2.7 | ||
Entergy New Orleans [Member] | |||
Income Tax Reconciliation Flow Through Permanent Differences | 1.5 | ||
System Energy [Member] | |||
Income Tax Reconciliation Flow Through Permanent Differences | 1.3 | ||
Entergy Texas [Member] | |||
Income Tax Reconciliation Flow Through Permanent Differences | $ 2.7 |
Income Taxes Income Taxes (Redu
Income Taxes Income Taxes (Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | $ 30 | $ 61 |
Entergy Arkansas [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | 13 | 32 |
Entergy Louisiana [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | 8 | 7 |
Entergy New Orleans [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | 3 | 0 |
Entergy Texas [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | $ 6 | $ 22 |
Property, Plant, And Equipment
Property, Plant, And Equipment (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Construction expenditures in accounts payable | $ 367 | $ 406 |
Entergy Arkansas [Member] | ||
Construction expenditures in accounts payable | 57.5 | 67.9 |
Entergy Louisiana [Member] | ||
Construction expenditures in accounts payable | 106.7 | 115.1 |
Entergy Mississippi [Member] | ||
Construction expenditures in accounts payable | 24.2 | 34.2 |
Entergy New Orleans [Member] | ||
Construction expenditures in accounts payable | 8.1 | 18.4 |
Entergy Texas [Member] | ||
Construction expenditures in accounts payable | 78.2 | 88.1 |
System Energy [Member] | ||
Construction expenditures in accounts payable | $ 52.6 | $ 23.2 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - System Energy [Member] - Grand Gulf [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 11.50% | |
Payments on lease, including interest | $ 8.6 | $ 8.6 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,427,179 | $ 2,609,584 |
Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,050,638 | 2,121,024 |
Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,976 | 54,948 |
Competitive Businesses [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 332,565 | 433,612 |
Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 798,028 | 802,539 |
Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 538,940 | 554,058 |
Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 557,515 | 601,000 |
Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 52,582 | 52,960 |
Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 53,725 | 84,435 |
Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 50,166 | 15,470 |
Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,050,956 | 2,110,462 |
Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (318) | 10,562 |
Non-Customer [Member] | Competitive Businesses [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 116,563 | 73,141 |
Competitive Business Sales [Member] | Competitive Businesses [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 216,002 | 360,471 |
Billed Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,947,065 | 2,010,557 |
Entergy Arkansas [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 481,912 | 545,812 |
Entergy Arkansas [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 481,912 | 545,812 |
Entergy Arkansas [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Arkansas [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 219,688 | 209,867 |
Entergy Arkansas [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 111,245 | 124,578 |
Entergy Arkansas [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 101,088 | 121,577 |
Entergy Arkansas [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,030 | 4,899 |
Entergy Arkansas [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,140 | 79,584 |
Entergy Arkansas [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,596 | 2,304 |
Entergy Arkansas [Member] | Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 478,787 | 542,809 |
Entergy Arkansas [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,125 | 3,003 |
Entergy Arkansas [Member] | Billed Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 436,051 | 460,921 |
Entergy Louisiana [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 930,647 | 959,330 |
Entergy Louisiana [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 912,541 | 936,693 |
Entergy Louisiana [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,106 | 22,637 |
Entergy Louisiana [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 259,860 | 264,065 |
Entergy Louisiana [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 202,246 | 206,779 |
Entergy Louisiana [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 322,342 | 346,678 |
Entergy Louisiana [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,754 | 16,891 |
Entergy Louisiana [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 78,530 | 83,955 |
Entergy Louisiana [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,008 | 12,441 |
Entergy Louisiana [Member] | Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 911,740 | 930,809 |
Entergy Louisiana [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 801 | 5,884 |
Entergy Louisiana [Member] | Billed Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 801,202 | 834,413 |
Entergy Mississippi [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 293,922 | 282,244 |
Entergy Mississippi [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 293,922 | 282,244 |
Entergy Mississippi [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Mississippi [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 127,102 | 128,809 |
Entergy Mississippi [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 96,798 | 97,914 |
Entergy Mississippi [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 36,390 | 37,697 |
Entergy Mississippi [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,327 | 10,036 |
Entergy Mississippi [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,422 | 4,814 |
Entergy Mississippi [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,443 | 405 |
Entergy Mississippi [Member] | Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 291,482 | 279,675 |
Entergy Mississippi [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,440 | 2,569 |
Entergy Mississippi [Member] | Billed Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 270,617 | 274,456 |
Entergy New Orleans [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 149,302 | 163,194 |
Entergy New Orleans [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 123,431 | 130,883 |
Entergy New Orleans [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,871 | 32,311 |
Entergy New Orleans [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 50,899 | 52,076 |
Entergy New Orleans [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 45,505 | 45,741 |
Entergy New Orleans [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,347 | 7,250 |
Entergy New Orleans [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,851 | 15,901 |
Entergy New Orleans [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,170 | 10,224 |
Entergy New Orleans [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 763 | (1,706) |
Entergy New Orleans [Member] | Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 130,535 | 129,486 |
Entergy New Orleans [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (7,104) | 1,397 |
Entergy New Orleans [Member] | Billed Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,602 | 120,968 |
Entergy Texas [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 339,336 | 340,474 |
Entergy Texas [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 339,336 | 340,474 |
Entergy Texas [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Texas [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 140,480 | 147,722 |
Entergy Texas [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 83,146 | 79,046 |
Entergy Texas [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 90,348 | 87,798 |
Entergy Texas [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,620 | 5,233 |
Entergy Texas [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,629 | 16,775 |
Entergy Texas [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,702 | 3,496 |
Entergy Texas [Member] | Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 338,925 | 340,070 |
Entergy Texas [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 411 | 404 |
Entergy Texas [Member] | Billed Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 319,594 | 319,799 |
System Energy [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 130,664 | $ 140,104 |
Revenue Recognition Allowance f
Revenue Recognition Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 8,521 | $ 7,404 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 6,600 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (8,400) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 2,900 | |
Entergy Arkansas [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Current | 1,515 | 1,169 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,200 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (1,800) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 900 | |
Entergy Louisiana [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Current | 2,452 | 1,902 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,000 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (3,500) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 1,100 | |
Entergy Mississippi [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Current | 554 | 636 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 900 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (1,200) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 300 | |
Entergy New Orleans [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Current | 3,387 | 3,226 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 800 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (800) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 200 | |
Entergy Texas [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Current | 613 | $ 471 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 700 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (1,100) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | $ 500 |
Uncategorized Items - etr-03x31
Label | Element | Value |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 2,616,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 2,700,000 |
Common Stock [Member] | Entergy Texas [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (5,273,719,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (5,154,150,000) |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 8,727,956,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 9,257,190,000 |
Retained Earnings [Member] | Entergy Texas [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 6,564,436,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 5,951,431,000 |
Additional Paid-in Capital [Member] | Entergy Texas [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (563,979,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (446,920,000) |
Subsidiaries Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 35,000,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Subsidiaries Preferred Stock [Member] | Entergy Texas [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | |
Accounting Standards Update 2016-13 [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (419,000) |
Accounting Standards Update 2016-13 [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (419,000) |
Accounting Standards Update 2016-13 [Member] | Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | Subsidiaries Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Updates 2017-08 and 2017-12 [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Updates 2017-08 and 2017-12 [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Updates 2017-08 and 2017-12 [Member] | Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Updates 2017-08 and 2017-12 [Member] | Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 6,806,000 |
Accounting Standards Updates 2017-08 and 2017-12 [Member] | Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Updates 2017-08 and 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (6,806,000) |
Accounting Standards Updates 2017-08 and 2017-12 [Member] | Subsidiaries Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 0 |