Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Entity Registrant Name | ENTERGY CORP /DE/ | |
Entity Central Index Key | 65,984 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 178,740,867 | |
Entergy Arkansas [Member] | ||
Entity Registrant Name | ENTERGY ARKANSAS, INC. | |
Entity Central Index Key | 7,323 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
Entergy Louisiana [Member] | ||
Entity Registrant Name | ENTERGY LOUISIANA, LLC | |
Entity Central Index Key | 1,348,952 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entergy Mississippi [Member] | ||
Entity Registrant Name | ENTERGY MISSISSIPPI, INC. | |
Entity Central Index Key | 66,901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
Entergy New Orleans [Member] | ||
Entity Registrant Name | ENTERGY NEW ORLEANS, INC. | |
Entity Central Index Key | 71,508 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
Entergy Texas [Member] | ||
Entity Registrant Name | ENTERGY TEXAS, INC. | |
Entity Central Index Key | 1,427,437 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
System Energy [Member] | ||
Entity Registrant Name | SYSTEM ENERGY RESOURCES, INC. | |
Entity Central Index Key | 202,584 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
OPERATING REVENUES | |||
Electric | $ 2,042,160 | $ 2,217,989 | |
Natural gas | 45,613 | 59,511 | |
Competitive businesses | 522,079 | 642,590 | |
TOTAL | 2,609,852 | 2,920,090 | |
Operation and Maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 504,967 | 630,453 | |
Purchased power | 262,323 | 342,023 | |
Nuclear refueling outage expenses | 51,230 | 64,870 | |
Other operation and maintenance | 731,915 | 770,110 | |
Asset Write-Offs, Impairments, And Related Charges | 7,361 | 0 | |
Decommissioning | 68,628 | 69,899 | |
Taxes other than income taxes | 149,778 | 157,523 | |
Depreciation and amortization | 334,273 | 331,986 | |
Other regulatory charges (credits) - net | 1,159 | 10,457 | |
TOTAL | 2,111,634 | 2,377,321 | |
OPERATING INCOME | 498,218 | 542,769 | |
OTHER INCOME | |||
Allowance for equity funds used during construction | 18,932 | 11,738 | |
Investment Income, Net | 32,753 | 68,133 | |
Miscellaneous - net | (10,587) | (9,020) | |
TOTAL | 41,098 | 70,851 | |
INTEREST EXPENSE | |||
Interest expense | 173,811 | 166,337 | |
Allowance for borrowed funds used during construction | (9,682) | (6,117) | |
TOTAL | 164,129 | 160,220 | |
INCOME BEFORE INCOME TAXES | 375,187 | 453,400 | |
Income taxes | 139,945 | 150,471 | |
CONSOLIDATED NET INCOME | [1] | 235,242 | 302,929 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 5,276 | 4,879 | |
EARNINGS APPLICABLE TO COMMON STOCK | $ 229,966 | $ 298,050 | |
Earnings per average common share: | |||
Basic (in dollars per share) | $ 1.29 | $ 1.66 | |
Diluted (in dollars per share) | 1.28 | 1.65 | |
Dividends declared per common share (in dollars per share) | $ 0.85 | $ 0.83 | |
Basic average number of common shares outstanding (in shares) | 178,578,536 | 179,658,981 | |
Diluted average number of common shares outstanding (in shares) | 178,976,380 | 180,480,523 | |
Entergy Arkansas [Member] | |||
OPERATING REVENUES | |||
Electric | $ 465,373 | $ 511,253 | |
Operation and Maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 80,937 | 104,872 | |
Purchased power | 61,804 | 99,814 | |
Nuclear refueling outage expenses | 15,069 | 12,063 | |
Other operation and maintenance | 152,906 | 160,545 | |
Decommissioning | 13,103 | 12,304 | |
Taxes other than income taxes | 23,086 | 25,704 | |
Depreciation and amortization | 63,173 | 60,102 | |
Other regulatory charges (credits) - net | 917 | (807) | |
TOTAL | 410,995 | 474,597 | |
OPERATING INCOME | 54,378 | 36,656 | |
OTHER INCOME | |||
Allowance for equity funds used during construction | 4,932 | 2,374 | |
Interest and investment income | 10,952 | ||
Investment Income, Net | 3,594 | ||
Miscellaneous - net | (775) | (167) | |
TOTAL | 7,751 | 13,159 | |
INTEREST EXPENSE | |||
Interest expense | 32,782 | 26,487 | |
Allowance for borrowed funds used during construction | (2,715) | (1,231) | |
TOTAL | 30,067 | 25,256 | |
INCOME BEFORE INCOME TAXES | 32,062 | 24,559 | |
Income taxes | 12,768 | 6,694 | |
CONSOLIDATED NET INCOME | 19,294 | 17,865 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 1,718 | 1,718 | |
EARNINGS APPLICABLE TO COMMON STOCK | 17,576 | 16,147 | |
Entergy Louisiana [Member] | |||
OPERATING REVENUES | |||
Electric | 936,431 | 1,044,810 | |
Natural gas | 18,714 | 24,381 | |
TOTAL | 955,145 | 1,069,191 | |
Operation and Maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 202,083 | 219,658 | |
Purchased power | 191,398 | 271,198 | |
Nuclear refueling outage expenses | 12,780 | 11,130 | |
Other operation and maintenance | 206,064 | 220,801 | |
Decommissioning | 11,508 | 10,645 | |
Taxes other than income taxes | 42,362 | 43,890 | |
Depreciation and amortization | 109,591 | 106,868 | |
Other regulatory charges (credits) - net | (2,259) | (775) | |
TOTAL | 773,527 | 883,415 | |
OPERATING INCOME | 181,618 | 185,776 | |
OTHER INCOME | |||
Allowance for equity funds used during construction | 7,238 | 5,472 | |
Investment Income, Net | 37,416 | 40,016 | |
Miscellaneous - net | (3,745) | (200) | |
TOTAL | 40,909 | 45,288 | |
INTEREST EXPENSE | |||
Interest expense | 65,076 | 65,281 | |
Allowance for borrowed funds used during construction | (3,897) | (3,128) | |
TOTAL | 61,179 | 62,153 | |
INCOME BEFORE INCOME TAXES | 161,348 | 168,911 | |
Income taxes | 49,742 | 42,802 | |
CONSOLIDATED NET INCOME | 111,606 | 126,109 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 0 | 1,944 | |
EARNINGS APPLICABLE TO COMMON STOCK | 111,606 | 124,165 | |
Entergy Mississippi [Member] | |||
OPERATING REVENUES | |||
Electric | 263,046 | 360,815 | |
Operation and Maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 61,380 | 90,611 | |
Purchased power | 55,383 | 92,158 | |
Other operation and maintenance | 51,273 | 65,072 | |
Taxes other than income taxes | 23,497 | 25,020 | |
Depreciation and amortization | 33,298 | 30,830 | |
Other regulatory charges (credits) - net | (3,358) | 2,285 | |
TOTAL | 221,473 | 305,976 | |
OPERATING INCOME | 41,573 | 54,839 | |
OTHER INCOME | |||
Allowance for equity funds used during construction | 1,286 | 771 | |
Investment Income, Net | 121 | 28 | |
Miscellaneous - net | (705) | (802) | |
TOTAL | 702 | (3) | |
INTEREST EXPENSE | |||
Interest expense | 14,742 | 14,246 | |
Allowance for borrowed funds used during construction | (667) | (417) | |
TOTAL | 14,075 | 13,829 | |
INCOME BEFORE INCOME TAXES | 28,200 | 41,007 | |
Income taxes | 11,082 | 16,072 | |
CONSOLIDATED NET INCOME | 17,118 | 24,935 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 707 | 707 | |
EARNINGS APPLICABLE TO COMMON STOCK | 16,411 | 24,228 | |
Entergy New Orleans [Member] | |||
OPERATING REVENUES | |||
Electric | 122,441 | 121,495 | |
Natural gas | 26,899 | 35,131 | |
TOTAL | 149,340 | 156,626 | |
Operation and Maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 10,921 | 21,623 | |
Purchased power | 68,525 | 63,135 | |
Other operation and maintenance | 22,842 | 28,000 | |
Taxes other than income taxes | 11,512 | 11,893 | |
Depreciation and amortization | 11,764 | 11,520 | |
Other regulatory charges (credits) - net | 1,896 | (290) | |
TOTAL | 127,460 | 135,881 | |
OPERATING INCOME | 21,880 | 20,745 | |
OTHER INCOME | |||
Allowance for equity funds used during construction | 313 | 320 | |
Investment Income, Net | 69 | 26 | |
Miscellaneous - net | (245) | 364 | |
TOTAL | 137 | 710 | |
INTEREST EXPENSE | |||
Interest expense | 4,373 | 4,341 | |
Allowance for borrowed funds used during construction | (126) | (150) | |
TOTAL | 4,247 | 4,191 | |
INCOME BEFORE INCOME TAXES | 17,770 | 17,264 | |
Income taxes | 6,603 | 5,972 | |
CONSOLIDATED NET INCOME | 11,167 | 11,292 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 241 | 241 | |
EARNINGS APPLICABLE TO COMMON STOCK | 10,926 | 11,051 | |
Entergy Texas [Member] | |||
OPERATING REVENUES | |||
Electric | 378,304 | 411,211 | |
Operation and Maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 92,404 | 73,807 | |
Purchased power | 130,412 | 174,205 | |
Other operation and maintenance | 53,035 | 56,525 | |
Taxes other than income taxes | 18,310 | 18,270 | |
Depreciation and amortization | 25,619 | 24,847 | |
Other regulatory charges (credits) - net | 17,255 | 19,544 | |
TOTAL | 337,035 | 367,198 | |
OPERATING INCOME | 41,269 | 44,013 | |
OTHER INCOME | |||
Allowance for equity funds used during construction | 2,432 | 1,224 | |
Investment Income, Net | 200 | (213) | |
Miscellaneous - net | (416) | 64 | |
TOTAL | 2,216 | 1,075 | |
INTEREST EXPENSE | |||
Interest expense | 21,601 | 20,996 | |
Allowance for borrowed funds used during construction | (1,581) | (794) | |
TOTAL | 20,020 | 20,202 | |
INCOME BEFORE INCOME TAXES | 23,465 | 24,886 | |
Income taxes | 8,903 | 8,295 | |
CONSOLIDATED NET INCOME | 14,562 | 16,591 | |
System Energy [Member] | |||
OPERATING REVENUES | |||
Electric | 137,693 | 156,039 | |
Operation and Maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 13,428 | 20,473 | |
Nuclear refueling outage expenses | 4,584 | 5,682 | |
Other operation and maintenance | 32,160 | 35,706 | |
Decommissioning | 12,387 | 11,703 | |
Taxes other than income taxes | 6,252 | 7,208 | |
Depreciation and amortization | 34,707 | 37,060 | |
Other regulatory charges (credits) - net | (13,291) | (9,577) | |
TOTAL | 90,227 | 108,255 | |
OPERATING INCOME | 47,466 | 47,784 | |
OTHER INCOME | |||
Allowance for equity funds used during construction | 2,729 | 1,651 | |
Investment Income, Net | 3,274 | 4,213 | |
Miscellaneous - net | (92) | (221) | |
TOTAL | 5,911 | 5,643 | |
INTEREST EXPENSE | |||
Interest expense | 9,552 | 13,013 | |
Allowance for borrowed funds used during construction | (696) | (436) | |
TOTAL | 8,856 | 12,577 | |
INCOME BEFORE INCOME TAXES | 44,521 | 40,850 | |
Income taxes | 18,563 | 15,317 | |
CONSOLIDATED NET INCOME | $ 25,958 | $ 25,533 | |
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2016 and 2015 include $5.3 million and $3.2 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
OPERATING ACTIVITIES | |||
Consolidated net income | [1] | $ 235,242 | $ 302,929 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 500,248 | 526,008 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 75,415 | 95,732 | |
Impairment of Long-Lived Assets Held-for-use | 7,361 | 0 | |
Changes in working capital: | |||
Receivables | 76,532 | 22,288 | |
Fuel inventory | (9,089) | (22,553) | |
Accounts payable | (67,364) | (153,700) | |
Taxes accrued | (15,996) | (67,941) | |
Interest accrued | (27,535) | (42,551) | |
Deferred fuel costs | 97,566 | 81,271 | |
Other working capital accounts | (95,291) | (90,619) | |
Changes in provisions for estimated losses | (3,968) | 1,334 | |
Changes in other regulatory assets | 56,047 | 93,082 | |
Changes in other regulatory liabilities | 18,735 | 15,857 | |
Changes in pensions and other postretirement liabilities | (89,046) | (52,509) | |
Other | (226,036) | (97,670) | |
Net cash flow provided by operating activities | 532,821 | 610,958 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (636,011) | (532,958) | |
Allowance for equity funds used during construction | 19,107 | 13,077 | |
Payments to Acquire Property, Plant, and Equipment | (947,778) | 0 | |
Nuclear fuel purchases | (85,819) | (96,392) | |
NYPA value sharing payment | 0 | (70,790) | |
Payments to storm reserve escrow account | (367) | (1,865) | |
Decrease (increase) in other investments | (196,509) | 278 | |
Proceeds from nuclear decommissioning trust fund sales | 729,414 | 492,841 | |
Investment in nuclear decommissioning trust funds | (758,665) | (516,564) | |
Proceeds from insurance | 0 | 12,745 | |
Changes in securitization account | (1,399) | (251) | |
Net cash flow used in investing activities | (1,878,027) | (699,879) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 2,869,808 | 488,065 | |
Common stock and treasury stock | 5,787 | 23,156 | |
Retirement of long-term debt | (1,903,670) | (685,258) | |
Payments for Repurchase of Common Stock | 0 | (25,078) | |
Changes in credit borrowings and commercial paper - net | 271,730 | 210,012 | |
Dividends paid: | |||
Common stock | (151,839) | (149,257) | |
Preferred stock | (5,276) | (4,879) | |
Other | (644) | (9,320) | |
Net cash flow provided by (used in) financing activities | 1,085,896 | (152,559) | |
Net decrease in cash and cash equivalents | (259,310) | (241,480) | |
Cash and cash equivalents at beginning of period | 1,350,961 | 1,422,026 | |
Cash and cash equivalents at end of period | 1,091,651 | 1,180,546 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 251,305 | 203,786 | |
Income taxes | 26,382 | 65,919 | |
Entergy Arkansas [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 19,294 | 17,865 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 102,975 | 97,294 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 20,645 | 17,847 | |
Changes in working capital: | |||
Receivables | (4,405) | (8,086) | |
Fuel inventory | (5,825) | (8,232) | |
Accounts payable | 55,077 | (24,651) | |
Taxes accrued | 1,210 | (18,923) | |
Interest accrued | 5,228 | 4,338 | |
Deferred fuel costs | (37,198) | 14,933 | |
Other working capital accounts | 15,203 | (27,858) | |
Changes in provisions for estimated losses | 355 | 46 | |
Changes in other regulatory assets | 892 | 29,585 | |
Changes in pensions and other postretirement liabilities | (24,288) | (19,074) | |
Other | (9,550) | (6,165) | |
Net cash flow provided by operating activities | 139,613 | 68,919 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (171,090) | (128,399) | |
Allowance for equity funds used during construction | 5,080 | 3,700 | |
Payments to Acquire Property, Plant, and Equipment | (236,947) | 0 | |
Change in money pool receivable - net | (1,842) | (13,001) | |
Nuclear fuel purchases | (22,692) | (21,392) | |
Proceeds from sale of nuclear fuel | 40,336 | 28,296 | |
Proceeds from nuclear decommissioning trust fund sales | 58,604 | 81,852 | |
Investment in nuclear decommissioning trust funds | (63,039) | (85,620) | |
Changes in securitization account | (3,413) | (3,973) | |
Other | (103) | 0 | |
Net cash flow used in investing activities | (395,106) | (138,537) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 321,289 | 0 | |
Proceeds from Contributions from Parent | 200,000 | 0 | |
Retirement of long-term debt | (175,002) | 0 | |
Change in money pool payable - net | (52,742) | 0 | |
Changes in credit borrowings and commercial paper - net | (11,690) | (28,462) | |
Dividends paid: | |||
Preferred stock | (1,718) | (1,718) | |
Other | 0 | 783 | |
Net cash flow provided by (used in) financing activities | 280,137 | (29,397) | |
Net decrease in cash and cash equivalents | 24,644 | (99,015) | |
Cash and cash equivalents at beginning of period | 9,135 | 218,505 | |
Cash and cash equivalents at end of period | 33,779 | 119,490 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 20,998 | 20,761 | |
Income taxes | 7,242 | 17,587 | |
Entergy Louisiana [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 111,606 | 126,109 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 146,870 | 145,069 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 172,887 | 60,884 | |
Changes in working capital: | |||
Receivables | (25,879) | (49,211) | |
Fuel inventory | (2,538) | (3,153) | |
Accounts payable | (110,500) | 7,886 | |
Taxes accrued | (104,444) | 14,463 | |
Interest accrued | (2,185) | 717 | |
Deferred fuel costs | 45,511 | 14,633 | |
Other working capital accounts | 1,387 | (25,286) | |
Changes in provisions for estimated losses | (2,695) | 2,329 | |
Changes in other regulatory assets | 30,033 | 22,417 | |
Changes in pensions and other postretirement liabilities | (19,115) | (10,720) | |
Other | (92,457) | (24,400) | |
Net cash flow provided by operating activities | 148,481 | 281,737 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (206,572) | (180,634) | |
Allowance for equity funds used during construction | 7,238 | 5,472 | |
Payments to Acquire Property, Plant, and Equipment | (473,888) | 0 | |
Change in money pool receivable - net | (7,559) | (35,011) | |
Change in Assets Held-In Trust | (196,568) | 0 | |
Nuclear fuel purchases | (26,684) | (108,613) | |
Proceeds from sale of nuclear fuel | 47,565 | 18,123 | |
Payments to storm reserve escrow account | 0 | (19) | |
Proceeds from nuclear decommissioning trust fund sales | 53,793 | 25,566 | |
Investment in nuclear decommissioning trust funds | (64,337) | (35,579) | |
Changes in securitization account | (5,506) | (5,433) | |
Other | (243) | (41) | |
Net cash flow used in investing activities | (872,761) | (316,169) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 809,369 | 0 | |
Retirement of long-term debt | (26,189) | (16,083) | |
Changes in credit borrowings and commercial paper - net | 17,094 | 22,260 | |
Dividends paid: | |||
Preferred stock | 0 | (1,944) | |
Other | 852 | (7,731) | |
Net cash flow provided by (used in) financing activities | 801,126 | (3,498) | |
Net decrease in cash and cash equivalents | 76,846 | (37,930) | |
Cash and cash equivalents at beginning of period | 35,102 | 320,516 | |
Cash and cash equivalents at end of period | 111,948 | 282,586 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 125,589 | 62,655 | |
Income taxes | 22,676 | (4,056) | |
Entergy Mississippi [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 17,118 | 24,935 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 33,298 | 30,830 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (7,095) | (51,789) | |
Changes in working capital: | |||
Receivables | (5,118) | 20,385 | |
Fuel inventory | (3,244) | (4,628) | |
Accounts payable | (3,329) | (12,413) | |
Taxes accrued | (24,009) | 21,501 | |
Interest accrued | (2,033) | (6,218) | |
Deferred fuel costs | 40,350 | 40,244 | |
Other working capital accounts | (979) | (997) | |
Changes in provisions for estimated losses | (2,016) | (157) | |
Changes in other regulatory assets | 751 | 15,065 | |
Changes in pensions and other postretirement liabilities | (6,015) | (4,153) | |
Other | (7,403) | (7,438) | |
Net cash flow provided by operating activities | 30,276 | 65,167 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (72,764) | (45,976) | |
Allowance for equity funds used during construction | 1,286 | 771 | |
Change in money pool receivable - net | 10,381 | (9,878) | |
Proceeds from insurance | 0 | 12,745 | |
Other | (81) | (2) | |
Net cash flow used in investing activities | (61,178) | (42,340) | |
Dividends paid: | |||
Preferred stock | (707) | (707) | |
Other | (50) | (42) | |
Net cash flow provided by (used in) financing activities | (757) | (749) | |
Net decrease in cash and cash equivalents | (31,659) | 22,078 | |
Cash and cash equivalents at beginning of period | 145,605 | 61,633 | |
Cash and cash equivalents at end of period | 113,946 | 83,711 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 16,137 | 19,813 | |
Income taxes | (6,175) | 597 | |
Entergy New Orleans [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 11,167 | 11,292 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 11,764 | 11,520 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (9,742) | 4,883 | |
Changes in working capital: | |||
Receivables | (5,346) | 4,474 | |
Fuel inventory | 1,518 | 1,360 | |
Accounts payable | (101) | (3,829) | |
Taxes accrued | 14,187 | 0 | |
Interest accrued | (579) | (1,315) | |
Deferred fuel costs | (5,288) | (3,949) | |
Other working capital accounts | (11,382) | (9,271) | |
Changes in provisions for estimated losses | (532) | (2,012) | |
Changes in other regulatory assets | 6,270 | (676) | |
Changes in pensions and other postretirement liabilities | (4,102) | (3,013) | |
Other | (3,381) | (2,237) | |
Net cash flow provided by operating activities | 4,453 | 7,227 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (17,931) | (16,110) | |
Allowance for equity funds used during construction | 313 | 320 | |
Payments to Acquire Property, Plant, and Equipment | (236,944) | 0 | |
Proceeds from Divestiture of Businesses and Interests in Affiliates | (38) | 0 | |
Change in money pool receivable - net | 15,059 | (2,407) | |
Payments to storm reserve escrow account | (102) | (1,806) | |
Receipts from storm reserve escrow account | 3 | 3 | |
Changes in securitization account | (2,746) | 0 | |
Net cash flow used in investing activities | (242,386) | (20,000) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 106,786 | 0 | |
Proceeds from Contributions from Parent | 47,750 | 0 | |
Dividends paid: | |||
Common stock | 0 | (7,250) | |
Preferred stock | (241) | (241) | |
Other | 730 | (75) | |
Net cash flow provided by (used in) financing activities | 155,025 | (7,566) | |
Net decrease in cash and cash equivalents | (82,908) | (20,339) | |
Cash and cash equivalents at beginning of period | 88,876 | 42,389 | |
Cash and cash equivalents at end of period | 5,968 | 22,050 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 4,654 | 5,405 | |
Income taxes | 2,500 | 40 | |
Entergy Texas [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 14,562 | 16,591 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 25,619 | 24,847 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (26,970) | (75,378) | |
Changes in working capital: | |||
Receivables | 2,118 | 22,233 | |
Fuel inventory | 2,860 | (3,976) | |
Accounts payable | (17,346) | (14,776) | |
Taxes accrued | 18,871 | 66,279 | |
Interest accrued | (9,978) | (8,952) | |
Deferred fuel costs | 54,192 | 15,517 | |
Other working capital accounts | 1,957 | 4,686 | |
Changes in provisions for estimated losses | 662 | 1,252 | |
Changes in other regulatory assets | 24,310 | 26,065 | |
Changes in pensions and other postretirement liabilities | (6,505) | (4,387) | |
Other | (8,617) | (3,676) | |
Net cash flow provided by operating activities | 75,735 | 66,325 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (91,843) | (66,371) | |
Allowance for equity funds used during construction | 2,460 | 1,237 | |
Change in money pool receivable - net | (8,938) | (1,532) | |
Changes in securitization account | 10,264 | 9,155 | |
Net cash flow used in investing activities | (88,057) | (57,511) | |
Proceeds from the issuance of: | |||
Proceeds from the issuance of long-term debt | 123,786 | 0 | |
Retirement of long-term debt | (23,458) | (22,769) | |
Change in money pool payable - net | (22,068) | 0 | |
Dividends paid: | |||
Other | (1,787) | (974) | |
Net cash flow provided by (used in) financing activities | 76,473 | (23,743) | |
Net decrease in cash and cash equivalents | 64,151 | (14,929) | |
Cash and cash equivalents at beginning of period | 2,182 | 30,441 | |
Cash and cash equivalents at end of period | 66,333 | 15,512 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 30,969 | 29,004 | |
Income taxes | (756) | (933) | |
System Energy [Member] | |||
OPERATING ACTIVITIES | |||
Consolidated net income | 25,958 | 25,533 | |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | |||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 58,717 | 66,660 | |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 49,894 | (10,618) | |
Changes in working capital: | |||
Receivables | 9,121 | 2,952 | |
Accounts payable | 16,257 | (6,919) | |
Taxes accrued | (38,617) | (14,444) | |
Interest accrued | 837 | (14,282) | |
Other working capital accounts | (30,111) | 600 | |
Changes in other regulatory assets | (8,319) | (2,493) | |
Changes in pensions and other postretirement liabilities | (4,576) | (3,188) | |
Other | (6,005) | (4,082) | |
Net cash flow provided by operating activities | 73,156 | 39,719 | |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (34,747) | (13,324) | |
Allowance for equity funds used during construction | 2,729 | 1,651 | |
Change in money pool receivable - net | 4,728 | (20,873) | |
Nuclear fuel purchases | (122,320) | (16,699) | |
Proceeds from sale of nuclear fuel | 0 | 22,563 | |
Proceeds from nuclear decommissioning trust fund sales | 188,506 | 78,361 | |
Investment in nuclear decommissioning trust funds | (197,996) | (86,832) | |
Net cash flow used in investing activities | (159,100) | (35,153) | |
Proceeds from the issuance of: | |||
Retirement of long-term debt | (1) | (11,405) | |
Changes in credit borrowings and commercial paper - net | 111,012 | (20,404) | |
Dividends paid: | |||
Common stock | 0 | (20,000) | |
Other | (26) | (28) | |
Net cash flow provided by (used in) financing activities | 110,985 | (51,837) | |
Net decrease in cash and cash equivalents | 25,041 | (47,271) | |
Cash and cash equivalents at beginning of period | 230,661 | 223,179 | |
Cash and cash equivalents at end of period | 255,702 | 175,908 | |
Cash paid / (received) during the period for: | |||
Interest - net of amount capitalized | 8,593 | 26,208 | |
Income taxes | $ (6,598) | $ 25,304 | |
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2016 and 2015 include $5.3 million and $3.2 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash | $ 81,624 | $ 63,497 |
Temporary cash investments | 1,010,027 | 1,287,464 |
Total cash and cash equivalents | 1,091,651 | 1,350,961 |
Accounts receivable: | ||
Customer | 559,584 | 608,491 |
Allowance for doubtful accounts | (41,377) | (39,895) |
Other | 170,771 | 178,364 |
Accrued unbilled revenues | 304,446 | 321,940 |
Total accounts receivable | 993,424 | 1,068,900 |
Deferred fuel costs | 28,296 | 0 |
Fuel inventory - at average cost | 226,898 | 217,810 |
Materials and supplies - at average cost | 873,679 | 873,357 |
Deferred nuclear refueling outage costs | 245,623 | 211,512 |
Prepayments and other | 541,624 | 344,872 |
TOTAL | 4,001,195 | 4,067,412 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 4,653 | 4,341 |
Decommissioning trust funds | 5,451,729 | 5,349,953 |
Non-utility property - at cost (less accumulated depreciation) | 221,431 | 219,999 |
Other | 490,232 | 468,704 |
TOTAL | 6,168,045 | 6,042,997 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 46,578,818 | 44,467,159 |
Property under capital lease | 610,590 | 952,465 |
Natural gas | 396,687 | 392,032 |
Construction work in progress | 1,426,671 | 1,456,735 |
Nuclear fuel | 1,302,903 | 1,345,422 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 50,315,669 | 48,613,813 |
Less - accumulated depreciation and amortization | 21,333,661 | 20,789,452 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 28,982,008 | 27,824,361 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 776,370 | 775,528 |
Other regulatory assets | 4,647,907 | 4,704,796 |
Deferred fuel costs | 238,951 | 238,902 |
Goodwill | 377,172 | 377,172 |
Accumulated deferred income taxes | 121,700 | 54,903 |
Other | 620,534 | 561,610 |
TOTAL | 6,782,634 | 6,712,911 |
TOTAL ASSETS | 45,933,882 | 44,647,681 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 796,732 | 214,374 |
Notes payable and commercial paper | 766,079 | 494,348 |
Accounts payable | 888,349 | 1,071,798 |
Customer deposits | 423,564 | 419,407 |
Taxes Payable, Current | 194,081 | 210,077 |
Interest accrued | 167,030 | 194,565 |
Deferred fuel costs | 361,897 | 235,986 |
Obligations under capital leases | 2,762 | 2,709 |
Pension and other postretirement liabilities | 62,789 | 62,513 |
Other | 176,065 | 184,181 |
TOTAL | 3,839,348 | 3,089,958 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 8,467,757 | 8,306,865 |
Accumulated deferred investment tax credits | 231,610 | 234,300 |
Obligations under capital leases | 26,290 | 27,001 |
Other regulatory liabilities | 1,433,632 | 1,414,898 |
Decommissioning and asset retirement cost liabilities | 4,808,315 | 4,790,187 |
Accumulated provisions | 456,698 | 460,727 |
Pension and other postretirement liabilities | 3,098,036 | 3,187,357 |
Long-term debt | 13,500,140 | 13,111,556 |
Other | 392,924 | 449,856 |
TOTAL | 32,415,402 | 31,982,747 |
Subsidiaries' preferred stock without sinking fund | 318,185 | 318,185 |
Common Shareholders' Equity: | ||
Common stock | 2,548 | 2,548 |
Paid-in capital | 5,384,762 | 5,403,758 |
Retained earnings | 9,472,040 | 9,393,913 |
Accumulated other comprehensive income | 29,792 | 8,951 |
Less - treasury stock, at cost | 5,528,195 | 5,552,379 |
TOTAL | 9,360,947 | 9,256,791 |
TOTAL | 9,360,947 | 9,256,791 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 45,933,882 | 44,647,681 |
Entergy Arkansas [Member] | ||
Cash and cash equivalents: | ||
Cash | 20,416 | 9,066 |
Temporary cash investments | 13,363 | 69 |
Total cash and cash equivalents | 33,779 | 9,135 |
Securitization recovery trust account | 7,617 | 4,204 |
Accounts receivable: | ||
Customer | 120,539 | 108,636 |
Allowance for doubtful accounts | (34,312) | (34,226) |
Associated companies | 37,130 | 32,987 |
Other | 72,420 | 84,216 |
Accrued unbilled revenues | 75,666 | 73,583 |
Total accounts receivable | 271,443 | 265,196 |
Deferred fuel costs | 28,296 | 0 |
Fuel inventory - at average cost | 68,514 | 62,689 |
Materials and supplies - at average cost | 173,554 | 169,919 |
Deferred nuclear refueling outage costs | 52,195 | 67,834 |
Prepaid Taxes | 29,081 | 30,291 |
Prepayments and other | 11,611 | 15,145 |
TOTAL | 676,090 | 624,413 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 785,503 | 771,313 |
Other | 20,118 | 12,895 |
TOTAL | 805,621 | 784,208 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 10,021,925 | 9,536,802 |
Property under capital lease | 812 | 844 |
Construction work in progress | 358,522 | 388,075 |
Nuclear fuel | 233,578 | 286,341 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 10,614,837 | 10,212,062 |
Less - accumulated depreciation and amortization | 4,479,132 | 4,349,809 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 6,135,705 | 5,862,253 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 62,158 | 61,438 |
Other regulatory assets | 1,332,161 | 1,333,773 |
Deferred fuel costs | 66,749 | 66,700 |
Other | 20,440 | 14,989 |
TOTAL | 1,481,508 | 1,476,900 |
TOTAL ASSETS | 9,098,924 | 8,747,774 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 55,000 | 55,000 |
Short-term borrowings | 0 | 11,690 |
Associated companies accounts payable | 129,526 | 110,464 |
Other | 136,648 | 177,758 |
Customer deposits | 120,060 | 118,340 |
Interest accrued | 25,111 | 19,883 |
Deferred fuel costs | 0 | 8,853 |
Other | 48,269 | 45,219 |
TOTAL | 514,614 | 547,207 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 1,998,112 | 1,982,812 |
Accumulated deferred investment tax credits | 36,206 | 36,506 |
Other regulatory liabilities | 257,879 | 242,913 |
Decommissioning and asset retirement cost liabilities | 885,448 | 872,346 |
Accumulated provisions | 5,907 | 5,552 |
Pension and other postretirement liabilities | 434,865 | 459,153 |
Long-term debt | 2,722,649 | 2,574,839 |
Other | 17,660 | 18,438 |
TOTAL | 6,358,726 | 6,192,559 |
Subsidiaries' preferred stock without sinking fund | 116,350 | 116,350 |
Common Shareholders' Equity: | ||
Common stock | 470 | 470 |
Paid-in capital | 788,493 | 588,493 |
Retained earnings | 1,320,271 | 1,302,695 |
TOTAL | 2,109,234 | 1,891,658 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 9,098,924 | 8,747,774 |
Entergy Louisiana [Member] | ||
Assets Held-in-trust, Current | 196,568 | 0 |
Cash and cash equivalents: | ||
Cash | 11,957 | 348 |
Temporary cash investments | 99,991 | 34,754 |
Total cash and cash equivalents | 111,948 | 35,102 |
Accounts receivable: | ||
Customer | 166,483 | 179,051 |
Allowance for doubtful accounts | (5,781) | (4,209) |
Associated companies | 139,816 | 94,418 |
Other | 60,825 | 56,793 |
Accrued unbilled revenues | 141,227 | 143,079 |
Total accounts receivable | 502,570 | 469,132 |
Fuel inventory - at average cost | 50,583 | 48,045 |
Materials and supplies - at average cost | 287,314 | 282,688 |
Deferred nuclear refueling outage costs | 52,679 | 66,984 |
Prepayments and other | 29,965 | 28,294 |
TOTAL | 1,231,627 | 930,245 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 1,390,587 | 1,390,587 |
Decommissioning trust funds | 1,065,165 | 1,042,293 |
Non-utility property - at cost (less accumulated depreciation) | 207,963 | 206,293 |
Storm Reserve Escrow Account | 290,665 | 290,422 |
Other | 28,976 | 14,776 |
TOTAL | 2,983,356 | 2,944,371 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 18,729,802 | 17,629,077 |
Property under capital lease | 0 | 341,514 |
Natural gas | 162,314 | 159,252 |
Construction work in progress | 390,215 | 420,874 |
Nuclear fuel | 326,280 | 386,524 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 19,608,611 | 18,937,241 |
Less - accumulated depreciation and amortization | 8,505,828 | 8,302,774 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 11,102,783 | 10,634,467 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 475,657 | 478,243 |
Other regulatory assets | 1,190,427 | 1,217,874 |
Deferred fuel costs | 168,122 | 168,122 |
Other | 24,286 | 14,125 |
TOTAL | 1,858,492 | 1,878,364 |
TOTAL ASSETS | 17,176,258 | 16,387,447 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 61,004 | 29,372 |
Short-term borrowings | 77,450 | 60,356 |
Associated companies accounts payable | 86,379 | 165,419 |
Other | 193,603 | 276,280 |
Customer deposits | 147,709 | 146,555 |
Taxes Payable, Current | 20,698 | 125,142 |
Interest accrued | 72,195 | 74,380 |
Deferred fuel costs | 110,745 | 65,234 |
Other | 77,000 | 79,982 |
TOTAL | 846,783 | 1,022,720 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 2,668,395 | 2,506,956 |
Accumulated deferred investment tax credits | 130,505 | 131,760 |
Regulatory liability for income taxes - net | 0 | 2,473 |
Other regulatory liabilities | 817,625 | 818,623 |
Decommissioning and asset retirement cost liabilities | 1,041,300 | 1,027,862 |
Accumulated provisions | 307,587 | 310,282 |
Pension and other postretirement liabilities | 814,000 | 833,185 |
Long-term debt | 5,559,230 | 4,806,790 |
Long-term payables of associated companies | 671 | 1,073 |
Other | 141,514 | 188,411 |
TOTAL | 11,480,827 | 10,627,415 |
Common Shareholders' Equity: | ||
Accumulated other comprehensive income | (56,675) | (56,412) |
Members' Equity | 4,905,323 | 4,793,724 |
TOTAL | 4,848,648 | 4,737,312 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 17,176,258 | 16,387,447 |
Entergy Mississippi [Member] | ||
Cash and cash equivalents: | ||
Cash | 1,277 | 1,426 |
Temporary cash investments | 112,669 | 144,179 |
Total cash and cash equivalents | 113,946 | 145,605 |
Accounts receivable: | ||
Customer | 50,148 | 56,685 |
Allowance for doubtful accounts | (499) | (718) |
Associated companies | 46,141 | 34,964 |
Other | 5,009 | 8,276 |
Accrued unbilled revenues | 40,429 | 47,284 |
Total accounts receivable | 141,228 | 146,491 |
Fuel inventory - at average cost | 54,517 | 51,273 |
Materials and supplies - at average cost | 39,113 | 39,491 |
Prepayments and other | 6,292 | 5,184 |
TOTAL | 355,096 | 388,044 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 4,621 | 4,625 |
Escrow accounts | 41,752 | 41,726 |
TOTAL | 46,373 | 46,351 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 4,133,487 | 4,083,933 |
Property under capital lease | 2,613 | 2,942 |
Construction work in progress | 116,595 | 114,067 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 4,252,695 | 4,200,942 |
Less - accumulated depreciation and amortization | 1,554,988 | 1,534,522 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,697,707 | 2,666,420 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 45,814 | 45,790 |
Other regulatory assets | 327,906 | 328,681 |
Other | 5,335 | 2,121 |
TOTAL | 379,055 | 376,592 |
TOTAL ASSETS | 3,478,231 | 3,477,407 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 125,000 | 125,000 |
Associated companies accounts payable | 31,226 | 38,496 |
Other | 46,536 | 51,502 |
Customer deposits | 82,493 | 81,583 |
Taxes Payable, Current | 19,452 | 43,461 |
Interest accrued | 18,798 | 20,831 |
Deferred fuel costs | 148,104 | 107,754 |
Other | 21,627 | 22,754 |
TOTAL | 493,236 | 491,381 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 804,273 | 810,635 |
Accumulated deferred investment tax credits | 4,605 | 4,645 |
Decommissioning and asset retirement cost liabilities | 8,367 | 8,252 |
Accumulated provisions | 46,046 | 48,062 |
Pension and other postretirement liabilities | 114,199 | 120,217 |
Long-term debt | 920,430 | 920,085 |
Other | 8,233 | 11,699 |
TOTAL | 1,906,153 | 1,923,595 |
Subsidiaries' preferred stock without sinking fund | 50,381 | 50,381 |
Common Shareholders' Equity: | ||
Common stock | 199,326 | 199,326 |
Paid-in capital | (690) | (690) |
Retained earnings | 829,825 | 813,414 |
TOTAL | 1,028,461 | 1,012,050 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,478,231 | 3,477,407 |
Entergy New Orleans [Member] | ||
Cash and cash equivalents: | ||
Cash | 652 | 1,068 |
Temporary cash investments | 5,316 | 87,808 |
Total cash and cash equivalents | 5,968 | 88,876 |
Securitization recovery trust account | 7,366 | 4,620 |
Accounts receivable: | ||
Customer | 39,245 | 34,627 |
Allowance for doubtful accounts | (289) | (268) |
Associated companies | 9,063 | 23,248 |
Other | 6,099 | 3,753 |
Accrued unbilled revenues | 15,328 | 17,799 |
Total accounts receivable | 69,446 | 79,159 |
Fuel inventory - at average cost | 394 | 1,912 |
Materials and supplies - at average cost | 15,257 | 13,244 |
Prepayments and other | 17,932 | 10,263 |
TOTAL | 116,363 | 198,074 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 1,016 | 1,016 |
Storm Reserve Escrow Account | 81,102 | 81,002 |
Other | 7,119 | 0 |
TOTAL | 89,237 | 82,018 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 1,390,403 | 1,051,239 |
Natural gas | 234,374 | 232,780 |
Construction work in progress | 18,582 | 29,027 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 1,643,359 | 1,313,046 |
Less - accumulated depreciation and amortization | 740,029 | 648,081 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 903,330 | 664,965 |
Regulatory assets: | ||
Other regulatory assets | 259,052 | 265,322 |
Deferred fuel costs | 4,080 | 4,080 |
Other | 2,089 | 685 |
TOTAL | 265,221 | 270,087 |
TOTAL ASSETS | 1,374,151 | 1,215,144 |
CURRENT LIABILITIES | ||
Current payable due Entergy Louisiana | 4,973 | 4,973 |
Associated companies accounts payable | 35,163 | 37,467 |
Other | 22,583 | 21,471 |
Customer deposits | 28,497 | 28,392 |
Taxes Payable, Current | 14,187 | 0 |
Interest accrued | 4,330 | 4,909 |
Deferred fuel costs | 23,733 | 29,021 |
Other | 9,525 | 6,216 |
TOTAL | 142,991 | 132,449 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 203,650 | 214,061 |
Accumulated deferred investment tax credits | 722 | 753 |
Regulatory liability for income taxes - net | 11,841 | 13,199 |
Decommissioning and asset retirement cost liabilities | 2,733 | 2,687 |
Accumulated provisions | 83,655 | 84,187 |
Pension and other postretirement liabilities | 39,507 | 43,609 |
Long-term debt | 424,392 | 317,380 |
Gas system rebuild insurance proceeds | 10,269 | 12,788 |
Long-term payable due to Entergy Louisiana | 20,527 | 20,527 |
Other | 5,376 | 3,692 |
TOTAL | 802,672 | 712,883 |
Subsidiaries' preferred stock without sinking fund | 19,780 | 19,780 |
Common Shareholders' Equity: | ||
Common stock | 33,744 | 33,744 |
Paid-in capital | 171,544 | 123,794 |
Retained earnings | 203,420 | 192,494 |
TOTAL | 408,708 | 350,032 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,374,151 | 1,215,144 |
Entergy Texas [Member] | ||
Cash and cash equivalents: | ||
Cash | 1,550 | 2,153 |
Temporary cash investments | 64,783 | 29 |
Total cash and cash equivalents | 66,333 | 2,182 |
Securitization recovery trust account | 27,897 | 38,161 |
Accounts receivable: | ||
Customer | 53,133 | 61,870 |
Allowance for doubtful accounts | (495) | (474) |
Associated companies | 66,773 | 42,279 |
Other | 10,537 | 11,054 |
Accrued unbilled revenues | 31,796 | 40,195 |
Total accounts receivable | 161,744 | 154,924 |
Fuel inventory - at average cost | 44,082 | 46,942 |
Materials and supplies - at average cost | 35,415 | 34,994 |
Prepayments and other | 11,693 | 17,975 |
TOTAL | 347,164 | 295,178 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 613 | 620 |
Non-utility property - at cost (less accumulated depreciation) | 376 | 376 |
Other | 20,426 | 20,186 |
TOTAL | 21,415 | 21,182 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 3,947,837 | 3,923,100 |
Construction work in progress | 239,695 | 210,964 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 4,187,532 | 4,134,064 |
Less - accumulated depreciation and amortization | 1,479,969 | 1,477,529 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,707,563 | 2,656,535 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 107,650 | 107,499 |
Other regulatory assets | 788,401 | 812,862 |
Other | 8,084 | 5,326 |
TOTAL | 904,135 | 925,687 |
TOTAL ASSETS | 3,980,277 | 3,898,582 |
CURRENT LIABILITIES | ||
Associated companies accounts payable | 74,610 | 106,065 |
Other | 63,654 | 87,421 |
Customer deposits | 44,806 | 44,537 |
Taxes Payable, Current | 24,204 | 5,333 |
Interest accrued | 19,228 | 29,206 |
Deferred fuel costs | 79,316 | 25,124 |
Other | 6,179 | 10,363 |
TOTAL | 311,997 | 308,049 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 977,049 | 1,006,834 |
Accumulated deferred investment tax credits | 13,609 | 13,835 |
Other regulatory liabilities | 6,446 | 6,396 |
Decommissioning and asset retirement cost liabilities | 6,209 | 6,124 |
Accumulated provisions | 9,981 | 9,319 |
Pension and other postretirement liabilities | 71,023 | 77,517 |
Long-term debt | 1,552,741 | 1,451,967 |
Other | 55,204 | 57,085 |
TOTAL | 2,692,262 | 2,629,077 |
Common Shareholders' Equity: | ||
Common stock | 49,452 | 49,452 |
Paid-in capital | 481,994 | 481,994 |
Retained earnings | 444,572 | 430,010 |
TOTAL | 976,018 | 961,456 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,980,277 | 3,898,582 |
System Energy [Member] | ||
Cash and cash equivalents: | ||
Cash | 698 | 8,681 |
Temporary cash investments | 255,004 | 221,980 |
Total cash and cash equivalents | 255,702 | 230,661 |
Accounts receivable: | ||
Associated companies | 76,847 | 93,724 |
Other | 7,602 | 4,574 |
Total accounts receivable | 84,449 | 98,298 |
Materials and supplies - at average cost | 78,850 | 87,366 |
Deferred nuclear refueling outage costs | 39,352 | 5,605 |
Prepaid Taxes | 47,944 | 9,327 |
Prepayments and other | 6,849 | 1,955 |
TOTAL | 513,146 | 433,212 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 719,769 | 701,460 |
TOTAL | 719,769 | 701,460 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 4,313,474 | 4,253,949 |
Property under capital lease | 575,027 | 575,027 |
Construction work in progress | 74,726 | 92,546 |
Nuclear fuel | 285,426 | 183,706 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,248,653 | 5,105,228 |
Less - accumulated depreciation and amortization | 2,992,700 | 2,961,842 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,255,953 | 2,143,386 |
Regulatory assets: | ||
Regulatory asset for income taxes - net | 96,933 | 98,230 |
Other regulatory assets | 357,446 | 347,830 |
Other | 4,881 | 4,757 |
TOTAL | 459,260 | 450,817 |
TOTAL ASSETS | 3,948,128 | 3,728,875 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 50,002 | 2 |
Short-term borrowings | 111,012 | 0 |
Associated companies accounts payable | 3,663 | 7,391 |
Other | 58,048 | 34,010 |
Interest accrued | 15,020 | 14,183 |
Other | 1,940 | 1,926 |
TOTAL | 239,685 | 57,512 |
NON-CURRENT LIABILITIES | ||
Accumulated deferred income taxes and taxes accrued | 1,065,590 | 1,019,075 |
Accumulated deferred investment tax credits | 44,646 | 45,451 |
Other regulatory liabilities | 344,950 | 337,424 |
Decommissioning and asset retirement cost liabilities | 815,792 | 803,405 |
Pension and other postretirement liabilities | 107,688 | 112,264 |
Long-term debt | 522,740 | 572,665 |
TOTAL | 2,901,406 | 2,890,284 |
Common Shareholders' Equity: | ||
Common stock | 719,350 | 719,350 |
Retained earnings | 87,687 | 61,729 |
TOTAL | 807,037 | 781,079 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,948,128 | $ 3,728,875 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Securitization property | $ 689,885 | $ 714,044 |
Securitization bonds | $ 751,595 | $ 774,696 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 254,752,788 | 254,752,788 |
Treasury stock, shares | 76,031,187 | 76,363,763 |
Entergy Arkansas [Member] | ||
Securitization property | $ 51,360 | $ 54,450 |
Securitization bonds | $ 61,326 | $ 61,249 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 325,000,000 | 325,000,000 |
Common stock, shares issued | 46,980,196 | 46,980,196 |
Common stock, shares outstanding | 46,980,196 | 46,980,196 |
Entergy Louisiana [Member] | ||
Securitization property | $ 109,773 | $ 114,701 |
Securitization bonds | $ 120,615 | $ 120,549 |
Entergy Mississippi [Member] | ||
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 8,666,357 | 8,666,357 |
Common stock, shares outstanding | 8,666,357 | 8,666,357 |
Entergy New Orleans [Member] | ||
Securitization property | $ 89,585 | $ 91,599 |
Securitization bonds | $ 95,930 | $ 95,867 |
Common stock, par value | $ 4 | $ 4 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 8,435,900 | 8,435,900 |
Common stock, shares outstanding | 8,435,900 | 8,435,900 |
Entergy Texas [Member] | ||
Securitization property | $ 439,167 | $ 453,317 |
Securitization bonds | $ 473,724 | $ 497,030 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 46,525,000 | 46,525,000 |
Common stock, shares outstanding | 46,525,000 | 46,525,000 |
System Energy [Member] | ||
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 789,350 | 789,350 |
Common stock, shares outstanding | 789,350 | 789,350 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Subsidiaries' Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Entergy Arkansas [Member] | Entergy Arkansas [Member]Common Stock [Member] | Entergy Arkansas [Member]Paid In Capital [Member] | Entergy Arkansas [Member]Retained Earnings [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member]Preferred Membership Interest | Entergy Louisiana [Member]Member's Equity [Member] | Entergy Louisiana [Member]Accumulated Other Comprehensive Income [Member] | Entergy Mississippi [Member] | Entergy Mississippi [Member]Common Stock [Member] | Entergy Mississippi [Member]Capital Stock Expense and Other [Member] | Entergy Mississippi [Member]Retained Earnings [Member] | Entergy New Orleans [Member] | Entergy New Orleans [Member]Common Stock [Member] | Entergy New Orleans [Member]Paid In Capital [Member] | Entergy New Orleans [Member]Retained Earnings [Member] | Entergy Texas [Member] | Entergy Texas [Member]Common Stock [Member] | Entergy Texas [Member]Paid In Capital [Member] | Entergy Texas [Member]Retained Earnings [Member] | System Energy [Member] | System Energy [Member]Common Stock [Member] | System Energy [Member]Retained Earnings [Member] | |||
Beginning Balance at Dec. 31, 2014 | $ 10,101,725 | $ 94,000 | $ 2,548 | $ (5,497,526) | $ 5,375,353 | $ 10,169,657 | $ (42,307) | $ 1,824,237 | $ 470 | $ 588,471 | $ 1,235,296 | $ 4,336,987 | $ 100,000 | $ 4,316,210 | $ (79,223) | $ 962,170 | $ 199,326 | $ (690) | $ 763,534 | $ 228,025 | $ 33,744 | $ 36,294 | $ 157,987 | $ 891,831 | $ 49,452 | $ 481,994 | $ 360,385 | $ 870,511 | $ 789,350 | $ 81,161 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Consolidated net income | 302,929 | [1] | 4,879 | [1] | 0 | 0 | 0 | 298,050 | [1] | 0 | 17,865 | 0 | 0 | 17,865 | 126,109 | 0 | 126,109 | 0 | 24,935 | 0 | 0 | 24,935 | 11,292 | 0 | 0 | 11,292 | 16,591 | 0 | 0 | 16,591 | 25,533 | 0 | 25,533 |
Net income attributable to Entergy Louisiana | (238) | 0 | 0 | (238) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | (17,430) | 0 | 0 | 0 | 0 | 0 | (17,430) | 380 | 0 | 0 | 380 | ||||||||||||||||||||||
Payments for Repurchase of Common Stock | (25,078) | 0 | 0 | (25,078) | 0 | 0 | 0 | ||||||||||||||||||||||||||
Common stock issuances related to stock plans | 19,969 | 0 | 0 | 43,632 | (23,663) | 0 | 0 | ||||||||||||||||||||||||||
Common stock dividends declared | (149,257) | 0 | 0 | 0 | 0 | (149,257) | 0 | (7,250) | 0 | 0 | (7,250) | (20,000) | 0 | (20,000) | |||||||||||||||||||
Proceeds from Contributions from Parent | 0 | 0 | |||||||||||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | (4,879) | [1] | (4,879) | [1] | 0 | 0 | 0 | 0 | 0 | (1,718) | 0 | 0 | (1,718) | (1,944) | 0 | (1,944) | 0 | (707) | 0 | 0 | (707) | (241) | 0 | 0 | (241) | ||||||||
Other | (8) | 0 | (8) | 0 | |||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2015 | 10,227,979 | 94,000 | 2,548 | (5,478,972) | 5,351,690 | 10,318,450 | (59,737) | 1,840,384 | 470 | 588,471 | 1,251,443 | 4,461,524 | 100,000 | 4,440,367 | (78,843) | 986,398 | 199,326 | (690) | 787,762 | 231,588 | 33,744 | 36,294 | 161,550 | 908,422 | 49,452 | 481,994 | 376,976 | 876,044 | 789,350 | 86,694 | |||
Beginning Balance at Dec. 31, 2015 | 9,256,791 | 0 | 2,548 | (5,552,379) | 5,403,758 | 9,393,913 | 8,951 | 1,891,658 | 470 | 588,493 | 1,302,695 | 4,737,312 | 0 | 4,793,724 | (56,412) | 1,012,050 | 199,326 | (690) | 813,414 | 350,032 | 33,744 | 123,794 | 192,494 | 961,456 | 49,452 | 481,994 | 430,010 | 781,079 | 719,350 | 61,729 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Consolidated net income | 235,242 | [1] | 5,276 | [1] | 0 | 0 | 0 | 229,966 | [1] | 0 | 19,294 | 0 | 0 | 19,294 | 111,606 | 0 | 111,606 | 0 | 17,118 | 0 | 0 | 17,118 | 11,167 | 0 | 0 | 11,167 | 14,562 | 0 | 0 | 14,562 | 25,958 | 0 | 25,958 |
Other comprehensive income (loss) | 20,841 | 0 | 0 | 0 | 0 | 0 | 20,841 | (263) | 0 | 0 | (263) | ||||||||||||||||||||||
Payments for Repurchase of Common Stock | 0 | ||||||||||||||||||||||||||||||||
Common stock issuances related to stock plans | 5,188 | 0 | 0 | 24,184 | (18,996) | 0 | 0 | ||||||||||||||||||||||||||
Common stock dividends declared | (151,839) | 0 | 0 | 0 | 0 | (151,839) | 0 | ||||||||||||||||||||||||||
Proceeds from Contributions from Parent | 200,000 | 0 | 200,000 | 0 | 47,750 | 0 | 47,750 | 0 | |||||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | (5,276) | [1] | (5,276) | [1] | 0 | 0 | 0 | 0 | 0 | (1,718) | 0 | 0 | (1,718) | (707) | 0 | 0 | (707) | 241 | 0 | 0 | (241) | ||||||||||||
Other | (7) | 0 | (7) | 0 | |||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2016 | $ 9,360,947 | $ 0 | $ 2,548 | $ (5,528,195) | $ 5,384,762 | $ 9,472,040 | $ 29,792 | $ 2,109,234 | $ 470 | $ 788,493 | $ 1,320,271 | $ 4,848,648 | $ 0 | $ 4,905,323 | $ (56,675) | $ 1,028,461 | $ 199,326 | $ (690) | $ 829,825 | $ 408,708 | $ 33,744 | $ 171,544 | $ 203,420 | $ 976,018 | $ 49,452 | $ 481,994 | $ 444,572 | $ 807,037 | $ 719,350 | $ 87,687 | |||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2016 and 2015 include $5.3 million and $3.2 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Preferred dividends on subsidiaries' preferred stock | $ 5.3 | $ 3.2 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Net income | [1] | $ 235,242 | $ 302,929 |
Other comprehensive income (loss) | |||
Cash flow hedges net unrealized gain (loss) | (9,506) | (29,330) | |
Pension and other postretirement liabilities | 7,562 | 8,448 | |
Net unrealized investment gains | 23,069 | 4,003 | |
Foreign currency translation | (284) | (551) | |
Other comprehensive income (loss) | 20,841 | (17,430) | |
Total comprehensive income | 256,083 | 285,499 | |
Preferred dividend requirements of subsidiaries | [1] | 5,276 | 4,879 |
Comprehensive Income Attributable to Entergy Corporation | 250,807 | 280,620 | |
Entergy Louisiana [Member] | |||
Net income | 111,606 | 126,109 | |
Other comprehensive income (loss) | |||
Pension and other postretirement liabilities | (263) | 380 | |
Other comprehensive income (loss) | (263) | 380 | |
Total comprehensive income | $ 111,343 | 126,489 | |
Preferred dividend requirements of subsidiaries | $ 1,944 | ||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2016 and 2015 include $5.3 million and $3.2 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Consolidated Statements Of Com9
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flow hedges net unrealized gain (loss), tax expense (benefit) | $ (5,201) | $ (15,898) |
Pension and other postretirement liabilities, tax expense | 258 | 3,175 |
Net unrealized investment gains, tax expense | 18,358 | 3,666 |
Foreign currency translation, tax expense | (153) | (296) |
Entergy Louisiana [Member] | ||
Pension and other postretirement liabilities, tax expense | $ (115) | $ 288 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
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. 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 and subsequent NRC reviews. As discussed in the Form 10-K, in March 2015 the NRC issued a letter notifying Entergy of its decision to move ANO into the “multiple/repetitive degraded cornerstone column” (Column 4) of the NRC’s Reactor Oversight Process Action Matrix. Placement into Column 4 requires significant additional NRC inspection activities at the ANO site, including a review of the site’s root cause evaluation associated with the flood barrier and stator issues, an assessment of the effectiveness of the site’s corrective action program, an additional design basis inspection, a safety culture assessment, and possibly other inspection activities consistent with the NRC’s Inspection Procedure. Entergy Arkansas incurred incremental expenses of approximately $53 million in 2015 to prepare for the NRC inspection that began in early 2016. Excluding remediation and response costs that may result from the additional NRC inspection activities, Entergy Arkansas expects to incur incremental expenses of approximately $50 million in 2016, of which $19.6 million was incurred in the first quarter 2016, in support of NRC inspection activities and to implement Entergy Arkansas’s performance improvement initiatives developed in 2015. A lesser amount of incremental expenses is expected to be ongoing annually after 2016. Pilgrim NRC Oversight and Planned Shutdown In September 2015 the NRC placed Pilgrim in its “multiple/repetitive degraded cornerstone column” (Column 4) of its Reactor Oversight Process Action Matrix due to its finding of continuing weaknesses in Pilgrim’s corrective action program that contributed to repeated unscheduled shutdowns and equipment failures. The preliminary estimate of direct costs of Pilgrim’s response to a planned NRC enhanced inspection ranges from $45 million to $60 million in operation and maintenance expense, including approximately $30 million in 2016, of which $5 million was incurred in the first quarter 2016. The estimate does not include potential capital investment or other costs to address issues that may arise in the inspection. Entergy determined in April 2016 that it intends to refuel Pilgrim in 2017 and then cease operations May 31, 2019. In October 2015, Entergy previously announced its intention to cease operations at Pilgrim because of poor market conditions, reduced revenues, and increased operational costs. Pilgrim currently has approximately 677 MW of Capacity Supply Obligations in ISO New England through May 2019. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Conventional Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
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. 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 and subsequent NRC reviews. As discussed in the Form 10-K, in March 2015 the NRC issued a letter notifying Entergy of its decision to move ANO into the “multiple/repetitive degraded cornerstone column” (Column 4) of the NRC’s Reactor Oversight Process Action Matrix. Placement into Column 4 requires significant additional NRC inspection activities at the ANO site, including a review of the site’s root cause evaluation associated with the flood barrier and stator issues, an assessment of the effectiveness of the site’s corrective action program, an additional design basis inspection, a safety culture assessment, and possibly other inspection activities consistent with the NRC’s Inspection Procedure. Entergy Arkansas incurred incremental expenses of approximately $53 million in 2015 to prepare for the NRC inspection that began in early 2016. Excluding remediation and response costs that may result from the additional NRC inspection activities, Entergy Arkansas expects to incur incremental expenses of approximately $50 million in 2016, of which $19.6 million was incurred in the first quarter 2016, in support of NRC inspection activities and to implement Entergy Arkansas’s performance improvement initiatives developed in 2015. A lesser amount of incremental expenses is expected to be ongoing annually after 2016. Pilgrim NRC Oversight and Planned Shutdown In September 2015 the NRC placed Pilgrim in its “multiple/repetitive degraded cornerstone column” (Column 4) of its Reactor Oversight Process Action Matrix due to its finding of continuing weaknesses in Pilgrim’s corrective action program that contributed to repeated unscheduled shutdowns and equipment failures. The preliminary estimate of direct costs of Pilgrim’s response to a planned NRC enhanced inspection ranges from $45 million to $60 million in operation and maintenance expense, including approximately $30 million in 2016, of which $5 million was incurred in the first quarter 2016. The estimate does not include potential capital investment or other costs to address issues that may arise in the inspection. Entergy determined in April 2016 that it intends to refuel Pilgrim in 2017 and then cease operations May 31, 2019. In October 2015, Entergy previously announced its intention to cease operations at Pilgrim because of poor market conditions, reduced revenues, and increased operational costs. Pilgrim currently has approximately 677 MW of Capacity Supply Obligations in ISO New England through May 2019. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Conventional Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
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. 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 and subsequent NRC reviews. As discussed in the Form 10-K, in March 2015 the NRC issued a letter notifying Entergy of its decision to move ANO into the “multiple/repetitive degraded cornerstone column” (Column 4) of the NRC’s Reactor Oversight Process Action Matrix. Placement into Column 4 requires significant additional NRC inspection activities at the ANO site, including a review of the site’s root cause evaluation associated with the flood barrier and stator issues, an assessment of the effectiveness of the site’s corrective action program, an additional design basis inspection, a safety culture assessment, and possibly other inspection activities consistent with the NRC’s Inspection Procedure. Entergy Arkansas incurred incremental expenses of approximately $53 million in 2015 to prepare for the NRC inspection that began in early 2016. Excluding remediation and response costs that may result from the additional NRC inspection activities, Entergy Arkansas expects to incur incremental expenses of approximately $50 million in 2016, of which $19.6 million was incurred in the first quarter 2016, in support of NRC inspection activities and to implement Entergy Arkansas’s performance improvement initiatives developed in 2015. A lesser amount of incremental expenses is expected to be ongoing annually after 2016. Pilgrim NRC Oversight and Planned Shutdown In September 2015 the NRC placed Pilgrim in its “multiple/repetitive degraded cornerstone column” (Column 4) of its Reactor Oversight Process Action Matrix due to its finding of continuing weaknesses in Pilgrim’s corrective action program that contributed to repeated unscheduled shutdowns and equipment failures. The preliminary estimate of direct costs of Pilgrim’s response to a planned NRC enhanced inspection ranges from $45 million to $60 million in operation and maintenance expense, including approximately $30 million in 2016, of which $5 million was incurred in the first quarter 2016. The estimate does not include potential capital investment or other costs to address issues that may arise in the inspection. Entergy determined in April 2016 that it intends to refuel Pilgrim in 2017 and then cease operations May 31, 2019. In October 2015, Entergy previously announced its intention to cease operations at Pilgrim because of poor market conditions, reduced revenues, and increased operational costs. Pilgrim currently has approximately 677 MW of Capacity Supply Obligations in ISO New England through May 2019. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Conventional Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
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. 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 and subsequent NRC reviews. As discussed in the Form 10-K, in March 2015 the NRC issued a letter notifying Entergy of its decision to move ANO into the “multiple/repetitive degraded cornerstone column” (Column 4) of the NRC’s Reactor Oversight Process Action Matrix. Placement into Column 4 requires significant additional NRC inspection activities at the ANO site, including a review of the site’s root cause evaluation associated with the flood barrier and stator issues, an assessment of the effectiveness of the site’s corrective action program, an additional design basis inspection, a safety culture assessment, and possibly other inspection activities consistent with the NRC’s Inspection Procedure. Entergy Arkansas incurred incremental expenses of approximately $53 million in 2015 to prepare for the NRC inspection that began in early 2016. Excluding remediation and response costs that may result from the additional NRC inspection activities, Entergy Arkansas expects to incur incremental expenses of approximately $50 million in 2016, of which $19.6 million was incurred in the first quarter 2016, in support of NRC inspection activities and to implement Entergy Arkansas’s performance improvement initiatives developed in 2015. A lesser amount of incremental expenses is expected to be ongoing annually after 2016. Pilgrim NRC Oversight and Planned Shutdown In September 2015 the NRC placed Pilgrim in its “multiple/repetitive degraded cornerstone column” (Column 4) of its Reactor Oversight Process Action Matrix due to its finding of continuing weaknesses in Pilgrim’s corrective action program that contributed to repeated unscheduled shutdowns and equipment failures. The preliminary estimate of direct costs of Pilgrim’s response to a planned NRC enhanced inspection ranges from $45 million to $60 million in operation and maintenance expense, including approximately $30 million in 2016, of which $5 million was incurred in the first quarter 2016. The estimate does not include potential capital investment or other costs to address issues that may arise in the inspection. Entergy determined in April 2016 that it intends to refuel Pilgrim in 2017 and then cease operations May 31, 2019. In October 2015, Entergy previously announced its intention to cease operations at Pilgrim because of poor market conditions, reduced revenues, and increased operational costs. Pilgrim currently has approximately 677 MW of Capacity Supply Obligations in ISO New England through May 2019. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Conventional Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
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. 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 and subsequent NRC reviews. As discussed in the Form 10-K, in March 2015 the NRC issued a letter notifying Entergy of its decision to move ANO into the “multiple/repetitive degraded cornerstone column” (Column 4) of the NRC’s Reactor Oversight Process Action Matrix. Placement into Column 4 requires significant additional NRC inspection activities at the ANO site, including a review of the site’s root cause evaluation associated with the flood barrier and stator issues, an assessment of the effectiveness of the site’s corrective action program, an additional design basis inspection, a safety culture assessment, and possibly other inspection activities consistent with the NRC’s Inspection Procedure. Entergy Arkansas incurred incremental expenses of approximately $53 million in 2015 to prepare for the NRC inspection that began in early 2016. Excluding remediation and response costs that may result from the additional NRC inspection activities, Entergy Arkansas expects to incur incremental expenses of approximately $50 million in 2016, of which $19.6 million was incurred in the first quarter 2016, in support of NRC inspection activities and to implement Entergy Arkansas’s performance improvement initiatives developed in 2015. A lesser amount of incremental expenses is expected to be ongoing annually after 2016. Pilgrim NRC Oversight and Planned Shutdown In September 2015 the NRC placed Pilgrim in its “multiple/repetitive degraded cornerstone column” (Column 4) of its Reactor Oversight Process Action Matrix due to its finding of continuing weaknesses in Pilgrim’s corrective action program that contributed to repeated unscheduled shutdowns and equipment failures. The preliminary estimate of direct costs of Pilgrim’s response to a planned NRC enhanced inspection ranges from $45 million to $60 million in operation and maintenance expense, including approximately $30 million in 2016, of which $5 million was incurred in the first quarter 2016. The estimate does not include potential capital investment or other costs to address issues that may arise in the inspection. Entergy determined in April 2016 that it intends to refuel Pilgrim in 2017 and then cease operations May 31, 2019. In October 2015, Entergy previously announced its intention to cease operations at Pilgrim because of poor market conditions, reduced revenues, and increased operational costs. Pilgrim currently has approximately 677 MW of Capacity Supply Obligations in ISO New England through May 2019. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Conventional Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
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. 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 and subsequent NRC reviews. As discussed in the Form 10-K, in March 2015 the NRC issued a letter notifying Entergy of its decision to move ANO into the “multiple/repetitive degraded cornerstone column” (Column 4) of the NRC’s Reactor Oversight Process Action Matrix. Placement into Column 4 requires significant additional NRC inspection activities at the ANO site, including a review of the site’s root cause evaluation associated with the flood barrier and stator issues, an assessment of the effectiveness of the site’s corrective action program, an additional design basis inspection, a safety culture assessment, and possibly other inspection activities consistent with the NRC’s Inspection Procedure. Entergy Arkansas incurred incremental expenses of approximately $53 million in 2015 to prepare for the NRC inspection that began in early 2016. Excluding remediation and response costs that may result from the additional NRC inspection activities, Entergy Arkansas expects to incur incremental expenses of approximately $50 million in 2016, of which $19.6 million was incurred in the first quarter 2016, in support of NRC inspection activities and to implement Entergy Arkansas’s performance improvement initiatives developed in 2015. A lesser amount of incremental expenses is expected to be ongoing annually after 2016. Pilgrim NRC Oversight and Planned Shutdown In September 2015 the NRC placed Pilgrim in its “multiple/repetitive degraded cornerstone column” (Column 4) of its Reactor Oversight Process Action Matrix due to its finding of continuing weaknesses in Pilgrim’s corrective action program that contributed to repeated unscheduled shutdowns and equipment failures. The preliminary estimate of direct costs of Pilgrim’s response to a planned NRC enhanced inspection ranges from $45 million to $60 million in operation and maintenance expense, including approximately $30 million in 2016, of which $5 million was incurred in the first quarter 2016. The estimate does not include potential capital investment or other costs to address issues that may arise in the inspection. Entergy determined in April 2016 that it intends to refuel Pilgrim in 2017 and then cease operations May 31, 2019. In October 2015, Entergy previously announced its intention to cease operations at Pilgrim because of poor market conditions, reduced revenues, and increased operational costs. Pilgrim currently has approximately 677 MW of Capacity Supply Obligations in ISO New England through May 2019. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Conventional Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
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. 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 and subsequent NRC reviews. As discussed in the Form 10-K, in March 2015 the NRC issued a letter notifying Entergy of its decision to move ANO into the “multiple/repetitive degraded cornerstone column” (Column 4) of the NRC’s Reactor Oversight Process Action Matrix. Placement into Column 4 requires significant additional NRC inspection activities at the ANO site, including a review of the site’s root cause evaluation associated with the flood barrier and stator issues, an assessment of the effectiveness of the site’s corrective action program, an additional design basis inspection, a safety culture assessment, and possibly other inspection activities consistent with the NRC’s Inspection Procedure. Entergy Arkansas incurred incremental expenses of approximately $53 million in 2015 to prepare for the NRC inspection that began in early 2016. Excluding remediation and response costs that may result from the additional NRC inspection activities, Entergy Arkansas expects to incur incremental expenses of approximately $50 million in 2016, of which $19.6 million was incurred in the first quarter 2016, in support of NRC inspection activities and to implement Entergy Arkansas’s performance improvement initiatives developed in 2015. A lesser amount of incremental expenses is expected to be ongoing annually after 2016. Pilgrim NRC Oversight and Planned Shutdown In September 2015 the NRC placed Pilgrim in its “multiple/repetitive degraded cornerstone column” (Column 4) of its Reactor Oversight Process Action Matrix due to its finding of continuing weaknesses in Pilgrim’s corrective action program that contributed to repeated unscheduled shutdowns and equipment failures. The preliminary estimate of direct costs of Pilgrim’s response to a planned NRC enhanced inspection ranges from $45 million to $60 million in operation and maintenance expense, including approximately $30 million in 2016, of which $5 million was incurred in the first quarter 2016. The estimate does not include potential capital investment or other costs to address issues that may arise in the inspection. Entergy determined in April 2016 that it intends to refuel Pilgrim in 2017 and then cease operations May 31, 2019. In October 2015, Entergy previously announced its intention to cease operations at Pilgrim because of poor market conditions, reduced revenues, and increased operational costs. Pilgrim currently has approximately 677 MW of Capacity Supply Obligations in ISO New England through May 2019. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Conventional Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation at Entergy Louisiana, Entergy New Orleans, and Entergy Texas. |
Rate And Regulatory Matters
Rate And Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Louisiana In April 2010 the LPSC authorized its staff to initiate an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through the fuel adjustment clause by Entergy Louisiana for the period from 2005 through 2009. The LPSC staff issued its audit report in January 2013. The LPSC staff recommended that Entergy Louisiana refund approximately $1.9 million , plus interest, to customers and realign the recovery of approximately $1 million from Entergy Louisiana’s fuel adjustment clause to base rates. The recommended refund was made by Entergy Louisiana in May 2013 in the form of a credit to customers through its fuel adjustment clause filing. Two parties intervened in the proceeding. A procedural schedule was established for the identification of issues by the intervenors and for Entergy Louisiana to submit comments regarding the LPSC staff report and any issues raised by intervenors. One intervenor sought further proceedings regarding certain issues it raised in its comments on the LPSC staff report. Entergy Louisiana filed responses to both the LPSC staff report and the issues raised by the intervenor. After conducting additional discovery, in April 2016 the LPSC staff consultant issued its supplemental audit report, which concluded that Entergy Louisiana was not imprudent on the issues raised by the intervenor. In December 2011 the LPSC authorized its staff to initiate a proceeding to audit the fuel adjustment clause filings of Entergy Gulf States Louisiana and its affiliates. The audit includes a review of the reasonableness of charges flowed by Entergy Gulf States Louisiana through its fuel adjustment clause for the period 2005 through 2009. In March 2016 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $8.6 million , plus interest, to customers and realign the recovery of approximately $12.7 million from Entergy Gulf States Louisiana’s fuel adjustment clause to base rates. A procedural schedule has not been established for this proceeding, and discovery from intervenors has not commenced. Entergy Mississippi Entergy Mississippi had a deferred fuel over-recovery balance of $58.3 million as of May 31, 2015, along with an under-recovery balance of $12.3 million under the power management rider. Pursuant to those tariffs, in July 2015, Entergy Mississippi filed for interim adjustments under both the energy cost recovery rider and the power management rider to flow through to customers the approximately $46 million net over-recovery over a six-month period. In August 2015 the MPSC approved the interim adjustments effective with September 2015 bills. In November 2015, Entergy Mississippi filed its annual redetermination of the annual factor to be applied under the energy cost recovery rider. The calculation of the annual factor included a projected over-recovery balance of $48 million projected through January 31, 2016. In January 2016 the MPSC approved the redetermined annual factor effective February 1, 2016. The MPSC further ordered, however, that due to the significant change in natural gas price forecasts since Entergy Mississippi’s filing in November 2015, Entergy Mississippi shall file a revised fuel factor with the MPSC no later than February 1, 2016. Pursuant to that order, Entergy Mississippi submitted a revised fuel factor. Additionally, because Entergy Mississippi’s projected over-recovery balance for the period ending January 31, 2017 was $68 million , in February 2016, Entergy Mississippi filed for another interim adjustment to the energy cost factor effective April 2016 to flow through to customers the projected over-recovery balance over a six-month period. That interim adjustment was approved by the MPSC in February 2016 effective for April 2016 bills. Entergy Texas As discussed in the Form 10-K, in July 2015 certain parties filed briefs in the open proceeding asserting that Entergy Texas should refund to retail customers an additional $10.9 million in bandwidth remedy payments Entergy Texas received related to calendar year 2006 production costs. In October 2015 an ALJ issued a proposal for decision recommending that the additional $10.9 million in bandwidth remedy payments be refunded to retail customers. In January 2016 the PUCT issued its order affirming the ALJ’s recommendation, and Entergy Texas filed a motion for rehearing of the PUCT’s decision, which the PUCT denied. In March 2016, Entergy Texas filed a complaint in Federal District Court for the Western District of Texas and a petition in the Travis County (State) District Court appealing the PUCT’s decision. Both appeals are pending, but the appeals do not stay the PUCT’s decision. In April 2016, Entergy Texas filed with the PUCT an application to refund to customers approximately $56.2 million . The refund resulted from (i) $41.8 million of fuel cost recovery over-collections through February 2016, (ii) the $10.9 million in bandwidth remedy payments, discussed above, that Entergy Texas received related to calendar year 2006 production costs, and (iii) $3.5 million in bandwidth remedy payments that Entergy Texas received related to 2006-2008 production costs. Entergy Texas requested that the refund be made to most customers over a four-month period beginning June 2016. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. Filings with the APSC 2015 Rate Case In April 2015, Entergy Arkansas filed with the APSC for a general change in rates, charges, and tariffs. The filing notified the APSC of Entergy Arkansas’s intent to implement a formula rate review mechanism pursuant to Arkansas legislation passed in 2015, and requested a retail rate increase of $268.4 million, with a net increase in revenue of $167 million. The filing requested a 10.2% return on common equity. In September 2015, APSC staff and intervenors filed direct testimony, with the APSC staff recommending a revenue requirement of $217.9 million and a 9.65% return on common equity. In December 2015, Entergy Arkansas, the APSC staff, and certain of the intervenors in the rate case filed with the APSC a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $225 million with a net increase in revenue of approximately $133 million ; an authorized return on common equity of 9.75% ; and a formula rate plan tariff that provides a 50 basis point band around the 9.75% allowed return on common equity. A significant portion of the rate increase is related to Entergy Arkansas’s acquisition in March 2016 of Union Power Station Power Block 2 for a base purchase price of $237 million , subject to closing adjustments. The settlement agreement also provided for amortization over a 10-year period of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance. A hearing was held in January 2016. In February 2016 the APSC approved the settlement with one exception that would reduce the retail rate increase proposed in the settlement by $5 million . The settling parties agreed to the APSC modifications in February 2016. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. In March 2016, Entergy Arkansas made a compliance filing regarding the new rates that included an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. The interim base rate adjustment surcharge will recover a total of $21.1 million over the nine-month period from April 2016 through December 2016. Entergy Arkansas plans to make its first formula rate plan filing in July 2016 for rates effective with the first billing cycle of January 2017. Filings with the LPSC Retail Rates - Electric Ninemile 6 As discussed in the Form 10-K, in July 2015, Entergy Louisiana submitted to the LPSC a Ninemile 6 compliance filing including an estimate at completion, inclusive of interconnection costs and transmission upgrades, of approximately $648 million , or $76 million less than originally estimated, along with other project details and supporting evidence, to enable the LPSC to review the prudence of Entergy Louisiana’s management of the project. Testimony filed by LPSC staff generally supports the prudence of the management of the project and recovery of the costs incurred to complete the project. The LPSC staff has questioned the warranty coverage for one element of the project. In March 2016, Entergy Louisiana and the LPSC staff filed a joint motion to suspend the procedural schedule pending the filing of an uncontested joint stipulated settlement. Union Power Station As discussed in the Form 10-K, in October 2015 the LPSC approved a settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station. In March 2016, Entergy Louisiana acquired Power Blocks 3 and 4 of Union Power Station for an aggregate purchase price of approximately $474 million , subject to closing adjustments, and implemented rates to collect the estimated first-year revenue requirement with the first billing cycle of March 2016. Retail Rates - Gas In January 2016, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2015. The filing showed an earned return on common equity of 10.22% , which is within the authorized bandwidth, therefore requiring no change in rates. In March 2016 the LPSC staff issued its report stating that the 2015 gas rate stabilization plan filing is in compliance with the exception of several issues that require additional information, explanation, or clarification for which the LPSC staff has reserved the right to further review. Discovery regarding these issues is pending, but a procedural schedule has not been established for addressing the outstanding issues. Absent approval of an extension by the LPSC, test year 2015 is the final year under the current gas rate stabilization plan. In February 2016, however, Entergy Louisiana filed a motion requesting to extend the terms of the gas rate stabilization plan for an additional three-year term. A procedural schedule has not been established. Filings with the MPSC In March 2016, Entergy Mississippi submitted its formula rate plan 2016 test year filing showing Entergy Mississippi’s projected earned return for the 2016 calendar year to be below the formula rate plan bandwidth. The filing shows a $32.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 9.96% , within the formula rate plan bandwidth. The filing is currently subject to MPSC review. In April 2016 the Mississippi Public Utilities Staff filed a letter disputing the formula rate plan evaluation report subject to its continued review of the submittal. A final order is expected in second quarter 2016, with the resulting rates effective mid-year 2016. Pursuant to the terms of the formula rate plan, Entergy Mississippi also submitted an informational look-back filing for 2015 that showed Entergy Mississippi’s 2015 earned return was within the formula rate plan bandwidth. Filings with the City Council As discussed in the Form 10-K, in November 2015 the City Council authorized expansion of the purchased power and capacity acquisition cost recovery rider to recover the non-fuel purchased power expense from Ninemile 6 as well as the revenue requirement associated with the acquisition of Power Block 1 of Union Power Station. In March 2016, Entergy New Orleans acquired Power Block 1 of Union Power Station for approximately $237 million , subject to closing adjustments, and initiated recovery of these costs with March 2016 bills. Filings with the PUCT 2011 Rate Case See the Form 10-K for discussion of Entergy Texas’s 2011 rate case. As discussed in the Form 10-K, several parties, including Entergy Texas, appealed various aspects of the PUCT’s order to the Travis County District Court. In October 2014 the Travis County District Court issued an order upholding the PUCT’s decision except as to the line-loss factor issue referenced in the Form 10-K, which was found in favor of Entergy Texas. In November 2014, Entergy Texas and other parties, including the PUCT, appealed the Travis County District Court decision to the Third Court of Appeals. Oral argument before the court panel was held in September 2015. In April 2016 the Third Court of Appeals issued its opinion affirming the District Court’s decision on all points. Entergy Texas plans to petition the Texas Supreme Court to hear its appeal of the Third Court’s ruling. Other Filings In September 2015, Entergy Texas filed for a transmission cost recovery factor rider requesting a $13 million increase, incremental to base rates. Testimony was filed in November 2015, with the PUCT staff and other parties proposing various disallowances involving, among other things, MISO charges, vegetation management costs, and bad debt expenses that would reduce the requested increase by approximately $2 million . In addition to those recommended disallowances, a number of parties recommended that Entergy Texas’s request be reduced by an additional $3.4 million to account for load growth since base rates were last set. A hearing on the merits was held in December 2015. In February 2016 a State Office of Administrative Hearings ALJ issued a proposal for decision recommending that the PUCT disallow approximately $2 million from Entergy Texas’s $13 million request, but recommending that the PUCT not accept the load growth offset. In May 2016 the PUCT deferred final consideration of Entergy Texas’s TCRF application and opened the record to consider additional evidence to be provided by Entergy Texas and potentially other parties regarding the rate-making treatment of spare transmission-level transformers that are transferred among the Utility operating companies. It is not known when the PUCT will take up the merits of this matter, but Entergy Texas was granted interim rates as of April 14, 2016 whenever a final order is issued setting those rates. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates 2015 Rate Filing Based on Calendar Year 2014 Production Costs In May 2015, Entergy filed with the FERC the 2015 rates in accordance with the FERC’s orders in the System Agreement proceeding. The filing shows that no payments and receipts are required in 2015 to implement the FERC’s remedy based on calendar year 2014 production costs. Several parties intervened in the proceeding and the LPSC and City Council intervened and filed comments. In October 2015 the FERC accepted the 2015 rates for filing, suspended them for a nominal period, to become effective June 1, 2015, as requested, subject to refund, and set them for hearing and settlement judge procedures. In March 2016, Entergy Services filed a settlement at the FERC resolving the 2015 rate filing. In the settlement, the parties did not dispute the 2015 rates as calculated with no payments or receipts. Pursuant to the settlement, the 2015 rates are subject to a recalculation and compliance filing upon resolution of other ongoing bandwidth-related proceedings. Interruptible Load Proceedings See the Form 10-K for a discussion of the interruptible load proceeding. In April 2016 the FERC issued an order on remand that addressed the December 2014 decision by the D.C. Circuit in the interruptible load proceeding. The order on remand affirmed the FERC’s denial of refunds for the 15-month refund effective period. The FERC explained and clarified its policies regarding refunds and concluded that the evidence in the record demonstrated that the relevant equitable factors favored not requiring refunds in this case. The FERC also noted that, under Section 206(c) of the Federal Power Act, in a Section 206 proceeding involving two or more electric utility companies of a registered holding company system, the FERC may order refunds only if it determines the refunds would not cause the registered holding company to experience any reduction in revenues resulting from an inability of an electric utility company in the system to recover the resulting increase in costs. The FERC stated it was not able to find that the Entergy system would not experience a reduction in revenues if refunds were awarded in this proceeding, which further supported the denial of refunds. Entergy Arkansas Opportunity Sales Proceedings See the Form 10-K for a discussion of the proceeding initiated at the FERC by the LPSC in June 2009 in which the LPSC initially requested that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocate the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibits sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. In April 2016 the FERC issued orders addressing the requests for rehearing filed in July 2012 and the ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. The effect of the FERC’s decisions, if upheld, is that Entergy Arkansas will make payments to some or all of the other Utility operating companies. As part of the further proceedings required by the FERC, Entergy will re-run intra-system bills for a ten-year period (2000-2009) to quantify the effects of the FERC's rulings. The ALJ will issue an initial decision and FERC will issue an order reviewing that decision. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing that initial decision and Entergy submits a subsequent filing to comply with that order. Because further proceedings are required, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case, however, in the first quarter 2016 Entergy Arkansas recorded a liability of $87 million for its estimated increased costs and payment to the other Utility operating companies, including interest. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Therefore Entergy Arkansas recorded a regulatory asset of approximately $75 million , which represents its estimate of the retail portion of the costs. |
Entergy Arkansas [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Louisiana In April 2010 the LPSC authorized its staff to initiate an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through the fuel adjustment clause by Entergy Louisiana for the period from 2005 through 2009. The LPSC staff issued its audit report in January 2013. The LPSC staff recommended that Entergy Louisiana refund approximately $1.9 million , plus interest, to customers and realign the recovery of approximately $1 million from Entergy Louisiana’s fuel adjustment clause to base rates. The recommended refund was made by Entergy Louisiana in May 2013 in the form of a credit to customers through its fuel adjustment clause filing. Two parties intervened in the proceeding. A procedural schedule was established for the identification of issues by the intervenors and for Entergy Louisiana to submit comments regarding the LPSC staff report and any issues raised by intervenors. One intervenor sought further proceedings regarding certain issues it raised in its comments on the LPSC staff report. Entergy Louisiana filed responses to both the LPSC staff report and the issues raised by the intervenor. After conducting additional discovery, in April 2016 the LPSC staff consultant issued its supplemental audit report, which concluded that Entergy Louisiana was not imprudent on the issues raised by the intervenor. In December 2011 the LPSC authorized its staff to initiate a proceeding to audit the fuel adjustment clause filings of Entergy Gulf States Louisiana and its affiliates. The audit includes a review of the reasonableness of charges flowed by Entergy Gulf States Louisiana through its fuel adjustment clause for the period 2005 through 2009. In March 2016 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $8.6 million , plus interest, to customers and realign the recovery of approximately $12.7 million from Entergy Gulf States Louisiana’s fuel adjustment clause to base rates. A procedural schedule has not been established for this proceeding, and discovery from intervenors has not commenced. Entergy Mississippi Entergy Mississippi had a deferred fuel over-recovery balance of $58.3 million as of May 31, 2015, along with an under-recovery balance of $12.3 million under the power management rider. Pursuant to those tariffs, in July 2015, Entergy Mississippi filed for interim adjustments under both the energy cost recovery rider and the power management rider to flow through to customers the approximately $46 million net over-recovery over a six-month period. In August 2015 the MPSC approved the interim adjustments effective with September 2015 bills. In November 2015, Entergy Mississippi filed its annual redetermination of the annual factor to be applied under the energy cost recovery rider. The calculation of the annual factor included a projected over-recovery balance of $48 million projected through January 31, 2016. In January 2016 the MPSC approved the redetermined annual factor effective February 1, 2016. The MPSC further ordered, however, that due to the significant change in natural gas price forecasts since Entergy Mississippi’s filing in November 2015, Entergy Mississippi shall file a revised fuel factor with the MPSC no later than February 1, 2016. Pursuant to that order, Entergy Mississippi submitted a revised fuel factor. Additionally, because Entergy Mississippi’s projected over-recovery balance for the period ending January 31, 2017 was $68 million , in February 2016, Entergy Mississippi filed for another interim adjustment to the energy cost factor effective April 2016 to flow through to customers the projected over-recovery balance over a six-month period. That interim adjustment was approved by the MPSC in February 2016 effective for April 2016 bills. Entergy Texas As discussed in the Form 10-K, in July 2015 certain parties filed briefs in the open proceeding asserting that Entergy Texas should refund to retail customers an additional $10.9 million in bandwidth remedy payments Entergy Texas received related to calendar year 2006 production costs. In October 2015 an ALJ issued a proposal for decision recommending that the additional $10.9 million in bandwidth remedy payments be refunded to retail customers. In January 2016 the PUCT issued its order affirming the ALJ’s recommendation, and Entergy Texas filed a motion for rehearing of the PUCT’s decision, which the PUCT denied. In March 2016, Entergy Texas filed a complaint in Federal District Court for the Western District of Texas and a petition in the Travis County (State) District Court appealing the PUCT’s decision. Both appeals are pending, but the appeals do not stay the PUCT’s decision. In April 2016, Entergy Texas filed with the PUCT an application to refund to customers approximately $56.2 million . The refund resulted from (i) $41.8 million of fuel cost recovery over-collections through February 2016, (ii) the $10.9 million in bandwidth remedy payments, discussed above, that Entergy Texas received related to calendar year 2006 production costs, and (iii) $3.5 million in bandwidth remedy payments that Entergy Texas received related to 2006-2008 production costs. Entergy Texas requested that the refund be made to most customers over a four-month period beginning June 2016. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. Filings with the APSC 2015 Rate Case In April 2015, Entergy Arkansas filed with the APSC for a general change in rates, charges, and tariffs. The filing notified the APSC of Entergy Arkansas’s intent to implement a formula rate review mechanism pursuant to Arkansas legislation passed in 2015, and requested a retail rate increase of $268.4 million, with a net increase in revenue of $167 million. The filing requested a 10.2% return on common equity. In September 2015, APSC staff and intervenors filed direct testimony, with the APSC staff recommending a revenue requirement of $217.9 million and a 9.65% return on common equity. In December 2015, Entergy Arkansas, the APSC staff, and certain of the intervenors in the rate case filed with the APSC a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $225 million with a net increase in revenue of approximately $133 million ; an authorized return on common equity of 9.75% ; and a formula rate plan tariff that provides a 50 basis point band around the 9.75% allowed return on common equity. A significant portion of the rate increase is related to Entergy Arkansas’s acquisition in March 2016 of Union Power Station Power Block 2 for a base purchase price of $237 million , subject to closing adjustments. The settlement agreement also provided for amortization over a 10-year period of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance. A hearing was held in January 2016. In February 2016 the APSC approved the settlement with one exception that would reduce the retail rate increase proposed in the settlement by $5 million . The settling parties agreed to the APSC modifications in February 2016. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. In March 2016, Entergy Arkansas made a compliance filing regarding the new rates that included an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. The interim base rate adjustment surcharge will recover a total of $21.1 million over the nine-month period from April 2016 through December 2016. Entergy Arkansas plans to make its first formula rate plan filing in July 2016 for rates effective with the first billing cycle of January 2017. Filings with the LPSC Retail Rates - Electric Ninemile 6 As discussed in the Form 10-K, in July 2015, Entergy Louisiana submitted to the LPSC a Ninemile 6 compliance filing including an estimate at completion, inclusive of interconnection costs and transmission upgrades, of approximately $648 million , or $76 million less than originally estimated, along with other project details and supporting evidence, to enable the LPSC to review the prudence of Entergy Louisiana’s management of the project. Testimony filed by LPSC staff generally supports the prudence of the management of the project and recovery of the costs incurred to complete the project. The LPSC staff has questioned the warranty coverage for one element of the project. In March 2016, Entergy Louisiana and the LPSC staff filed a joint motion to suspend the procedural schedule pending the filing of an uncontested joint stipulated settlement. Union Power Station As discussed in the Form 10-K, in October 2015 the LPSC approved a settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station. In March 2016, Entergy Louisiana acquired Power Blocks 3 and 4 of Union Power Station for an aggregate purchase price of approximately $474 million , subject to closing adjustments, and implemented rates to collect the estimated first-year revenue requirement with the first billing cycle of March 2016. Retail Rates - Gas In January 2016, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2015. The filing showed an earned return on common equity of 10.22% , which is within the authorized bandwidth, therefore requiring no change in rates. In March 2016 the LPSC staff issued its report stating that the 2015 gas rate stabilization plan filing is in compliance with the exception of several issues that require additional information, explanation, or clarification for which the LPSC staff has reserved the right to further review. Discovery regarding these issues is pending, but a procedural schedule has not been established for addressing the outstanding issues. Absent approval of an extension by the LPSC, test year 2015 is the final year under the current gas rate stabilization plan. In February 2016, however, Entergy Louisiana filed a motion requesting to extend the terms of the gas rate stabilization plan for an additional three-year term. A procedural schedule has not been established. Filings with the MPSC In March 2016, Entergy Mississippi submitted its formula rate plan 2016 test year filing showing Entergy Mississippi’s projected earned return for the 2016 calendar year to be below the formula rate plan bandwidth. The filing shows a $32.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 9.96% , within the formula rate plan bandwidth. The filing is currently subject to MPSC review. In April 2016 the Mississippi Public Utilities Staff filed a letter disputing the formula rate plan evaluation report subject to its continued review of the submittal. A final order is expected in second quarter 2016, with the resulting rates effective mid-year 2016. Pursuant to the terms of the formula rate plan, Entergy Mississippi also submitted an informational look-back filing for 2015 that showed Entergy Mississippi’s 2015 earned return was within the formula rate plan bandwidth. Filings with the City Council As discussed in the Form 10-K, in November 2015 the City Council authorized expansion of the purchased power and capacity acquisition cost recovery rider to recover the non-fuel purchased power expense from Ninemile 6 as well as the revenue requirement associated with the acquisition of Power Block 1 of Union Power Station. In March 2016, Entergy New Orleans acquired Power Block 1 of Union Power Station for approximately $237 million , subject to closing adjustments, and initiated recovery of these costs with March 2016 bills. Filings with the PUCT 2011 Rate Case See the Form 10-K for discussion of Entergy Texas’s 2011 rate case. As discussed in the Form 10-K, several parties, including Entergy Texas, appealed various aspects of the PUCT’s order to the Travis County District Court. In October 2014 the Travis County District Court issued an order upholding the PUCT’s decision except as to the line-loss factor issue referenced in the Form 10-K, which was found in favor of Entergy Texas. In November 2014, Entergy Texas and other parties, including the PUCT, appealed the Travis County District Court decision to the Third Court of Appeals. Oral argument before the court panel was held in September 2015. In April 2016 the Third Court of Appeals issued its opinion affirming the District Court’s decision on all points. Entergy Texas plans to petition the Texas Supreme Court to hear its appeal of the Third Court’s ruling. Other Filings In September 2015, Entergy Texas filed for a transmission cost recovery factor rider requesting a $13 million increase, incremental to base rates. Testimony was filed in November 2015, with the PUCT staff and other parties proposing various disallowances involving, among other things, MISO charges, vegetation management costs, and bad debt expenses that would reduce the requested increase by approximately $2 million . In addition to those recommended disallowances, a number of parties recommended that Entergy Texas’s request be reduced by an additional $3.4 million to account for load growth since base rates were last set. A hearing on the merits was held in December 2015. In February 2016 a State Office of Administrative Hearings ALJ issued a proposal for decision recommending that the PUCT disallow approximately $2 million from Entergy Texas’s $13 million request, but recommending that the PUCT not accept the load growth offset. In May 2016 the PUCT deferred final consideration of Entergy Texas’s TCRF application and opened the record to consider additional evidence to be provided by Entergy Texas and potentially other parties regarding the rate-making treatment of spare transmission-level transformers that are transferred among the Utility operating companies. It is not known when the PUCT will take up the merits of this matter, but Entergy Texas was granted interim rates as of April 14, 2016 whenever a final order is issued setting those rates. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates 2015 Rate Filing Based on Calendar Year 2014 Production Costs In May 2015, Entergy filed with the FERC the 2015 rates in accordance with the FERC’s orders in the System Agreement proceeding. The filing shows that no payments and receipts are required in 2015 to implement the FERC’s remedy based on calendar year 2014 production costs. Several parties intervened in the proceeding and the LPSC and City Council intervened and filed comments. In October 2015 the FERC accepted the 2015 rates for filing, suspended them for a nominal period, to become effective June 1, 2015, as requested, subject to refund, and set them for hearing and settlement judge procedures. In March 2016, Entergy Services filed a settlement at the FERC resolving the 2015 rate filing. In the settlement, the parties did not dispute the 2015 rates as calculated with no payments or receipts. Pursuant to the settlement, the 2015 rates are subject to a recalculation and compliance filing upon resolution of other ongoing bandwidth-related proceedings. Interruptible Load Proceedings See the Form 10-K for a discussion of the interruptible load proceeding. In April 2016 the FERC issued an order on remand that addressed the December 2014 decision by the D.C. Circuit in the interruptible load proceeding. The order on remand affirmed the FERC’s denial of refunds for the 15-month refund effective period. The FERC explained and clarified its policies regarding refunds and concluded that the evidence in the record demonstrated that the relevant equitable factors favored not requiring refunds in this case. The FERC also noted that, under Section 206(c) of the Federal Power Act, in a Section 206 proceeding involving two or more electric utility companies of a registered holding company system, the FERC may order refunds only if it determines the refunds would not cause the registered holding company to experience any reduction in revenues resulting from an inability of an electric utility company in the system to recover the resulting increase in costs. The FERC stated it was not able to find that the Entergy system would not experience a reduction in revenues if refunds were awarded in this proceeding, which further supported the denial of refunds. Entergy Arkansas Opportunity Sales Proceedings See the Form 10-K for a discussion of the proceeding initiated at the FERC by the LPSC in June 2009 in which the LPSC initially requested that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocate the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibits sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. In April 2016 the FERC issued orders addressing the requests for rehearing filed in July 2012 and the ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. The effect of the FERC’s decisions, if upheld, is that Entergy Arkansas will make payments to some or all of the other Utility operating companies. As part of the further proceedings required by the FERC, Entergy will re-run intra-system bills for a ten-year period (2000-2009) to quantify the effects of the FERC's rulings. The ALJ will issue an initial decision and FERC will issue an order reviewing that decision. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing that initial decision and Entergy submits a subsequent filing to comply with that order. Because further proceedings are required, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case, however, in the first quarter 2016 Entergy Arkansas recorded a liability of $87 million for its estimated increased costs and payment to the other Utility operating companies, including interest. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Therefore Entergy Arkansas recorded a regulatory asset of approximately $75 million , which represents its estimate of the retail portion of the costs. |
Entergy Louisiana [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Louisiana In April 2010 the LPSC authorized its staff to initiate an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through the fuel adjustment clause by Entergy Louisiana for the period from 2005 through 2009. The LPSC staff issued its audit report in January 2013. The LPSC staff recommended that Entergy Louisiana refund approximately $1.9 million , plus interest, to customers and realign the recovery of approximately $1 million from Entergy Louisiana’s fuel adjustment clause to base rates. The recommended refund was made by Entergy Louisiana in May 2013 in the form of a credit to customers through its fuel adjustment clause filing. Two parties intervened in the proceeding. A procedural schedule was established for the identification of issues by the intervenors and for Entergy Louisiana to submit comments regarding the LPSC staff report and any issues raised by intervenors. One intervenor sought further proceedings regarding certain issues it raised in its comments on the LPSC staff report. Entergy Louisiana filed responses to both the LPSC staff report and the issues raised by the intervenor. After conducting additional discovery, in April 2016 the LPSC staff consultant issued its supplemental audit report, which concluded that Entergy Louisiana was not imprudent on the issues raised by the intervenor. In December 2011 the LPSC authorized its staff to initiate a proceeding to audit the fuel adjustment clause filings of Entergy Gulf States Louisiana and its affiliates. The audit includes a review of the reasonableness of charges flowed by Entergy Gulf States Louisiana through its fuel adjustment clause for the period 2005 through 2009. In March 2016 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $8.6 million , plus interest, to customers and realign the recovery of approximately $12.7 million from Entergy Gulf States Louisiana’s fuel adjustment clause to base rates. A procedural schedule has not been established for this proceeding, and discovery from intervenors has not commenced. Entergy Mississippi Entergy Mississippi had a deferred fuel over-recovery balance of $58.3 million as of May 31, 2015, along with an under-recovery balance of $12.3 million under the power management rider. Pursuant to those tariffs, in July 2015, Entergy Mississippi filed for interim adjustments under both the energy cost recovery rider and the power management rider to flow through to customers the approximately $46 million net over-recovery over a six-month period. In August 2015 the MPSC approved the interim adjustments effective with September 2015 bills. In November 2015, Entergy Mississippi filed its annual redetermination of the annual factor to be applied under the energy cost recovery rider. The calculation of the annual factor included a projected over-recovery balance of $48 million projected through January 31, 2016. In January 2016 the MPSC approved the redetermined annual factor effective February 1, 2016. The MPSC further ordered, however, that due to the significant change in natural gas price forecasts since Entergy Mississippi’s filing in November 2015, Entergy Mississippi shall file a revised fuel factor with the MPSC no later than February 1, 2016. Pursuant to that order, Entergy Mississippi submitted a revised fuel factor. Additionally, because Entergy Mississippi’s projected over-recovery balance for the period ending January 31, 2017 was $68 million , in February 2016, Entergy Mississippi filed for another interim adjustment to the energy cost factor effective April 2016 to flow through to customers the projected over-recovery balance over a six-month period. That interim adjustment was approved by the MPSC in February 2016 effective for April 2016 bills. Entergy Texas As discussed in the Form 10-K, in July 2015 certain parties filed briefs in the open proceeding asserting that Entergy Texas should refund to retail customers an additional $10.9 million in bandwidth remedy payments Entergy Texas received related to calendar year 2006 production costs. In October 2015 an ALJ issued a proposal for decision recommending that the additional $10.9 million in bandwidth remedy payments be refunded to retail customers. In January 2016 the PUCT issued its order affirming the ALJ’s recommendation, and Entergy Texas filed a motion for rehearing of the PUCT’s decision, which the PUCT denied. In March 2016, Entergy Texas filed a complaint in Federal District Court for the Western District of Texas and a petition in the Travis County (State) District Court appealing the PUCT’s decision. Both appeals are pending, but the appeals do not stay the PUCT’s decision. In April 2016, Entergy Texas filed with the PUCT an application to refund to customers approximately $56.2 million . The refund resulted from (i) $41.8 million of fuel cost recovery over-collections through February 2016, (ii) the $10.9 million in bandwidth remedy payments, discussed above, that Entergy Texas received related to calendar year 2006 production costs, and (iii) $3.5 million in bandwidth remedy payments that Entergy Texas received related to 2006-2008 production costs. Entergy Texas requested that the refund be made to most customers over a four-month period beginning June 2016. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. Filings with the APSC 2015 Rate Case In April 2015, Entergy Arkansas filed with the APSC for a general change in rates, charges, and tariffs. The filing notified the APSC of Entergy Arkansas’s intent to implement a formula rate review mechanism pursuant to Arkansas legislation passed in 2015, and requested a retail rate increase of $268.4 million, with a net increase in revenue of $167 million. The filing requested a 10.2% return on common equity. In September 2015, APSC staff and intervenors filed direct testimony, with the APSC staff recommending a revenue requirement of $217.9 million and a 9.65% return on common equity. In December 2015, Entergy Arkansas, the APSC staff, and certain of the intervenors in the rate case filed with the APSC a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $225 million with a net increase in revenue of approximately $133 million ; an authorized return on common equity of 9.75% ; and a formula rate plan tariff that provides a 50 basis point band around the 9.75% allowed return on common equity. A significant portion of the rate increase is related to Entergy Arkansas’s acquisition in March 2016 of Union Power Station Power Block 2 for a base purchase price of $237 million , subject to closing adjustments. The settlement agreement also provided for amortization over a 10-year period of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance. A hearing was held in January 2016. In February 2016 the APSC approved the settlement with one exception that would reduce the retail rate increase proposed in the settlement by $5 million . The settling parties agreed to the APSC modifications in February 2016. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. In March 2016, Entergy Arkansas made a compliance filing regarding the new rates that included an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. The interim base rate adjustment surcharge will recover a total of $21.1 million over the nine-month period from April 2016 through December 2016. Entergy Arkansas plans to make its first formula rate plan filing in July 2016 for rates effective with the first billing cycle of January 2017. Filings with the LPSC Retail Rates - Electric Ninemile 6 As discussed in the Form 10-K, in July 2015, Entergy Louisiana submitted to the LPSC a Ninemile 6 compliance filing including an estimate at completion, inclusive of interconnection costs and transmission upgrades, of approximately $648 million , or $76 million less than originally estimated, along with other project details and supporting evidence, to enable the LPSC to review the prudence of Entergy Louisiana’s management of the project. Testimony filed by LPSC staff generally supports the prudence of the management of the project and recovery of the costs incurred to complete the project. The LPSC staff has questioned the warranty coverage for one element of the project. In March 2016, Entergy Louisiana and the LPSC staff filed a joint motion to suspend the procedural schedule pending the filing of an uncontested joint stipulated settlement. Union Power Station As discussed in the Form 10-K, in October 2015 the LPSC approved a settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station. In March 2016, Entergy Louisiana acquired Power Blocks 3 and 4 of Union Power Station for an aggregate purchase price of approximately $474 million , subject to closing adjustments, and implemented rates to collect the estimated first-year revenue requirement with the first billing cycle of March 2016. Retail Rates - Gas In January 2016, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2015. The filing showed an earned return on common equity of 10.22% , which is within the authorized bandwidth, therefore requiring no change in rates. In March 2016 the LPSC staff issued its report stating that the 2015 gas rate stabilization plan filing is in compliance with the exception of several issues that require additional information, explanation, or clarification for which the LPSC staff has reserved the right to further review. Discovery regarding these issues is pending, but a procedural schedule has not been established for addressing the outstanding issues. Absent approval of an extension by the LPSC, test year 2015 is the final year under the current gas rate stabilization plan. In February 2016, however, Entergy Louisiana filed a motion requesting to extend the terms of the gas rate stabilization plan for an additional three-year term. A procedural schedule has not been established. Filings with the MPSC In March 2016, Entergy Mississippi submitted its formula rate plan 2016 test year filing showing Entergy Mississippi’s projected earned return for the 2016 calendar year to be below the formula rate plan bandwidth. The filing shows a $32.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 9.96% , within the formula rate plan bandwidth. The filing is currently subject to MPSC review. In April 2016 the Mississippi Public Utilities Staff filed a letter disputing the formula rate plan evaluation report subject to its continued review of the submittal. A final order is expected in second quarter 2016, with the resulting rates effective mid-year 2016. Pursuant to the terms of the formula rate plan, Entergy Mississippi also submitted an informational look-back filing for 2015 that showed Entergy Mississippi’s 2015 earned return was within the formula rate plan bandwidth. Filings with the City Council As discussed in the Form 10-K, in November 2015 the City Council authorized expansion of the purchased power and capacity acquisition cost recovery rider to recover the non-fuel purchased power expense from Ninemile 6 as well as the revenue requirement associated with the acquisition of Power Block 1 of Union Power Station. In March 2016, Entergy New Orleans acquired Power Block 1 of Union Power Station for approximately $237 million , subject to closing adjustments, and initiated recovery of these costs with March 2016 bills. Filings with the PUCT 2011 Rate Case See the Form 10-K for discussion of Entergy Texas’s 2011 rate case. As discussed in the Form 10-K, several parties, including Entergy Texas, appealed various aspects of the PUCT’s order to the Travis County District Court. In October 2014 the Travis County District Court issued an order upholding the PUCT’s decision except as to the line-loss factor issue referenced in the Form 10-K, which was found in favor of Entergy Texas. In November 2014, Entergy Texas and other parties, including the PUCT, appealed the Travis County District Court decision to the Third Court of Appeals. Oral argument before the court panel was held in September 2015. In April 2016 the Third Court of Appeals issued its opinion affirming the District Court’s decision on all points. Entergy Texas plans to petition the Texas Supreme Court to hear its appeal of the Third Court’s ruling. Other Filings In September 2015, Entergy Texas filed for a transmission cost recovery factor rider requesting a $13 million increase, incremental to base rates. Testimony was filed in November 2015, with the PUCT staff and other parties proposing various disallowances involving, among other things, MISO charges, vegetation management costs, and bad debt expenses that would reduce the requested increase by approximately $2 million . In addition to those recommended disallowances, a number of parties recommended that Entergy Texas’s request be reduced by an additional $3.4 million to account for load growth since base rates were last set. A hearing on the merits was held in December 2015. In February 2016 a State Office of Administrative Hearings ALJ issued a proposal for decision recommending that the PUCT disallow approximately $2 million from Entergy Texas’s $13 million request, but recommending that the PUCT not accept the load growth offset. In May 2016 the PUCT deferred final consideration of Entergy Texas’s TCRF application and opened the record to consider additional evidence to be provided by Entergy Texas and potentially other parties regarding the rate-making treatment of spare transmission-level transformers that are transferred among the Utility operating companies. It is not known when the PUCT will take up the merits of this matter, but Entergy Texas was granted interim rates as of April 14, 2016 whenever a final order is issued setting those rates. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates 2015 Rate Filing Based on Calendar Year 2014 Production Costs In May 2015, Entergy filed with the FERC the 2015 rates in accordance with the FERC’s orders in the System Agreement proceeding. The filing shows that no payments and receipts are required in 2015 to implement the FERC’s remedy based on calendar year 2014 production costs. Several parties intervened in the proceeding and the LPSC and City Council intervened and filed comments. In October 2015 the FERC accepted the 2015 rates for filing, suspended them for a nominal period, to become effective June 1, 2015, as requested, subject to refund, and set them for hearing and settlement judge procedures. In March 2016, Entergy Services filed a settlement at the FERC resolving the 2015 rate filing. In the settlement, the parties did not dispute the 2015 rates as calculated with no payments or receipts. Pursuant to the settlement, the 2015 rates are subject to a recalculation and compliance filing upon resolution of other ongoing bandwidth-related proceedings. Interruptible Load Proceedings See the Form 10-K for a discussion of the interruptible load proceeding. In April 2016 the FERC issued an order on remand that addressed the December 2014 decision by the D.C. Circuit in the interruptible load proceeding. The order on remand affirmed the FERC’s denial of refunds for the 15-month refund effective period. The FERC explained and clarified its policies regarding refunds and concluded that the evidence in the record demonstrated that the relevant equitable factors favored not requiring refunds in this case. The FERC also noted that, under Section 206(c) of the Federal Power Act, in a Section 206 proceeding involving two or more electric utility companies of a registered holding company system, the FERC may order refunds only if it determines the refunds would not cause the registered holding company to experience any reduction in revenues resulting from an inability of an electric utility company in the system to recover the resulting increase in costs. The FERC stated it was not able to find that the Entergy system would not experience a reduction in revenues if refunds were awarded in this proceeding, which further supported the denial of refunds. Entergy Arkansas Opportunity Sales Proceedings See the Form 10-K for a discussion of the proceeding initiated at the FERC by the LPSC in June 2009 in which the LPSC initially requested that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocate the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibits sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. In April 2016 the FERC issued orders addressing the requests for rehearing filed in July 2012 and the ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. The effect of the FERC’s decisions, if upheld, is that Entergy Arkansas will make payments to some or all of the other Utility operating companies. As part of the further proceedings required by the FERC, Entergy will re-run intra-system bills for a ten-year period (2000-2009) to quantify the effects of the FERC's rulings. The ALJ will issue an initial decision and FERC will issue an order reviewing that decision. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing that initial decision and Entergy submits a subsequent filing to comply with that order. Because further proceedings are required, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case, however, in the first quarter 2016 Entergy Arkansas recorded a liability of $87 million for its estimated increased costs and payment to the other Utility operating companies, including interest. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Therefore Entergy Arkansas recorded a regulatory asset of approximately $75 million , which represents its estimate of the retail portion of the costs. |
Entergy Mississippi [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Louisiana In April 2010 the LPSC authorized its staff to initiate an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through the fuel adjustment clause by Entergy Louisiana for the period from 2005 through 2009. The LPSC staff issued its audit report in January 2013. The LPSC staff recommended that Entergy Louisiana refund approximately $1.9 million , plus interest, to customers and realign the recovery of approximately $1 million from Entergy Louisiana’s fuel adjustment clause to base rates. The recommended refund was made by Entergy Louisiana in May 2013 in the form of a credit to customers through its fuel adjustment clause filing. Two parties intervened in the proceeding. A procedural schedule was established for the identification of issues by the intervenors and for Entergy Louisiana to submit comments regarding the LPSC staff report and any issues raised by intervenors. One intervenor sought further proceedings regarding certain issues it raised in its comments on the LPSC staff report. Entergy Louisiana filed responses to both the LPSC staff report and the issues raised by the intervenor. After conducting additional discovery, in April 2016 the LPSC staff consultant issued its supplemental audit report, which concluded that Entergy Louisiana was not imprudent on the issues raised by the intervenor. In December 2011 the LPSC authorized its staff to initiate a proceeding to audit the fuel adjustment clause filings of Entergy Gulf States Louisiana and its affiliates. The audit includes a review of the reasonableness of charges flowed by Entergy Gulf States Louisiana through its fuel adjustment clause for the period 2005 through 2009. In March 2016 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $8.6 million , plus interest, to customers and realign the recovery of approximately $12.7 million from Entergy Gulf States Louisiana’s fuel adjustment clause to base rates. A procedural schedule has not been established for this proceeding, and discovery from intervenors has not commenced. Entergy Mississippi Entergy Mississippi had a deferred fuel over-recovery balance of $58.3 million as of May 31, 2015, along with an under-recovery balance of $12.3 million under the power management rider. Pursuant to those tariffs, in July 2015, Entergy Mississippi filed for interim adjustments under both the energy cost recovery rider and the power management rider to flow through to customers the approximately $46 million net over-recovery over a six-month period. In August 2015 the MPSC approved the interim adjustments effective with September 2015 bills. In November 2015, Entergy Mississippi filed its annual redetermination of the annual factor to be applied under the energy cost recovery rider. The calculation of the annual factor included a projected over-recovery balance of $48 million projected through January 31, 2016. In January 2016 the MPSC approved the redetermined annual factor effective February 1, 2016. The MPSC further ordered, however, that due to the significant change in natural gas price forecasts since Entergy Mississippi’s filing in November 2015, Entergy Mississippi shall file a revised fuel factor with the MPSC no later than February 1, 2016. Pursuant to that order, Entergy Mississippi submitted a revised fuel factor. Additionally, because Entergy Mississippi’s projected over-recovery balance for the period ending January 31, 2017 was $68 million , in February 2016, Entergy Mississippi filed for another interim adjustment to the energy cost factor effective April 2016 to flow through to customers the projected over-recovery balance over a six-month period. That interim adjustment was approved by the MPSC in February 2016 effective for April 2016 bills. Entergy Texas As discussed in the Form 10-K, in July 2015 certain parties filed briefs in the open proceeding asserting that Entergy Texas should refund to retail customers an additional $10.9 million in bandwidth remedy payments Entergy Texas received related to calendar year 2006 production costs. In October 2015 an ALJ issued a proposal for decision recommending that the additional $10.9 million in bandwidth remedy payments be refunded to retail customers. In January 2016 the PUCT issued its order affirming the ALJ’s recommendation, and Entergy Texas filed a motion for rehearing of the PUCT’s decision, which the PUCT denied. In March 2016, Entergy Texas filed a complaint in Federal District Court for the Western District of Texas and a petition in the Travis County (State) District Court appealing the PUCT’s decision. Both appeals are pending, but the appeals do not stay the PUCT’s decision. In April 2016, Entergy Texas filed with the PUCT an application to refund to customers approximately $56.2 million . The refund resulted from (i) $41.8 million of fuel cost recovery over-collections through February 2016, (ii) the $10.9 million in bandwidth remedy payments, discussed above, that Entergy Texas received related to calendar year 2006 production costs, and (iii) $3.5 million in bandwidth remedy payments that Entergy Texas received related to 2006-2008 production costs. Entergy Texas requested that the refund be made to most customers over a four-month period beginning June 2016. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. Filings with the APSC 2015 Rate Case In April 2015, Entergy Arkansas filed with the APSC for a general change in rates, charges, and tariffs. The filing notified the APSC of Entergy Arkansas’s intent to implement a formula rate review mechanism pursuant to Arkansas legislation passed in 2015, and requested a retail rate increase of $268.4 million, with a net increase in revenue of $167 million. The filing requested a 10.2% return on common equity. In September 2015, APSC staff and intervenors filed direct testimony, with the APSC staff recommending a revenue requirement of $217.9 million and a 9.65% return on common equity. In December 2015, Entergy Arkansas, the APSC staff, and certain of the intervenors in the rate case filed with the APSC a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $225 million with a net increase in revenue of approximately $133 million ; an authorized return on common equity of 9.75% ; and a formula rate plan tariff that provides a 50 basis point band around the 9.75% allowed return on common equity. A significant portion of the rate increase is related to Entergy Arkansas’s acquisition in March 2016 of Union Power Station Power Block 2 for a base purchase price of $237 million , subject to closing adjustments. The settlement agreement also provided for amortization over a 10-year period of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance. A hearing was held in January 2016. In February 2016 the APSC approved the settlement with one exception that would reduce the retail rate increase proposed in the settlement by $5 million . The settling parties agreed to the APSC modifications in February 2016. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. In March 2016, Entergy Arkansas made a compliance filing regarding the new rates that included an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. The interim base rate adjustment surcharge will recover a total of $21.1 million over the nine-month period from April 2016 through December 2016. Entergy Arkansas plans to make its first formula rate plan filing in July 2016 for rates effective with the first billing cycle of January 2017. Filings with the LPSC Retail Rates - Electric Ninemile 6 As discussed in the Form 10-K, in July 2015, Entergy Louisiana submitted to the LPSC a Ninemile 6 compliance filing including an estimate at completion, inclusive of interconnection costs and transmission upgrades, of approximately $648 million , or $76 million less than originally estimated, along with other project details and supporting evidence, to enable the LPSC to review the prudence of Entergy Louisiana’s management of the project. Testimony filed by LPSC staff generally supports the prudence of the management of the project and recovery of the costs incurred to complete the project. The LPSC staff has questioned the warranty coverage for one element of the project. In March 2016, Entergy Louisiana and the LPSC staff filed a joint motion to suspend the procedural schedule pending the filing of an uncontested joint stipulated settlement. Union Power Station As discussed in the Form 10-K, in October 2015 the LPSC approved a settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station. In March 2016, Entergy Louisiana acquired Power Blocks 3 and 4 of Union Power Station for an aggregate purchase price of approximately $474 million , subject to closing adjustments, and implemented rates to collect the estimated first-year revenue requirement with the first billing cycle of March 2016. Retail Rates - Gas In January 2016, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2015. The filing showed an earned return on common equity of 10.22% , which is within the authorized bandwidth, therefore requiring no change in rates. In March 2016 the LPSC staff issued its report stating that the 2015 gas rate stabilization plan filing is in compliance with the exception of several issues that require additional information, explanation, or clarification for which the LPSC staff has reserved the right to further review. Discovery regarding these issues is pending, but a procedural schedule has not been established for addressing the outstanding issues. Absent approval of an extension by the LPSC, test year 2015 is the final year under the current gas rate stabilization plan. In February 2016, however, Entergy Louisiana filed a motion requesting to extend the terms of the gas rate stabilization plan for an additional three-year term. A procedural schedule has not been established. Filings with the MPSC In March 2016, Entergy Mississippi submitted its formula rate plan 2016 test year filing showing Entergy Mississippi’s projected earned return for the 2016 calendar year to be below the formula rate plan bandwidth. The filing shows a $32.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 9.96% , within the formula rate plan bandwidth. The filing is currently subject to MPSC review. In April 2016 the Mississippi Public Utilities Staff filed a letter disputing the formula rate plan evaluation report subject to its continued review of the submittal. A final order is expected in second quarter 2016, with the resulting rates effective mid-year 2016. Pursuant to the terms of the formula rate plan, Entergy Mississippi also submitted an informational look-back filing for 2015 that showed Entergy Mississippi’s 2015 earned return was within the formula rate plan bandwidth. Filings with the City Council As discussed in the Form 10-K, in November 2015 the City Council authorized expansion of the purchased power and capacity acquisition cost recovery rider to recover the non-fuel purchased power expense from Ninemile 6 as well as the revenue requirement associated with the acquisition of Power Block 1 of Union Power Station. In March 2016, Entergy New Orleans acquired Power Block 1 of Union Power Station for approximately $237 million , subject to closing adjustments, and initiated recovery of these costs with March 2016 bills. Filings with the PUCT 2011 Rate Case See the Form 10-K for discussion of Entergy Texas’s 2011 rate case. As discussed in the Form 10-K, several parties, including Entergy Texas, appealed various aspects of the PUCT’s order to the Travis County District Court. In October 2014 the Travis County District Court issued an order upholding the PUCT’s decision except as to the line-loss factor issue referenced in the Form 10-K, which was found in favor of Entergy Texas. In November 2014, Entergy Texas and other parties, including the PUCT, appealed the Travis County District Court decision to the Third Court of Appeals. Oral argument before the court panel was held in September 2015. In April 2016 the Third Court of Appeals issued its opinion affirming the District Court’s decision on all points. Entergy Texas plans to petition the Texas Supreme Court to hear its appeal of the Third Court’s ruling. Other Filings In September 2015, Entergy Texas filed for a transmission cost recovery factor rider requesting a $13 million increase, incremental to base rates. Testimony was filed in November 2015, with the PUCT staff and other parties proposing various disallowances involving, among other things, MISO charges, vegetation management costs, and bad debt expenses that would reduce the requested increase by approximately $2 million . In addition to those recommended disallowances, a number of parties recommended that Entergy Texas’s request be reduced by an additional $3.4 million to account for load growth since base rates were last set. A hearing on the merits was held in December 2015. In February 2016 a State Office of Administrative Hearings ALJ issued a proposal for decision recommending that the PUCT disallow approximately $2 million from Entergy Texas’s $13 million request, but recommending that the PUCT not accept the load growth offset. In May 2016 the PUCT deferred final consideration of Entergy Texas’s TCRF application and opened the record to consider additional evidence to be provided by Entergy Texas and potentially other parties regarding the rate-making treatment of spare transmission-level transformers that are transferred among the Utility operating companies. It is not known when the PUCT will take up the merits of this matter, but Entergy Texas was granted interim rates as of April 14, 2016 whenever a final order is issued setting those rates. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates 2015 Rate Filing Based on Calendar Year 2014 Production Costs In May 2015, Entergy filed with the FERC the 2015 rates in accordance with the FERC’s orders in the System Agreement proceeding. The filing shows that no payments and receipts are required in 2015 to implement the FERC’s remedy based on calendar year 2014 production costs. Several parties intervened in the proceeding and the LPSC and City Council intervened and filed comments. In October 2015 the FERC accepted the 2015 rates for filing, suspended them for a nominal period, to become effective June 1, 2015, as requested, subject to refund, and set them for hearing and settlement judge procedures. In March 2016, Entergy Services filed a settlement at the FERC resolving the 2015 rate filing. In the settlement, the parties did not dispute the 2015 rates as calculated with no payments or receipts. Pursuant to the settlement, the 2015 rates are subject to a recalculation and compliance filing upon resolution of other ongoing bandwidth-related proceedings. Interruptible Load Proceedings See the Form 10-K for a discussion of the interruptible load proceeding. In April 2016 the FERC issued an order on remand that addressed the December 2014 decision by the D.C. Circuit in the interruptible load proceeding. The order on remand affirmed the FERC’s denial of refunds for the 15-month refund effective period. The FERC explained and clarified its policies regarding refunds and concluded that the evidence in the record demonstrated that the relevant equitable factors favored not requiring refunds in this case. The FERC also noted that, under Section 206(c) of the Federal Power Act, in a Section 206 proceeding involving two or more electric utility companies of a registered holding company system, the FERC may order refunds only if it determines the refunds would not cause the registered holding company to experience any reduction in revenues resulting from an inability of an electric utility company in the system to recover the resulting increase in costs. The FERC stated it was not able to find that the Entergy system would not experience a reduction in revenues if refunds were awarded in this proceeding, which further supported the denial of refunds. Entergy Arkansas Opportunity Sales Proceedings See the Form 10-K for a discussion of the proceeding initiated at the FERC by the LPSC in June 2009 in which the LPSC initially requested that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocate the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibits sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. In April 2016 the FERC issued orders addressing the requests for rehearing filed in July 2012 and the ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. The effect of the FERC’s decisions, if upheld, is that Entergy Arkansas will make payments to some or all of the other Utility operating companies. As part of the further proceedings required by the FERC, Entergy will re-run intra-system bills for a ten-year period (2000-2009) to quantify the effects of the FERC's rulings. The ALJ will issue an initial decision and FERC will issue an order reviewing that decision. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing that initial decision and Entergy submits a subsequent filing to comply with that order. Because further proceedings are required, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case, however, in the first quarter 2016 Entergy Arkansas recorded a liability of $87 million for its estimated increased costs and payment to the other Utility operating companies, including interest. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Therefore Entergy Arkansas recorded a regulatory asset of approximately $75 million , which represents its estimate of the retail portion of the costs. |
Entergy New Orleans [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Louisiana In April 2010 the LPSC authorized its staff to initiate an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through the fuel adjustment clause by Entergy Louisiana for the period from 2005 through 2009. The LPSC staff issued its audit report in January 2013. The LPSC staff recommended that Entergy Louisiana refund approximately $1.9 million , plus interest, to customers and realign the recovery of approximately $1 million from Entergy Louisiana’s fuel adjustment clause to base rates. The recommended refund was made by Entergy Louisiana in May 2013 in the form of a credit to customers through its fuel adjustment clause filing. Two parties intervened in the proceeding. A procedural schedule was established for the identification of issues by the intervenors and for Entergy Louisiana to submit comments regarding the LPSC staff report and any issues raised by intervenors. One intervenor sought further proceedings regarding certain issues it raised in its comments on the LPSC staff report. Entergy Louisiana filed responses to both the LPSC staff report and the issues raised by the intervenor. After conducting additional discovery, in April 2016 the LPSC staff consultant issued its supplemental audit report, which concluded that Entergy Louisiana was not imprudent on the issues raised by the intervenor. In December 2011 the LPSC authorized its staff to initiate a proceeding to audit the fuel adjustment clause filings of Entergy Gulf States Louisiana and its affiliates. The audit includes a review of the reasonableness of charges flowed by Entergy Gulf States Louisiana through its fuel adjustment clause for the period 2005 through 2009. In March 2016 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $8.6 million , plus interest, to customers and realign the recovery of approximately $12.7 million from Entergy Gulf States Louisiana’s fuel adjustment clause to base rates. A procedural schedule has not been established for this proceeding, and discovery from intervenors has not commenced. Entergy Mississippi Entergy Mississippi had a deferred fuel over-recovery balance of $58.3 million as of May 31, 2015, along with an under-recovery balance of $12.3 million under the power management rider. Pursuant to those tariffs, in July 2015, Entergy Mississippi filed for interim adjustments under both the energy cost recovery rider and the power management rider to flow through to customers the approximately $46 million net over-recovery over a six-month period. In August 2015 the MPSC approved the interim adjustments effective with September 2015 bills. In November 2015, Entergy Mississippi filed its annual redetermination of the annual factor to be applied under the energy cost recovery rider. The calculation of the annual factor included a projected over-recovery balance of $48 million projected through January 31, 2016. In January 2016 the MPSC approved the redetermined annual factor effective February 1, 2016. The MPSC further ordered, however, that due to the significant change in natural gas price forecasts since Entergy Mississippi’s filing in November 2015, Entergy Mississippi shall file a revised fuel factor with the MPSC no later than February 1, 2016. Pursuant to that order, Entergy Mississippi submitted a revised fuel factor. Additionally, because Entergy Mississippi’s projected over-recovery balance for the period ending January 31, 2017 was $68 million , in February 2016, Entergy Mississippi filed for another interim adjustment to the energy cost factor effective April 2016 to flow through to customers the projected over-recovery balance over a six-month period. That interim adjustment was approved by the MPSC in February 2016 effective for April 2016 bills. Entergy Texas As discussed in the Form 10-K, in July 2015 certain parties filed briefs in the open proceeding asserting that Entergy Texas should refund to retail customers an additional $10.9 million in bandwidth remedy payments Entergy Texas received related to calendar year 2006 production costs. In October 2015 an ALJ issued a proposal for decision recommending that the additional $10.9 million in bandwidth remedy payments be refunded to retail customers. In January 2016 the PUCT issued its order affirming the ALJ’s recommendation, and Entergy Texas filed a motion for rehearing of the PUCT’s decision, which the PUCT denied. In March 2016, Entergy Texas filed a complaint in Federal District Court for the Western District of Texas and a petition in the Travis County (State) District Court appealing the PUCT’s decision. Both appeals are pending, but the appeals do not stay the PUCT’s decision. In April 2016, Entergy Texas filed with the PUCT an application to refund to customers approximately $56.2 million . The refund resulted from (i) $41.8 million of fuel cost recovery over-collections through February 2016, (ii) the $10.9 million in bandwidth remedy payments, discussed above, that Entergy Texas received related to calendar year 2006 production costs, and (iii) $3.5 million in bandwidth remedy payments that Entergy Texas received related to 2006-2008 production costs. Entergy Texas requested that the refund be made to most customers over a four-month period beginning June 2016. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. Filings with the APSC 2015 Rate Case In April 2015, Entergy Arkansas filed with the APSC for a general change in rates, charges, and tariffs. The filing notified the APSC of Entergy Arkansas’s intent to implement a formula rate review mechanism pursuant to Arkansas legislation passed in 2015, and requested a retail rate increase of $268.4 million, with a net increase in revenue of $167 million. The filing requested a 10.2% return on common equity. In September 2015, APSC staff and intervenors filed direct testimony, with the APSC staff recommending a revenue requirement of $217.9 million and a 9.65% return on common equity. In December 2015, Entergy Arkansas, the APSC staff, and certain of the intervenors in the rate case filed with the APSC a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $225 million with a net increase in revenue of approximately $133 million ; an authorized return on common equity of 9.75% ; and a formula rate plan tariff that provides a 50 basis point band around the 9.75% allowed return on common equity. A significant portion of the rate increase is related to Entergy Arkansas’s acquisition in March 2016 of Union Power Station Power Block 2 for a base purchase price of $237 million , subject to closing adjustments. The settlement agreement also provided for amortization over a 10-year period of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance. A hearing was held in January 2016. In February 2016 the APSC approved the settlement with one exception that would reduce the retail rate increase proposed in the settlement by $5 million . The settling parties agreed to the APSC modifications in February 2016. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. In March 2016, Entergy Arkansas made a compliance filing regarding the new rates that included an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. The interim base rate adjustment surcharge will recover a total of $21.1 million over the nine-month period from April 2016 through December 2016. Entergy Arkansas plans to make its first formula rate plan filing in July 2016 for rates effective with the first billing cycle of January 2017. Filings with the LPSC Retail Rates - Electric Ninemile 6 As discussed in the Form 10-K, in July 2015, Entergy Louisiana submitted to the LPSC a Ninemile 6 compliance filing including an estimate at completion, inclusive of interconnection costs and transmission upgrades, of approximately $648 million , or $76 million less than originally estimated, along with other project details and supporting evidence, to enable the LPSC to review the prudence of Entergy Louisiana’s management of the project. Testimony filed by LPSC staff generally supports the prudence of the management of the project and recovery of the costs incurred to complete the project. The LPSC staff has questioned the warranty coverage for one element of the project. In March 2016, Entergy Louisiana and the LPSC staff filed a joint motion to suspend the procedural schedule pending the filing of an uncontested joint stipulated settlement. Union Power Station As discussed in the Form 10-K, in October 2015 the LPSC approved a settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station. In March 2016, Entergy Louisiana acquired Power Blocks 3 and 4 of Union Power Station for an aggregate purchase price of approximately $474 million , subject to closing adjustments, and implemented rates to collect the estimated first-year revenue requirement with the first billing cycle of March 2016. Retail Rates - Gas In January 2016, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2015. The filing showed an earned return on common equity of 10.22% , which is within the authorized bandwidth, therefore requiring no change in rates. In March 2016 the LPSC staff issued its report stating that the 2015 gas rate stabilization plan filing is in compliance with the exception of several issues that require additional information, explanation, or clarification for which the LPSC staff has reserved the right to further review. Discovery regarding these issues is pending, but a procedural schedule has not been established for addressing the outstanding issues. Absent approval of an extension by the LPSC, test year 2015 is the final year under the current gas rate stabilization plan. In February 2016, however, Entergy Louisiana filed a motion requesting to extend the terms of the gas rate stabilization plan for an additional three-year term. A procedural schedule has not been established. Filings with the MPSC In March 2016, Entergy Mississippi submitted its formula rate plan 2016 test year filing showing Entergy Mississippi’s projected earned return for the 2016 calendar year to be below the formula rate plan bandwidth. The filing shows a $32.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 9.96% , within the formula rate plan bandwidth. The filing is currently subject to MPSC review. In April 2016 the Mississippi Public Utilities Staff filed a letter disputing the formula rate plan evaluation report subject to its continued review of the submittal. A final order is expected in second quarter 2016, with the resulting rates effective mid-year 2016. Pursuant to the terms of the formula rate plan, Entergy Mississippi also submitted an informational look-back filing for 2015 that showed Entergy Mississippi’s 2015 earned return was within the formula rate plan bandwidth. Filings with the City Council As discussed in the Form 10-K, in November 2015 the City Council authorized expansion of the purchased power and capacity acquisition cost recovery rider to recover the non-fuel purchased power expense from Ninemile 6 as well as the revenue requirement associated with the acquisition of Power Block 1 of Union Power Station. In March 2016, Entergy New Orleans acquired Power Block 1 of Union Power Station for approximately $237 million , subject to closing adjustments, and initiated recovery of these costs with March 2016 bills. Filings with the PUCT 2011 Rate Case See the Form 10-K for discussion of Entergy Texas’s 2011 rate case. As discussed in the Form 10-K, several parties, including Entergy Texas, appealed various aspects of the PUCT’s order to the Travis County District Court. In October 2014 the Travis County District Court issued an order upholding the PUCT’s decision except as to the line-loss factor issue referenced in the Form 10-K, which was found in favor of Entergy Texas. In November 2014, Entergy Texas and other parties, including the PUCT, appealed the Travis County District Court decision to the Third Court of Appeals. Oral argument before the court panel was held in September 2015. In April 2016 the Third Court of Appeals issued its opinion affirming the District Court’s decision on all points. Entergy Texas plans to petition the Texas Supreme Court to hear its appeal of the Third Court’s ruling. Other Filings In September 2015, Entergy Texas filed for a transmission cost recovery factor rider requesting a $13 million increase, incremental to base rates. Testimony was filed in November 2015, with the PUCT staff and other parties proposing various disallowances involving, among other things, MISO charges, vegetation management costs, and bad debt expenses that would reduce the requested increase by approximately $2 million . In addition to those recommended disallowances, a number of parties recommended that Entergy Texas’s request be reduced by an additional $3.4 million to account for load growth since base rates were last set. A hearing on the merits was held in December 2015. In February 2016 a State Office of Administrative Hearings ALJ issued a proposal for decision recommending that the PUCT disallow approximately $2 million from Entergy Texas’s $13 million request, but recommending that the PUCT not accept the load growth offset. In May 2016 the PUCT deferred final consideration of Entergy Texas’s TCRF application and opened the record to consider additional evidence to be provided by Entergy Texas and potentially other parties regarding the rate-making treatment of spare transmission-level transformers that are transferred among the Utility operating companies. It is not known when the PUCT will take up the merits of this matter, but Entergy Texas was granted interim rates as of April 14, 2016 whenever a final order is issued setting those rates. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates 2015 Rate Filing Based on Calendar Year 2014 Production Costs In May 2015, Entergy filed with the FERC the 2015 rates in accordance with the FERC’s orders in the System Agreement proceeding. The filing shows that no payments and receipts are required in 2015 to implement the FERC’s remedy based on calendar year 2014 production costs. Several parties intervened in the proceeding and the LPSC and City Council intervened and filed comments. In October 2015 the FERC accepted the 2015 rates for filing, suspended them for a nominal period, to become effective June 1, 2015, as requested, subject to refund, and set them for hearing and settlement judge procedures. In March 2016, Entergy Services filed a settlement at the FERC resolving the 2015 rate filing. In the settlement, the parties did not dispute the 2015 rates as calculated with no payments or receipts. Pursuant to the settlement, the 2015 rates are subject to a recalculation and compliance filing upon resolution of other ongoing bandwidth-related proceedings. Interruptible Load Proceedings See the Form 10-K for a discussion of the interruptible load proceeding. In April 2016 the FERC issued an order on remand that addressed the December 2014 decision by the D.C. Circuit in the interruptible load proceeding. The order on remand affirmed the FERC’s denial of refunds for the 15-month refund effective period. The FERC explained and clarified its policies regarding refunds and concluded that the evidence in the record demonstrated that the relevant equitable factors favored not requiring refunds in this case. The FERC also noted that, under Section 206(c) of the Federal Power Act, in a Section 206 proceeding involving two or more electric utility companies of a registered holding company system, the FERC may order refunds only if it determines the refunds would not cause the registered holding company to experience any reduction in revenues resulting from an inability of an electric utility company in the system to recover the resulting increase in costs. The FERC stated it was not able to find that the Entergy system would not experience a reduction in revenues if refunds were awarded in this proceeding, which further supported the denial of refunds. Entergy Arkansas Opportunity Sales Proceedings See the Form 10-K for a discussion of the proceeding initiated at the FERC by the LPSC in June 2009 in which the LPSC initially requested that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocate the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibits sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. In April 2016 the FERC issued orders addressing the requests for rehearing filed in July 2012 and the ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. The effect of the FERC’s decisions, if upheld, is that Entergy Arkansas will make payments to some or all of the other Utility operating companies. As part of the further proceedings required by the FERC, Entergy will re-run intra-system bills for a ten-year period (2000-2009) to quantify the effects of the FERC's rulings. The ALJ will issue an initial decision and FERC will issue an order reviewing that decision. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing that initial decision and Entergy submits a subsequent filing to comply with that order. Because further proceedings are required, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case, however, in the first quarter 2016 Entergy Arkansas recorded a liability of $87 million for its estimated increased costs and payment to the other Utility operating companies, including interest. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Therefore Entergy Arkansas recorded a regulatory asset of approximately $75 million , which represents its estimate of the retail portion of the costs. |
Entergy Texas [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Louisiana In April 2010 the LPSC authorized its staff to initiate an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through the fuel adjustment clause by Entergy Louisiana for the period from 2005 through 2009. The LPSC staff issued its audit report in January 2013. The LPSC staff recommended that Entergy Louisiana refund approximately $1.9 million , plus interest, to customers and realign the recovery of approximately $1 million from Entergy Louisiana’s fuel adjustment clause to base rates. The recommended refund was made by Entergy Louisiana in May 2013 in the form of a credit to customers through its fuel adjustment clause filing. Two parties intervened in the proceeding. A procedural schedule was established for the identification of issues by the intervenors and for Entergy Louisiana to submit comments regarding the LPSC staff report and any issues raised by intervenors. One intervenor sought further proceedings regarding certain issues it raised in its comments on the LPSC staff report. Entergy Louisiana filed responses to both the LPSC staff report and the issues raised by the intervenor. After conducting additional discovery, in April 2016 the LPSC staff consultant issued its supplemental audit report, which concluded that Entergy Louisiana was not imprudent on the issues raised by the intervenor. In December 2011 the LPSC authorized its staff to initiate a proceeding to audit the fuel adjustment clause filings of Entergy Gulf States Louisiana and its affiliates. The audit includes a review of the reasonableness of charges flowed by Entergy Gulf States Louisiana through its fuel adjustment clause for the period 2005 through 2009. In March 2016 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $8.6 million , plus interest, to customers and realign the recovery of approximately $12.7 million from Entergy Gulf States Louisiana’s fuel adjustment clause to base rates. A procedural schedule has not been established for this proceeding, and discovery from intervenors has not commenced. Entergy Mississippi Entergy Mississippi had a deferred fuel over-recovery balance of $58.3 million as of May 31, 2015, along with an under-recovery balance of $12.3 million under the power management rider. Pursuant to those tariffs, in July 2015, Entergy Mississippi filed for interim adjustments under both the energy cost recovery rider and the power management rider to flow through to customers the approximately $46 million net over-recovery over a six-month period. In August 2015 the MPSC approved the interim adjustments effective with September 2015 bills. In November 2015, Entergy Mississippi filed its annual redetermination of the annual factor to be applied under the energy cost recovery rider. The calculation of the annual factor included a projected over-recovery balance of $48 million projected through January 31, 2016. In January 2016 the MPSC approved the redetermined annual factor effective February 1, 2016. The MPSC further ordered, however, that due to the significant change in natural gas price forecasts since Entergy Mississippi’s filing in November 2015, Entergy Mississippi shall file a revised fuel factor with the MPSC no later than February 1, 2016. Pursuant to that order, Entergy Mississippi submitted a revised fuel factor. Additionally, because Entergy Mississippi’s projected over-recovery balance for the period ending January 31, 2017 was $68 million , in February 2016, Entergy Mississippi filed for another interim adjustment to the energy cost factor effective April 2016 to flow through to customers the projected over-recovery balance over a six-month period. That interim adjustment was approved by the MPSC in February 2016 effective for April 2016 bills. Entergy Texas As discussed in the Form 10-K, in July 2015 certain parties filed briefs in the open proceeding asserting that Entergy Texas should refund to retail customers an additional $10.9 million in bandwidth remedy payments Entergy Texas received related to calendar year 2006 production costs. In October 2015 an ALJ issued a proposal for decision recommending that the additional $10.9 million in bandwidth remedy payments be refunded to retail customers. In January 2016 the PUCT issued its order affirming the ALJ’s recommendation, and Entergy Texas filed a motion for rehearing of the PUCT’s decision, which the PUCT denied. In March 2016, Entergy Texas filed a complaint in Federal District Court for the Western District of Texas and a petition in the Travis County (State) District Court appealing the PUCT’s decision. Both appeals are pending, but the appeals do not stay the PUCT’s decision. In April 2016, Entergy Texas filed with the PUCT an application to refund to customers approximately $56.2 million . The refund resulted from (i) $41.8 million of fuel cost recovery over-collections through February 2016, (ii) the $10.9 million in bandwidth remedy payments, discussed above, that Entergy Texas received related to calendar year 2006 production costs, and (iii) $3.5 million in bandwidth remedy payments that Entergy Texas received related to 2006-2008 production costs. Entergy Texas requested that the refund be made to most customers over a four-month period beginning June 2016. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. Filings with the APSC 2015 Rate Case In April 2015, Entergy Arkansas filed with the APSC for a general change in rates, charges, and tariffs. The filing notified the APSC of Entergy Arkansas’s intent to implement a formula rate review mechanism pursuant to Arkansas legislation passed in 2015, and requested a retail rate increase of $268.4 million, with a net increase in revenue of $167 million. The filing requested a 10.2% return on common equity. In September 2015, APSC staff and intervenors filed direct testimony, with the APSC staff recommending a revenue requirement of $217.9 million and a 9.65% return on common equity. In December 2015, Entergy Arkansas, the APSC staff, and certain of the intervenors in the rate case filed with the APSC a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $225 million with a net increase in revenue of approximately $133 million ; an authorized return on common equity of 9.75% ; and a formula rate plan tariff that provides a 50 basis point band around the 9.75% allowed return on common equity. A significant portion of the rate increase is related to Entergy Arkansas’s acquisition in March 2016 of Union Power Station Power Block 2 for a base purchase price of $237 million , subject to closing adjustments. The settlement agreement also provided for amortization over a 10-year period of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance. A hearing was held in January 2016. In February 2016 the APSC approved the settlement with one exception that would reduce the retail rate increase proposed in the settlement by $5 million . The settling parties agreed to the APSC modifications in February 2016. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. In March 2016, Entergy Arkansas made a compliance filing regarding the new rates that included an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. The interim base rate adjustment surcharge will recover a total of $21.1 million over the nine-month period from April 2016 through December 2016. Entergy Arkansas plans to make its first formula rate plan filing in July 2016 for rates effective with the first billing cycle of January 2017. Filings with the LPSC Retail Rates - Electric Ninemile 6 As discussed in the Form 10-K, in July 2015, Entergy Louisiana submitted to the LPSC a Ninemile 6 compliance filing including an estimate at completion, inclusive of interconnection costs and transmission upgrades, of approximately $648 million , or $76 million less than originally estimated, along with other project details and supporting evidence, to enable the LPSC to review the prudence of Entergy Louisiana’s management of the project. Testimony filed by LPSC staff generally supports the prudence of the management of the project and recovery of the costs incurred to complete the project. The LPSC staff has questioned the warranty coverage for one element of the project. In March 2016, Entergy Louisiana and the LPSC staff filed a joint motion to suspend the procedural schedule pending the filing of an uncontested joint stipulated settlement. Union Power Station As discussed in the Form 10-K, in October 2015 the LPSC approved a settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station. In March 2016, Entergy Louisiana acquired Power Blocks 3 and 4 of Union Power Station for an aggregate purchase price of approximately $474 million , subject to closing adjustments, and implemented rates to collect the estimated first-year revenue requirement with the first billing cycle of March 2016. Retail Rates - Gas In January 2016, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2015. The filing showed an earned return on common equity of 10.22% , which is within the authorized bandwidth, therefore requiring no change in rates. In March 2016 the LPSC staff issued its report stating that the 2015 gas rate stabilization plan filing is in compliance with the exception of several issues that require additional information, explanation, or clarification for which the LPSC staff has reserved the right to further review. Discovery regarding these issues is pending, but a procedural schedule has not been established for addressing the outstanding issues. Absent approval of an extension by the LPSC, test year 2015 is the final year under the current gas rate stabilization plan. In February 2016, however, Entergy Louisiana filed a motion requesting to extend the terms of the gas rate stabilization plan for an additional three-year term. A procedural schedule has not been established. Filings with the MPSC In March 2016, Entergy Mississippi submitted its formula rate plan 2016 test year filing showing Entergy Mississippi’s projected earned return for the 2016 calendar year to be below the formula rate plan bandwidth. The filing shows a $32.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 9.96% , within the formula rate plan bandwidth. The filing is currently subject to MPSC review. In April 2016 the Mississippi Public Utilities Staff filed a letter disputing the formula rate plan evaluation report subject to its continued review of the submittal. A final order is expected in second quarter 2016, with the resulting rates effective mid-year 2016. Pursuant to the terms of the formula rate plan, Entergy Mississippi also submitted an informational look-back filing for 2015 that showed Entergy Mississippi’s 2015 earned return was within the formula rate plan bandwidth. Filings with the City Council As discussed in the Form 10-K, in November 2015 the City Council authorized expansion of the purchased power and capacity acquisition cost recovery rider to recover the non-fuel purchased power expense from Ninemile 6 as well as the revenue requirement associated with the acquisition of Power Block 1 of Union Power Station. In March 2016, Entergy New Orleans acquired Power Block 1 of Union Power Station for approximately $237 million , subject to closing adjustments, and initiated recovery of these costs with March 2016 bills. Filings with the PUCT 2011 Rate Case See the Form 10-K for discussion of Entergy Texas’s 2011 rate case. As discussed in the Form 10-K, several parties, including Entergy Texas, appealed various aspects of the PUCT’s order to the Travis County District Court. In October 2014 the Travis County District Court issued an order upholding the PUCT’s decision except as to the line-loss factor issue referenced in the Form 10-K, which was found in favor of Entergy Texas. In November 2014, Entergy Texas and other parties, including the PUCT, appealed the Travis County District Court decision to the Third Court of Appeals. Oral argument before the court panel was held in September 2015. In April 2016 the Third Court of Appeals issued its opinion affirming the District Court’s decision on all points. Entergy Texas plans to petition the Texas Supreme Court to hear its appeal of the Third Court’s ruling. Other Filings In September 2015, Entergy Texas filed for a transmission cost recovery factor rider requesting a $13 million increase, incremental to base rates. Testimony was filed in November 2015, with the PUCT staff and other parties proposing various disallowances involving, among other things, MISO charges, vegetation management costs, and bad debt expenses that would reduce the requested increase by approximately $2 million . In addition to those recommended disallowances, a number of parties recommended that Entergy Texas’s request be reduced by an additional $3.4 million to account for load growth since base rates were last set. A hearing on the merits was held in December 2015. In February 2016 a State Office of Administrative Hearings ALJ issued a proposal for decision recommending that the PUCT disallow approximately $2 million from Entergy Texas’s $13 million request, but recommending that the PUCT not accept the load growth offset. In May 2016 the PUCT deferred final consideration of Entergy Texas’s TCRF application and opened the record to consider additional evidence to be provided by Entergy Texas and potentially other parties regarding the rate-making treatment of spare transmission-level transformers that are transferred among the Utility operating companies. It is not known when the PUCT will take up the merits of this matter, but Entergy Texas was granted interim rates as of April 14, 2016 whenever a final order is issued setting those rates. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates 2015 Rate Filing Based on Calendar Year 2014 Production Costs In May 2015, Entergy filed with the FERC the 2015 rates in accordance with the FERC’s orders in the System Agreement proceeding. The filing shows that no payments and receipts are required in 2015 to implement the FERC’s remedy based on calendar year 2014 production costs. Several parties intervened in the proceeding and the LPSC and City Council intervened and filed comments. In October 2015 the FERC accepted the 2015 rates for filing, suspended them for a nominal period, to become effective June 1, 2015, as requested, subject to refund, and set them for hearing and settlement judge procedures. In March 2016, Entergy Services filed a settlement at the FERC resolving the 2015 rate filing. In the settlement, the parties did not dispute the 2015 rates as calculated with no payments or receipts. Pursuant to the settlement, the 2015 rates are subject to a recalculation and compliance filing upon resolution of other ongoing bandwidth-related proceedings. Interruptible Load Proceedings See the Form 10-K for a discussion of the interruptible load proceeding. In April 2016 the FERC issued an order on remand that addressed the December 2014 decision by the D.C. Circuit in the interruptible load proceeding. The order on remand affirmed the FERC’s denial of refunds for the 15-month refund effective period. The FERC explained and clarified its policies regarding refunds and concluded that the evidence in the record demonstrated that the relevant equitable factors favored not requiring refunds in this case. The FERC also noted that, under Section 206(c) of the Federal Power Act, in a Section 206 proceeding involving two or more electric utility companies of a registered holding company system, the FERC may order refunds only if it determines the refunds would not cause the registered holding company to experience any reduction in revenues resulting from an inability of an electric utility company in the system to recover the resulting increase in costs. The FERC stated it was not able to find that the Entergy system would not experience a reduction in revenues if refunds were awarded in this proceeding, which further supported the denial of refunds. Entergy Arkansas Opportunity Sales Proceedings See the Form 10-K for a discussion of the proceeding initiated at the FERC by the LPSC in June 2009 in which the LPSC initially requested that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocate the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibits sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. In April 2016 the FERC issued orders addressing the requests for rehearing filed in July 2012 and the ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. The effect of the FERC’s decisions, if upheld, is that Entergy Arkansas will make payments to some or all of the other Utility operating companies. As part of the further proceedings required by the FERC, Entergy will re-run intra-system bills for a ten-year period (2000-2009) to quantify the effects of the FERC's rulings. The ALJ will issue an initial decision and FERC will issue an order reviewing that decision. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing that initial decision and Entergy submits a subsequent filing to comply with that order. Because further proceedings are required, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case, however, in the first quarter 2016 Entergy Arkansas recorded a liability of $87 million for its estimated increased costs and payment to the other Utility operating companies, including interest. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Therefore Entergy Arkansas recorded a regulatory asset of approximately $75 million , which represents its estimate of the retail portion of the costs. |
System Energy [Member] | |
Public Utilities Disclosure [Text Block] | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Louisiana In April 2010 the LPSC authorized its staff to initiate an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through the fuel adjustment clause by Entergy Louisiana for the period from 2005 through 2009. The LPSC staff issued its audit report in January 2013. The LPSC staff recommended that Entergy Louisiana refund approximately $1.9 million , plus interest, to customers and realign the recovery of approximately $1 million from Entergy Louisiana’s fuel adjustment clause to base rates. The recommended refund was made by Entergy Louisiana in May 2013 in the form of a credit to customers through its fuel adjustment clause filing. Two parties intervened in the proceeding. A procedural schedule was established for the identification of issues by the intervenors and for Entergy Louisiana to submit comments regarding the LPSC staff report and any issues raised by intervenors. One intervenor sought further proceedings regarding certain issues it raised in its comments on the LPSC staff report. Entergy Louisiana filed responses to both the LPSC staff report and the issues raised by the intervenor. After conducting additional discovery, in April 2016 the LPSC staff consultant issued its supplemental audit report, which concluded that Entergy Louisiana was not imprudent on the issues raised by the intervenor. In December 2011 the LPSC authorized its staff to initiate a proceeding to audit the fuel adjustment clause filings of Entergy Gulf States Louisiana and its affiliates. The audit includes a review of the reasonableness of charges flowed by Entergy Gulf States Louisiana through its fuel adjustment clause for the period 2005 through 2009. In March 2016 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $8.6 million , plus interest, to customers and realign the recovery of approximately $12.7 million from Entergy Gulf States Louisiana’s fuel adjustment clause to base rates. A procedural schedule has not been established for this proceeding, and discovery from intervenors has not commenced. Entergy Mississippi Entergy Mississippi had a deferred fuel over-recovery balance of $58.3 million as of May 31, 2015, along with an under-recovery balance of $12.3 million under the power management rider. Pursuant to those tariffs, in July 2015, Entergy Mississippi filed for interim adjustments under both the energy cost recovery rider and the power management rider to flow through to customers the approximately $46 million net over-recovery over a six-month period. In August 2015 the MPSC approved the interim adjustments effective with September 2015 bills. In November 2015, Entergy Mississippi filed its annual redetermination of the annual factor to be applied under the energy cost recovery rider. The calculation of the annual factor included a projected over-recovery balance of $48 million projected through January 31, 2016. In January 2016 the MPSC approved the redetermined annual factor effective February 1, 2016. The MPSC further ordered, however, that due to the significant change in natural gas price forecasts since Entergy Mississippi’s filing in November 2015, Entergy Mississippi shall file a revised fuel factor with the MPSC no later than February 1, 2016. Pursuant to that order, Entergy Mississippi submitted a revised fuel factor. Additionally, because Entergy Mississippi’s projected over-recovery balance for the period ending January 31, 2017 was $68 million , in February 2016, Entergy Mississippi filed for another interim adjustment to the energy cost factor effective April 2016 to flow through to customers the projected over-recovery balance over a six-month period. That interim adjustment was approved by the MPSC in February 2016 effective for April 2016 bills. Entergy Texas As discussed in the Form 10-K, in July 2015 certain parties filed briefs in the open proceeding asserting that Entergy Texas should refund to retail customers an additional $10.9 million in bandwidth remedy payments Entergy Texas received related to calendar year 2006 production costs. In October 2015 an ALJ issued a proposal for decision recommending that the additional $10.9 million in bandwidth remedy payments be refunded to retail customers. In January 2016 the PUCT issued its order affirming the ALJ’s recommendation, and Entergy Texas filed a motion for rehearing of the PUCT’s decision, which the PUCT denied. In March 2016, Entergy Texas filed a complaint in Federal District Court for the Western District of Texas and a petition in the Travis County (State) District Court appealing the PUCT’s decision. Both appeals are pending, but the appeals do not stay the PUCT’s decision. In April 2016, Entergy Texas filed with the PUCT an application to refund to customers approximately $56.2 million . The refund resulted from (i) $41.8 million of fuel cost recovery over-collections through February 2016, (ii) the $10.9 million in bandwidth remedy payments, discussed above, that Entergy Texas received related to calendar year 2006 production costs, and (iii) $3.5 million in bandwidth remedy payments that Entergy Texas received related to 2006-2008 production costs. Entergy Texas requested that the refund be made to most customers over a four-month period beginning June 2016. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for detailed information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that information. Filings with the APSC 2015 Rate Case In April 2015, Entergy Arkansas filed with the APSC for a general change in rates, charges, and tariffs. The filing notified the APSC of Entergy Arkansas’s intent to implement a formula rate review mechanism pursuant to Arkansas legislation passed in 2015, and requested a retail rate increase of $268.4 million, with a net increase in revenue of $167 million. The filing requested a 10.2% return on common equity. In September 2015, APSC staff and intervenors filed direct testimony, with the APSC staff recommending a revenue requirement of $217.9 million and a 9.65% return on common equity. In December 2015, Entergy Arkansas, the APSC staff, and certain of the intervenors in the rate case filed with the APSC a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $225 million with a net increase in revenue of approximately $133 million ; an authorized return on common equity of 9.75% ; and a formula rate plan tariff that provides a 50 basis point band around the 9.75% allowed return on common equity. A significant portion of the rate increase is related to Entergy Arkansas’s acquisition in March 2016 of Union Power Station Power Block 2 for a base purchase price of $237 million , subject to closing adjustments. The settlement agreement also provided for amortization over a 10-year period of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance. A hearing was held in January 2016. In February 2016 the APSC approved the settlement with one exception that would reduce the retail rate increase proposed in the settlement by $5 million . The settling parties agreed to the APSC modifications in February 2016. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. In March 2016, Entergy Arkansas made a compliance filing regarding the new rates that included an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. The interim base rate adjustment surcharge will recover a total of $21.1 million over the nine-month period from April 2016 through December 2016. Entergy Arkansas plans to make its first formula rate plan filing in July 2016 for rates effective with the first billing cycle of January 2017. Filings with the LPSC Retail Rates - Electric Ninemile 6 As discussed in the Form 10-K, in July 2015, Entergy Louisiana submitted to the LPSC a Ninemile 6 compliance filing including an estimate at completion, inclusive of interconnection costs and transmission upgrades, of approximately $648 million , or $76 million less than originally estimated, along with other project details and supporting evidence, to enable the LPSC to review the prudence of Entergy Louisiana’s management of the project. Testimony filed by LPSC staff generally supports the prudence of the management of the project and recovery of the costs incurred to complete the project. The LPSC staff has questioned the warranty coverage for one element of the project. In March 2016, Entergy Louisiana and the LPSC staff filed a joint motion to suspend the procedural schedule pending the filing of an uncontested joint stipulated settlement. Union Power Station As discussed in the Form 10-K, in October 2015 the LPSC approved a settlement authorizing the purchase of Power Blocks 3 and 4 of the Union Power Station. In March 2016, Entergy Louisiana acquired Power Blocks 3 and 4 of Union Power Station for an aggregate purchase price of approximately $474 million , subject to closing adjustments, and implemented rates to collect the estimated first-year revenue requirement with the first billing cycle of March 2016. Retail Rates - Gas In January 2016, Entergy Louisiana filed with the LPSC its gas rate stabilization plan for the test year ended September 30, 2015. The filing showed an earned return on common equity of 10.22% , which is within the authorized bandwidth, therefore requiring no change in rates. In March 2016 the LPSC staff issued its report stating that the 2015 gas rate stabilization plan filing is in compliance with the exception of several issues that require additional information, explanation, or clarification for which the LPSC staff has reserved the right to further review. Discovery regarding these issues is pending, but a procedural schedule has not been established for addressing the outstanding issues. Absent approval of an extension by the LPSC, test year 2015 is the final year under the current gas rate stabilization plan. In February 2016, however, Entergy Louisiana filed a motion requesting to extend the terms of the gas rate stabilization plan for an additional three-year term. A procedural schedule has not been established. Filings with the MPSC In March 2016, Entergy Mississippi submitted its formula rate plan 2016 test year filing showing Entergy Mississippi’s projected earned return for the 2016 calendar year to be below the formula rate plan bandwidth. The filing shows a $32.6 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 9.96% , within the formula rate plan bandwidth. The filing is currently subject to MPSC review. In April 2016 the Mississippi Public Utilities Staff filed a letter disputing the formula rate plan evaluation report subject to its continued review of the submittal. A final order is expected in second quarter 2016, with the resulting rates effective mid-year 2016. Pursuant to the terms of the formula rate plan, Entergy Mississippi also submitted an informational look-back filing for 2015 that showed Entergy Mississippi’s 2015 earned return was within the formula rate plan bandwidth. Filings with the City Council As discussed in the Form 10-K, in November 2015 the City Council authorized expansion of the purchased power and capacity acquisition cost recovery rider to recover the non-fuel purchased power expense from Ninemile 6 as well as the revenue requirement associated with the acquisition of Power Block 1 of Union Power Station. In March 2016, Entergy New Orleans acquired Power Block 1 of Union Power Station for approximately $237 million , subject to closing adjustments, and initiated recovery of these costs with March 2016 bills. Filings with the PUCT 2011 Rate Case See the Form 10-K for discussion of Entergy Texas’s 2011 rate case. As discussed in the Form 10-K, several parties, including Entergy Texas, appealed various aspects of the PUCT’s order to the Travis County District Court. In October 2014 the Travis County District Court issued an order upholding the PUCT’s decision except as to the line-loss factor issue referenced in the Form 10-K, which was found in favor of Entergy Texas. In November 2014, Entergy Texas and other parties, including the PUCT, appealed the Travis County District Court decision to the Third Court of Appeals. Oral argument before the court panel was held in September 2015. In April 2016 the Third Court of Appeals issued its opinion affirming the District Court’s decision on all points. Entergy Texas plans to petition the Texas Supreme Court to hear its appeal of the Third Court’s ruling. Other Filings In September 2015, Entergy Texas filed for a transmission cost recovery factor rider requesting a $13 million increase, incremental to base rates. Testimony was filed in November 2015, with the PUCT staff and other parties proposing various disallowances involving, among other things, MISO charges, vegetation management costs, and bad debt expenses that would reduce the requested increase by approximately $2 million . In addition to those recommended disallowances, a number of parties recommended that Entergy Texas’s request be reduced by an additional $3.4 million to account for load growth since base rates were last set. A hearing on the merits was held in December 2015. In February 2016 a State Office of Administrative Hearings ALJ issued a proposal for decision recommending that the PUCT disallow approximately $2 million from Entergy Texas’s $13 million request, but recommending that the PUCT not accept the load growth offset. In May 2016 the PUCT deferred final consideration of Entergy Texas’s TCRF application and opened the record to consider additional evidence to be provided by Entergy Texas and potentially other parties regarding the rate-making treatment of spare transmission-level transformers that are transferred among the Utility operating companies. It is not known when the PUCT will take up the merits of this matter, but Entergy Texas was granted interim rates as of April 14, 2016 whenever a final order is issued setting those rates. System Agreement Cost Equalization Proceedings Rough Production Cost Equalization Rates 2015 Rate Filing Based on Calendar Year 2014 Production Costs In May 2015, Entergy filed with the FERC the 2015 rates in accordance with the FERC’s orders in the System Agreement proceeding. The filing shows that no payments and receipts are required in 2015 to implement the FERC’s remedy based on calendar year 2014 production costs. Several parties intervened in the proceeding and the LPSC and City Council intervened and filed comments. In October 2015 the FERC accepted the 2015 rates for filing, suspended them for a nominal period, to become effective June 1, 2015, as requested, subject to refund, and set them for hearing and settlement judge procedures. In March 2016, Entergy Services filed a settlement at the FERC resolving the 2015 rate filing. In the settlement, the parties did not dispute the 2015 rates as calculated with no payments or receipts. Pursuant to the settlement, the 2015 rates are subject to a recalculation and compliance filing upon resolution of other ongoing bandwidth-related proceedings. Interruptible Load Proceedings See the Form 10-K for a discussion of the interruptible load proceeding. In April 2016 the FERC issued an order on remand that addressed the December 2014 decision by the D.C. Circuit in the interruptible load proceeding. The order on remand affirmed the FERC’s denial of refunds for the 15-month refund effective period. The FERC explained and clarified its policies regarding refunds and concluded that the evidence in the record demonstrated that the relevant equitable factors favored not requiring refunds in this case. The FERC also noted that, under Section 206(c) of the Federal Power Act, in a Section 206 proceeding involving two or more electric utility companies of a registered holding company system, the FERC may order refunds only if it determines the refunds would not cause the registered holding company to experience any reduction in revenues resulting from an inability of an electric utility company in the system to recover the resulting increase in costs. The FERC stated it was not able to find that the Entergy system would not experience a reduction in revenues if refunds were awarded in this proceeding, which further supported the denial of refunds. Entergy Arkansas Opportunity Sales Proceedings See the Form 10-K for a discussion of the proceeding initiated at the FERC by the LPSC in June 2009 in which the LPSC initially requested that the FERC determine that certain of Entergy Arkansas’s sales of electric energy to third parties: (a) violated the provisions of the System Agreement that allocate the energy generated by Entergy System resources, (b) imprudently denied the Entergy System and its ultimate consumers the benefits of low-cost Entergy System generating capacity, and (c) violated the provision of the System Agreement that prohibits sales to third parties by individual companies absent an offer of a right-of-first-refusal to other Utility operating companies. In April 2016 the FERC issued orders addressing the requests for rehearing filed in July 2012 and the ALJ’s August 2013 initial decision. The first order denies Entergy’s request for rehearing and affirms FERC’s earlier rulings that Entergy’s original methodology for allocating energy costs to the opportunity sales was incorrect and, as a result, Entergy Arkansas must make payments to the other Utility operating companies to put them in the same position that they would have been in absent the incorrect allocation. The FERC clarified that interest should be included with the payments. The second order affirmed in part, and reversed in part, the rulings in the ALJ’s initial decision regarding the methodology that should be used to calculate the payments Entergy Arkansas is to make to the other Utility operating companies. The FERC affirmed the ALJ’s ruling that a full re-run of intra-system bills should be performed, but required that methodology be modified so that the sales have the same priority for purposes of energy allocation as joint account sales. The FERC reversed the ALJ’s decision that any payments by Entergy Arkansas should be reduced by 20% . The FERC also reversed the ALJ’s decision that adjustments to other System Agreement service schedules and excess bandwidth payments should not be taken into account when calculating the payments to be made by Entergy Arkansas. The FERC held that such adjustments and excess bandwidth payments should be taken into account, but ordered further proceedings before an ALJ to address whether a cap on any reduction due to bandwidth payments was necessary and to implement the other adjustments to the calculation methodology. The effect of the FERC’s decisions, if upheld, is that Entergy Arkansas will make payments to some or all of the other Utility operating companies. As part of the further proceedings required by the FERC, Entergy will re-run intra-system bills for a ten-year period (2000-2009) to quantify the effects of the FERC's rulings. The ALJ will issue an initial decision and FERC will issue an order reviewing that decision. No payments will be made or received by the Utility operating companies until the FERC issues an order reviewing that initial decision and Entergy submits a subsequent filing to comply with that order. Because further proceedings are required, the amount and recipients of payments by Entergy Arkansas are unknown at this time. Based on testimony previously submitted in the case, however, in the first quarter 2016 Entergy Arkansas recorded a liability of $87 million for its estimated increased costs and payment to the other Utility operating companies, including interest. This estimate is subject to change depending on how the FERC resolves the issues that are still outstanding in the case. Entergy Arkansas’s increased costs will be attributed to Entergy Arkansas’s retail and wholesale businesses, and it is not probable that Entergy Arkansas will recover the wholesale portion. Therefore Entergy Arkansas recorded a regulatory asset of approximately $75 million , which represents its estimate of the retail portion of the costs. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 2015 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $230.0 178.6 $1.29 $298.1 179.7 $1.66 Average dilutive effect of: Stock options 0.1 — 0.5 (0.01 ) Other equity plans 0.3 (0.01 ) 0.3 — Diluted earnings per share $230.0 179.0 $1.28 $298.1 180.5 $1.65 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 6.1 million for the three months ended March 31, 2016 and approximately 3.5 million for the three months ended March 31, 2015 . Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Treasury Stock During the three months ended March 31, 2016 , Entergy Corporation issued 332,576 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, 2016. Retained Earnings On April 6, 2016, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.85 per share, payable on June 1, 2016, to holders of record as of May 12, 2016. 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, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2016 $105,970 ($466,604 ) $367,557 $2,028 $8,951 Other comprehensive income (loss) before reclassifications 90,307 — 25,032 (284 ) 115,055 Amounts reclassified from accumulated other comprehensive income (loss) (99,813 ) 7,562 (1,963 ) — (94,214 ) Net other comprehensive income (loss) for the period (9,506 ) 7,562 23,069 (284 ) 20,841 Ending balance, March 31, 2016 $96,464 ($459,042 ) $390,626 $1,744 $29,792 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2015 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2015 $98,118 ($569,789 ) $426,695 $2,669 ($42,307 ) Other comprehensive income (loss) before reclassifications (20,896 ) 13 12,658 (551 ) (8,776 ) Amounts reclassified from accumulated other comprehensive income (loss) (8,434 ) 8,435 (8,655 ) — (8,654 ) Net other comprehensive income (loss) for the period (29,330 ) 8,448 4,003 (551 ) (17,430 ) Ending balance, March 31, 2015 $68,788 ($561,341 ) $430,698 $2,118 ($59,737 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2016: Pension and Other (In Thousands) Beginning balance, January 1, 2016 ($56,412 ) Amounts reclassified from accumulated other (263 ) Net other comprehensive income (loss) for the period (263 ) Ending balance, March 31, 2016 ($56,675 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2015: Pension and Other (In Thousands) Beginning balance, January 1, 2015 ($79,223 ) Amounts reclassified from accumulated other 380 Net other comprehensive income (loss) for the period 380 Ending balance, March 31, 2015 ($78,843 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2016 are as follows: Amounts Income Statement Location (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $153,958 Competitive business operating revenues Interest rate swaps (400 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 153,558 (53,745 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $99,813 Pension and other postretirement liabilities Amortization of prior-service credit $7,355 (a) Amortization of loss (15,175 ) (a) Total amortization (7,820 ) 258 Income taxes Total amortization (net of tax) ($7,562 ) Net unrealized investment gain (loss) Realized gain (loss) $3,850 Interest and investment income (1,887 ) Income taxes Total realized investment gain (loss) (net of tax) $1,963 Total reclassifications for the period (net of tax) $94,214 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2015 are as follows: Amounts Income Statement Location (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $13,522 Competitive business operating revenues Interest rate swaps (546 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 12,976 (4,542 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $8,434 Pension and other postretirement liabilities Amortization of prior-service credit $5,986 (a) Amortization of loss (17,588 ) (a) Total amortization (11,602 ) 3,167 Income taxes Total amortization (net of tax) ($8,435 ) Net unrealized investment gain (loss) Realized gain (loss) $16,970 Interest and investment income (8,315 ) Income taxes Total realized investment gain (loss) (net of tax) $8,655 Total reclassifications for the period (net of tax) $8,654 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended March 31, 2016 are as follows: Amounts reclassified Income Statement Location (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,947 (a) Amortization of loss (1,569 ) (a) Total amortization 378 (115 ) Income taxes Total amortization (net of tax) 263 Total reclassifications for the period (net of tax) $263 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended March 31, 2015 are as follows: Amounts reclassified Income Statement Location (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,867 (a) Amortization of loss (2,535 ) (a) Total amortization (668 ) 288 Income taxes Total amortization (net of tax) (380 ) Total reclassifications for the period (net of tax) ($380 ) (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Entergy Louisiana [Member] | |
Equity | EQUITY (Entergy Corporation and Entergy Louisiana) Common Stock Earnings per Share The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements: For the Three Months Ended March 31, 2016 2015 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $230.0 178.6 $1.29 $298.1 179.7 $1.66 Average dilutive effect of: Stock options 0.1 — 0.5 (0.01 ) Other equity plans 0.3 (0.01 ) 0.3 — Diluted earnings per share $230.0 179.0 $1.28 $298.1 180.5 $1.65 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 6.1 million for the three months ended March 31, 2016 and approximately 3.5 million for the three months ended March 31, 2015 . Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Treasury Stock During the three months ended March 31, 2016 , Entergy Corporation issued 332,576 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, 2016. Retained Earnings On April 6, 2016, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.85 per share, payable on June 1, 2016, to holders of record as of May 12, 2016. 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, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2016 $105,970 ($466,604 ) $367,557 $2,028 $8,951 Other comprehensive income (loss) before reclassifications 90,307 — 25,032 (284 ) 115,055 Amounts reclassified from accumulated other comprehensive income (loss) (99,813 ) 7,562 (1,963 ) — (94,214 ) Net other comprehensive income (loss) for the period (9,506 ) 7,562 23,069 (284 ) 20,841 Ending balance, March 31, 2016 $96,464 ($459,042 ) $390,626 $1,744 $29,792 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2015 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2015 $98,118 ($569,789 ) $426,695 $2,669 ($42,307 ) Other comprehensive income (loss) before reclassifications (20,896 ) 13 12,658 (551 ) (8,776 ) Amounts reclassified from accumulated other comprehensive income (loss) (8,434 ) 8,435 (8,655 ) — (8,654 ) Net other comprehensive income (loss) for the period (29,330 ) 8,448 4,003 (551 ) (17,430 ) Ending balance, March 31, 2015 $68,788 ($561,341 ) $430,698 $2,118 ($59,737 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2016: Pension and Other (In Thousands) Beginning balance, January 1, 2016 ($56,412 ) Amounts reclassified from accumulated other (263 ) Net other comprehensive income (loss) for the period (263 ) Ending balance, March 31, 2016 ($56,675 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2015: Pension and Other (In Thousands) Beginning balance, January 1, 2015 ($79,223 ) Amounts reclassified from accumulated other 380 Net other comprehensive income (loss) for the period 380 Ending balance, March 31, 2015 ($78,843 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2016 are as follows: Amounts Income Statement Location (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $153,958 Competitive business operating revenues Interest rate swaps (400 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 153,558 (53,745 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $99,813 Pension and other postretirement liabilities Amortization of prior-service credit $7,355 (a) Amortization of loss (15,175 ) (a) Total amortization (7,820 ) 258 Income taxes Total amortization (net of tax) ($7,562 ) Net unrealized investment gain (loss) Realized gain (loss) $3,850 Interest and investment income (1,887 ) Income taxes Total realized investment gain (loss) (net of tax) $1,963 Total reclassifications for the period (net of tax) $94,214 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2015 are as follows: Amounts Income Statement Location (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $13,522 Competitive business operating revenues Interest rate swaps (546 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 12,976 (4,542 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $8,434 Pension and other postretirement liabilities Amortization of prior-service credit $5,986 (a) Amortization of loss (17,588 ) (a) Total amortization (11,602 ) 3,167 Income taxes Total amortization (net of tax) ($8,435 ) Net unrealized investment gain (loss) Realized gain (loss) $16,970 Interest and investment income (8,315 ) Income taxes Total realized investment gain (loss) (net of tax) $8,655 Total reclassifications for the period (net of tax) $8,654 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended March 31, 2016 are as follows: Amounts reclassified Income Statement Location (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,947 (a) Amortization of loss (1,569 ) (a) Total amortization 378 (115 ) Income taxes Total amortization (net of tax) 263 Total reclassifications for the period (net of tax) $263 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended March 31, 2015 are as follows: Amounts reclassified Income Statement Location (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,867 (a) Amortization of loss (2,535 ) (a) Total amortization (668 ) 288 Income taxes Total amortization (net of tax) (380 ) Total reclassifications for the period (net of tax) ($380 ) (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Revolving Credit Facilities, Li
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in August 2020. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2016 was 2.35% 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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion . At March 31, 2016 , Entergy Corporation had $578 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2016 was 1.14% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations related to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee entered into a credit facility guaranteed by Entergy Corporation which expires in January 2018. In the first quarter 2016, Entergy Nuclear Vermont Yankee increased the borrowing capacity of its credit facility to $100 million . Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.25% of the undrawn commitment amount. As of March 31, 2016 , $61 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2016 was 2.20% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also entered into an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of March 31, 2016 , there were no cash borrowings outstanding under the credit facility. The rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility was 2.18% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In January 2016, Entergy Arkansas issued $325 million of 3.5% Series first mortgage bonds due April 2026. Entergy Arkansas used the proceeds to pay, prior to maturity, its $175 million of 5.66% Series first mortgage bonds due February 2025, and used the remainder of the proceeds, together with other funds, towards the purchase of Power Block 2 at Union Power Station and for general corporate purposes. See Note 13 to the financial statements herein for discussion of the Union purchase. (Entergy Louisiana) In March 2016, Entergy Louisiana issued $200 million of 4.95% Series first mortgage bonds due January 2045. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, to repay borrowings under its $350 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana issued $425 million of 3.25% Series collateral trust mortgage bonds due April 2028. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana arranged for the issuance by the Louisiana Public Facilities Authority of (i) $83.680 million of 3.375% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016A due September 2028, and (ii) $115 million of 3.50% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016B due June 2030, each of which series is evidenced by a separate series of non-interest bearing collateral trust mortgage bonds of Entergy Louisiana. The proceeds from these issuances were held in trust as of March 31, 2016 and were applied in April 2016 to the refunding of $198.68 million of outstanding series of pollution control revenue bonds previously issued on behalf of Entergy Louisiana. In March 2016, Entergy Louisiana issued $51.972 million of Waterford Series collateral trust mortgage notes due July 2017 as part of the purchase of the undivided interests in Waterford 3. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction. In March 2016 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $20 million of 3.30% Series F notes. (Entergy New Orleans) In March 2016, Entergy New Orleans issued $110 million of 5.50% Series first mortgage bonds due April 2066. Entergy New Orleans used the proceeds to repay borrowings from the money pool, to repay borrowings under its $25 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Block 1 of Union Power Station. See Note 13 to the financial statements for discussion of the Union purchase. (Entergy Texas) In March 2016, Entergy Texas issued $125 million of 2.55% Series first mortgage bonds due June 2021. Entergy Texas used the proceeds 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Arkansas [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in August 2020. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2016 was 2.35% 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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion . At March 31, 2016 , Entergy Corporation had $578 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2016 was 1.14% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations related to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee entered into a credit facility guaranteed by Entergy Corporation which expires in January 2018. In the first quarter 2016, Entergy Nuclear Vermont Yankee increased the borrowing capacity of its credit facility to $100 million . Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.25% of the undrawn commitment amount. As of March 31, 2016 , $61 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2016 was 2.20% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also entered into an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of March 31, 2016 , there were no cash borrowings outstanding under the credit facility. The rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility was 2.18% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In January 2016, Entergy Arkansas issued $325 million of 3.5% Series first mortgage bonds due April 2026. Entergy Arkansas used the proceeds to pay, prior to maturity, its $175 million of 5.66% Series first mortgage bonds due February 2025, and used the remainder of the proceeds, together with other funds, towards the purchase of Power Block 2 at Union Power Station and for general corporate purposes. See Note 13 to the financial statements herein for discussion of the Union purchase. (Entergy Louisiana) In March 2016, Entergy Louisiana issued $200 million of 4.95% Series first mortgage bonds due January 2045. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, to repay borrowings under its $350 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana issued $425 million of 3.25% Series collateral trust mortgage bonds due April 2028. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana arranged for the issuance by the Louisiana Public Facilities Authority of (i) $83.680 million of 3.375% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016A due September 2028, and (ii) $115 million of 3.50% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016B due June 2030, each of which series is evidenced by a separate series of non-interest bearing collateral trust mortgage bonds of Entergy Louisiana. The proceeds from these issuances were held in trust as of March 31, 2016 and were applied in April 2016 to the refunding of $198.68 million of outstanding series of pollution control revenue bonds previously issued on behalf of Entergy Louisiana. In March 2016, Entergy Louisiana issued $51.972 million of Waterford Series collateral trust mortgage notes due July 2017 as part of the purchase of the undivided interests in Waterford 3. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction. In March 2016 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $20 million of 3.30% Series F notes. (Entergy New Orleans) In March 2016, Entergy New Orleans issued $110 million of 5.50% Series first mortgage bonds due April 2066. Entergy New Orleans used the proceeds to repay borrowings from the money pool, to repay borrowings under its $25 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Block 1 of Union Power Station. See Note 13 to the financial statements for discussion of the Union purchase. (Entergy Texas) In March 2016, Entergy Texas issued $125 million of 2.55% Series first mortgage bonds due June 2021. Entergy Texas used the proceeds 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Louisiana [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in August 2020. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2016 was 2.35% 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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion . At March 31, 2016 , Entergy Corporation had $578 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2016 was 1.14% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations related to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee entered into a credit facility guaranteed by Entergy Corporation which expires in January 2018. In the first quarter 2016, Entergy Nuclear Vermont Yankee increased the borrowing capacity of its credit facility to $100 million . Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.25% of the undrawn commitment amount. As of March 31, 2016 , $61 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2016 was 2.20% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also entered into an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of March 31, 2016 , there were no cash borrowings outstanding under the credit facility. The rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility was 2.18% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In January 2016, Entergy Arkansas issued $325 million of 3.5% Series first mortgage bonds due April 2026. Entergy Arkansas used the proceeds to pay, prior to maturity, its $175 million of 5.66% Series first mortgage bonds due February 2025, and used the remainder of the proceeds, together with other funds, towards the purchase of Power Block 2 at Union Power Station and for general corporate purposes. See Note 13 to the financial statements herein for discussion of the Union purchase. (Entergy Louisiana) In March 2016, Entergy Louisiana issued $200 million of 4.95% Series first mortgage bonds due January 2045. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, to repay borrowings under its $350 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana issued $425 million of 3.25% Series collateral trust mortgage bonds due April 2028. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana arranged for the issuance by the Louisiana Public Facilities Authority of (i) $83.680 million of 3.375% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016A due September 2028, and (ii) $115 million of 3.50% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016B due June 2030, each of which series is evidenced by a separate series of non-interest bearing collateral trust mortgage bonds of Entergy Louisiana. The proceeds from these issuances were held in trust as of March 31, 2016 and were applied in April 2016 to the refunding of $198.68 million of outstanding series of pollution control revenue bonds previously issued on behalf of Entergy Louisiana. In March 2016, Entergy Louisiana issued $51.972 million of Waterford Series collateral trust mortgage notes due July 2017 as part of the purchase of the undivided interests in Waterford 3. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction. In March 2016 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $20 million of 3.30% Series F notes. (Entergy New Orleans) In March 2016, Entergy New Orleans issued $110 million of 5.50% Series first mortgage bonds due April 2066. Entergy New Orleans used the proceeds to repay borrowings from the money pool, to repay borrowings under its $25 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Block 1 of Union Power Station. See Note 13 to the financial statements for discussion of the Union purchase. (Entergy Texas) In March 2016, Entergy Texas issued $125 million of 2.55% Series first mortgage bonds due June 2021. Entergy Texas used the proceeds 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Mississippi [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in August 2020. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2016 was 2.35% 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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion . At March 31, 2016 , Entergy Corporation had $578 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2016 was 1.14% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations related to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee entered into a credit facility guaranteed by Entergy Corporation which expires in January 2018. In the first quarter 2016, Entergy Nuclear Vermont Yankee increased the borrowing capacity of its credit facility to $100 million . Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.25% of the undrawn commitment amount. As of March 31, 2016 , $61 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2016 was 2.20% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also entered into an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of March 31, 2016 , there were no cash borrowings outstanding under the credit facility. The rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility was 2.18% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In January 2016, Entergy Arkansas issued $325 million of 3.5% Series first mortgage bonds due April 2026. Entergy Arkansas used the proceeds to pay, prior to maturity, its $175 million of 5.66% Series first mortgage bonds due February 2025, and used the remainder of the proceeds, together with other funds, towards the purchase of Power Block 2 at Union Power Station and for general corporate purposes. See Note 13 to the financial statements herein for discussion of the Union purchase. (Entergy Louisiana) In March 2016, Entergy Louisiana issued $200 million of 4.95% Series first mortgage bonds due January 2045. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, to repay borrowings under its $350 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana issued $425 million of 3.25% Series collateral trust mortgage bonds due April 2028. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana arranged for the issuance by the Louisiana Public Facilities Authority of (i) $83.680 million of 3.375% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016A due September 2028, and (ii) $115 million of 3.50% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016B due June 2030, each of which series is evidenced by a separate series of non-interest bearing collateral trust mortgage bonds of Entergy Louisiana. The proceeds from these issuances were held in trust as of March 31, 2016 and were applied in April 2016 to the refunding of $198.68 million of outstanding series of pollution control revenue bonds previously issued on behalf of Entergy Louisiana. In March 2016, Entergy Louisiana issued $51.972 million of Waterford Series collateral trust mortgage notes due July 2017 as part of the purchase of the undivided interests in Waterford 3. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction. In March 2016 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $20 million of 3.30% Series F notes. (Entergy New Orleans) In March 2016, Entergy New Orleans issued $110 million of 5.50% Series first mortgage bonds due April 2066. Entergy New Orleans used the proceeds to repay borrowings from the money pool, to repay borrowings under its $25 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Block 1 of Union Power Station. See Note 13 to the financial statements for discussion of the Union purchase. (Entergy Texas) In March 2016, Entergy Texas issued $125 million of 2.55% Series first mortgage bonds due June 2021. Entergy Texas used the proceeds 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy New Orleans [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in August 2020. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2016 was 2.35% 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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion . At March 31, 2016 , Entergy Corporation had $578 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2016 was 1.14% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations related to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee entered into a credit facility guaranteed by Entergy Corporation which expires in January 2018. In the first quarter 2016, Entergy Nuclear Vermont Yankee increased the borrowing capacity of its credit facility to $100 million . Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.25% of the undrawn commitment amount. As of March 31, 2016 , $61 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2016 was 2.20% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also entered into an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of March 31, 2016 , there were no cash borrowings outstanding under the credit facility. The rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility was 2.18% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In January 2016, Entergy Arkansas issued $325 million of 3.5% Series first mortgage bonds due April 2026. Entergy Arkansas used the proceeds to pay, prior to maturity, its $175 million of 5.66% Series first mortgage bonds due February 2025, and used the remainder of the proceeds, together with other funds, towards the purchase of Power Block 2 at Union Power Station and for general corporate purposes. See Note 13 to the financial statements herein for discussion of the Union purchase. (Entergy Louisiana) In March 2016, Entergy Louisiana issued $200 million of 4.95% Series first mortgage bonds due January 2045. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, to repay borrowings under its $350 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana issued $425 million of 3.25% Series collateral trust mortgage bonds due April 2028. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana arranged for the issuance by the Louisiana Public Facilities Authority of (i) $83.680 million of 3.375% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016A due September 2028, and (ii) $115 million of 3.50% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016B due June 2030, each of which series is evidenced by a separate series of non-interest bearing collateral trust mortgage bonds of Entergy Louisiana. The proceeds from these issuances were held in trust as of March 31, 2016 and were applied in April 2016 to the refunding of $198.68 million of outstanding series of pollution control revenue bonds previously issued on behalf of Entergy Louisiana. In March 2016, Entergy Louisiana issued $51.972 million of Waterford Series collateral trust mortgage notes due July 2017 as part of the purchase of the undivided interests in Waterford 3. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction. In March 2016 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $20 million of 3.30% Series F notes. (Entergy New Orleans) In March 2016, Entergy New Orleans issued $110 million of 5.50% Series first mortgage bonds due April 2066. Entergy New Orleans used the proceeds to repay borrowings from the money pool, to repay borrowings under its $25 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Block 1 of Union Power Station. See Note 13 to the financial statements for discussion of the Union purchase. (Entergy Texas) In March 2016, Entergy Texas issued $125 million of 2.55% Series first mortgage bonds due June 2021. Entergy Texas used the proceeds 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Texas [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in August 2020. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2016 was 2.35% 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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion . At March 31, 2016 , Entergy Corporation had $578 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2016 was 1.14% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations related to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee entered into a credit facility guaranteed by Entergy Corporation which expires in January 2018. In the first quarter 2016, Entergy Nuclear Vermont Yankee increased the borrowing capacity of its credit facility to $100 million . Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.25% of the undrawn commitment amount. As of March 31, 2016 , $61 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2016 was 2.20% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also entered into an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of March 31, 2016 , there were no cash borrowings outstanding under the credit facility. The rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility was 2.18% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In January 2016, Entergy Arkansas issued $325 million of 3.5% Series first mortgage bonds due April 2026. Entergy Arkansas used the proceeds to pay, prior to maturity, its $175 million of 5.66% Series first mortgage bonds due February 2025, and used the remainder of the proceeds, together with other funds, towards the purchase of Power Block 2 at Union Power Station and for general corporate purposes. See Note 13 to the financial statements herein for discussion of the Union purchase. (Entergy Louisiana) In March 2016, Entergy Louisiana issued $200 million of 4.95% Series first mortgage bonds due January 2045. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, to repay borrowings under its $350 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana issued $425 million of 3.25% Series collateral trust mortgage bonds due April 2028. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana arranged for the issuance by the Louisiana Public Facilities Authority of (i) $83.680 million of 3.375% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016A due September 2028, and (ii) $115 million of 3.50% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016B due June 2030, each of which series is evidenced by a separate series of non-interest bearing collateral trust mortgage bonds of Entergy Louisiana. The proceeds from these issuances were held in trust as of March 31, 2016 and were applied in April 2016 to the refunding of $198.68 million of outstanding series of pollution control revenue bonds previously issued on behalf of Entergy Louisiana. In March 2016, Entergy Louisiana issued $51.972 million of Waterford Series collateral trust mortgage notes due July 2017 as part of the purchase of the undivided interests in Waterford 3. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction. In March 2016 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $20 million of 3.30% Series F notes. (Entergy New Orleans) In March 2016, Entergy New Orleans issued $110 million of 5.50% Series first mortgage bonds due April 2066. Entergy New Orleans used the proceeds to repay borrowings from the money pool, to repay borrowings under its $25 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Block 1 of Union Power Station. See Note 13 to the financial statements for discussion of the Union purchase. (Entergy Texas) In March 2016, Entergy Texas issued $125 million of 2.55% Series first mortgage bonds due June 2021. Entergy Texas used the proceeds 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
System Energy [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in August 2020. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2016 was 2.35% 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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion . At March 31, 2016 , Entergy Corporation had $578 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2016 was 1.14% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations related to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2017. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— Entergy Nuclear Vermont Yankee Credit Facilities Entergy Nuclear Vermont Yankee entered into a credit facility guaranteed by Entergy Corporation which expires in January 2018. In the first quarter 2016, Entergy Nuclear Vermont Yankee increased the borrowing capacity of its credit facility to $100 million . Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.25% of the undrawn commitment amount. As of March 31, 2016 , $61 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2016 was 2.20% on the drawn portion of the facility. Entergy Nuclear Vermont Yankee also entered into an uncommitted credit facility guaranteed by Entergy Corporation with a borrowing capacity of $85 million which expires in January 2018. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides an additional funding source to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. As of March 31, 2016 , there were no cash borrowings outstanding under the credit facility. The rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility was 2.18% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In January 2016, Entergy Arkansas issued $325 million of 3.5% Series first mortgage bonds due April 2026. Entergy Arkansas used the proceeds to pay, prior to maturity, its $175 million of 5.66% Series first mortgage bonds due February 2025, and used the remainder of the proceeds, together with other funds, towards the purchase of Power Block 2 at Union Power Station and for general corporate purposes. See Note 13 to the financial statements herein for discussion of the Union purchase. (Entergy Louisiana) In March 2016, Entergy Louisiana issued $200 million of 4.95% Series first mortgage bonds due January 2045. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, to repay borrowings under its $350 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana issued $425 million of 3.25% Series collateral trust mortgage bonds due April 2028. Entergy Louisiana used the proceeds to pay, together with other funds, the $60 million cash portion of the price to purchase the undivided interests of Waterford 3, to repay borrowings from the money pool, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Blocks 3 and 4 at Union Power Station. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction and Note 13 to the financial statements herein for discussion of the Union purchase. In March 2016, Entergy Louisiana arranged for the issuance by the Louisiana Public Facilities Authority of (i) $83.680 million of 3.375% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016A due September 2028, and (ii) $115 million of 3.50% pollution control refunding revenue bonds (Entergy Louisiana, LLC Project) Series 2016B due June 2030, each of which series is evidenced by a separate series of non-interest bearing collateral trust mortgage bonds of Entergy Louisiana. The proceeds from these issuances were held in trust as of March 31, 2016 and were applied in April 2016 to the refunding of $198.68 million of outstanding series of pollution control revenue bonds previously issued on behalf of Entergy Louisiana. In March 2016, Entergy Louisiana issued $51.972 million of Waterford Series collateral trust mortgage notes due July 2017 as part of the purchase of the undivided interests in Waterford 3. See Note 11 to the financial statements herein for discussion of the Waterford 3 transaction. In March 2016 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $20 million of 3.30% Series F notes. (Entergy New Orleans) In March 2016, Entergy New Orleans issued $110 million of 5.50% Series first mortgage bonds due April 2066. Entergy New Orleans used the proceeds to repay borrowings from the money pool, to repay borrowings under its $25 million credit facility, and for general corporate purposes. A portion of the proceeds of the borrowings described in the preceding sentence were used, together with other funds, for the purchase of Power Block 1 of Union Power Station. See Note 13 to the financial statements for discussion of the Union purchase. (Entergy Texas) In March 2016, Entergy Texas issued $125 million of 2.55% Series first mortgage bonds due June 2021. Entergy Texas used the proceeds 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION (Entergy Corporation) Entergy grants stock and stock-based awards, which are described more fully in Note 12 to the financial statements in the Form 10-K. Awards under Entergy’s plans generally vest over three years. Stock Options Entergy granted options on 696,900 shares of its common stock under the 2015 Equity Ownership Plan during the first quarter 2016 with a weighted-average fair value of $7.40 per option. As of March 31, 2016 , there were options on 7,562,576 shares of common stock outstanding with a weighted-average exercise price of $84.06 . 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, 2016 . Because Entergy’s stock price at March 31, 2016 was less than the weighted average exercise price, the aggregate intrinsic value of the stock options outstanding as of March 31, 2016 was zero. The intrinsic value of all “in the money” stock options was $30.5 million as of March 31, 2016 . The following table includes financial information for outstanding stock options for the three months ended March 31, 2016 and 2015 : 2016 2015 (In Millions) Compensation expense included in Entergy’s net income $1.1 $1.1 Tax benefit recognized in Entergy’s net income $0.4 $0.4 Compensation cost capitalized as part of fixed assets and inventory $0.2 $0.2 Other Equity Awards In January 2016 the Board approved and Entergy granted 370,000 restricted stock awards and 199,800 long-term incentive awards under the 2015 Equity Ownership Plan. The restricted stock awards were made effective as of January 28, 2016 and were valued at $70.56 per share, which was the closing price of Entergy’s common stock on that date. One-third of the restricted stock awards will vest upon each anniversary of the grant date. In addition, long-term incentive awards were granted in the form of performance units that represent the value of, and are settled with, one share of Entergy Corporation common stock at the end of the three-year performance period, plus dividends accrued during the performance period on the number of performance units earned. The performance units were granted effective as of January 28, 2016 and were valued at $84.52 per share. Entergy considers various factors, primarily market conditions, in determining the value of the performance units. Shares of restricted stock have the same dividend and voting rights as other common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the 3 -year vesting period. Performance units have the same dividend rights as shares of Entergy common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the 3 -year vesting period. The following table includes financial information for other outstanding equity awards for the three months ended March 31, 2016 and 2015 : 2016 2015 (In Millions) Compensation expense included in Entergy’s net income $8.4 $8.1 Tax benefit recognized in Entergy’s net income $3.2 $3.1 Compensation cost capitalized as part of fixed assets and inventory $1.8 $1.5 |
Retirement And Other Postretire
Retirement And Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
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 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 Non-Qualified Net Pension Cost Entergy recognized $4.3 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2016 and 2015 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) Employer Contributions Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
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 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 Non-Qualified Net Pension Cost Entergy recognized $4.3 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2016 and 2015 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) Employer Contributions Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
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 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 Non-Qualified Net Pension Cost Entergy recognized $4.3 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2016 and 2015 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) Employer Contributions Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
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 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 Non-Qualified Net Pension Cost Entergy recognized $4.3 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2016 and 2015 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) Employer Contributions Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
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 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 Non-Qualified Net Pension Cost Entergy recognized $4.3 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2016 and 2015 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) Employer Contributions Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
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 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 Non-Qualified Net Pension Cost Entergy recognized $4.3 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2016 and 2015 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) Employer Contributions Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
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 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 Non-Qualified Net Pension Cost Entergy recognized $4.3 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2016 and 2015 , respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) Employer Contributions Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Arkansas [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2016 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Louisiana [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2016 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Mississippi [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2016 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy New Orleans [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2016 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Texas [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2016 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
System Energy [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2016 are Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, 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 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Risk Management And Fair Values
Risk Management And Fair Values | 3 Months Ended |
Mar. 31, 2016 | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2016 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 88% for the remainder of 2016 , of which approximately 60% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2016 is 25 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations when the current market prices exceed the contracted power prices. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2016 , there were no derivative contracts with counterparties in a liability position. Letters of credit in the amount of $66 million were required to be posted by its counterparties to the Entergy subsidiary as of March 31, 2016. As of December 31, 2015 , derivative contracts with two counterparties were in a liability position (approximately $2 million total). In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $68 million was required to be posted by its counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2016 is 57,500,000 MMBtu for Entergy, including 46,330,000 MMBtu for Entergy Louisiana and 11,170,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. During the second quarter 2015, Entergy participated in the annual FTR auction process for the MISO planning year of June 1, 2015 through May 31, 2016. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2016 is 18,305 GWh for Entergy, including 3,894 GWh for Entergy Arkansas, 8,385 GWh for Entergy Louisiana, 2,436 GWh for Entergy Mississippi, 1,398 GWh for Entergy New Orleans, and 2,086 GWh for Entergy Texas. Credit support for FTRs 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 FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2016 , letters of credit posted with MISO covered the FTR exposure for Entergy Mississippi. No cash collateral was required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities. As of December 31, 2015, no cash or letters of credit were required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities, respectively. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 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 Consolidated Balance Sheets (d) Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2016 and 2015 was ($1) million and ($1) million , respectively. Based on market prices as of March 31, 2016 , net unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $152 million . Approximately $134 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs 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. Effective first quarter 2016, Entergy retrospectively adopted ASU 2015-07, which simplifies the disclosure for fair value investments by removing the requirement to categorize within the fair value hierarchy investment for which fair value is measured using the net asset value per share as a practical expedient. For all periods presented the common trust funds have not been assigned a level and are presented within the fair value tables only as a reconciling item to the total fair value of investments. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical assets or liabilities in inactive markets; - inputs other than quoted prices that are observable for the asset or liability; or - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Entergy Wholesale Commodities Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, Entergy Wholesale Commodities Risk Control group calculates the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities 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 uses multiple sources of market implied volatilities. Moreover, on at least a monthly 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 FTRs 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 Entergy Wholesale Commodities Risk Control group for the unregulated business and by the System Planning and Operations Risk Control group for the Utility operating companies. The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Risk Control groups report to the Vice President and Treasurer. The Accounting Policy 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 are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classifie |
Entergy Arkansas [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2016 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 88% for the remainder of 2016 , of which approximately 60% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2016 is 25 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations when the current market prices exceed the contracted power prices. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2016 , there were no derivative contracts with counterparties in a liability position. Letters of credit in the amount of $66 million were required to be posted by its counterparties to the Entergy subsidiary as of March 31, 2016. As of December 31, 2015 , derivative contracts with two counterparties were in a liability position (approximately $2 million total). In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $68 million was required to be posted by its counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2016 is 57,500,000 MMBtu for Entergy, including 46,330,000 MMBtu for Entergy Louisiana and 11,170,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. During the second quarter 2015, Entergy participated in the annual FTR auction process for the MISO planning year of June 1, 2015 through May 31, 2016. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2016 is 18,305 GWh for Entergy, including 3,894 GWh for Entergy Arkansas, 8,385 GWh for Entergy Louisiana, 2,436 GWh for Entergy Mississippi, 1,398 GWh for Entergy New Orleans, and 2,086 GWh for Entergy Texas. Credit support for FTRs 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 FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2016 , letters of credit posted with MISO covered the FTR exposure for Entergy Mississippi. No cash collateral was required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities. As of December 31, 2015, no cash or letters of credit were required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities, respectively. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 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 Consolidated Balance Sheets (d) Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2016 and 2015 was ($1) million and ($1) million , respectively. Based on market prices as of March 31, 2016 , net unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $152 million . Approximately $134 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs 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. Effective first quarter 2016, Entergy retrospectively adopted ASU 2015-07, which simplifies the disclosure for fair value investments by removing the requirement to categorize within the fair value hierarchy investment for which fair value is measured using the net asset value per share as a practical expedient. For all periods presented the common trust funds have not been assigned a level and are presented within the fair value tables only as a reconciling item to the total fair value of investments. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical assets or liabilities in inactive markets; - inputs other than quoted prices that are observable for the asset or liability; or - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Entergy Wholesale Commodities Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, Entergy Wholesale Commodities Risk Control group calculates the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities 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 uses multiple sources of market implied volatilities. Moreover, on at least a monthly 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 FTRs 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 Entergy Wholesale Commodities Risk Control group for the unregulated business and by the System Planning and Operations Risk Control group for the Utility operating companies. The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Risk Control groups report to the Vice President and Treasurer. The Accounting Policy 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 are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classifie |
Entergy Louisiana [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2016 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 88% for the remainder of 2016 , of which approximately 60% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2016 is 25 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations when the current market prices exceed the contracted power prices. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2016 , there were no derivative contracts with counterparties in a liability position. Letters of credit in the amount of $66 million were required to be posted by its counterparties to the Entergy subsidiary as of March 31, 2016. As of December 31, 2015 , derivative contracts with two counterparties were in a liability position (approximately $2 million total). In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $68 million was required to be posted by its counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2016 is 57,500,000 MMBtu for Entergy, including 46,330,000 MMBtu for Entergy Louisiana and 11,170,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. During the second quarter 2015, Entergy participated in the annual FTR auction process for the MISO planning year of June 1, 2015 through May 31, 2016. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2016 is 18,305 GWh for Entergy, including 3,894 GWh for Entergy Arkansas, 8,385 GWh for Entergy Louisiana, 2,436 GWh for Entergy Mississippi, 1,398 GWh for Entergy New Orleans, and 2,086 GWh for Entergy Texas. Credit support for FTRs 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 FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2016 , letters of credit posted with MISO covered the FTR exposure for Entergy Mississippi. No cash collateral was required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities. As of December 31, 2015, no cash or letters of credit were required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities, respectively. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 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 Consolidated Balance Sheets (d) Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2016 and 2015 was ($1) million and ($1) million , respectively. Based on market prices as of March 31, 2016 , net unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $152 million . Approximately $134 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs 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. Effective first quarter 2016, Entergy retrospectively adopted ASU 2015-07, which simplifies the disclosure for fair value investments by removing the requirement to categorize within the fair value hierarchy investment for which fair value is measured using the net asset value per share as a practical expedient. For all periods presented the common trust funds have not been assigned a level and are presented within the fair value tables only as a reconciling item to the total fair value of investments. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical assets or liabilities in inactive markets; - inputs other than quoted prices that are observable for the asset or liability; or - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Entergy Wholesale Commodities Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, Entergy Wholesale Commodities Risk Control group calculates the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities 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 uses multiple sources of market implied volatilities. Moreover, on at least a monthly 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 FTRs 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 Entergy Wholesale Commodities Risk Control group for the unregulated business and by the System Planning and Operations Risk Control group for the Utility operating companies. The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Risk Control groups report to the Vice President and Treasurer. The Accounting Policy 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 are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classifie |
Entergy Mississippi [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2016 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 88% for the remainder of 2016 , of which approximately 60% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2016 is 25 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations when the current market prices exceed the contracted power prices. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2016 , there were no derivative contracts with counterparties in a liability position. Letters of credit in the amount of $66 million were required to be posted by its counterparties to the Entergy subsidiary as of March 31, 2016. As of December 31, 2015 , derivative contracts with two counterparties were in a liability position (approximately $2 million total). In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $68 million was required to be posted by its counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2016 is 57,500,000 MMBtu for Entergy, including 46,330,000 MMBtu for Entergy Louisiana and 11,170,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. During the second quarter 2015, Entergy participated in the annual FTR auction process for the MISO planning year of June 1, 2015 through May 31, 2016. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2016 is 18,305 GWh for Entergy, including 3,894 GWh for Entergy Arkansas, 8,385 GWh for Entergy Louisiana, 2,436 GWh for Entergy Mississippi, 1,398 GWh for Entergy New Orleans, and 2,086 GWh for Entergy Texas. Credit support for FTRs 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 FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2016 , letters of credit posted with MISO covered the FTR exposure for Entergy Mississippi. No cash collateral was required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities. As of December 31, 2015, no cash or letters of credit were required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities, respectively. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 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 Consolidated Balance Sheets (d) Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2016 and 2015 was ($1) million and ($1) million , respectively. Based on market prices as of March 31, 2016 , net unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $152 million . Approximately $134 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs 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. Effective first quarter 2016, Entergy retrospectively adopted ASU 2015-07, which simplifies the disclosure for fair value investments by removing the requirement to categorize within the fair value hierarchy investment for which fair value is measured using the net asset value per share as a practical expedient. For all periods presented the common trust funds have not been assigned a level and are presented within the fair value tables only as a reconciling item to the total fair value of investments. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical assets or liabilities in inactive markets; - inputs other than quoted prices that are observable for the asset or liability; or - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Entergy Wholesale Commodities Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, Entergy Wholesale Commodities Risk Control group calculates the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities 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 uses multiple sources of market implied volatilities. Moreover, on at least a monthly 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 FTRs 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 Entergy Wholesale Commodities Risk Control group for the unregulated business and by the System Planning and Operations Risk Control group for the Utility operating companies. The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Risk Control groups report to the Vice President and Treasurer. The Accounting Policy 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 are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classifie |
Entergy New Orleans [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2016 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 88% for the remainder of 2016 , of which approximately 60% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2016 is 25 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations when the current market prices exceed the contracted power prices. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2016 , there were no derivative contracts with counterparties in a liability position. Letters of credit in the amount of $66 million were required to be posted by its counterparties to the Entergy subsidiary as of March 31, 2016. As of December 31, 2015 , derivative contracts with two counterparties were in a liability position (approximately $2 million total). In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $68 million was required to be posted by its counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2016 is 57,500,000 MMBtu for Entergy, including 46,330,000 MMBtu for Entergy Louisiana and 11,170,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. During the second quarter 2015, Entergy participated in the annual FTR auction process for the MISO planning year of June 1, 2015 through May 31, 2016. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2016 is 18,305 GWh for Entergy, including 3,894 GWh for Entergy Arkansas, 8,385 GWh for Entergy Louisiana, 2,436 GWh for Entergy Mississippi, 1,398 GWh for Entergy New Orleans, and 2,086 GWh for Entergy Texas. Credit support for FTRs 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 FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2016 , letters of credit posted with MISO covered the FTR exposure for Entergy Mississippi. No cash collateral was required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities. As of December 31, 2015, no cash or letters of credit were required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities, respectively. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 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 Consolidated Balance Sheets (d) Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2016 and 2015 was ($1) million and ($1) million , respectively. Based on market prices as of March 31, 2016 , net unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $152 million . Approximately $134 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs 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. Effective first quarter 2016, Entergy retrospectively adopted ASU 2015-07, which simplifies the disclosure for fair value investments by removing the requirement to categorize within the fair value hierarchy investment for which fair value is measured using the net asset value per share as a practical expedient. For all periods presented the common trust funds have not been assigned a level and are presented within the fair value tables only as a reconciling item to the total fair value of investments. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical assets or liabilities in inactive markets; - inputs other than quoted prices that are observable for the asset or liability; or - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Entergy Wholesale Commodities Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, Entergy Wholesale Commodities Risk Control group calculates the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities 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 uses multiple sources of market implied volatilities. Moreover, on at least a monthly 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 FTRs 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 Entergy Wholesale Commodities Risk Control group for the unregulated business and by the System Planning and Operations Risk Control group for the Utility operating companies. The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Risk Control groups report to the Vice President and Treasurer. The Accounting Policy 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 are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classifie |
Entergy Texas [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2016 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 88% for the remainder of 2016 , of which approximately 60% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2016 is 25 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations when the current market prices exceed the contracted power prices. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2016 , there were no derivative contracts with counterparties in a liability position. Letters of credit in the amount of $66 million were required to be posted by its counterparties to the Entergy subsidiary as of March 31, 2016. As of December 31, 2015 , derivative contracts with two counterparties were in a liability position (approximately $2 million total). In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $68 million was required to be posted by its counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2016 is 57,500,000 MMBtu for Entergy, including 46,330,000 MMBtu for Entergy Louisiana and 11,170,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. During the second quarter 2015, Entergy participated in the annual FTR auction process for the MISO planning year of June 1, 2015 through May 31, 2016. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2016 is 18,305 GWh for Entergy, including 3,894 GWh for Entergy Arkansas, 8,385 GWh for Entergy Louisiana, 2,436 GWh for Entergy Mississippi, 1,398 GWh for Entergy New Orleans, and 2,086 GWh for Entergy Texas. Credit support for FTRs 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 FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2016 , letters of credit posted with MISO covered the FTR exposure for Entergy Mississippi. No cash collateral was required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities. As of December 31, 2015, no cash or letters of credit were required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities, respectively. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 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 Consolidated Balance Sheets (d) Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2016 and 2015 was ($1) million and ($1) million , respectively. Based on market prices as of March 31, 2016 , net unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $152 million . Approximately $134 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs 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. Effective first quarter 2016, Entergy retrospectively adopted ASU 2015-07, which simplifies the disclosure for fair value investments by removing the requirement to categorize within the fair value hierarchy investment for which fair value is measured using the net asset value per share as a practical expedient. For all periods presented the common trust funds have not been assigned a level and are presented within the fair value tables only as a reconciling item to the total fair value of investments. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical assets or liabilities in inactive markets; - inputs other than quoted prices that are observable for the asset or liability; or - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Entergy Wholesale Commodities Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, Entergy Wholesale Commodities Risk Control group calculates the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities 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 uses multiple sources of market implied volatilities. Moreover, on at least a monthly 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 FTRs 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 Entergy Wholesale Commodities Risk Control group for the unregulated business and by the System Planning and Operations Risk Control group for the Utility operating companies. The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Risk Control groups report to the Vice President and Treasurer. The Accounting Policy 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 are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classifie |
System Energy [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2016 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 88% for the remainder of 2016 , of which approximately 60% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2016 is 25 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guaranty, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations when the current market prices exceed the contracted power prices. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2016 , there were no derivative contracts with counterparties in a liability position. Letters of credit in the amount of $66 million were required to be posted by its counterparties to the Entergy subsidiary as of March 31, 2016. As of December 31, 2015 , derivative contracts with two counterparties were in a liability position (approximately $2 million total). In addition to the corporate guarantee, $9 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $68 million was required to be posted by its counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of short-term natural gas swaps that financially settle against NYMEX futures. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy Louisiana and Entergy New Orleans. The total volume of natural gas swaps outstanding as of March 31, 2016 is 57,500,000 MMBtu for Entergy, including 46,330,000 MMBtu for Entergy Louisiana and 11,170,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps is covered by master agreements that do not require collateralization based on mark-to-market value, but do carry adequate assurance language that may lead to collateralization requests. During the second quarter 2015, Entergy participated in the annual FTR auction process for the MISO planning year of June 1, 2015 through May 31, 2016. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on FTRs. The total volume of FTRs outstanding as of March 31, 2016 is 18,305 GWh for Entergy, including 3,894 GWh for Entergy Arkansas, 8,385 GWh for Entergy Louisiana, 2,436 GWh for Entergy Mississippi, 1,398 GWh for Entergy New Orleans, and 2,086 GWh for Entergy Texas. Credit support for FTRs 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 FTRs held by Entergy Wholesale Commodities is covered by cash. As of March 31, 2016 , letters of credit posted with MISO covered the FTR exposure for Entergy Mississippi. No cash collateral was required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities. As of December 31, 2015, no cash or letters of credit were required to be posted for FTR exposure for the Utility operating companies or Entergy Wholesale Commodities, respectively. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 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 Consolidated Balance Sheets (d) Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, respectively At each reporting period, Entergy measures its hedges for ineffectiveness. Any ineffectiveness is recognized in earnings during the period. The ineffective portion of cash flow hedges is recorded in competitive business operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2016 and 2015 was ($1) million and ($1) million , respectively. Based on market prices as of March 31, 2016 , net unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $152 million . Approximately $134 million is expected to be reclassified from AOCI to operating revenues in the next twelve months. The actual amount reclassified from AOCI, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs 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. Effective first quarter 2016, Entergy retrospectively adopted ASU 2015-07, which simplifies the disclosure for fair value investments by removing the requirement to categorize within the fair value hierarchy investment for which fair value is measured using the net asset value per share as a practical expedient. For all periods presented the common trust funds have not been assigned a level and are presented within the fair value tables only as a reconciling item to the total fair value of investments. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical assets or liabilities in inactive markets; - inputs other than quoted prices that are observable for the asset or liability; or - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Entergy Wholesale Commodities Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Entergy Wholesale Commodities Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Entergy Wholesale Commodities Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, Entergy Wholesale Commodities Risk Control group calculates the mark-to-market for electricity swaps and options. Entergy Wholesale Commodities 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 uses multiple sources of market implied volatilities. Moreover, on at least a monthly 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 FTRs 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 Entergy Wholesale Commodities Risk Control group for the unregulated business and by the System Planning and Operations Risk Control group for the Utility operating companies. The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting Policy group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Risk Control groups report to the Vice President and Treasurer. The Accounting Policy 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 are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classifie |
Decommissioning Trust Funds
Decommissioning Trust Funds | 3 Months Ended |
Mar. 31, 2016 | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,203 $1,638 $1 Debt Securities 2,249 78 4 Total $5,452 $1,716 $5 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2015 Equity Securities $3,195 $1,396 $2 Debt Securities 2,155 41 17 Total $5,350 $1,437 $19 Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015 , respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.20% , an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $38 $1 $196 $2 More than 12 months — — 73 2 Total $38 $1 $269 $4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $54 $2 $1,031 $15 More than 12 months 1 — 61 2 Total $55 $2 $1,092 $17 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $98 $77 1 year - 5 years 855 857 5 years - 10 years 711 704 10 years - 15 years 144 124 15 years - 20 years 58 50 20 years+ 383 343 Total $2,249 $2,155 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $729 million and $493 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $10 million and $26 million , respectively, and gross losses of $3 million and $2 million , respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $474.3 $238.5 $0.2 Debt Securities 311.2 9.5 0.8 Total $785.5 $248.0 $1.0 2015 Equity Securities $467.4 $234.4 $0.2 Debt Securities 303.9 4.1 2.2 Total $771.3 $238.5 $2.4 The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 2.58% , an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.3 $0.2 $18.1 $0.4 More than 12 months — — 11.3 0.4 Total $7.3 $0.2 $29.4 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.8 $0.2 $111.4 $1.7 More than 12 months — — 18.5 0.5 Total $7.8 $0.2 $129.9 $2.2 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $3.7 $1.8 1 year - 5 years 142.0 145.2 5 years - 10 years 138.4 138.5 10 years - 15 years 7.5 2.4 15 years - 20 years 2.1 2.0 20 years+ 17.5 14.0 Total $311.2 $303.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.8 million and $5.1 million , respectively, and gross losses of $0.1 million and $1.3 thousand , respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $643.0 $289.3 $0.1 Debt Securities 422.2 19.0 0.8 Total $1,065.2 $308.3 $0.9 2015 Equity Securities $632.4 $283.7 $0.2 Debt Securities 409.9 13.2 2.4 Total $1,042.3 $296.9 $2.6 The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.89% , an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.6 $0.1 $24.0 $0.3 More than 12 months — — 11.0 0.5 Total $8.6 $0.1 $35.0 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $9.4 $0.2 $124.0 $2.0 More than 12 months — — 7.4 0.4 Total $9.4 $0.2 $131.4 $2.4 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $31.9 $27.1 1 year - 5 years 114.8 124.0 5 years - 10 years 121.2 114.3 10 years - 15 years 43.6 39.3 15 years - 20 years 29.7 26.5 20 years+ 81.0 78.7 Total $422.2 $409.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.9 million and $1.3 million , respectively, and gross losses of $0.1 million and $0.01 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $428.4 $182.7 $0.1 Debt Securities 291.4 5.5 0.4 Total $719.8 $188.2 $0.5 2015 Equity Securities $423.7 $179.2 $0.3 Debt Securities 277.8 2.2 2.3 Total $701.5 $181.4 $2.6 The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 1.93% , an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.9 $0.1 $45.8 $0.3 More than 12 months — — 2.4 0.1 Total $3.9 $0.1 $48.2 $0.4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.3 $0.2 $200.4 $2.2 More than 12 months 0.9 0.1 5.0 0.1 Total $9.2 $0.3 $205.4 $2.3 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $4.6 $2.0 1 year - 5 years 180.9 181.2 5 years - 10 years 73.3 63.0 10 years - 15 years 4.5 4.4 15 years - 20 years 1.5 1.6 20 years+ 26.6 25.6 Total $291.4 $277.8 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $1.6 million and $0.4 million , respectively, and gross losses of $0.3 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015 . |
Entergy Arkansas [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,203 $1,638 $1 Debt Securities 2,249 78 4 Total $5,452 $1,716 $5 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2015 Equity Securities $3,195 $1,396 $2 Debt Securities 2,155 41 17 Total $5,350 $1,437 $19 Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015 , respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.20% , an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $38 $1 $196 $2 More than 12 months — — 73 2 Total $38 $1 $269 $4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $54 $2 $1,031 $15 More than 12 months 1 — 61 2 Total $55 $2 $1,092 $17 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $98 $77 1 year - 5 years 855 857 5 years - 10 years 711 704 10 years - 15 years 144 124 15 years - 20 years 58 50 20 years+ 383 343 Total $2,249 $2,155 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $729 million and $493 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $10 million and $26 million , respectively, and gross losses of $3 million and $2 million , respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $474.3 $238.5 $0.2 Debt Securities 311.2 9.5 0.8 Total $785.5 $248.0 $1.0 2015 Equity Securities $467.4 $234.4 $0.2 Debt Securities 303.9 4.1 2.2 Total $771.3 $238.5 $2.4 The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 2.58% , an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.3 $0.2 $18.1 $0.4 More than 12 months — — 11.3 0.4 Total $7.3 $0.2 $29.4 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.8 $0.2 $111.4 $1.7 More than 12 months — — 18.5 0.5 Total $7.8 $0.2 $129.9 $2.2 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $3.7 $1.8 1 year - 5 years 142.0 145.2 5 years - 10 years 138.4 138.5 10 years - 15 years 7.5 2.4 15 years - 20 years 2.1 2.0 20 years+ 17.5 14.0 Total $311.2 $303.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.8 million and $5.1 million , respectively, and gross losses of $0.1 million and $1.3 thousand , respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $643.0 $289.3 $0.1 Debt Securities 422.2 19.0 0.8 Total $1,065.2 $308.3 $0.9 2015 Equity Securities $632.4 $283.7 $0.2 Debt Securities 409.9 13.2 2.4 Total $1,042.3 $296.9 $2.6 The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.89% , an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.6 $0.1 $24.0 $0.3 More than 12 months — — 11.0 0.5 Total $8.6 $0.1 $35.0 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $9.4 $0.2 $124.0 $2.0 More than 12 months — — 7.4 0.4 Total $9.4 $0.2 $131.4 $2.4 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $31.9 $27.1 1 year - 5 years 114.8 124.0 5 years - 10 years 121.2 114.3 10 years - 15 years 43.6 39.3 15 years - 20 years 29.7 26.5 20 years+ 81.0 78.7 Total $422.2 $409.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.9 million and $1.3 million , respectively, and gross losses of $0.1 million and $0.01 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $428.4 $182.7 $0.1 Debt Securities 291.4 5.5 0.4 Total $719.8 $188.2 $0.5 2015 Equity Securities $423.7 $179.2 $0.3 Debt Securities 277.8 2.2 2.3 Total $701.5 $181.4 $2.6 The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 1.93% , an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.9 $0.1 $45.8 $0.3 More than 12 months — — 2.4 0.1 Total $3.9 $0.1 $48.2 $0.4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.3 $0.2 $200.4 $2.2 More than 12 months 0.9 0.1 5.0 0.1 Total $9.2 $0.3 $205.4 $2.3 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $4.6 $2.0 1 year - 5 years 180.9 181.2 5 years - 10 years 73.3 63.0 10 years - 15 years 4.5 4.4 15 years - 20 years 1.5 1.6 20 years+ 26.6 25.6 Total $291.4 $277.8 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $1.6 million and $0.4 million , respectively, and gross losses of $0.3 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015 . |
Entergy Louisiana [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,203 $1,638 $1 Debt Securities 2,249 78 4 Total $5,452 $1,716 $5 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2015 Equity Securities $3,195 $1,396 $2 Debt Securities 2,155 41 17 Total $5,350 $1,437 $19 Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015 , respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.20% , an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $38 $1 $196 $2 More than 12 months — — 73 2 Total $38 $1 $269 $4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $54 $2 $1,031 $15 More than 12 months 1 — 61 2 Total $55 $2 $1,092 $17 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $98 $77 1 year - 5 years 855 857 5 years - 10 years 711 704 10 years - 15 years 144 124 15 years - 20 years 58 50 20 years+ 383 343 Total $2,249 $2,155 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $729 million and $493 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $10 million and $26 million , respectively, and gross losses of $3 million and $2 million , respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $474.3 $238.5 $0.2 Debt Securities 311.2 9.5 0.8 Total $785.5 $248.0 $1.0 2015 Equity Securities $467.4 $234.4 $0.2 Debt Securities 303.9 4.1 2.2 Total $771.3 $238.5 $2.4 The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 2.58% , an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.3 $0.2 $18.1 $0.4 More than 12 months — — 11.3 0.4 Total $7.3 $0.2 $29.4 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.8 $0.2 $111.4 $1.7 More than 12 months — — 18.5 0.5 Total $7.8 $0.2 $129.9 $2.2 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $3.7 $1.8 1 year - 5 years 142.0 145.2 5 years - 10 years 138.4 138.5 10 years - 15 years 7.5 2.4 15 years - 20 years 2.1 2.0 20 years+ 17.5 14.0 Total $311.2 $303.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.8 million and $5.1 million , respectively, and gross losses of $0.1 million and $1.3 thousand , respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $643.0 $289.3 $0.1 Debt Securities 422.2 19.0 0.8 Total $1,065.2 $308.3 $0.9 2015 Equity Securities $632.4 $283.7 $0.2 Debt Securities 409.9 13.2 2.4 Total $1,042.3 $296.9 $2.6 The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.89% , an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.6 $0.1 $24.0 $0.3 More than 12 months — — 11.0 0.5 Total $8.6 $0.1 $35.0 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $9.4 $0.2 $124.0 $2.0 More than 12 months — — 7.4 0.4 Total $9.4 $0.2 $131.4 $2.4 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $31.9 $27.1 1 year - 5 years 114.8 124.0 5 years - 10 years 121.2 114.3 10 years - 15 years 43.6 39.3 15 years - 20 years 29.7 26.5 20 years+ 81.0 78.7 Total $422.2 $409.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.9 million and $1.3 million , respectively, and gross losses of $0.1 million and $0.01 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $428.4 $182.7 $0.1 Debt Securities 291.4 5.5 0.4 Total $719.8 $188.2 $0.5 2015 Equity Securities $423.7 $179.2 $0.3 Debt Securities 277.8 2.2 2.3 Total $701.5 $181.4 $2.6 The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 1.93% , an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.9 $0.1 $45.8 $0.3 More than 12 months — — 2.4 0.1 Total $3.9 $0.1 $48.2 $0.4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.3 $0.2 $200.4 $2.2 More than 12 months 0.9 0.1 5.0 0.1 Total $9.2 $0.3 $205.4 $2.3 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $4.6 $2.0 1 year - 5 years 180.9 181.2 5 years - 10 years 73.3 63.0 10 years - 15 years 4.5 4.4 15 years - 20 years 1.5 1.6 20 years+ 26.6 25.6 Total $291.4 $277.8 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $1.6 million and $0.4 million , respectively, and gross losses of $0.3 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015 . |
System Energy [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,203 $1,638 $1 Debt Securities 2,249 78 4 Total $5,452 $1,716 $5 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2015 Equity Securities $3,195 $1,396 $2 Debt Securities 2,155 41 17 Total $5,350 $1,437 $19 Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015 , respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.20% , an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $38 $1 $196 $2 More than 12 months — — 73 2 Total $38 $1 $269 $4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $54 $2 $1,031 $15 More than 12 months 1 — 61 2 Total $55 $2 $1,092 $17 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $98 $77 1 year - 5 years 855 857 5 years - 10 years 711 704 10 years - 15 years 144 124 15 years - 20 years 58 50 20 years+ 383 343 Total $2,249 $2,155 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $729 million and $493 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $10 million and $26 million , respectively, and gross losses of $3 million and $2 million , respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $474.3 $238.5 $0.2 Debt Securities 311.2 9.5 0.8 Total $785.5 $248.0 $1.0 2015 Equity Securities $467.4 $234.4 $0.2 Debt Securities 303.9 4.1 2.2 Total $771.3 $238.5 $2.4 The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 2.58% , an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.3 $0.2 $18.1 $0.4 More than 12 months — — 11.3 0.4 Total $7.3 $0.2 $29.4 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.8 $0.2 $111.4 $1.7 More than 12 months — — 18.5 0.5 Total $7.8 $0.2 $129.9 $2.2 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $3.7 $1.8 1 year - 5 years 142.0 145.2 5 years - 10 years 138.4 138.5 10 years - 15 years 7.5 2.4 15 years - 20 years 2.1 2.0 20 years+ 17.5 14.0 Total $311.2 $303.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.8 million and $5.1 million , respectively, and gross losses of $0.1 million and $1.3 thousand , respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $643.0 $289.3 $0.1 Debt Securities 422.2 19.0 0.8 Total $1,065.2 $308.3 $0.9 2015 Equity Securities $632.4 $283.7 $0.2 Debt Securities 409.9 13.2 2.4 Total $1,042.3 $296.9 $2.6 The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 3.89% , an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.6 $0.1 $24.0 $0.3 More than 12 months — — 11.0 0.5 Total $8.6 $0.1 $35.0 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $9.4 $0.2 $124.0 $2.0 More than 12 months — — 7.4 0.4 Total $9.4 $0.2 $131.4 $2.4 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $31.9 $27.1 1 year - 5 years 114.8 124.0 5 years - 10 years 121.2 114.3 10 years - 15 years 43.6 39.3 15 years - 20 years 29.7 26.5 20 years+ 81.0 78.7 Total $422.2 $409.9 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $0.9 million and $1.3 million , respectively, and gross losses of $0.1 million and $0.01 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $428.4 $182.7 $0.1 Debt Securities 291.4 5.5 0.4 Total $719.8 $188.2 $0.5 2015 Equity Securities $423.7 $179.2 $0.3 Debt Securities 277.8 2.2 2.3 Total $701.5 $181.4 $2.6 The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015 . As of March 31, 2016 , the debt securities have an average coupon rate of approximately 1.93% , an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.9 $0.1 $45.8 $0.3 More than 12 months — — 2.4 0.1 Total $3.9 $0.1 $48.2 $0.4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.3 $0.2 $200.4 $2.2 More than 12 months 0.9 0.1 5.0 0.1 Total $9.2 $0.3 $205.4 $2.3 The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $4.6 $2.0 1 year - 5 years 180.9 181.2 5 years - 10 years 73.3 63.0 10 years - 15 years 4.5 4.4 15 years - 20 years 1.5 1.6 20 years+ 26.6 25.6 Total $291.4 $277.8 During the three months ended March 31, 2016 and 2015 , proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million , respectively. During the three months ended March 31, 2016 and 2015 , gross gains of $1.6 million and $0.4 million , respectively, and gross losses of $0.3 million and $0.1 million , respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015 . The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Litigation ,” “ Income Tax Audits ,” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. The following is an update to that discussion 2010-2011 IRS Audit The IRS examination of the 2010 and 2011 years has not been completed. The audit fieldwork is continuing and is expected to be completed before the end of 2016. The Revenue Agent’s Report is expected to be received shortly after the completion of field work. |
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 Litigation ,” “ Income Tax Audits ,” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. The following is an update to that discussion 2010-2011 IRS Audit The IRS examination of the 2010 and 2011 years has not been completed. The audit fieldwork is continuing and is expected to be completed before the end of 2016. The Revenue Agent’s Report is expected to be received shortly after the completion of field work. |
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 Litigation ,” “ Income Tax Audits ,” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. The following is an update to that discussion 2010-2011 IRS Audit The IRS examination of the 2010 and 2011 years has not been completed. The audit fieldwork is continuing and is expected to be completed before the end of 2016. The Revenue Agent’s Report is expected to be received shortly after the completion of field work. |
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 Litigation ,” “ Income Tax Audits ,” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. The following is an update to that discussion 2010-2011 IRS Audit The IRS examination of the 2010 and 2011 years has not been completed. The audit fieldwork is continuing and is expected to be completed before the end of 2016. The Revenue Agent’s Report is expected to be received shortly after the completion of field work. |
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 Litigation ,” “ Income Tax Audits ,” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. The following is an update to that discussion 2010-2011 IRS Audit The IRS examination of the 2010 and 2011 years has not been completed. The audit fieldwork is continuing and is expected to be completed before the end of 2016. The Revenue Agent’s Report is expected to be received shortly after the completion of field work. |
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 Litigation ,” “ Income Tax Audits ,” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. The following is an update to that discussion 2010-2011 IRS Audit The IRS examination of the 2010 and 2011 years has not been completed. The audit fieldwork is continuing and is expected to be completed before the end of 2016. The Revenue Agent’s Report is expected to be received shortly after the completion of field work. |
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 Litigation ,” “ Income Tax Audits ,” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax proceedings, income tax audits, and other income tax matters involving Entergy. The following is an update to that discussion 2010-2011 IRS Audit The IRS examination of the 2010 and 2011 years has not been completed. The audit fieldwork is continuing and is expected to be completed before the end of 2016. The Revenue Agent’s Report is expected to be received shortly after the completion of field work. |
Property, Plant, And Equipment
Property, Plant, And Equipment | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 are $172 million for Entergy, $29.3 million for Entergy Arkansas, $40.5 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, $0.4 million for Entergy New Orleans, $17.3 million for Entergy Texas, and $24.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2015 are $234 million for Entergy, $43 million for Entergy Arkansas, $68.6 million for Entergy Louisiana, $11.4 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $33.1 million for Entergy Texas, and $6.8 million for System Energy. Waterford 3 Transaction See Note 10 to the financial statements in the Form 10-K for a discussion of the Waterford 3 lease obligation. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. In March 2016, Entergy Louisiana completed the first step in the two-step transaction by acquiring the equity participant’s beneficial interest in the leased assets. Entergy Louisiana paid $60 million in cash and $52 million through the issuance of a non-interest bearing collateral trust mortgage note, payable in installments through July 2017. Entergy Louisiana will continue to make payments on the lessor debt that remains outstanding. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt will be equal in timing and amount to the remaining lease payments due from the closing of the transaction through the end of the lease term in July 2017. |
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, 2016 are $172 million for Entergy, $29.3 million for Entergy Arkansas, $40.5 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, $0.4 million for Entergy New Orleans, $17.3 million for Entergy Texas, and $24.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2015 are $234 million for Entergy, $43 million for Entergy Arkansas, $68.6 million for Entergy Louisiana, $11.4 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $33.1 million for Entergy Texas, and $6.8 million for System Energy. Waterford 3 Transaction See Note 10 to the financial statements in the Form 10-K for a discussion of the Waterford 3 lease obligation. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. In March 2016, Entergy Louisiana completed the first step in the two-step transaction by acquiring the equity participant’s beneficial interest in the leased assets. Entergy Louisiana paid $60 million in cash and $52 million through the issuance of a non-interest bearing collateral trust mortgage note, payable in installments through July 2017. Entergy Louisiana will continue to make payments on the lessor debt that remains outstanding. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt will be equal in timing and amount to the remaining lease payments due from the closing of the transaction through the end of the lease term in July 2017. |
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, 2016 are $172 million for Entergy, $29.3 million for Entergy Arkansas, $40.5 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, $0.4 million for Entergy New Orleans, $17.3 million for Entergy Texas, and $24.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2015 are $234 million for Entergy, $43 million for Entergy Arkansas, $68.6 million for Entergy Louisiana, $11.4 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $33.1 million for Entergy Texas, and $6.8 million for System Energy. Waterford 3 Transaction See Note 10 to the financial statements in the Form 10-K for a discussion of the Waterford 3 lease obligation. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. In March 2016, Entergy Louisiana completed the first step in the two-step transaction by acquiring the equity participant’s beneficial interest in the leased assets. Entergy Louisiana paid $60 million in cash and $52 million through the issuance of a non-interest bearing collateral trust mortgage note, payable in installments through July 2017. Entergy Louisiana will continue to make payments on the lessor debt that remains outstanding. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt will be equal in timing and amount to the remaining lease payments due from the closing of the transaction through the end of the lease term in July 2017. |
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, 2016 are $172 million for Entergy, $29.3 million for Entergy Arkansas, $40.5 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, $0.4 million for Entergy New Orleans, $17.3 million for Entergy Texas, and $24.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2015 are $234 million for Entergy, $43 million for Entergy Arkansas, $68.6 million for Entergy Louisiana, $11.4 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $33.1 million for Entergy Texas, and $6.8 million for System Energy. Waterford 3 Transaction See Note 10 to the financial statements in the Form 10-K for a discussion of the Waterford 3 lease obligation. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. In March 2016, Entergy Louisiana completed the first step in the two-step transaction by acquiring the equity participant’s beneficial interest in the leased assets. Entergy Louisiana paid $60 million in cash and $52 million through the issuance of a non-interest bearing collateral trust mortgage note, payable in installments through July 2017. Entergy Louisiana will continue to make payments on the lessor debt that remains outstanding. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt will be equal in timing and amount to the remaining lease payments due from the closing of the transaction through the end of the lease term in July 2017. |
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, 2016 are $172 million for Entergy, $29.3 million for Entergy Arkansas, $40.5 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, $0.4 million for Entergy New Orleans, $17.3 million for Entergy Texas, and $24.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2015 are $234 million for Entergy, $43 million for Entergy Arkansas, $68.6 million for Entergy Louisiana, $11.4 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $33.1 million for Entergy Texas, and $6.8 million for System Energy. Waterford 3 Transaction See Note 10 to the financial statements in the Form 10-K for a discussion of the Waterford 3 lease obligation. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. In March 2016, Entergy Louisiana completed the first step in the two-step transaction by acquiring the equity participant’s beneficial interest in the leased assets. Entergy Louisiana paid $60 million in cash and $52 million through the issuance of a non-interest bearing collateral trust mortgage note, payable in installments through July 2017. Entergy Louisiana will continue to make payments on the lessor debt that remains outstanding. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt will be equal in timing and amount to the remaining lease payments due from the closing of the transaction through the end of the lease term in July 2017. |
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, 2016 are $172 million for Entergy, $29.3 million for Entergy Arkansas, $40.5 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, $0.4 million for Entergy New Orleans, $17.3 million for Entergy Texas, and $24.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2015 are $234 million for Entergy, $43 million for Entergy Arkansas, $68.6 million for Entergy Louisiana, $11.4 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $33.1 million for Entergy Texas, and $6.8 million for System Energy. Waterford 3 Transaction See Note 10 to the financial statements in the Form 10-K for a discussion of the Waterford 3 lease obligation. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. In March 2016, Entergy Louisiana completed the first step in the two-step transaction by acquiring the equity participant’s beneficial interest in the leased assets. Entergy Louisiana paid $60 million in cash and $52 million through the issuance of a non-interest bearing collateral trust mortgage note, payable in installments through July 2017. Entergy Louisiana will continue to make payments on the lessor debt that remains outstanding. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt will be equal in timing and amount to the remaining lease payments due from the closing of the transaction through the end of the lease term in July 2017. |
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, 2016 are $172 million for Entergy, $29.3 million for Entergy Arkansas, $40.5 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, $0.4 million for Entergy New Orleans, $17.3 million for Entergy Texas, and $24.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2015 are $234 million for Entergy, $43 million for Entergy Arkansas, $68.6 million for Entergy Louisiana, $11.4 million for Entergy Mississippi, $1.5 million for Entergy New Orleans, $33.1 million for Entergy Texas, and $6.8 million for System Energy. Waterford 3 Transaction See Note 10 to the financial statements in the Form 10-K for a discussion of the Waterford 3 lease obligation. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. In March 2016, Entergy Louisiana completed the first step in the two-step transaction by acquiring the equity participant’s beneficial interest in the leased assets. Entergy Louisiana paid $60 million in cash and $52 million through the issuance of a non-interest bearing collateral trust mortgage note, payable in installments through July 2017. Entergy Louisiana will continue to make payments on the lessor debt that remains outstanding. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt will be equal in timing and amount to the remaining lease payments due from the closing of the transaction through the end of the lease term in July 2017. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million and $21 million in the three months ended March 31, 2016 and 2015 , respectively. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million and $37.6 million in the three months ended March 31, 2016 and 2015 , respectively. |
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 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million and $21 million in the three months ended March 31, 2016 and 2015 , respectively. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million and $37.6 million in the three months ended March 31, 2016 and 2015 , respectively. |
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 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million and $21 million in the three months ended March 31, 2016 and 2015 , respectively. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million and $37.6 million in the three months ended March 31, 2016 and 2015 , respectively. |
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 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million and $21 million in the three months ended March 31, 2016 and 2015 , respectively. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million and $37.6 million in the three months ended March 31, 2016 and 2015 , respectively. |
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 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million and $21 million in the three months ended March 31, 2016 and 2015 , respectively. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million and $37.6 million in the three months ended March 31, 2016 and 2015 , respectively. |
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 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million and $21 million in the three months ended March 31, 2016 and 2015 , respectively. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million and $37.6 million in the three months ended March 31, 2016 and 2015 , respectively. |
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 18 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. Entergy Louisiana was considered to hold a variable interest in the lessor from which it leased an undivided interest representing approximately 9.3% of the Waterford 3 nuclear plant. After Entergy Louisiana acquired a beneficial interest in the leased assets in March 2016, however, the lessor was no longer considered a variable interest entity. Entergy Louisiana made payments on its lease, including interest, of $9.2 million and $21 million in the three months ended March 31, 2016 and 2015 , respectively. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million and $37.6 million in the three months ended March 31, 2016 and 2015 , respectively. |
Acquisitions Acquisitions
Acquisitions Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Acquisition [Line Items] | |
Acquisitions [Text Block] | ACQUISITIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans) In March 2016, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans purchased the Union Power Station, a 1,980 MW (summer rating) power generation facility located near El Dorado, Arkansas, from Union Power Partners, L.P. The Union Power Station consists of four natural gas-fired, combined-cycle gas turbine power blocks, each rated at 495 MW (summer rating). Entergy Louisiana purchased two of the power blocks and a 50% undivided ownership interest in certain assets related to the facility, and Entergy Arkansas and Entergy New Orleans each purchased one power block and a 25% undivided ownership interest in such related assets. The aggregate purchase price for the Union Power Station was approximately $948 million (approximately $237 million for each power block and associated assets), subject to further adjustment. |
Entergy Arkansas [Member] | |
Business Acquisition [Line Items] | |
Acquisitions [Text Block] | ACQUISITIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans) In March 2016, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans purchased the Union Power Station, a 1,980 MW (summer rating) power generation facility located near El Dorado, Arkansas, from Union Power Partners, L.P. The Union Power Station consists of four natural gas-fired, combined-cycle gas turbine power blocks, each rated at 495 MW (summer rating). Entergy Louisiana purchased two of the power blocks and a 50% undivided ownership interest in certain assets related to the facility, and Entergy Arkansas and Entergy New Orleans each purchased one power block and a 25% undivided ownership interest in such related assets. The aggregate purchase price for the Union Power Station was approximately $948 million (approximately $237 million for each power block and associated assets), subject to further adjustment. |
Entergy Louisiana [Member] | |
Business Acquisition [Line Items] | |
Acquisitions [Text Block] | ACQUISITIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans) In March 2016, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans purchased the Union Power Station, a 1,980 MW (summer rating) power generation facility located near El Dorado, Arkansas, from Union Power Partners, L.P. The Union Power Station consists of four natural gas-fired, combined-cycle gas turbine power blocks, each rated at 495 MW (summer rating). Entergy Louisiana purchased two of the power blocks and a 50% undivided ownership interest in certain assets related to the facility, and Entergy Arkansas and Entergy New Orleans each purchased one power block and a 25% undivided ownership interest in such related assets. The aggregate purchase price for the Union Power Station was approximately $948 million (approximately $237 million for each power block and associated assets), subject to further adjustment. |
Entergy New Orleans [Member] | |
Business Acquisition [Line Items] | |
Acquisitions [Text Block] | ACQUISITIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans) In March 2016, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans purchased the Union Power Station, a 1,980 MW (summer rating) power generation facility located near El Dorado, Arkansas, from Union Power Partners, L.P. The Union Power Station consists of four natural gas-fired, combined-cycle gas turbine power blocks, each rated at 495 MW (summer rating). Entergy Louisiana purchased two of the power blocks and a 50% undivided ownership interest in certain assets related to the facility, and Entergy Arkansas and Entergy New Orleans each purchased one power block and a 25% undivided ownership interest in such related assets. The aggregate purchase price for the Union Power Station was approximately $948 million (approximately $237 million for each power block and associated assets), subject to further adjustment. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 2015 (In Millions, Except Per Share Data) Basic earnings per share Income Shares $/share Income Shares $/share Net income attributable to Entergy Corporation $230.0 178.6 $1.29 $298.1 179.7 $1.66 Average dilutive effect of: Stock options 0.1 — 0.5 (0.01 ) Other equity plans 0.3 (0.01 ) 0.3 — Diluted earnings per share $230.0 179.0 $1.28 $298.1 180.5 $1.65 |
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, 2016 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2016 $105,970 ($466,604 ) $367,557 $2,028 $8,951 Other comprehensive income (loss) before reclassifications 90,307 — 25,032 (284 ) 115,055 Amounts reclassified from accumulated other comprehensive income (loss) (99,813 ) 7,562 (1,963 ) — (94,214 ) Net other comprehensive income (loss) for the period (9,506 ) 7,562 23,069 (284 ) 20,841 Ending balance, March 31, 2016 $96,464 ($459,042 ) $390,626 $1,744 $29,792 The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2015 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Foreign currency translation Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Beginning balance, January 1, 2015 $98,118 ($569,789 ) $426,695 $2,669 ($42,307 ) Other comprehensive income (loss) before reclassifications (20,896 ) 13 12,658 (551 ) (8,776 ) Amounts reclassified from accumulated other comprehensive income (loss) (8,434 ) 8,435 (8,655 ) — (8,654 ) Net other comprehensive income (loss) for the period (29,330 ) 8,448 4,003 (551 ) (17,430 ) Ending balance, March 31, 2015 $68,788 ($561,341 ) $430,698 $2,118 ($59,737 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2016 are as follows: Amounts Income Statement Location (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $153,958 Competitive business operating revenues Interest rate swaps (400 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 153,558 (53,745 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $99,813 Pension and other postretirement liabilities Amortization of prior-service credit $7,355 (a) Amortization of loss (15,175 ) (a) Total amortization (7,820 ) 258 Income taxes Total amortization (net of tax) ($7,562 ) Net unrealized investment gain (loss) Realized gain (loss) $3,850 Interest and investment income (1,887 ) Income taxes Total realized investment gain (loss) (net of tax) $1,963 Total reclassifications for the period (net of tax) $94,214 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2015 are as follows: Amounts Income Statement Location (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $13,522 Competitive business operating revenues Interest rate swaps (546 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 12,976 (4,542 ) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $8,434 Pension and other postretirement liabilities Amortization of prior-service credit $5,986 (a) Amortization of loss (17,588 ) (a) Total amortization (11,602 ) 3,167 Income taxes Total amortization (net of tax) ($8,435 ) Net unrealized investment gain (loss) Realized gain (loss) $16,970 Interest and investment income (8,315 ) Income taxes Total realized investment gain (loss) (net of tax) $8,655 Total reclassifications for the period (net of tax) $8,654 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Entergy Louisiana [Member] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2016: Pension and Other (In Thousands) Beginning balance, January 1, 2016 ($56,412 ) Amounts reclassified from accumulated other (263 ) Net other comprehensive income (loss) for the period (263 ) Ending balance, March 31, 2016 ($56,675 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2015: Pension and Other (In Thousands) Beginning balance, January 1, 2015 ($79,223 ) Amounts reclassified from accumulated other 380 Net other comprehensive income (loss) for the period 380 Ending balance, March 31, 2015 ($78,843 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended March 31, 2016 are as follows: Amounts reclassified Income Statement Location (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,947 (a) Amortization of loss (1,569 ) (a) Total amortization 378 (115 ) Income taxes Total amortization (net of tax) 263 Total reclassifications for the period (net of tax) $263 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the three months ended March 31, 2015 are as follows: Amounts reclassified Income Statement Location (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,867 (a) Amortization of loss (2,535 ) (a) Total amortization (668 ) 288 Income taxes Total amortization (net of tax) (380 ) Total reclassifications for the period (net of tax) ($380 ) (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Revolving Credit Facilities, 24
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $616 $7 $2,877 |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | he nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Arkansas [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | he nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Louisiana [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | he nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Mississippi [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy New Orleans [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Entergy Texas [Member] | |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2016 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2016 Letters of Credit Outstanding as of March 31, 2016 Entergy Arkansas April 2016 $20 million (b) 1.93% $— $— Entergy Arkansas August 2020 $150 million (c) 1.68% $— $— Entergy Louisiana August 2020 $350 million (d) 1.68% $— $3.1 million Entergy Mississippi May 2016 $37.5 million (e) 1.93% $— $— Entergy Mississippi May 2016 $35 million (e) 1.93% $— $— Entergy Mississippi May 2016 $20 million (e) 1.93% $— $— Entergy Mississippi May 2016 $10 million (e) 1.93% $— $— Entergy New Orleans November 2018 $25 million 2.18% $— $— Entergy Texas August 2020 $150 million (f) 1.93% $— $1.3 million (a) The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. (c) The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. (d) The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. (e) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. (f) The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2016 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2016 (a) Entergy Arkansas $25 million 0.70% $1.0 million Entergy Louisiana $125 million 0.70% $7.0 million Entergy Mississippi $40 million 0.70% $4.4 million Entergy New Orleans $15 million 0.75% $6.2 million Entergy Texas $50 million 0.70% $5.6 million (a) The amount for Entergy Mississippi includes $0.4 million related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— 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, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
System Energy [Member] | |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2016 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $— Entergy New Orleans $100 $— Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | he nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2016 : Company Expiration Date (a) Amount of Facility Weighted Average Interest Rate on Borrowings (b) Amount Outstanding as of March 31, 2016 (Dollars in Millions) Entergy Arkansas VIE June 2016 $85 n/a $— Entergy Louisiana River Bend VIE June 2016 $100 n/a $— Entergy Louisiana Waterford VIE June 2016 $90 1.86% $77.5 (c) System Energy VIE June 2016 $125 2.01% $111 (c) (a) Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. (b) Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. (c) Commercial paper, classified as a current liability. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2016 as follows: Company Description Amount Entergy Arkansas VIE 3.23% Series J due July 2016 $55 million Entergy Arkansas VIE 2.62% Series K due December 2017 $60 million Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Louisiana River Bend VIE 3.25% Series Q due July 2017 $75 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.25% Series G due July 2017 $25 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million System Energy VIE 4.02% Series H due February 2017 $50 million System Energy VIE 3.78% Series I due October 2018 $85 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2016 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $14,296,872 $14,811,845 Entergy Arkansas $2,777,649 $2,726,079 Entergy Louisiana $5,620,234 $5,967,996 Entergy Mississippi $1,045,430 $1,100,469 Entergy New Orleans $449,892 $443,145 Entergy Texas $1,552,741 $1,702,601 System Energy $572,742 $550,080 (a) The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2015 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $13,325,930 $13,578,511 Entergy Arkansas $2,629,839 $2,498,108 Entergy Louisiana $4,836,162 $5,018,786 Entergy Mississippi $1,045,085 $1,087,326 Entergy New Orleans $342,880 $351,040 Entergy Texas $1,451,967 $1,590,616 System Energy $572,667 $552,762 (a) The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) - Parent Company [Member] | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015 : 2016 2015 (In Millions) Compensation expense included in Entergy’s net income $1.1 $1.1 Tax benefit recognized in Entergy’s net income $0.4 $0.4 Compensation cost capitalized as part of fixed assets and inventory $0.2 $0.2 |
Financial Information For Restricted Stock | The following table includes financial information for other outstanding equity awards for the three months ended March 31, 2016 and 2015 : 2016 2015 (In Millions) Compensation expense included in Entergy’s net income $8.4 $8.1 Tax benefit recognized in Entergy’s net income $3.2 $3.1 Compensation cost capitalized as part of fixed assets and inventory $1.8 $1.5 |
Retirement And Other Postreti26
Retirement And Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Parent Company [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income, amortization | 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) |
Parent Company [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | Entergy’s qualified pension cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $35,811 $43,762 Interest cost on projected benefit obligation 65,403 75,694 Expected return on assets (97,366 ) (98,655 ) Amortization of prior service cost 270 390 Amortization of loss 48,824 58,981 Special termination benefit — 76 Net pension costs $52,942 $80,248 |
Parent Company [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2016 and 2015, included the following components: 2016 2015 (In Thousands) Service cost - benefits earned during the period $8,073 $11,326 Interest cost on accumulated postretirement benefit obligation (APBO) 14,083 17,984 Expected return on assets (10,455 ) (11,344 ) Amortization of prior service credit (11,373 ) (9,320 ) Amortization of loss 4,554 7,893 Net other postretirement benefit cost $4,882 $16,539 |
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 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 |
Expected Employer Contributions | Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
Entergy Arkansas [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 |
Entergy Arkansas [Member] | Non-Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 |
Entergy Louisiana [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income, amortization | 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 2016 and 2015: 2016 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($270 ) $7,738 ($113 ) $7,355 Amortization of loss (12,482 ) (2,063 ) (630 ) (15,175 ) ($12,752 ) $5,675 ($743 ) ($7,820 ) Entergy Louisiana Amortization of prior service credit $— $1,947 $— $1,947 Amortization of loss (836 ) (731 ) (2 ) (1,569 ) ($836 ) $1,216 ($2 ) $378 2015 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost)/credit ($389 ) $6,482 ($107 ) $5,986 Amortization of loss (12,627 ) (4,409 ) (552 ) (17,588 ) ($13,016 ) $2,073 ($659 ) ($11,602 ) Entergy Louisiana Amortization of prior service credit $— $1,867 $— $1,867 Amortization of loss (751 ) (1,779 ) (5 ) (2,535 ) ($751 ) $88 ($5 ) ($668 ) |
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 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 |
Expected Employer Contributions | Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
Entergy Louisiana [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 |
Entergy Louisiana [Member] | Non-Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 |
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 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 |
Expected Employer Contributions | Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
Entergy Mississippi [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 |
Entergy Mississippi [Member] | Non-Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 |
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 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 |
Expected Employer Contributions | Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
Entergy New Orleans [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 |
Entergy New Orleans [Member] | Non-Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 |
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 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 |
Expected Employer Contributions | Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
Entergy Texas [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 |
Entergy Texas [Member] | Non-Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans in the first quarters of 2016 and 2015: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Non-qualified pension cost first quarter 2016 $106 $59 $59 $16 $127 Non-qualified pension cost first quarter 2015 $113 $68 $59 $16 $149 |
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 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,181 $7,049 $1,562 $656 $1,416 $1,566 Interest cost on projected benefit obligation 13,055 14,870 3,811 1,814 3,557 2,992 Expected return on assets (19,772 ) (22,096 ) (5,981 ) (2,687 ) (6,062 ) (4,459 ) Amortization of loss 10,936 11,946 2,985 1,615 2,340 2,604 Net pension cost $9,400 $11,769 $2,377 $1,398 $1,251 $2,703 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,661 $8,599 $1,982 $849 $1,645 $1,957 Interest cost on projected benefit obligation 15,471 17,367 4,502 2,108 4,354 3,493 Expected return on assets (20,026 ) (22,701 ) (6,105 ) (2,725 ) (6,222 ) (4,568 ) Amortization of loss 13,564 14,951 3,724 2,013 3,238 3,264 Net pension cost $15,670 $18,216 $4,103 $2,245 $3,015 $4,146 |
Expected Employer Contributions | Based on current assumptions, Entergy expects to contribute $387.5 million to its qualified pension plans in 2016. As of March 31, 2016 , Entergy had contributed $88.2 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 2016 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2016 pension contributions $82,831 $83,909 $19,913 $10,694 $15,770 $20,206 Pension contributions made through March 2016 $19,494 $20,195 $4,946 $2,434 $3,798 $4,613 Remaining estimated pension contributions to be made in 2016 $63,337 $63,714 $14,967 $8,260 $11,972 $15,593 |
System Energy [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for the first quarters of 2016 and 2015, included the following components: 2016 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $978 $1,869 $386 $156 $398 $334 Interest cost on APBO 2,324 3,260 709 448 1,039 529 Expected return on assets (4,464 ) — (1,379 ) (1,154 ) (2,394 ) (814 ) Amortization of prior service credit (1,368 ) (1,947 ) (234 ) (186 ) (681 ) (393 ) Amortization of loss 1,064 731 223 37 537 287 Net other postretirement benefit cost ($1,466 ) $3,913 ($295 ) ($699 ) ($1,101 ) ($57 ) 2015 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $1,739 $2,474 $507 $205 $500 $470 Interest cost on APBO 3,130 4,078 859 652 1,342 628 Expected return on assets (4,798 ) — (1,542 ) (1,201 ) (2,588 ) (911 ) Amortization of prior service credit (610 ) (1,867 ) (229 ) (177 ) (681 ) (366 ) Amortization of loss 1,339 1,780 215 118 685 300 Net other postretirement benefit cost $800 $6,465 ($190 ) ($403 ) ($742 ) $121 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Parent Company [Member] | |
Segment Financial Information | Entergy’s segment financial information for the first quarters of 2016 and 2015 is as follows: Utility Entergy Wholesale Commodities* All Other Eliminations Entergy (In Thousands) 2016 Operating revenues $2,087,793 $522,079 $— ($20 ) $2,609,852 Income taxes $107,836 $52,314 ($20,205 ) $— $139,945 Consolidated net income (loss) $199,651 $79,557 ($12,067 ) ($31,899 ) $235,242 2015 Operating revenues $2,277,510 $642,590 $— ($10 ) $2,920,090 Income taxes $91,251 $70,190 ($10,970 ) $— $150,471 Consolidated net income (loss) $227,750 $123,432 ($16,354 ) ($31,899 ) $302,929 Businesses marked with * are sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. |
Risk Management And Fair Valu28
Risk Management And Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Values Of Derivative Instruments | The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2016 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $120 ($26) $94 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $20 ($1) $19 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $1 ($1) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $1 ($1) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $94 ($24) $70 Entergy Wholesale Commodities FTRs Prepayments and other $9 $— $9 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities(current portion) $49 ($49) $— Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2015 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $173 ($34) $139 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $17 ($2) $15 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $14 ($14) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $54 ($13) $41 Entergy Wholesale Commodities FTRs Prepayments and other $24 ($1) $23 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $38 ($32) $6 Entergy Wholesale Commodities Natural gas swaps Other current liabilities $9 $— $9 Utility |
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 statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in other comprehensive income Income Statement location Amount of gain (loss) reclassified from AOCI into income (a) (In Millions) (In Millions) 2016 Electricity swaps and options $139 Competitive businesses operating revenues $154 2015 Electricity swaps and options ($32) Competitive businesses operating revenues $14 (a) Before taxes of $54 million and $5 million for the three months ended March 31, 2016 and 2015, 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 statements of operations for the three months ended March 31, 2016 and 2015 are as follows: Instrument Amount of gain (loss) recognized in AOCI Income Statement Amount of gain (loss) (In Millions) (In Millions) 2016 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($24) FTRs $— Purchased power expense (b) $21 Electricity swaps and options de-designated as hedged items $25 Competitive business operating revenues $— 2015 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($19) FTRs $— Purchased power expense (b) $33 Electricity swaps and options de-designated as hedged items $4 Competitive business operating revenues ($34) (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,010 $— $— $1,010 Funds held on deposit 197 — — 197 Decommissioning trust funds (a): Equity securities 446 — — 446 Debt securities 1,060 1,189 — 2,249 Common trusts (b) 2,757 Power contracts — — 183 183 Securitization recovery trust account 52 — — 52 Escrow accounts 454 — — 454 FTRs — — 9 9 $3,219 $1,189 $192 $7,357 Liabilities: Gas hedge contracts $9 $— $— $9 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,287 $— $— $1,287 Decommissioning trust funds (a): Equity securities 468 — — 468 Debt securities 1,061 1,094 — 2,155 Common trusts (b) 2,727 Power contracts — — 195 195 Securitization recovery trust account 50 — — 50 Escrow accounts 425 — — 425 FTRs — — 23 23 $3,291 $1,094 $218 $7,330 Liabilities: Power contracts $— $— $6 $6 Gas hedge contracts 9 — — 9 $9 $— $6 $15 |
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, 2016 and 2015 : 2016 2015 Power Contracts FTRs Power Contracts FTRs (In Millions) Balance as of January 1, $189 $23 $215 $47 Total gains (losses) for the period (a) Included in earnings — — (35 ) — Included in OCI 139 — (26 ) — Included as a regulatory liability/asset — 7 — 1 Purchases — — 10 — Settlements (145 ) (21 ) (19 ) (33 ) Balance as of March 31, $183 $9 $145 $15 (a) Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is $6 million for the three months ended March 31, 2016 and ($87) million for the three months ended March 31, 2015 |
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, 2016 : Transaction Type Fair Value as of March 31, 2016 Significant Unobservable Inputs Range from Average % Effect on Fair Value (In Millions) (In Millions) Power contracts - electricity swaps $149 Unit contingent discount +/- 3% $7 Power contracts - electricity options $34 Implied volatility +/- 30% $10 |
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, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. |
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, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Arkansas 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $13.4 $— $— $13.4 Decommissioning trust funds (a): Equity securities 5.2 — — 5.2 Debt securities 102.3 208.9 — 311.2 Common trusts (b) 469.1 Securitization recovery trust account 7.6 — — 7.6 Escrow accounts 19.3 — — 19.3 FTRs — — 3.7 3.7 $147.8 $208.9 $3.7 $829.5 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Decommissioning trust funds (a): Equity securities $3.0 $— $— $3.0 Debt securities 110.5 193.4 — 303.9 Common trusts (b) 464.4 Securitization recovery trust account 4.2 — — 4.2 Escrow accounts 12.2 — — 12.2 FTRs — — 7.9 7.9 $129.9 $193.4 $7.9 $795.6 |
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, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Gains (losses) included as a regulatory liability/asset 3.6 5.3 (0.7 ) (0.4 ) 0.2 Settlements (7.8 ) (10.5 ) (0.8 ) (0.5 ) (1.5 ) Balance as of March 31, $3.7 $3.3 $0.9 $0.6 $0.9 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, 2015 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $0.7 $25.5 $3.4 $4.1 $12.3 Gains (losses) included as a regulatory liability/asset 15.0 (2.2 ) 0.8 (1.1 ) (10.3 ) Settlements (15.1 ) (14.5 ) (3.3 ) (1.6 ) 1.4 Balance as of March 31, $0.6 $8.8 $0.9 $1.4 $3.4 |
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, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. |
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, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Louisiana 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $100.0 $— $— $100.0 Funds held on deposit 196.6 — — 196.6 Decommissioning trust funds (a): Equity securities 8.5 — — 8.5 Debt securities 154.5 267.7 — 422.2 Common trusts (b) 634.5 Escrow accounts 304.9 — — 304.9 Securitization recovery trust account 8.7 — — 8.7 FTRs — — 3.3 3.3 $773.2 $267.7 $3.3 $1,678.7 Liabilities: Gas hedge contracts $7.6 $— $— $7.6 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $34.8 $— $— $34.8 Decommissioning trust funds (a): Equity securities 7.1 — — 7.1 Debt securities 161.1 248.8 — 409.9 Common trusts (b) 625.3 Escrow accounts 290.4 — — 290.4 Securitization recovery trust account 3.2 — — 3.2 FTRs — — 8.5 8.5 $496.6 $248.8 $8.5 $1,379.2 Liabilities: Gas hedge contracts $7.0 $— $— $7.0 |
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, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Gains (losses) included as a regulatory liability/asset 3.6 5.3 (0.7 ) (0.4 ) 0.2 Settlements (7.8 ) (10.5 ) (0.8 ) (0.5 ) (1.5 ) Balance as of March 31, $3.7 $3.3 $0.9 $0.6 $0.9 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, 2015 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $0.7 $25.5 $3.4 $4.1 $12.3 Gains (losses) included as a regulatory liability/asset 15.0 (2.2 ) 0.8 (1.1 ) (10.3 ) Settlements (15.1 ) (14.5 ) (3.3 ) (1.6 ) 1.4 Balance as of March 31, $0.6 $8.8 $0.9 $1.4 $3.4 |
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, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. |
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, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Mississippi 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $112.7 $— $— $112.7 Escrow accounts 41.8 — — 41.8 FTRs — — 0.9 0.9 $154.5 $— $0.9 $155.4 Liabilities: Gas hedge contracts $1.8 $— $— $1.8 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $144.2 $— $— $144.2 Escrow accounts 41.7 — — 41.7 FTRs — — 2.4 2.4 $185.9 $— $2.4 $188.3 Liabilities: Gas hedge contracts $1.3 $— $— $1.3 |
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, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Gains (losses) included as a regulatory liability/asset 3.6 5.3 (0.7 ) (0.4 ) 0.2 Settlements (7.8 ) (10.5 ) (0.8 ) (0.5 ) (1.5 ) Balance as of March 31, $3.7 $3.3 $0.9 $0.6 $0.9 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, 2015 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $0.7 $25.5 $3.4 $4.1 $12.3 Gains (losses) included as a regulatory liability/asset 15.0 (2.2 ) 0.8 (1.1 ) (10.3 ) Settlements (15.1 ) (14.5 ) (3.3 ) (1.6 ) 1.4 Balance as of March 31, $0.6 $8.8 $0.9 $1.4 $3.4 |
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, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. |
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, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy New Orleans 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $5.3 $— $— $5.3 Securitization recovery trust account 7.4 — — 7.4 Escrow accounts 88.2 — — 88.2 FTRs — — 0.6 0.6 $100.9 $— $0.6 $101.5 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $87.8 $— $— $87.8 Securitization recovery trust account 4.6 — — 4.6 Escrow accounts 81.0 — — 81.0 FTRs — — 1.5 1.5 $173.4 $— $1.5 $174.9 Liabilities: Gas hedge contracts $0.5 $— $— $0.5 |
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, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Gains (losses) included as a regulatory liability/asset 3.6 5.3 (0.7 ) (0.4 ) 0.2 Settlements (7.8 ) (10.5 ) (0.8 ) (0.5 ) (1.5 ) Balance as of March 31, $3.7 $3.3 $0.9 $0.6 $0.9 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, 2015 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $0.7 $25.5 $3.4 $4.1 $12.3 Gains (losses) included as a regulatory liability/asset 15.0 (2.2 ) 0.8 (1.1 ) (10.3 ) Settlements (15.1 ) (14.5 ) (3.3 ) (1.6 ) 1.4 Balance as of March 31, $0.6 $8.8 $0.9 $1.4 $3.4 |
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, 2016 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $3.7 Entergy Arkansas FTRs Prepayments and other $3.3 Entergy Louisiana FTRs Prepayments and other $0.9 Entergy Mississippi FTRs Prepayments and other $0.6 Entergy New Orleans FTRs Prepayments and other $0.9 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.6 Entergy Louisiana Natural gas swaps Other current liabilities $1.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2015 are as follows: Instrument Balance Sheet Location Fair Value (a) Registrant (In Millions) Assets: FTRs Prepayments and other $7.9 Entergy Arkansas FTRs Prepayments and other $8.5 Entergy Louisiana FTRs Prepayments and other $2.4 Entergy Mississippi FTRs Prepayments and other $1.5 Entergy New Orleans FTRs Prepayments and other $2.2 Entergy Texas Liabilities: Natural gas swaps Other current liabilities $7.0 Entergy Louisiana Natural gas swaps Other current liabilities $1.3 Entergy Mississippi Natural gas swaps Other current liabilities $0.5 Entergy New Orleans (a) Excludes letters of credit in the amount of $0.4 million posted by Entergy Mississippi as of March 31, 2016. No cash collateral was required to be posted as of March 31, 2016 and December 31, 2015, respectively. |
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, 2016 and 2015 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2016 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($19.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($4.1) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $7.8 (b) Entergy Arkansas FTRs Purchased power expense $10.5 (b) Entergy Louisiana FTRs Purchased power expense $0.8 (b) Entergy Mississippi FTRs Purchased power expense $0.5 (b) Entergy New Orleans FTRs Purchased power expense $1.5 (b) Entergy Texas 2015 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($16.0) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($3.0) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.5) (a) Entergy New Orleans FTRs Purchased power expense $15.1 (b) Entergy Arkansas FTRs Purchased power expense $14.5 (b) Entergy Louisiana FTRs Purchased power expense $3.3 (b) Entergy Mississippi FTRs Purchased power expense $1.6 (b) Entergy New Orleans FTRs Purchased power expense ($1.4) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of FTRs 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 FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Texas 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets : Temporary cash investments $64.8 $— $— $64.8 Securitization recovery trust account 27.9 — — 27.9 FTRs — — 0.9 0.9 $92.7 $— $0.9 $93.6 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets : Securitization recovery trust account $38.2 $— $— $38.2 FTRs — — 2.2 2.2 $38.2 $— $2.2 $40.4 |
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, 2016 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $7.9 $8.5 $2.4 $1.5 $2.2 Gains (losses) included as a regulatory liability/asset 3.6 5.3 (0.7 ) (0.4 ) 0.2 Settlements (7.8 ) (10.5 ) (0.8 ) (0.5 ) (1.5 ) Balance as of March 31, $3.7 $3.3 $0.9 $0.6 $0.9 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, 2015 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $0.7 $25.5 $3.4 $4.1 $12.3 Gains (losses) included as a regulatory liability/asset 15.0 (2.2 ) 0.8 (1.1 ) (10.3 ) Settlements (15.1 ) (14.5 ) (3.3 ) (1.6 ) 1.4 Balance as of March 31, $0.6 $8.8 $0.9 $1.4 $3.4 |
System Energy [Member] | |
Assets and liabilities at fair value on a recurring basis | System Energy 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $255.0 $— $— $255.0 Decommissioning trust funds (a): Equity securities 2.1 — — 2.1 Debt securities 232.6 58.8 — 291.4 Common trusts (b) 426.3 $489.7 $58.8 $— $974.8 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $222.0 $— $— $222.0 Decommissioning trust funds (a): Equity securities 1.8 — — 1.8 Debt securities 218.6 59.2 — 277.8 Common trusts (b) 421.9 $442.4 $59.2 $— $923.5 |
Decommissioning Trust Funds (Ta
Decommissioning Trust Funds (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Securities Held | The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $3,203 $1,638 $1 Debt Securities 2,249 78 4 Total $5,452 $1,716 $5 Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2015 Equity Securities $3,195 $1,396 $2 Debt Securities 2,155 41 17 Total $5,350 $1,437 $19 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $38 $1 $196 $2 More than 12 months — — 73 2 Total $38 $1 $269 $4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $54 $2 $1,031 $15 More than 12 months 1 — 61 2 Total $55 $2 $1,092 $17 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $98 $77 1 year - 5 years 855 857 5 years - 10 years 711 704 10 years - 15 years 144 124 15 years - 20 years 58 50 20 years+ 383 343 Total $2,249 $2,155 |
Entergy Arkansas [Member] | |
Securities Held | Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $474.3 $238.5 $0.2 Debt Securities 311.2 9.5 0.8 Total $785.5 $248.0 $1.0 2015 Equity Securities $467.4 $234.4 $0.2 Debt Securities 303.9 4.1 2.2 Total $771.3 $238.5 $2.4 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.3 $0.2 $18.1 $0.4 More than 12 months — — 11.3 0.4 Total $7.3 $0.2 $29.4 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $7.8 $0.2 $111.4 $1.7 More than 12 months — — 18.5 0.5 Total $7.8 $0.2 $129.9 $2.2 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $3.7 $1.8 1 year - 5 years 142.0 145.2 5 years - 10 years 138.4 138.5 10 years - 15 years 7.5 2.4 15 years - 20 years 2.1 2.0 20 years+ 17.5 14.0 Total $311.2 $303.9 |
Entergy Louisiana [Member] | |
Securities Held | Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $643.0 $289.3 $0.1 Debt Securities 422.2 19.0 0.8 Total $1,065.2 $308.3 $0.9 2015 Equity Securities $632.4 $283.7 $0.2 Debt Securities 409.9 13.2 2.4 Total $1,042.3 $296.9 $2.6 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.6 $0.1 $24.0 $0.3 More than 12 months — — 11.0 0.5 Total $8.6 $0.1 $35.0 $0.8 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $9.4 $0.2 $124.0 $2.0 More than 12 months — — 7.4 0.4 Total $9.4 $0.2 $131.4 $2.4 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $31.9 $27.1 1 year - 5 years 114.8 124.0 5 years - 10 years 121.2 114.3 10 years - 15 years 43.6 39.3 15 years - 20 years 29.7 26.5 20 years+ 81.0 78.7 Total $422.2 $409.9 |
System Energy [Member] | |
Securities Held | System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2016 Equity Securities $428.4 $182.7 $0.1 Debt Securities 291.4 5.5 0.4 Total $719.8 $188.2 $0.5 2015 Equity Securities $423.7 $179.2 $0.3 Debt Securities 277.8 2.2 2.3 Total $701.5 $181.4 $2.6 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.9 $0.1 $45.8 $0.3 More than 12 months — — 2.4 0.1 Total $3.9 $0.1 $48.2 $0.4 The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015 : Equity Securities Debt Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $8.3 $0.2 $200.4 $2.2 More than 12 months 0.9 0.1 5.0 0.1 Total $9.2 $0.3 $205.4 $2.3 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows: 2016 2015 (In Millions) less than 1 year $4.6 $2.0 1 year - 5 years 180.9 181.2 5 years - 10 years 73.3 63.0 10 years - 15 years 4.5 4.4 15 years - 20 years 1.5 1.6 20 years+ 26.6 25.6 Total $291.4 $277.8 |
Commitments and Contingencies C
Commitments and Contingencies Commitments And Contingencies (Narrative) (Details) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)MW | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Entergy Arkansas [Member] | |||
Regulatory Assets [Line Items] | |||
Incremental NRC Inspection Costs | $ 19.6 | $ 53 | |
Entergy Arkansas [Member] | Subsequent Event [Member] | |||
Regulatory Assets [Line Items] | |||
Expected NRC inspection costs excluding remediation and response costs | $ 50 | ||
Entergy Wholesale Commodities [Member] | Pilgrim [Member] | |||
Regulatory Assets [Line Items] | |||
Incremental NRC Inspection Costs | 5 | ||
Entergy Wholesale Commodities [Member] | Minimum [Member] | Pilgrim [Member] | |||
Regulatory Assets [Line Items] | |||
Expected NRC inspection costs | 45 | ||
Entergy Wholesale Commodities [Member] | Maximum [Member] | Pilgrim [Member] | |||
Regulatory Assets [Line Items] | |||
Expected NRC inspection costs | $ 60 | ||
Entergy Wholesale Commodities [Member] | Subsequent Event [Member] | Pilgrim [Member] | |||
Regulatory Assets [Line Items] | |||
Expected NRC inspection costs | $ 30 | ||
Pilgrim [Member] | |||
Regulatory Assets [Line Items] | |||
Capacity Supply Obligations in ISO New England | MW | 677 |
Rate And Regulatory Matters (Na
Rate And Regulatory Matters (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||||||
Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016 | Dec. 31, 2015USD ($) | Nov. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Aug. 31, 2013 | Jan. 31, 2013USD ($)intervenor | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | May. 31, 2015USD ($) | |
Commitments and Contingencies [Abstract] | ||||||||||||||
Deferred Fuel Cost | $ 28,296 | $ 0 | $ 28,296 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | (947,778) | $ 0 | ||||||||||||
Entergy Louisiana [Member] | ||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||
Refund to customers per LPSC Staff January 2013 audit report | $ 1,900 | |||||||||||||
Realignment of the recovery from Entergy Louisiana's fuel adjustment clause to base rates per LPSC January 2013 audit report | $ 1,000 | |||||||||||||
Number of Parties That Intervened in LPSC Proceeding | intervenor | 2 | |||||||||||||
Number of Intervenors | intervenor | 1 | |||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||
LPSC staff recommended fuel refund including interest | 8,600 | |||||||||||||
Amount of LPSC Recommended Realignment of Fuel Costs to Base Rates | 12,700 | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | (474,000) | (473,888) | 0 | |||||||||||
Earned return on common equity | 10.22% | |||||||||||||
Estimated costs at completion for Ninemile 6 project | $ 648,000 | |||||||||||||
Decrease in estimated costs at completion for Ninemile 6 project | 76,000 | |||||||||||||
Entergy Mississippi [Member] | ||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||
Rate Increase | $ 32,600 | |||||||||||||
Deferred Fuel Over-Recovery Balance | $ 58,300 | |||||||||||||
Under-Recovery Under Power Management Rider | $ 12,300 | |||||||||||||
Net Over-Recovery of Rider Revenues | 46,000 | |||||||||||||
Projected Over-Recovery Energy Cost Recovery Rider | $ 68,000 | $ 48,000 | ||||||||||||
Earned return on common equity | 9.96% | |||||||||||||
Entergy New Orleans [Member] | ||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||
Long-term payable due to Entergy Louisiana | $ 20,527 | 20,527 | 20,527 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | (237,000) | (236,944) | 0 | |||||||||||
Entergy Texas [Member] | ||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 13,000 | |||||||||||||
System Agreement Bandwidth Refund Related to Calendar Year 2006 Production Costs | $ 10,900 | |||||||||||||
Reduction in approved retail rate increase | 2,000 | |||||||||||||
Intervenor Recommended Disallowance Due to Load Growth Adjustment | $ 3,400 | |||||||||||||
Entergy Texas [Member] | Subsequent Event [Member] | ||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||
Refund To Customers | $ 56,200 | |||||||||||||
Refund for fuel cost recovery | 41,800 | |||||||||||||
System Agreement Bandwidth Refund Related to Calendar Year 2006-2008 Production Costs | $ 3,500 | |||||||||||||
Entergy Arkansas [Member] | ||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||
Public Utilities Earned Return On Common Equity | 10.20% | |||||||||||||
APSC and Intervener Recommended Revenue Requirement | $ 217,900 | |||||||||||||
APSC and Intervener Recommended Return on Equity | 9.65% | |||||||||||||
Net increase in revenues | 133,000 | $ 167,000 | ||||||||||||
Rate Increase | $ 268,400 | |||||||||||||
Deferred Fuel Cost | 28,296 | 0 | 28,296 | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 225,000 | |||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.75% | |||||||||||||
Basis Point Band | 50.00% | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | (237,000) | (236,947) | $ 0 | |||||||||||
Post-Fukushima Compliance Costs | $ 7,700 | |||||||||||||
Flood Barrier Compliance Costs | $ 9,900 | |||||||||||||
Reduction in approved retail rate increase | $ 5,000 | |||||||||||||
Interim Base Rate Adjustment Surcharge Recovery | 21,100 | |||||||||||||
ALJ Recommended Percentage By Which Payments Be Reduced | 20.00% | |||||||||||||
Liability Recorded Related to Estimated Payments Due Utility Operating Companies | 87,000 | 87,000 | ||||||||||||
Regulatory Asset Recorded to Represent Estimate of Recoverable Retail Portion of Costs | $ 75,000 | $ 75,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - $ / shares | Apr. 06, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Equity [Abstract] | |||
Stock Options Excluded From Diluted Common Shares Outstanding Calculation | 6,100,000 | 3,500,000 | |
Common stock dividend (in dollars per share) | $ 0.85 | $ 0.83 | |
Parent Company [Member] | |||
Equity [Abstract] | |||
Shares, Issued | 332,576 | ||
Subsequent Event [Member] | |||
Equity [Abstract] | |||
Common stock dividend (in dollars per share) | $ 0.85 |
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, 2016 | Mar. 31, 2015 | |
Basic earnings per share | ||
Net income (loss) attributable to Entergy Corporation, Income | $ 229,966 | $ 298,050 |
Net Income Attributable to Entergy Corporation, Shares | 178,578,536 | 179,658,981 |
Net Income Attributable to Entergy Corporation, $/share | $ 1.29 | $ 1.66 |
Average dilutive effect of: | ||
Stock options, Shares | 100,000 | 500,000 |
Stock options $/share | $ 0 | $ (0.01) |
Restricted stock, Shares | 300,000 | 300,000 |
Restricted stock $/share | $ (0.01) | $ 0 |
Diluted earnings per share, Shares | 178,976,380 | 180,480,523 |
Diluted earnings per share $/share | $ 1.28 | $ 1.65 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss))(Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ 8,951 | $ (42,307) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 115,055 | (8,776) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (94,214) | (8,654) |
Other comprehensive income (loss) | 20,841 | (17,430) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 29,792 | (59,737) |
Foreign Currency Translation [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 2,028 | 2,669 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (284) | (551) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 |
Other comprehensive income (loss) | (284) | (551) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 1,744 | 2,118 |
Net Unrealized Investment Gains [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 367,557 | 426,695 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 25,032 | 12,658 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,963) | (8,655) |
Other comprehensive income (loss) | 23,069 | 4,003 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 390,626 | 430,698 |
Pension And Other Postretirement Liabilities [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (466,604) | (569,789) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 13 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,562 | 8,435 |
Other comprehensive income (loss) | 7,562 | 8,448 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (459,042) | (561,341) |
Cash Flow Hedges Net Unrealized Gain [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 105,970 | 98,118 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 90,307 | (20,896) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (99,813) | (8,434) |
Other comprehensive income (loss) | (9,506) | (29,330) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 96,464 | 68,788 |
Entergy Louisiana [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (56,412) | |
Other comprehensive income (loss) | (263) | 380 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (56,675) | |
Entergy Louisiana [Member] | Pension And Other Postretirement Liabilities [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (56,412) | (79,223) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (263) | 380 |
Other comprehensive income (loss) | (263) | 380 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ (56,675) | $ (78,843) |
Equity (Reclassification out of
Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Competitive Energy Revenue | $ 522,079 | $ 642,590 | |
Other Nonoperating Income (Expense) | (10,587) | (9,020) | |
INCOME BEFORE INCOME TAXES | 375,187 | 453,400 | |
Income taxes (benefits) | (139,945) | (150,471) | |
Consolidated net income | [1] | 235,242 | 302,929 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Consolidated net income | 94,214 | 8,654 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Consolidated net income | 1,963 | 8,655 | |
Parent Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Competitive Energy Revenue | 153,958 | 13,522 | |
Other Nonoperating Income (Expense) | (400) | (546) | |
INCOME BEFORE INCOME TAXES | 153,558 | 12,976 | |
Income taxes (benefits) | (53,745) | (4,542) | |
Consolidated net income | 99,813 | 8,434 | |
Parent Company [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gain (loss) | 3,850 | 16,970 | |
Income taxes (benefits) | (1,887) | (8,315) | |
Parent Company [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior-service credit | 7,355 | 5,986 | |
Amortization of loss | (15,175) | (17,588) | |
INCOME BEFORE INCOME TAXES | (7,820) | (11,602) | |
Income taxes (benefits) | 258 | 3,167 | |
Consolidated net income | (7,562) | (8,435) | |
Entergy Louisiana [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Nonoperating Income (Expense) | (3,745) | (200) | |
INCOME BEFORE INCOME TAXES | 161,348 | 168,911 | |
Income taxes (benefits) | (49,742) | (42,802) | |
Consolidated net income | 111,606 | 126,109 | |
Entergy Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior-service credit | 1,947 | 1,867 | |
Amortization of loss | (1,569) | (2,535) | |
INCOME BEFORE INCOME TAXES | 378 | (668) | |
Income taxes (benefits) | (115) | 288 | |
Consolidated net income | $ 263 | $ (380) | |
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2016 and 2015 include $5.3 million and $3.2 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Revolving Credit Facilities, 36
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2016 | Mar. 31, 2016 | Jan. 31, 2016 | Mar. 31, 2016 | ||
Debt Instrument [Line Items] | |||||
Amount of Facility | $ 3,500,000 | $ 3,500,000 | |||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | 50.00% | |||
Letters of Credit Outstanding, Amount | $ 400 | $ 400 | |||
Line of credit facility, commitment fee percentage | 0.275% | ||||
Amount Drawn/ Outstanding | 616,000 | $ 616,000 | |||
Commercial Paper program limit | 1,500,000 | 1,500,000 | |||
Commercial Paper Amount Outstanding | $ 578,000 | $ 578,000 | |||
Commercial Paper Program [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, weighted average interest rate | 1.14% | 1.14% | |||
Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, weighted average interest rate | 2.35% | 2.35% | |||
Entergy Arkansas [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | $ 250,000 | $ 250,000 | |||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | 50.00% | |||
Consolidated debt ratio | 65.00% | 65.00% | |||
Entergy Arkansas [Member] | Three Point Five Percent Series First Mortgage Bonds Due April Two Thousand Twenty Six [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.50% | ||||
Issuance Of Debt | $ 325,000 | ||||
Entergy Arkansas [Member] | Mortgage Bonds Five Point Sixty Six Percent Series due February Two Thousand Twenty Five [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 5.66% | ||||
Redemption of debt instrument | $ 175,000 | ||||
Entergy Louisiana [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | $ 450,000 | $ 450,000 | |||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | 50.00% | |||
Consolidated debt ratio | 65.00% | 65.00% | |||
Cash payment representing the purchase price to acquire the undivided interests in Waterford 3 | $ 60,000 | ||||
Entergy Louisiana [Member] | Mortgage Bonds, Four Point Ninety Five Percent Series, Due January Two Thousand Forty Five [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 4.95% | 4.95% | |||
Issuance Of Debt | $ 200,000 | ||||
Entergy Louisiana [Member] | Mortgage Bonds, Three Point Two Five Percent Series, Due April Twenty Twenty Eight [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.25% | 3.25% | |||
Issuance Of Debt | $ 425,000 | ||||
Entergy Louisiana [Member] | Mortgage Notes, Waterford 3 Series [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuance Of Debt | $ 51,972 | ||||
Entergy Louisiana [Member] | Governmental Bonds, Three Point Three Seven Five Percent, Due September Twenty Twenty Eight [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.375% | 3.375% | |||
Issuance Of Debt | $ 83,680 | ||||
Entergy Louisiana [Member] | Governmental Bonds, Three Point Five Zero Percent, Due June Twenty Thirty [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.50% | 3.50% | |||
Issuance Of Debt | $ 115,000 | ||||
Entergy Mississippi [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit posted to cover derivative exposure | 400 | $ 400 | |||
Authorized Short Term Borrowings | 175,000 | 175,000 | |||
Letters of Credit Outstanding, Amount | $ 400 | $ 400 | |||
Consolidated debt ratio | 65.00% | 65.00% | |||
Entergy Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | $ 200,000 | $ 200,000 | |||
Issuance of letters of credit, percentage of total borrowing capacity | 50.00% | 50.00% | |||
Consolidated debt ratio | 65.00% | 65.00% | |||
Entergy Texas [Member] | Mortgage Bonds, Two Point Five Five Series, Due June Twenty Twenty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 2.55% | 2.55% | |||
Issuance Of Debt | $ 125,000 | ||||
System Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | 200,000 | $ 200,000 | |||
Entergy Nuclear Vermont Yankee [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | 100,000 | $ 100,000 | |||
Line of credit facility, commitment fee percentage | 0.25% | ||||
Amount Drawn/ Outstanding | 61,000 | $ 61,000 | |||
Line of Credit Facility, Interest Rate During Period | 2.20% | ||||
Uncommitted Credit Facility | 85,000 | $ 85,000 | |||
Uncommitted Line of Credit Facility Interest Rate During Period | 2.18% | ||||
Entergy New Orleans [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | $ 100,000 | $ 100,000 | |||
Consolidated debt ratio | 65.00% | 65.00% | |||
Entergy New Orleans [Member] | Mortgage Bonds, Five Point Five Zero Percent Series, Due April Twenty Sixty Six [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 5.50% | 5.50% | |||
Issuance Of Debt | $ 110,000 | ||||
System Energy VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount Drawn/ Outstanding | $ 111,000 | $ 111,000 | |||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | ||||
Consolidated debt ratio of total capitalization | 70.00% | ||||
System Energy VIE [Member] | Three Point Seven Eight Percent Series I Notes Due October Two Thousand Eighteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.78% | 3.78% | |||
Entergy Arkansas VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount Drawn/ Outstanding | $ 0 | $ 0 | |||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | ||||
Consolidated debt ratio of total capitalization | 70.00% | ||||
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 VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||||
Consolidated debt ratio of total capitalization | 70.00% | ||||
Entergy Louisiana VIE [Member] | Variable Interest Entity Notes Payable Three Point Three Zero Percent Series F Due March Two Thousand Sixteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.30% | 3.30% | |||
Redemption of debt instrument | $ 20,000 | ||||
Entergy Louisiana Waterford VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount Drawn/ Outstanding | $ 77,500 | $ 77,500 | |||
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 | $ 0 | $ 0 | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee percentage | 0.275% | ||||
Consolidated debt ratio | 65.00% | 65.00% | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee percentage | 0.125% | ||||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Arkansas [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | [1] | $ 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] | 1.68% | |||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | [3] | 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] | 1.93% | |||
Subsequent Event [Member] | Entergy Louisiana [Member] | Pollution Control Revenue Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption of debt instrument | $ 198,680 | ||||
[1] | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. | ||||
[2] | The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. | ||||
[3] | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Revolving Credit Facilities, 37
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, 2016USD ($) |
Summary of the borrowings outstanding and capacity available under the facility | |
Capacity | $ 3,500 |
Amount Drawn/ Outstanding | 616 |
Letters of Credit | 7 |
Capacity Available | $ 2,877 |
Revolving Credit Facilities, 38
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Credit Facilities) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
Amount of Facility | $ 3,500,000 | |
Amount Drawn/ Outstanding | 616,000 | |
Letters of Credit Outstanding, Amount | $ 400 | |
Entergy Arkansas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Aug. 14, 2020 | |
Amount of Facility | $ 150,000 | [1] |
Interest Rate | 1.68% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Arkansas [Member] | Credit Facility Of Twenty Million [Member] | ||
Expiration Date | Apr. 30, 2016 | |
Amount of Facility | $ 20,000 | [3] |
Interest Rate | 1.93% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Louisiana [Member] | Credit Facility Of Three Hundred Fifty Million [Member] | ||
Expiration Date | Aug. 14, 2020 | |
Amount of Facility | $ 350,000 | [4] |
Interest Rate | 1.68% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 3,100 | |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | $ 400 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Seven Point Five Million [Member] | ||
Expiration Date | May 31, 2016 | |
Amount of Facility | $ 37,500 | [5] |
Interest Rate | 1.93% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Five Million [Member] | ||
Expiration Date | May 31, 2016 | |
Amount of Facility | $ 35,000 | [5] |
Interest Rate | 1.93% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Twenty Million [Member] | ||
Expiration Date | May 31, 2016 | |
Amount of Facility | $ 20,000 | [5] |
Interest Rate | 1.93% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Ten Million [Member] | ||
Expiration Date | May 31, 2016 | |
Amount of Facility | $ 10,000 | [5] |
Interest Rate | 1.93% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy New Orleans [Member] | Credit Facility Of Twenty Five Million [Member] | ||
Expiration Date | Nov. 30, 2018 | |
Amount of Facility | $ 25,000 | |
Interest Rate | 2.18% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Texas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Aug. 14, 2020 | |
Amount of Facility | $ 150,000 | [6] |
Interest Rate | 1.93% | [2] |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 1,300 | |
[1] | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. | |
[2] | The interest rate is the rate as of March 31, 2016 that would most likely apply to outstanding borrowings under the facility. | |
[3] | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. The credit facility expired in April 2016. Entergy Arkansas plans to renew the credit facility. | |
[4] | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. | |
[5] | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. | |
[6] | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. |
Revolving Credit Facilities, 39
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, 2016USD ($) |
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 | 0 |
Entergy New Orleans [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 100 |
Borrowings | 0 |
Entergy Texas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | 0 |
System Energy [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | $ 0 |
Revolving Credit Facilities, 40
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, 2016USD ($) | ||
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ||
Amount Drawn/ Outstanding | $ 616 | |
Entergy Arkansas VIE [Member] | ||
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ||
Expiration Date | Jun. 30, 2016 | |
Amount of Facility | $ 85 | |
Amount Drawn/ Outstanding | $ 0 | |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | |
System Energy VIE [Member] | ||
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ||
Expiration Date | Jun. 30, 2016 | |
Amount of Facility | $ 125 | |
Weighted Average Interest Rate on Borrowings | 2.01% | [1] |
Amount Drawn/ Outstanding | $ 111 | |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | |
Entergy Louisiana River Bend VIE [Member] | ||
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ||
Expiration Date | Jun. 30, 2016 | |
Amount of Facility | $ 100 | |
Amount Drawn/ Outstanding | $ 0 | |
Entergy Louisiana Waterford VIE [Member] | ||
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | ||
Expiration Date | Jun. 30, 2016 | |
Amount of Facility | $ 90 | |
Weighted Average Interest Rate on Borrowings | 1.86% | [1] |
Amount Drawn/ Outstanding | $ 77.5 | |
[1] | (a)Prior to expiration, the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy each plan to renew its credit facility. |
Revolving Credit Facilities, 41
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Notes Payable By Variable Interest Entities) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Consolidated Debt Ratio Of Capitalization | 70.00% |
Entergy Louisiana VIE [Member] | |
Notes payable by variable interest entities | |
Consolidated Debt Ratio Of Capitalization | 70.00% |
System Energy VIE [Member] | |
Notes payable by variable interest entities | |
Consolidated Debt Ratio Of Capitalization | 70.00% |
Three Point Two Three Percent Series J Notes Due July Two Thousand Sixteen [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.23% |
Amount | $ 55 |
Two Point Six Two Percent Series K Notes Due December Two Thousand Seventeen [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 2.62% |
Amount | $ 60 |
Three Point Six Five Percent Series L Notes Due July Two Thousand Twenty One [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.65% |
Amount | $ 90 |
Three Point Two Five Percent Series Q Due July Two Thousand Seventeen [Member] | Entergy Louisiana River Bend VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.25% |
Amount | $ 75 |
Three Point Three Eight Percent Series R Notes Due August Two Thousand Twenty [Member] | Entergy Louisiana River Bend VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.38% |
Amount | $ 70 |
Three Point Two Five Percent Series G Due July Two Thousand Seventeen [Member] | Entergy Louisiana Waterford VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.25% |
Amount | $ 25 |
Three Point Nine Two Percent Series H Dues February Two Thousand Twenty One [Member] | Entergy Louisiana Waterford VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.92% |
Amount | $ 40 |
Four Point Zero Two Percent Series H Notes Due February Two Thousand Seventeen [Member] | System Energy VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 4.02% |
Amount | $ 50 |
Three Point Seven Eight Percent Series I Notes Due October Two Thousand Eighteen [Member] | System Energy VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.78% |
Amount | $ 85 |
Revolving Credit Facilities, 42
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, 2016 | Dec. 31, 2015 | ||
Short-term Debt [Line Items] | ||||
Long-term Debt, Fair Value | $ 14,811,845 | [1],[2] | $ 13,578,511 | [3],[4] |
Long-term Debt, Book Value | 14,296,872 | 13,325,930 | ||
Notes payable to power authority | 35,000 | 35,000 | ||
Entergy Arkansas [Member] | ||||
Short-term Debt [Line Items] | ||||
Long-term Debt, Fair Value | 2,726,079 | [1],[2] | 2,498,108 | [3],[4] |
Long-term Debt, Book Value | 2,777,649 | 2,629,839 | ||
Long term DOE obligations | 181,000 | 181,000 | ||
Entergy Louisiana [Member] | ||||
Short-term Debt [Line Items] | ||||
Long-term Debt, Fair Value | 5,967,996 | [1],[2] | 5,018,786 | [3],[4] |
Long-term Debt, Book Value | 5,620,234 | 4,836,162 | ||
Capital Lease Obligations | 56,000 | 109,000 | ||
Entergy Mississippi [Member] | ||||
Short-term Debt [Line Items] | ||||
Long-term Debt, Fair Value | 1,100,469 | [1],[2] | 1,087,326 | [3],[4] |
Long-term Debt, Book Value | 1,045,430 | 1,045,085 | ||
Entergy New Orleans [Member] | ||||
Short-term Debt [Line Items] | ||||
Long-term Debt, Fair Value | 443,145 | [1],[2] | 351,040 | [3],[4] |
Long-term Debt, Book Value | 449,892 | 342,880 | ||
Entergy Texas [Member] | ||||
Short-term Debt [Line Items] | ||||
Long-term Debt, Fair Value | 1,702,601 | [1],[2] | 1,590,616 | [3],[4] |
Long-term Debt, Book Value | 1,552,741 | 1,451,967 | ||
System Energy [Member] | ||||
Short-term Debt [Line Items] | ||||
Long-term Debt, Fair Value | 550,080 | [1],[2] | 552,762 | [3],[4] |
Long-term Debt, Book Value | 572,742 | 572,667 | ||
Capital Lease Obligations | $ 34,000 | $ 34,000 | ||
[1] | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | |||
[2] | The values exclude lease obligations of $56 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. | |||
[3] | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. | |||
[4] | The values exclude lease obligations of $109 million at Entergy Louisiana and $34 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $35 million at Entergy, and include debt due within one year. |
Revolving Credit Facilities, 43
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) $ in Millions | Mar. 31, 2016USD ($) |
Letters of Credit Outstanding, Amount | $ 0.4 |
Entergy Mississippi [Member] | |
Letters of Credit Outstanding, Amount | 0.4 |
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 | $ 5.6 |
Credit Facility of Forty Million [Member] | Entergy Mississippi [Member] | |
Uncommitted Credit Facility | $ 40 |
Letter of Credit Fee, Percentage | 0.70% |
Letters of Credit Outstanding, Amount | $ 4.4 |
Credit Facility of Fifteen Million [Member] | Entergy New Orleans [Member] | |
Uncommitted Credit Facility | $ 15 |
Letter of Credit Fee, Percentage | 0.75% |
Letters of Credit Outstanding, Amount | $ 6.2 |
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 | $ 7 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 28, 2016 | Jan. 31, 2016 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option granted (in shares) | 696,900 | ||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 7.40 | ||
Stock options outstanding | 7,562,576 | ||
Weighted-average exercise price of stock options outstanding (in dollars per share) | $ 84.06 | ||
Intrinsic value in the money stock options | $ 30.5 | ||
Vesting period of awards under Entergy's plans, years | 3 years | ||
Equity Ownership And Long Term Cash Incentive Plan Two Thousand Eleven [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-term incentive plan awards | 199,800 | ||
LTIP awards granted value (in dollars per share) | $ 84.52 | ||
Restricted Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 370,000 | ||
Restricted stock awards granted value (in dollars per share) | $ 70.56 |
Stock-Based Compensation (Finan
Stock-Based Compensation (Financial Information For Stock Options) (Details) - Parent Company [Member] - Employee Stock Option [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 1.1 | $ 1.1 |
Tax benefit recognized in Entergy's net income | 0.4 | 0.4 |
Compensation cost capitalized as part of fixed assets and inventory | $ 0.2 | $ 0.2 |
Stock-Based Compensation (Fin46
Stock-Based Compensation (Financial Information For Other Equity Plans) (Details) - Parent Company [Member] - Restricted Stock Awards [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 8.4 | $ 8.1 |
Tax benefit recognized in Entergy's net income | 3.2 | 3.1 |
Compensation cost capitalized as part of fixed assets and inventory | $ 1.8 | $ 1.5 |
Retirement And Other Postreti47
Retirement And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Expected current year pension contributions | $ 88,200 | |
Pension contributions made through Year To Date | 387,500 | |
Entergy Arkansas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Expected current year pension contributions | 19,494 | |
Pension contributions made through Year To Date | 82,831 | |
Remaining estimated pension contributions to be made in current year | 63,337 | |
Entergy Texas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Expected current year pension contributions | 3,798 | |
Pension contributions made through Year To Date | 15,770 | |
Remaining estimated pension contributions to be made in current year | 11,972 | |
Non-Qualified Pension Plans [Member] | Parent Company [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Net periodic benefit costs | 4,300 | $ 4,500 |
Non-Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Net periodic benefit costs | 106 | 113 |
Non-Qualified Pension Plans [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Net periodic benefit costs | $ 127 | $ 149 |
Retirement And Other Postreti48
Retirement And Other Postretirement Benefits (Components Of Qualified Net Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | $ 35,811 | $ 43,762 |
Interest cost on projected benefit obligation | 65,403 | 75,694 |
Expected return on assets | (97,366) | (98,655) |
Amortization of prior service cost (credit) | 270 | 390 |
Amortization of loss | 48,824 | 58,981 |
Defined Benefit Plan, Special Termination Benefits | 0 | 76 |
Net other postretirement benefit cost | 52,942 | 80,248 |
Pension Plans Defined Benefit [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 5,181 | 6,661 |
Interest cost on projected benefit obligation | 13,055 | 15,471 |
Expected return on assets | (19,772) | (20,026) |
Amortization of loss | 10,936 | 13,564 |
Net other postretirement benefit cost | 9,400 | 15,670 |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 7,049 | 8,599 |
Interest cost on projected benefit obligation | 14,870 | 17,367 |
Expected return on assets | (22,096) | (22,701) |
Amortization of loss | 11,946 | 14,951 |
Net other postretirement benefit cost | 11,769 | 18,216 |
Pension Plans Defined Benefit [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,562 | 1,982 |
Interest cost on projected benefit obligation | 3,811 | 4,502 |
Expected return on assets | (5,981) | (6,105) |
Amortization of loss | 2,985 | 3,724 |
Net other postretirement benefit cost | 2,377 | 4,103 |
Pension Plans Defined Benefit [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 656 | 849 |
Interest cost on projected benefit obligation | 1,814 | 2,108 |
Expected return on assets | (2,687) | (2,725) |
Amortization of loss | 1,615 | 2,013 |
Net other postretirement benefit cost | 1,398 | 2,245 |
Pension Plans Defined Benefit [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,416 | 1,645 |
Interest cost on projected benefit obligation | 3,557 | 4,354 |
Expected return on assets | (6,062) | (6,222) |
Amortization of loss | 2,340 | 3,238 |
Net other postretirement benefit cost | 1,251 | 3,015 |
Pension Plans Defined Benefit [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,566 | 1,957 |
Interest cost on projected benefit obligation | 2,992 | 3,493 |
Expected return on assets | (4,459) | (4,568) |
Amortization of loss | 2,604 | 3,264 |
Net other postretirement benefit cost | 2,703 | 4,146 |
Other Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 8,073 | 11,326 |
Interest cost on projected benefit obligation | 14,083 | 17,984 |
Expected return on assets | (10,455) | (11,344) |
Amortization of prior service cost (credit) | (11,373) | (9,320) |
Amortization of loss | 4,554 | 7,893 |
Net other postretirement benefit cost | 4,882 | 16,539 |
Other Postretirement [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 978 | 1,739 |
Interest cost on projected benefit obligation | 2,324 | 3,130 |
Expected return on assets | (4,464) | (4,798) |
Amortization of prior service cost (credit) | (1,368) | (610) |
Amortization of loss | 1,064 | 1,339 |
Net other postretirement benefit cost | (1,466) | 800 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,869 | 2,474 |
Interest cost on projected benefit obligation | 3,260 | 4,078 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost (credit) | (1,947) | (1,867) |
Amortization of loss | 731 | 1,780 |
Net other postretirement benefit cost | 3,913 | 6,465 |
Other Postretirement [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 386 | 507 |
Interest cost on projected benefit obligation | 709 | 859 |
Expected return on assets | (1,379) | (1,542) |
Amortization of prior service cost (credit) | (234) | (229) |
Amortization of loss | 223 | 215 |
Net other postretirement benefit cost | (295) | (190) |
Other Postretirement [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 156 | 205 |
Interest cost on projected benefit obligation | 448 | 652 |
Expected return on assets | (1,154) | (1,201) |
Amortization of prior service cost (credit) | (186) | (177) |
Amortization of loss | 37 | 118 |
Net other postretirement benefit cost | (699) | (403) |
Other Postretirement [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 398 | 500 |
Interest cost on projected benefit obligation | 1,039 | 1,342 |
Expected return on assets | (2,394) | (2,588) |
Amortization of prior service cost (credit) | (681) | (681) |
Amortization of loss | 537 | 685 |
Net other postretirement benefit cost | (1,101) | (742) |
Other Postretirement [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 334 | 470 |
Interest cost on projected benefit obligation | 529 | 628 |
Expected return on assets | (814) | (911) |
Amortization of prior service cost (credit) | (393) | (366) |
Amortization of loss | 287 | 300 |
Net other postretirement benefit cost | (57) | 121 |
Non-Qualified Pension Plans [Member] | Parent Company [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 4,300 | 4,500 |
Non-Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 106 | 113 |
Non-Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 59 | 68 |
Non-Qualified Pension Plans [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 59 | 59 |
Non-Qualified Pension Plans [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 16 | 16 |
Non-Qualified Pension Plans [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | $ 127 | $ 149 |
Retirement And Other Postreti49
Retirement And Other Postretirement Benefits (Expected Employer Contributions) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Change in Plan Assets | |
Expected current year pension contributions | $ 88,200 |
Pension contributions made through Year To Date | 387,500 |
Entergy Arkansas [Member] | |
Change in Plan Assets | |
Expected current year pension contributions | 19,494 |
Pension contributions made through Year To Date | 82,831 |
Remaining estimated pension contributions to be made in current year | 63,337 |
Entergy Louisiana [Member] | |
Change in Plan Assets | |
Expected current year pension contributions | 20,195 |
Pension contributions made through Year To Date | 83,909 |
Remaining estimated pension contributions to be made in current year | 63,714 |
Entergy Mississippi [Member] | |
Change in Plan Assets | |
Expected current year pension contributions | 4,946 |
Pension contributions made through Year To Date | 19,913 |
Remaining estimated pension contributions to be made in current year | 14,967 |
Entergy New Orleans [Member] | |
Change in Plan Assets | |
Expected current year pension contributions | 2,434 |
Pension contributions made through Year To Date | 10,694 |
Remaining estimated pension contributions to be made in current year | 8,260 |
Entergy Texas [Member] | |
Change in Plan Assets | |
Expected current year pension contributions | 3,798 |
Pension contributions made through Year To Date | 15,770 |
Remaining estimated pension contributions to be made in current year | 11,972 |
System Energy [Member] | |
Change in Plan Assets | |
Expected current year pension contributions | 4,613 |
Pension contributions made through Year To Date | 20,206 |
Remaining estimated pension contributions to be made in current year | $ 15,593 |
Retirement And Other Postreti50
Retirement And Other Postretirement Benefits (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Parent Company [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | $ 7,355 | $ 5,986 |
Amortization of loss | (15,175) | (17,588) |
Total | (7,820) | (11,602) |
Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,947 | 1,867 |
Amortization of loss | (1,569) | (2,535) |
Total | 378 | (668) |
Pension Plans Defined Benefit [Member] | Parent Company [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | (270) | (389) |
Amortization of loss | (12,482) | (12,627) |
Total | (12,752) | (13,016) |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (836) | (751) |
Total | (836) | (751) |
Other Postretirement [Member] | Parent Company [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 7,738 | 6,482 |
Amortization of loss | (2,063) | (4,409) |
Total | 5,675 | 2,073 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,947 | 1,867 |
Amortization of loss | (731) | (1,779) |
Total | 1,216 | 88 |
Non-Qualified Pension Plans [Member] | Parent Company [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | (113) | (107) |
Amortization of loss | (630) | (552) |
Total | (743) | (659) |
Non-Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (2) | (5) |
Total | $ (2) | $ (5) |
Business Segment Information (S
Business Segment Information (Segment Financial Information) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Financial Information | ||||
Operating revenues | $ 2,609,852,000 | $ 2,920,090,000 | ||
Income taxes (benefits) | 139,945,000 | 150,471,000 | ||
Consolidated net income | [1] | 235,242,000 | 302,929,000 | |
Assets | 45,933,882,000 | $ 44,647,681,000 | ||
Utility [Member] | ||||
Segment Financial Information | ||||
Operating revenues | 2,087,793,000 | 2,277,510,000 | ||
Income taxes (benefits) | 107,836,000 | 91,251,000 | ||
Consolidated net income | 199,651,000 | 227,750,000 | ||
Entergy Wholesale Commodities [Member] | ||||
Segment Financial Information | ||||
Operating revenues | 522,079,000 | 642,590,000 | ||
Income taxes (benefits) | 52,314,000 | 70,190,000 | ||
Consolidated net income | 79,557,000 | 123,432,000 | ||
All Other [Member] | ||||
Segment Financial Information | ||||
Operating revenues | 0 | 0 | ||
Income taxes (benefits) | (20,205,000) | (10,970,000) | ||
Consolidated net income | (12,067,000) | (16,354,000) | ||
Eliminations [Member] | ||||
Segment Financial Information | ||||
Operating revenues | (20,000) | (10,000) | ||
Income taxes (benefits) | 0 | 0 | ||
Consolidated net income | $ (31,899,000) | $ (31,899,000) | ||
[1] | (a) Consolidated net income and preferred dividend requirements of subsidiaries for 2016 and 2015 include $5.3 million and $3.2 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity. |
Risk Management and Fair Valu52
Risk Management and Fair Values (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)MMBTUMWhcounterparty | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)counterparty | |
Risk Management and Fair Values [Abstract] | |||
Letters of Credit Outstanding, Amount | $ 0.4 | ||
Cash collateral posted | $ 9 | ||
Derivative, Collateral, Obligation to Return Cash | 66 | $ 68 | |
Cash flow hedges relating to power sales as part of net unrealized gains | 152 | ||
Reclassified from accumulated other comprehensive income (OCI) to operating revenues | $ 134 | ||
Number of Derivative Contract Counterparties in a Liability Position | counterparty | 0 | 2 | |
Maturity of cash flow hedges, Tax | $ 54 | $ 5 | |
Maximum length of time over which Company is currently hedging the variability in future cash flows for forecasted power transactions, years | 2 years | ||
Planned generation sold forward from non utility nuclear power plants for the remainder of the period | 88.00% | ||
Planned Generation Sold Forward under financial derivatives | 60.00% | ||
Total planned generation for remainder of the period | MWh | 25,000,000 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 57,500,000 | ||
Total volume of fixed transmission rights outstanding | MWh | 18,305,000 | ||
Change in cash flow hedges due to ineffectiveness | $ (1) | (1) | |
Dollar amount of hedge contract in a liability position | $ 2 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset and Liability Unrealized Gains (Loss) Included in Earnings | $ 6 | $ (87) | |
Entergy Arkansas [Member] | |||
Risk Management and Fair Values [Abstract] | |||
Total volume of fixed transmission rights outstanding | MWh | 3,894,000 | ||
Entergy Louisiana [Member] | |||
Risk Management and Fair Values [Abstract] | |||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 46,330,000 | ||
Total volume of fixed transmission rights outstanding | MWh | 8,385,000 | ||
Entergy Mississippi [Member] | |||
Risk Management and Fair Values [Abstract] | |||
Letters of Credit Outstanding, Amount | $ 0.4 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 11,170,000 | ||
Total volume of fixed transmission rights outstanding | MWh | 2,436,000 | ||
Entergy New Orleans [Member] | |||
Risk Management and Fair Values [Abstract] | |||
Total volume of fixed transmission rights outstanding | MWh | 1,398,000 | ||
Entergy Texas [Member] | |||
Risk Management and Fair Values [Abstract] | |||
Total volume of fixed transmission rights outstanding | MWh | 2,086,000 |
Risk Management and Fair Valu53
Risk Management and Fair Values (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |||
Assets: | |||||
Derivative asset as hedging instrument offset | $ (66) | $ (68) | |||
Other Non-Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | |||||
Liabilities: | |||||
Derivative Liability, Fair Value, Gross Liability | [1] | 1 | 2 | ||
Derivative liability as hedging instrument offset | [2] | (1) | (2) | ||
Derivative Liability | [3],[4] | 0 | 0 | ||
Other Deferred Debits And Other Assets [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | [1] | 20 | 17 | ||
Derivative asset as hedging instrument offset | [2] | (1) | (2) | ||
Derivative Asset | [3],[4] | 19 | 15 | ||
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | [1] | 120 | 173 | ||
Derivative asset as hedging instrument offset | [2] | (26) | (34) | ||
Derivative Asset | [3],[4] | 94 | 139 | ||
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | [1] | 94 | 54 | ||
Derivative asset as hedging instrument offset | [2] | (24) | (13) | ||
Derivative Asset | [3],[4] | 70 | 41 | ||
Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Utility and Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | [1] | 9 | 24 | ||
Derivative asset as hedging instrument offset | [2] | (1) | |||
Derivative Asset | [3],[4] | 9 | 23 | ||
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] | 1 | 14 | ||
Derivative liability as hedging instrument offset | [2] | (1) | (14) | ||
Derivative Liability | [3],[4] | 0 | 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 | [1] | 49 | 38 | ||
Derivative liability as hedging instrument offset | [2] | (49) | (32) | ||
Derivative Liability | [3],[4] | 0 | 6 | ||
Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | |||||
Liabilities: | |||||
Derivative Liability, Fair Value, Gross Liability | [1] | 9 | 9 | ||
Derivative liability as hedging instrument offset | 0 | [1] | 0 | [2] | |
Derivative Liability | [3],[4] | 9 | 9 | ||
Entergy Louisiana [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | 3.3 | 8.5 | |||
Entergy Louisiana [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | |||||
Liabilities: | |||||
Derivative Liability, Fair Value, Gross Liability | 7.6 | 7 | |||
Entergy Mississippi [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | 0.9 | 2.4 | |||
Entergy Mississippi [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | |||||
Liabilities: | |||||
Derivative Liability, Fair Value, Gross Liability | 1.8 | 1.3 | |||
Entergy New Orleans [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | 0.6 | 1.5 | |||
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 | 0.5 | ||||
Entergy Arkansas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | 3.7 | 7.9 | |||
Entergy Texas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | $ 0.9 | $ 2.2 | |||
[1] | Represents the gross amounts of recognized assets/liabilities | ||||
[2] | Represents the netting of fair value balances with the same counterparty | ||||
[3] | Excludes cash collateral in the amount of $9 million posted and $68 million held as of December 31, 2015. There was no cash collateral required to be posted as of March 31, 2016. Also excludes letters of credit in the amount of $0.4 million posted and $66 million held as of March 31, 2016. | ||||
[4] | Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets |
Risk Management and Fair Valu54
Risk Management and Fair Values (Derivative Instruments Designated as Cash Flow Hedges On Consolidated Statements Of Income) (Details) - Competitive Businesses Operating Revenues [Member] - Electricity Swaps And Options [Member] - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Effect of Derivative instruments designated as cash flow hedges on consolidated statements of income | ||
Amount of gain (loss) recognized in AOCI (effective portion) | $ 139 | $ (32) |
Amount of gain reclassified from accumulated OCI into income (effective portion) | $ 154 | $ 14 |
Risk Management and Fair Valu55
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, 2016 | Mar. 31, 2015 | |
Competitive Businesses Operating Revenues [Member] | Electricity Swaps And Options [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recognized in AOCI | $ 25 | $ 4 |
Amount of gain (loss) recorded in income | 0 | (34) |
Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recognized in AOCI | 0 | 0 |
Amount of gain (loss) recorded in income | (24) | (19) |
Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recognized in AOCI | 0 | 0 |
Amount of gain (loss) recorded in income | 21 | 33 |
Entergy Arkansas [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | 7.8 | 15.1 |
Entergy Louisiana [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | (19.3) | (16) |
Entergy Louisiana [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | 10.5 | 14.5 |
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 | (4.1) | (3) |
Entergy Mississippi [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | 0.8 | 3.3 |
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 | (0.5) | (0.5) |
Entergy New Orleans [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | 0.5 | 1.6 |
Entergy Texas [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | $ 1.5 | $ (1.4) |
Risk Management and Fair Valu56
Risk Management and Fair Values (Assets And Liabilities At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | $ 5,452,000 | $ 5,350,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 1,010,000 | 1,287,000 | |
Assets Held-in-trust, Current | 197,000 | ||
Liabilities at fair value on a recurring basis | |||
Total | 15,000 | ||
Assets, Fair Value Disclosure | 7,357,000 | 7,330,000 | |
Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 9,000 | 9,000 | |
Power Contracts Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 6,000 | ||
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 446,000 | 468,000 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 2,249,000 | 2,155,000 |
Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1],[2] | 2,757,000 | 2,727,000 |
Power Contracts Assets [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 183,000 | 195,000 | |
Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 454,000 | 425,000 | |
Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 52,000 | 50,000 | |
Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 9,000 | 23,000 | |
Fair Value Inputs Level 1 [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 1,010,000 | 1,287,000 | |
Assets Held-in-trust, Current | 197,000 | ||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 9,000 | ||
Total | 9,000 | ||
Assets, Fair Value Disclosure | 3,219,000 | 3,291,000 | |
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 | 9,000 | ||
Fair Value Inputs Level 1 [Member] | Power Contracts Liabilities [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 446,000 | 468,000 |
Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 1,060,000 | 1,061,000 |
Fair Value Inputs Level 1 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 454,000 | 425,000 | |
Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 52,000 | 50,000 | |
Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Assets Held-in-trust, Current | 0 | ||
Liabilities at fair value on a recurring basis | |||
Total | 0 | ||
Assets, Fair Value Disclosure | 1,189,000 | 1,094,000 | |
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 | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Power Contracts Liabilities [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 1,189,000 | 1,094,000 |
Fair Value, Inputs, Level 2 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Securitization Recovery Trust Account [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Assets Held-in-trust, Current | 0 | ||
Liabilities at fair value on a recurring basis | |||
Total | 6,000 | ||
Assets, Fair Value Disclosure | 192,000 | 218,000 | |
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 Liabilities [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 6,000 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 183,000 | 195,000 | |
Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Securitization Recovery Trust Account [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 9,000 | 23,000 | |
Entergy Louisiana [Member] | |||
Assets at fair value on a recurring basis | |||
Assets Held-in-trust, Current | 196,568 | 0 | |
Assets other than temporary cash investments | 1,065,200 | 1,042,300 | |
Entergy Louisiana [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 100,000 | 34,800 | |
Assets Held-in-trust, Current | 196,600 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,678,700 | 1,379,200 | |
Entergy Louisiana [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 7,600 | 7,000 | |
Entergy Louisiana [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 8,500 | 7,100 |
Entergy Louisiana [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 422,200 | 409,900 |
Entergy Louisiana [Member] | Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 634,500 | 625,300 |
Entergy Louisiana [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 304,900 | 290,400 | |
Entergy Louisiana [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 8,700 | 3,200 | |
Entergy Louisiana [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 3,300 | 8,500 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 100,000 | 34,800 | |
Assets Held-in-trust, Current | 196,600 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 773,200 | 496,600 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 7,600 | 7,000 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 8,500 | 7,100 |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 154,500 | 161,100 |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 304,900 | 290,400 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 8,700 | 3,200 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Assets Held-in-trust, Current | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 267,700 | 248,800 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 0 | 0 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 267,700 | 248,800 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Assets Held-in-trust, Current | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 3,300 | 8,500 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 0 | 0 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 0 | 0 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 3,300 | 8,500 | |
Entergy Arkansas [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 785,500 | 771,300 | |
Entergy Arkansas [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 13,400 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 829,500 | 795,600 | |
Entergy Arkansas [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 5,200 | 3,000 |
Entergy Arkansas [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 311,200 | 303,900 |
Entergy Arkansas [Member] | Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 469,100 | 464,400 |
Entergy Arkansas [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 19,300 | 12,200 | |
Entergy Arkansas [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 7,600 | 4,200 | |
Entergy Arkansas [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 3,700 | 7,900 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 13,400 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 147,800 | 129,900 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 5,200 | 3,000 |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 102,300 | 110,500 |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 19,300 | 12,200 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 7,600 | 4,200 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 208,900 | 193,400 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 0 | 0 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 208,900 | 193,400 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 3,700 | 7,900 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 0 | 0 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [3] | 0 | 0 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 3,700 | 7,900 | |
Entergy Mississippi [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 112,700 | 144,200 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 155,400 | 188,300 | |
Entergy Mississippi [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 1,800 | 1,300 | |
Entergy Mississippi [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 41,800 | 41,700 | |
Entergy Mississippi [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 900 | 2,400 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 112,700 | 144,200 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 154,500 | 185,900 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 1,800 | 1,300 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 41,800 | 41,700 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 900 | 2,400 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 900 | 2,400 | |
Entergy New Orleans [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 5,300 | 87,800 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 101,500 | 174,900 | |
Entergy New Orleans [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 500 | ||
Entergy New Orleans [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 88,200 | 81,000 | |
Entergy New Orleans [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 7,400 | 4,600 | |
Entergy New Orleans [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 600 | 1,500 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 5,300 | 87,800 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 100,900 | 173,400 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 500 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 88,200 | 81,000 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 7,400 | 4,600 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 600 | 1,500 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Storm Reserve Escrow Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 600 | 1,500 | |
Entergy Texas [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 64,800 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 93,600 | 40,400 | |
Entergy Texas [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 27,900 | 38,200 | |
Entergy Texas [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 900 | 2,200 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 64,800 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 92,700 | 38,200 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 27,900 | 38,200 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | ||
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 900 | 2,200 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | Securitization Recovery Trust Account [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 900 | 2,200 | |
System Energy [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | 719,800 | 701,500 | |
System Energy [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 255,000 | 222,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 974,800 | 923,500 | |
System Energy [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 2,100 | 1,800 |
System Energy [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 291,400 | 277,800 |
System Energy [Member] | Common trust funds valued using Net Asset Value [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 426,300 | 421,900 |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 255,000 | 222,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 489,700 | 442,400 | |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 2,100 | 1,800 |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 232,600 | 218,600 |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 58,800 | 59,200 | |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 58,800 | 59,200 |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Temporary cash investments | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | 0 | 0 |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets at fair value on a recurring basis | |||
Assets other than temporary cash investments | [1] | $ 0 | $ 0 |
[1] | (a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios. | ||
[2] | (b)Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. | ||
[3] | (a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements for additional information on the investment portfolios.(b)Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value (NAV) 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 NAV and trades settle at a later date. |
Risk Management and Fair Valu57
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, 2016 | Mar. 31, 2015 | |
Electricity Swaps And Options [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at Beginning of Period | $ 189 | $ 215 |
Total gains (losses) for the period (a) | 0 | (35) |
Unrealized losses included in OCI | 139 | (26) |
Included as a regulatory liability/asset | 0 | 0 |
Purchases | 0 | 10 |
Settlements | (145) | (19) |
Balance as of March 31, | 183 | 145 |
Fixed Transmission Rights (FTRs) [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at Beginning of Period | 23 | 47 |
Total gains (losses) for the period (a) | 0 | 0 |
Unrealized losses included in OCI | 0 | 0 |
Included as a regulatory liability/asset | 7 | 1 |
Purchases | 0 | 0 |
Settlements | (21) | (33) |
Balance as of March 31, | 9 | 15 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Arkansas [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at Beginning of Period | 7.9 | 0.7 |
Unrealized gains included as a regulatory liability/asset | 3.6 | 15 |
Settlements | (7.8) | (15.1) |
Balance as of March 31, | 3.7 | 0.6 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Louisiana [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at Beginning of Period | 8.5 | 25.5 |
Unrealized gains included as a regulatory liability/asset | 5.3 | (2.2) |
Settlements | (10.5) | (14.5) |
Balance as of March 31, | 3.3 | 8.8 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Mississippi [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at Beginning of Period | 2.4 | 3.4 |
Unrealized gains included as a regulatory liability/asset | (0.7) | 0.8 |
Settlements | (0.8) | (3.3) |
Balance as of March 31, | 0.9 | 0.9 |
Fixed Transmission Rights (FTRs) [Member] | Entergy New Orleans [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at Beginning of Period | 1.5 | 4.1 |
Unrealized gains included as a regulatory liability/asset | (0.4) | (1.1) |
Settlements | (0.5) | (1.6) |
Balance as of March 31, | 0.6 | 1.4 |
Fixed Transmission Rights (FTRs) [Member] | Entergy Texas [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at Beginning of Period | 2.2 | 12.3 |
Unrealized gains included as a regulatory liability/asset | 0.2 | (10.3) |
Settlements | (1.5) | 1.4 |
Balance as of March 31, | $ 0.9 | $ 3.4 |
Risk Management and Fair Valu58
Risk Management and Fair Values (Schedules Of Valuation Techniques) (Details) - Parent Company [Member] $ in Millions | Mar. 31, 2016USD ($) |
Range From Average Percentage for Electricity Options | 30.00% |
Range from Average Percentage for Fair Value of Electricity Swaps | 3.00% |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Swaps | $ 7 |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Options | 10 |
Fair Value of Electricity Options | 34 |
Fair Value of Electricity Swaps | $ 149 |
Decommissioning Trust Funds (Na
Decommissioning Trust Funds (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Decommissioning Trust Funds [Abstract] | |||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | $ 361,000 | $ 342,000 | |
Amortized cost of debt securities | $ 2,183,000 | 2,124,000 | |
Average coupon rate of debt securities | 3.20% | ||
Average duration of debt securities, years | 5 years 10 months 2 days | ||
Average maturity of debt securities, years | 8 years 10 months 28 days | ||
Proceeds from the dispositions of debt securities | $ 729,000 | $ 493,000 | |
Gains from dispositions of debt securities, gross | 10,000 | 26,000 | |
Losses from dispositions of debt securities, gross | 3,000 | 2,000 | |
Entergy Arkansas [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Amortized cost of debt securities | $ 302,000 | 301,800 | |
Average coupon rate of debt securities | 2.58% | ||
Average duration of debt securities, years | 5 years 3 months | ||
Average maturity of debt securities, years | 6 years 1 month 28 days | ||
Proceeds from the dispositions of debt securities | $ 58,600 | 81,900 | |
Gains from dispositions of debt securities, gross | 800 | 5,100 | |
Losses from dispositions of debt securities, gross | $ 100 | 0 | |
Entergy Louisiana [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Percentage Interest in River Bend | 30.00% | ||
Amortized cost of debt securities | $ 407,000 | 399,200 | |
Average coupon rate of debt securities | 3.89% | ||
Average duration of debt securities, years | 5 years 6 months 16 days | ||
Average maturity of debt securities, years | 10 years 2 months 28 days | ||
Proceeds from the dispositions of debt securities | $ 53,800 | 25,600 | |
Gains from dispositions of debt securities, gross | 900 | 1,300 | |
Losses from dispositions of debt securities, gross | 100 | 10 | |
System Energy [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Amortized cost of debt securities | $ 286,900 | $ 270,700 | |
Average coupon rate of debt securities | 1.93% | ||
Average duration of debt securities, years | 5 years 7 days | ||
Average maturity of debt securities, years | 6 years 4 months 14 days | ||
Proceeds from the dispositions of debt securities | $ 188,500 | 78,400 | |
Gains from dispositions of debt securities, gross | 1,600 | 400 | |
Losses from dispositions of debt securities, gross | $ 300 | $ 100 |
Decommissioning Trust Funds (Se
Decommissioning Trust Funds (Securities Held) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 5,452 | $ 5,350 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,716 | 1,437 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 5 | 19 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 3,203 | 3,195 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,638 | 1,396 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1 | 2 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 2,249 | 2,155 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 78 | 41 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 4 | 17 |
Entergy Arkansas [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 785.5 | 771.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 248 | 238.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1 | 2.4 |
Entergy Arkansas [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 474.3 | 467.4 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 238.5 | 234.4 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.2 | 0.2 |
Entergy Arkansas [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 311.2 | 303.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9.5 | 4.1 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.8 | 2.2 |
Entergy Louisiana [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 1,065.2 | 1,042.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 308.3 | 296.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.9 | 2.6 |
Entergy Louisiana [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 643 | 632.4 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 289.3 | 283.7 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.2 |
Entergy Louisiana [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 422.2 | 409.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 19 | 13.2 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.8 | 2.4 |
System Energy [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 719.8 | 701.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 188.2 | 181.4 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.5 | 2.6 |
System Energy [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 428.4 | 423.7 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 182.7 | 179.2 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.3 |
System Energy [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 291.4 | 277.8 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 5.5 | 2.2 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 0.4 | $ 2.3 |
Decommissioning Trust Funds (Av
Decommissioning Trust Funds (Available For Sale Securities Continuous Unrealized Loss Position Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 38 | $ 54 |
More than 12 months Fair Value | 0 | 1 |
Total Fair Value | 38 | 55 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1 | 2 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 196 | 1,031 |
More than 12 months Fair Value | 73 | 61 |
Total Fair Value | 269 | 1,092 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4 | 17 |
Entergy Arkansas [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 7.3 | 7.8 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 7.3 | 7.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.2 | 0.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0.2 | 0.2 |
Entergy Arkansas [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 18.1 | 111.4 |
More than 12 months Fair Value | 11.3 | 18.5 |
Total Fair Value | 29.4 | 129.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.4 | 1.7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.4 | 0.5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0.8 | 2.2 |
Entergy Louisiana [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 8.6 | 9.4 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 8.6 | 9.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.1 | 0.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0.1 | 0.2 |
Entergy Louisiana [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 24 | 124 |
More than 12 months Fair Value | 11 | 7.4 |
Total Fair Value | 35 | 131.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.3 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.5 | 0.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0.8 | 2.4 |
System Energy [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 3.9 | 8.3 |
More than 12 months Fair Value | 0 | 0.9 |
Total Fair Value | 3.9 | 9.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.1 | 0.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0.1 | 0.3 |
System Energy [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 45.8 | 200.4 |
More than 12 months Fair Value | 2.4 | 5 |
Total Fair Value | 48.2 | 205.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.3 | 2.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.1 | 0.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0.4 | $ 2.3 |
Decommissioning Trust Funds (Fa
Decommissioning Trust Funds (Fair Value Of Debt Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair value of debt securities by contractual maturities | ||
Less than 1 year | $ 98 | $ 77 |
1 year - 5 years | 855 | 857 |
5 years - 10 years | 711 | 704 |
10 years - 15 years | 144 | 124 |
15 years - 20 years | 58 | 50 |
20 years+ | 383 | 343 |
Total | 2,249 | 2,155 |
Entergy Arkansas [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 3.7 | 1.8 |
1 year - 5 years | 142 | 145.2 |
5 years - 10 years | 138.4 | 138.5 |
10 years - 15 years | 7.5 | 2.4 |
15 years - 20 years | 2.1 | 2 |
20 years+ | 17.5 | 14 |
Total | 311.2 | 303.9 |
Entergy Louisiana [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 31.9 | 27.1 |
1 year - 5 years | 114.8 | 124 |
5 years - 10 years | 121.2 | 114.3 |
10 years - 15 years | 43.6 | 39.3 |
15 years - 20 years | 29.7 | 26.5 |
20 years+ | 81 | 78.7 |
Total | 422.2 | 409.9 |
System Energy [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 4.6 | 2 |
1 year - 5 years | 180.9 | 181.2 |
5 years - 10 years | 73.3 | 63 |
10 years - 15 years | 4.5 | 4.4 |
15 years - 20 years | 1.5 | 1.6 |
20 years+ | 26.6 | 25.6 |
Total | $ 291.4 | $ 277.8 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Regulatory Liability, Noncurrent | $ 1,433,632 | $ 1,414,898 |
Entergy Arkansas [Member] | ||
Regulatory Liability, Noncurrent | 257,879 | 242,913 |
Entergy Louisiana [Member] | ||
Regulatory Liability, Noncurrent | 817,625 | 818,623 |
System Energy [Member] | ||
Regulatory Liability, Noncurrent | $ 344,950 | $ 337,424 |
Property, Plant, And Equipment
Property, Plant, And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Construction expenditures in accounts payable | $ 172,000 | $ 172,000 | $ 234,000 | |
Impairment of Long-Lived Assets Held-for-use | 7,361 | $ 0 | ||
Asset Write-Offs, Impairments, And Related Charges | 7,361 | $ 0 | ||
Entergy Arkansas [Member] | ||||
Construction expenditures in accounts payable | 29,300 | 29,300 | 43,000 | |
Entergy Louisiana [Member] | ||||
Construction expenditures in accounts payable | 40,500 | 40,500 | 68,600 | |
Cash payment representing the purchase price to acquire the undivided interests in Waterford 3 | 60,000 | |||
Portion of Waterford 3 purchase price satisfied through issuance of debt | 52,000 | |||
Entergy Mississippi [Member] | ||||
Construction expenditures in accounts payable | 2,500 | 2,500 | 11,400 | |
Entergy New Orleans [Member] | ||||
Construction expenditures in accounts payable | 400 | 400 | 1,500 | |
Entergy Texas [Member] | ||||
Construction expenditures in accounts payable | 17,300 | 17,300 | 33,100 | |
System Energy [Member] | ||||
Construction expenditures in accounts payable | $ 24,700 | $ 24,700 | $ 6,800 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Waterford Three [Member] | Entergy Louisiana [Member] | ||
Variable Interest Entity [Line Items] | ||
Payments on lease, including interest | $ 9.2 | $ 21 |
Percentage In Power Plant Previously Owned By VIE | 9.30% | |
Grand Gulf [Member] | System Energy [Member] | ||
Variable Interest Entity [Line Items] | ||
Payments on lease, including interest | $ 8.6 | $ 37.6 |
Percentage in power plant owned by VIE | 11.50% |
Acquisitions Acquisitions (Narr
Acquisitions Acquisitions (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2016USD ($)MW | Mar. 31, 2016USD ($)MW | Mar. 31, 2015USD ($) | |
Payments to Acquire Property, Plant, and Equipment | $ (947,778) | $ 0 | |
Union Power Station [Member] | |||
Capacity Per Power Block | MW | 495 | 495 | |
Payments to Acquire Property, Plant, and Equipment | $ (948,000) | ||
Capacity Of Power Plant Unit | MW | 1,980 | ||
Entergy Arkansas [Member] | |||
Payments to Acquire Property, Plant, and Equipment | $ (237,000) | $ (236,947) | 0 |
Entergy Arkansas [Member] | Union Power Station [Member] | |||
Percentage of Undivided Ownership Interest | 25.00% | 25.00% | |
Payments to Acquire Property, Plant, and Equipment | $ (236,944) | ||
Power Blocks Purchased | 1 | 1 | |
Entergy Louisiana [Member] | |||
Payments to Acquire Property, Plant, and Equipment | $ (474,000) | $ (473,888) | 0 |
Entergy Louisiana [Member] | Union Power Station [Member] | |||
Percentage of Undivided Ownership Interest | 50.00% | 50.00% | |
Payments to Acquire Property, Plant, and Equipment | $ (473,888) | ||
Power Blocks Purchased | 2 | 2 | |
Entergy New Orleans [Member] | |||
Payments to Acquire Property, Plant, and Equipment | $ (237,000) | $ (236,944) | $ 0 |
Entergy New Orleans [Member] | Union Power Station [Member] | |||
Percentage of Undivided Ownership Interest | 25.00% | 25.00% | |
Payments to Acquire Property, Plant, and Equipment | $ (236,944) | ||
Power Blocks Purchased | 1 | 1 |