Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Entity Registrant Name | ENTERGY CORP /DE/ | |
Entity Central Index Key | 0000065984 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 189,926,451 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entergy Arkansas [Member] | ||
Entity Registrant Name | ENTERGY ARKANSAS, LLC | |
Entity Central Index Key | 0000007323 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entergy Louisiana [Member] | ||
Entity Registrant Name | ENTERGY LOUISIANA, LLC | |
Entity Central Index Key | 0001348952 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entergy Mississippi [Member] | ||
Entity Registrant Name | ENTERGY MISSISSIPPI, LLC | |
Entity Central Index Key | 0000066901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entergy New Orleans [Member] | ||
Entity Registrant Name | ENTERGY NEW ORLEANS, LLC | |
Entity Central Index Key | 0000071508 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entergy Texas [Member] | ||
Entity Registrant Name | ENTERGY TEXAS, INC. | |
Entity Central Index Key | 0001427437 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
System Energy [Member] | ||
Entity Registrant Name | SYSTEM ENERGY RESOURCES, INC. | |
Entity Central Index Key | 0000202584 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,609,584 | $ 2,723,881 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 478,330 | 443,296 |
Nuclear refueling outage expenses | 50,441 | 42,760 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 783,051 | 783,585 |
Asset Impairment Charges | 73,979 | 72,924 |
Decommissioning | 102,119 | 94,400 |
Taxes, Other | 158,575 | 165,218 |
Other Depreciation and Amortization | 357,274 | 347,065 |
Other regulatory charges (credits) - net | (16,946) | 42,946 |
Costs and Expenses | 2,326,330 | 2,388,217 |
OPERATING INCOME | 283,254 | 335,664 |
OTHER INCOME | ||
Allowance for equity funds used during construction | 38,216 | 28,343 |
Investment Income, Net | 228,149 | 16,870 |
Miscellaneous - net | (64,658) | (31,356) |
TOTAL | 201,707 | 13,857 |
INTEREST EXPENSE | ||
Interest expense | 200,993 | 182,923 |
Allowance for borrowed funds used during construction | (17,449) | (13,265) |
TOTAL | 183,544 | 169,658 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 301,417 | 179,863 |
Income taxes | 42,771 | 43,663 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,109 | 3,439 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 254,537 | $ 132,761 |
Earnings per average common share: | ||
Basic (in dollars per share) | $ 1.34 | $ 0.73 |
Diluted (in dollars per share) | $ 1.32 | $ 0.73 |
Basic average number of common shares outstanding (in shares) | 189,575,187 | 180,707,575 |
Diluted average number of common shares outstanding (in shares) | 192,234,191 | 181,431,968 |
Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,121,024 | $ 2,248,262 |
Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 54,948 | 56,695 |
Competitive Businesses [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 433,612 | 418,924 |
Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 339,507 | 396,023 |
Entergy Arkansas [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 545,812 | 551,024 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 152,159 | 108,306 |
Nuclear refueling outage expenses | 17,248 | 23,402 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 166,460 | 169,358 |
Decommissioning | 15,761 | 14,760 |
Taxes, Other | 28,363 | 27,905 |
Other Depreciation and Amortization | 75,847 | 71,981 |
Other regulatory charges (credits) - net | 445 | (3,307) |
Costs and Expenses | 503,341 | 484,377 |
OPERATING INCOME | 42,471 | 66,647 |
OTHER INCOME | ||
Allowance for equity funds used during construction | 3,428 | 4,008 |
Investment Income, Net | 6,183 | 6,814 |
Miscellaneous - net | (3,690) | (3,871) |
TOTAL | 5,921 | 6,951 |
INTEREST EXPENSE | ||
Interest expense | 33,383 | 29,766 |
Allowance for borrowed funds used during construction | (1,414) | (1,890) |
TOTAL | 31,969 | 27,876 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 16,423 | 45,722 |
Income taxes | (22,698) | 9,467 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 0 | 357 |
Net Income (Loss) Available to Common Stockholders, Basic | 39,121 | 35,898 |
Entergy Arkansas [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 545,812 | 551,024 |
Entergy Arkansas [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Arkansas [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 47,058 | 71,972 |
Entergy Louisiana [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 959,330 | 1,029,344 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 147,349 | 180,781 |
Nuclear refueling outage expenses | 12,808 | 13,099 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 225,888 | 234,380 |
Decommissioning | 13,879 | 12,772 |
Taxes, Other | 49,682 | 51,280 |
Other Depreciation and Amortization | 126,134 | 120,822 |
Other regulatory charges (credits) - net | (27,660) | 23,119 |
Costs and Expenses | 805,386 | 888,025 |
OPERATING INCOME | 153,944 | 141,319 |
OTHER INCOME | ||
Allowance for equity funds used during construction | 23,914 | 17,745 |
Investment Income, Net | 71,986 | 43,275 |
Miscellaneous - net | (42,344) | (7,665) |
TOTAL | 53,556 | 53,355 |
INTEREST EXPENSE | ||
Interest expense | 74,703 | 70,096 |
Allowance for borrowed funds used during construction | (11,367) | (8,763) |
TOTAL | 63,336 | 61,333 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 144,164 | 133,341 |
Income taxes | 16,531 | 21,748 |
Net Income (Loss) Available to Common Stockholders, Basic | 127,633 | 111,593 |
Entergy Louisiana [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 936,693 | 1,005,106 |
Entergy Louisiana [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,637 | 24,238 |
Entergy Louisiana [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 257,306 | 251,772 |
Entergy Mississippi [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 282,244 | 315,743 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 53,229 | 63,528 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 59,183 | 59,458 |
Taxes, Other | 26,127 | 25,394 |
Other Depreciation and Amortization | 39,088 | 38,182 |
Other regulatory charges (credits) - net | 2,370 | 293 |
Costs and Expenses | 251,452 | 274,311 |
OPERATING INCOME | 30,792 | 41,432 |
OTHER INCOME | ||
Allowance for equity funds used during construction | 1,913 | 1,978 |
Investment Income, Net | 152 | 25 |
Miscellaneous - net | (263) | (571) |
TOTAL | 1,802 | 1,432 |
INTEREST EXPENSE | ||
Interest expense | 14,540 | 13,905 |
Allowance for borrowed funds used during construction | (785) | (828) |
TOTAL | 13,755 | 13,077 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 18,839 | 29,787 |
Income taxes | 3,441 | 6,944 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 0 | 238 |
Net Income (Loss) Available to Common Stockholders, Basic | 15,398 | 22,605 |
Entergy Mississippi [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 282,244 | 315,743 |
Entergy Mississippi [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Mississippi [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 71,455 | 87,456 |
Entergy New Orleans [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 163,194 | 188,275 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 30,760 | 23,739 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 30,298 | 28,299 |
Taxes, Other | 13,542 | 15,132 |
Other Depreciation and Amortization | 14,164 | 13,747 |
Other regulatory charges (credits) - net | (2,355) | 6,333 |
Costs and Expenses | 147,058 | 170,406 |
OPERATING INCOME | 16,136 | 17,869 |
OTHER INCOME | ||
Allowance for equity funds used during construction | 2,290 | 851 |
Investment Income, Net | 179 | 93 |
Miscellaneous - net | (1,506) | (337) |
TOTAL | 963 | 607 |
INTEREST EXPENSE | ||
Interest expense | 5,936 | 5,279 |
Allowance for borrowed funds used during construction | (914) | (314) |
TOTAL | 5,022 | 4,965 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 12,077 | 13,511 |
Income taxes | 3,054 | 2,629 |
Entergy New Orleans [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 130,883 | 155,818 |
Entergy New Orleans [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,311 | 32,457 |
Entergy New Orleans [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 60,649 | 83,156 |
Entergy Texas [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 340,474 | 348,940 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 48,103 | 18,706 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 59,626 | 52,674 |
Taxes, Other | 18,640 | 20,403 |
Other Depreciation and Amortization | 37,037 | 30,766 |
Other regulatory charges (credits) - net | 19,459 | 25,617 |
Costs and Expenses | 323,733 | 307,858 |
OPERATING INCOME | 16,741 | 41,082 |
OTHER INCOME | ||
Allowance for equity funds used during construction | 5,081 | 1,661 |
Investment Income, Net | 1,682 | 555 |
Miscellaneous - net | (363) | 113 |
TOTAL | 6,400 | 2,329 |
INTEREST EXPENSE | ||
Interest expense | 22,460 | 22,051 |
Allowance for borrowed funds used during construction | (2,580) | (938) |
TOTAL | 19,880 | 21,113 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 3,261 | 22,298 |
Income taxes | (18,081) | 4,948 |
Net Income (Loss) Available to Common Stockholders, Basic | 21,342 | 17,350 |
Entergy Texas [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 340,474 | 348,940 |
Entergy Texas [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Texas [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 140,868 | 159,692 |
System Energy [Member] | ||
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 21,561 | 28,425 |
Nuclear refueling outage expenses | 8,186 | 3,972 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 45,282 | 45,339 |
Decommissioning | 8,799 | 8,457 |
Taxes, Other | 7,539 | 7,097 |
Other Depreciation and Amortization | 26,574 | 33,321 |
Other regulatory charges (credits) - net | (9,205) | (9,109) |
Costs and Expenses | 108,736 | 117,502 |
OPERATING INCOME | 31,368 | 30,941 |
OTHER INCOME | ||
Allowance for equity funds used during construction | 1,589 | 2,100 |
Investment Income, Net | 6,991 | 6,886 |
Miscellaneous - net | (1,228) | (1,176) |
TOTAL | 7,352 | 7,810 |
INTEREST EXPENSE | ||
Interest expense | 9,397 | 9,325 |
Allowance for borrowed funds used during construction | (389) | (532) |
TOTAL | 9,008 | 8,793 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 29,712 | 29,958 |
Income taxes | 6,134 | 7,650 |
Net Income (Loss) Available to Common Stockholders, Basic | 23,578 | 22,308 |
System Energy [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 140,104 | $ 148,443 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES | ||
Consolidated net income | $ 258,646 | $ 136,200 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 530,224 | 525,181 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 104,884 | 104,607 |
Impairment of Long-Lived Assets Held-for-use | 25,462 | 25,800 |
Changes in working capital: | ||
Receivables | 39,697 | 131,150 |
Fuel inventory | (4,401) | (16,261) |
Accounts payable | (63,613) | (68,857) |
Taxes accrued | (44,083) | (56,301) |
Interest accrued | (20,546) | (10,011) |
Deferred fuel costs | 20,201 | (76,238) |
Other working capital accounts | (42,016) | (28,004) |
Changes in provisions for estimated losses | 13,720 | 10,744 |
Changes in other regulatory assets | (162,192) | 84,349 |
Increase (Decrease) in Regulatory Liabilities | 130,924 | (31,380) |
Changes in pensions and other postretirement liabilities | (7,713) | (97,418) |
Other Noncash Income (Expense) | (278,005) | (76,168) |
Net cash flow provided by operating activities | 501,189 | 557,393 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (951,629) | (931,479) |
Allowance for equity funds used during construction | 38,322 | 28,512 |
Nuclear fuel purchases | (38,445) | (49,647) |
Payments for Nuclear Fuel | (38,445) | (49,647) |
Payments to storm reserve escrow account | (2,285) | (1,175) |
Decrease (increase) in other investments | 39,045 | (406) |
Proceeds from nuclear decommissioning trust fund sales | 1,307,547 | 1,091,332 |
Investment in nuclear decommissioning trust funds | (1,342,429) | (1,106,094) |
Proceeds from insurance | 0 | 1,582 |
Changes in securitization account | (1,084) | (7,063) |
Net cash flow used in investing activities | (950,958) | (974,438) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 3,444,230 | 2,505,726 |
Common stock and treasury stock | 35,577 | 1,952 |
Retirement of long-term debt | (2,298,855) | (734,000) |
Changes in credit borrowings and commercial paper - net | (17) | (773,177) |
Payments for Repurchase of Preferred Stock and Preference Stock | 50,000 | 0 |
Dividends paid: | ||
Common stock | (172,591) | (160,887) |
Preferred stock | (4,109) | (3,439) |
Other | (1,945) | 5,193 |
Net cash flow provided by financing activities | 952,290 | 841,368 |
Net increase in cash and cash equivalents | 502,521 | 424,323 |
Cash and cash equivalents at beginning of period | 480,975 | 781,273 |
Cash and cash equivalents at end of period | 983,496 | 1,205,596 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 214,935 | 185,606 |
Income taxes | (13,844) | (4,297) |
Entergy Arkansas [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 39,121 | 36,255 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 117,255 | 115,976 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 30,756 | 11,877 |
Changes in working capital: | ||
Receivables | 22,194 | 31,033 |
Fuel inventory | 260 | (13,868) |
Accounts payable | (56,432) | (26,924) |
Taxes accrued | (10,616) | 10,072 |
Interest accrued | 12,661 | 9,748 |
Deferred fuel costs | 44,926 | 1,971 |
Other working capital accounts | 1,599 | 5,591 |
Changes in provisions for estimated losses | 9,930 | 6,520 |
Changes in other regulatory assets | (56,263) | 13,835 |
Increase (Decrease) in Regulatory Liabilities | 53,386 | (13,546) |
Changes in pensions and other postretirement liabilities | (910) | (19,277) |
Other Noncash Income (Expense) | (1,400) | 10,627 |
Net cash flow provided by operating activities | 206,467 | 179,890 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (147,214) | (167,485) |
Allowance for equity funds used during construction | 3,506 | 4,143 |
Change in money pool receivable - net | (30,521) | 0 |
Nuclear fuel purchases | (214) | (19,391) |
Payments for Nuclear Fuel | (214) | (19,391) |
Proceeds from sale of nuclear fuel | 22,834 | 30,907 |
Decrease (increase) in other investments | 1 | 0 |
Proceeds from nuclear decommissioning trust fund sales | 34,423 | 34,865 |
Investment in nuclear decommissioning trust funds | (40,223) | (40,238) |
Changes in securitization account | (3,553) | (4,145) |
Net cash flow used in investing activities | (160,961) | (161,344) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 603,655 | 175,000 |
Retirement of long-term debt | (275,904) | (149,904) |
Change in money pool payable - net | (182,738) | (42,279) |
Changes in credit borrowings and commercial paper - net | 0 | (6,087) |
Dividends paid: | ||
Preferred stock | 0 | (357) |
Other | (397) | (212) |
Net cash flow provided by financing activities | 144,616 | (23,839) |
Net increase in cash and cash equivalents | 190,122 | (5,293) |
Cash and cash equivalents at beginning of period | 119 | 6,216 |
Cash and cash equivalents at end of period | 190,241 | 923 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 19,458 | 18,761 |
Entergy Louisiana [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 127,633 | 111,593 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 153,368 | 157,887 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 49,041 | 86,443 |
Changes in working capital: | ||
Receivables | (849) | 53,786 |
Fuel inventory | 31 | (1,402) |
Accounts payable | (26,475) | (18,036) |
Taxes accrued | 16,311 | (24,705) |
Interest accrued | (9,300) | 6,365 |
Deferred fuel costs | (50,620) | (52,090) |
Other working capital accounts | (41,481) | (55) |
Changes in provisions for estimated losses | 2,962 | (481) |
Changes in other regulatory assets | (91,490) | 28,579 |
Increase (Decrease) in Regulatory Liabilities | 49,352 | (6,088) |
Changes in pensions and other postretirement liabilities | (1,954) | (18,075) |
Other Noncash Income (Expense) | 3,054 | 4,319 |
Net cash flow provided by operating activities | 179,583 | 328,040 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (401,573) | (469,398) |
Allowance for equity funds used during construction | 23,914 | 17,745 |
Change in money pool receivable - net | 8,880 | (170,163) |
Nuclear fuel purchases | (59,422) | (9,997) |
Payments for Nuclear Fuel | (59,422) | (9,997) |
Proceeds from sale of nuclear fuel | 0 | 36,301 |
Payments to storm reserve escrow account | (1,651) | (853) |
Proceeds from nuclear decommissioning trust fund sales | 101,555 | 125,453 |
Investment in nuclear decommissioning trust funds | (107,690) | (137,097) |
Proceeds from insurance | 0 | 1,582 |
Changes in securitization account | (5,405) | (7,523) |
Net cash flow used in investing activities | (441,392) | (613,950) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 1,212,989 | 947,038 |
Retirement of long-term debt | (642,307) | (154,117) |
Changes in credit borrowings and commercial paper - net | 0 | 19,382 |
Dividends paid: | ||
Common stock | (49,000) | 0 |
Other | 1,926 | (14) |
Net cash flow provided by financing activities | 523,608 | 812,289 |
Net increase in cash and cash equivalents | 261,799 | 526,379 |
Cash and cash equivalents at beginning of period | 43,364 | 35,907 |
Cash and cash equivalents at end of period | 305,163 | 562,286 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 81,940 | 61,613 |
Income taxes | 0 | (2,973) |
Entergy Mississippi [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 15,398 | 22,843 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 39,088 | 38,182 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 12,072 | 7,787 |
Changes in working capital: | ||
Receivables | 18,364 | 1,018 |
Fuel inventory | (4,267) | (767) |
Accounts payable | (5,722) | (24,818) |
Taxes accrued | (66,445) | (56,244) |
Interest accrued | (293) | (5,548) |
Deferred fuel costs | 17,635 | 13,817 |
Other working capital accounts | 3,444 | (4,856) |
Changes in provisions for estimated losses | (846) | 4,754 |
Changes in other regulatory assets | (3,478) | 4,586 |
Increase (Decrease) in Regulatory Liabilities | (9,301) | 766 |
Changes in pensions and other postretirement liabilities | 269 | (4,604) |
Other Noncash Income (Expense) | (5,926) | (5,757) |
Net cash flow provided by operating activities | 9,992 | (8,841) |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (97,487) | (79,141) |
Allowance for equity funds used during construction | 1,913 | 1,978 |
Change in money pool receivable - net | 41,380 | 1,633 |
Decrease (increase) in other investments | (182) | (738) |
Net cash flow used in investing activities | (54,376) | (76,268) |
Proceeds from the issuance of: | ||
Change in money pool payable - net | 10,925 | 74,892 |
Dividends paid: | ||
Preferred stock | 0 | (238) |
Other | (2,610) | 4,662 |
Net cash flow provided by financing activities | 8,315 | 79,316 |
Net increase in cash and cash equivalents | (36,069) | (5,793) |
Cash and cash equivalents at beginning of period | 36,954 | 6,096 |
Cash and cash equivalents at end of period | 885 | 303 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 14,193 | 18,820 |
Entergy New Orleans [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 9,023 | 10,882 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 14,164 | 13,747 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 9,743 | 17,909 |
Changes in working capital: | ||
Receivables | (20) | 3,378 |
Fuel inventory | 1,529 | 951 |
Accounts payable | 8,298 | (7,973) |
Taxes accrued | (4,443) | (13,351) |
Interest accrued | 650 | (81) |
Deferred fuel costs | (71) | (11,309) |
Other working capital accounts | (15,144) | (12,082) |
Changes in provisions for estimated losses | 454 | 196 |
Changes in other regulatory assets | (16,528) | 7,226 |
Increase (Decrease) in Regulatory Liabilities | (8,634) | 1,331 |
Changes in pensions and other postretirement liabilities | (1,706) | (3,686) |
Other Noncash Income (Expense) | 19,207 | (89) |
Net cash flow provided by operating activities | 16,522 | 7,049 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (57,788) | (41,105) |
Allowance for equity funds used during construction | 2,290 | 851 |
Change in money pool receivable - net | 22,016 | 12,291 |
Payments to storm reserve escrow account | (451) | (232) |
Receipts from storm reserve escrow account | 0 | 3 |
Changes in securitization account | (2,850) | (3,381) |
Net cash flow used in investing activities | (36,783) | (31,573) |
Proceeds from the issuance of: | ||
Change in money pool payable - net | 1,877 | 0 |
Dividends paid: | ||
Common stock | 0 | (6,250) |
Other | (499) | (607) |
Net cash flow provided by financing activities | 1,378 | (6,857) |
Net increase in cash and cash equivalents | (18,883) | (31,381) |
Cash and cash equivalents at beginning of period | 19,677 | 32,741 |
Cash and cash equivalents at end of period | 794 | 1,360 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 5,027 | 5,098 |
Entergy Texas [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 21,342 | 17,350 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 37,037 | 30,766 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (10,123) | (21,607) |
Changes in working capital: | ||
Receivables | 65,394 | 9,190 |
Fuel inventory | (173) | (134) |
Accounts payable | (57,447) | (24,653) |
Taxes accrued | (9,465) | 3,981 |
Interest accrued | (4,638) | (5,575) |
Deferred fuel costs | 8,331 | (28,626) |
Other working capital accounts | (913) | 4,788 |
Changes in provisions for estimated losses | 1,074 | (208) |
Changes in other regulatory assets | 1,358 | 20,497 |
Increase (Decrease) in Regulatory Liabilities | (24,365) | 5,145 |
Changes in pensions and other postretirement liabilities | (1,120) | (6,851) |
Other Noncash Income (Expense) | 16,359 | (3,015) |
Net cash flow provided by operating activities | 42,651 | 1,048 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (176,186) | (94,123) |
Allowance for equity funds used during construction | 5,111 | 1,696 |
Change in money pool receivable - net | (3,571) | 32,313 |
Changes in securitization account | 10,724 | 7,985 |
Net cash flow used in investing activities | (163,922) | (52,129) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 692,633 | 0 |
Retirement of long-term debt | (525,841) | (24,977) |
Change in money pool payable - net | (22,389) | 0 |
Dividends paid: | ||
Other | (959) | (479) |
Net cash flow provided by financing activities | 143,444 | (25,456) |
Net increase in cash and cash equivalents | 22,173 | (76,537) |
Cash and cash equivalents at beginning of period | 56 | 115,513 |
Cash and cash equivalents at end of period | 22,229 | 38,976 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 26,002 | 26,939 |
Income taxes | 0 | (1,624) |
System Energy [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 23,578 | 22,308 |
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 53,731 | 66,323 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 4,975 | 7,929 |
Changes in working capital: | ||
Receivables | (7,613) | 5,883 |
Accounts payable | (5,182) | (9,632) |
Taxes accrued | (13,575) | (15,033) |
Interest accrued | (3,150) | 736 |
Other working capital accounts | 3,635 | (5,874) |
Changes in other regulatory assets | (3,730) | (1,960) |
Increase (Decrease) in Regulatory Liabilities | 70,486 | (18,988) |
Changes in pensions and other postretirement liabilities | 319 | (3,537) |
Other Noncash Income (Expense) | (65,757) | 17,216 |
Net cash flow provided by operating activities | 57,717 | 65,371 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (25,557) | (30,707) |
Allowance for equity funds used during construction | 1,589 | 2,100 |
Change in money pool receivable - net | 81,635 | 21,531 |
Nuclear fuel purchases | (3) | (74,257) |
Payments for Nuclear Fuel | (3) | (74,257) |
Proceeds from sale of nuclear fuel | 18,280 | 0 |
Proceeds from nuclear decommissioning trust fund sales | 56,988 | 54,210 |
Investment in nuclear decommissioning trust funds | (62,223) | (58,833) |
Net cash flow used in investing activities | 70,709 | (85,956) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 529,493 | 100,000 |
Retirement of long-term debt | (549,803) | (50,002) |
Changes in credit borrowings and commercial paper - net | 0 | 25,339 |
Dividends paid: | ||
Common stock | (45,500) | (63,240) |
Net cash flow provided by financing activities | (65,810) | 12,097 |
Net increase in cash and cash equivalents | 62,616 | (8,488) |
Cash and cash equivalents at beginning of period | 95,685 | 287,187 |
Cash and cash equivalents at end of period | 158,301 | 278,699 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | $ 12,461 | $ 8,592 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | ||
Cash | $ 118,384 | $ 56,690 |
Temporary cash investments | 865,112 | 424,285 |
Total cash and cash equivalents | 983,496 | 480,975 |
Securitization recovery trust account | 52,000 | 51,000 |
Accounts receivable: | ||
Customer | 589,519 | 558,494 |
Allowance for doubtful accounts | (7,458) | (7,322) |
Other | 158,293 | 167,722 |
Accrued unbilled revenues | 334,355 | 395,511 |
Total accounts receivable | 1,074,709 | 1,114,405 |
Deferred fuel costs | 19,209 | 27,251 |
Fuel inventory - at average cost | 121,705 | 117,304 |
Public Utilities, Inventory | 771,707 | 752,843 |
Deferred nuclear refueling outage costs | 231,628 | 230,960 |
Prepaid Expense and Other Assets, Current | 205,322 | 234,326 |
TOTAL | 3,407,776 | 2,958,064 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 6,877,865 | 6,920,164 |
Non-utility property - at cost (less accumulated depreciation) | 310,215 | 304,382 |
Other | 439,849 | 437,265 |
TOTAL | 7,627,929 | 7,661,811 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 50,260,871 | 49,831,486 |
Natural gas | 509,987 | 496,150 |
Construction work in progress | 3,289,734 | 2,888,639 |
Nuclear fuel | 790,398 | 861,272 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 54,850,990 | 54,077,547 |
Less - accumulated depreciation and amortization | 22,198,769 | 22,103,101 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 32,652,221 | 31,974,446 |
Regulatory assets: | ||
Other regulatory assets | 4,908,688 | 4,746,496 |
Deferred Fuel Cost Non Current | 239,595 | 239,496 |
Goodwill | 377,172 | 377,172 |
Deferred Income Tax Assets, Net | 61,255 | 54,593 |
Other | 330,745 | 262,988 |
Deferred Costs and Other Assets | 5,917,455 | 5,680,745 |
TOTAL ASSETS | 49,605,381 | 48,275,066 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 150,010 | 650,009 |
Short-term borrowings | 1,942,322 | 1,942,339 |
Accounts payable | 1,406,327 | 1,496,058 |
Customer deposits | 409,433 | 411,505 |
Taxes Payable, Current | 210,156 | 254,241 |
Interest accrued | 172,645 | 193,192 |
Deferred fuel costs | 64,653 | 52,396 |
Pension and other postretirement liabilities | 62,218 | 61,240 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 239,664 | 248,127 |
Other | 203,655 | 134,437 |
TOTAL | 4,861,083 | 5,443,544 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 4,252,292 | 4,107,152 |
Accumulated deferred investment tax credits | 211,013 | 213,101 |
Regulatory liability for income taxes - net | 1,737,479 | 1,817,021 |
Other regulatory liabilities | 1,839,183 | 1,620,254 |
Decommissioning and asset retirement cost liabilities | 6,577,180 | 6,355,543 |
Loss Contingency Accrual | 527,866 | 514,107 |
Pension and other postretirement liabilities | 2,607,394 | 2,616,085 |
Long-term debt | 17,167,886 | 15,518,303 |
Deferred Credits and Other Liabilities | 634,211 | 1,006,249 |
TOTAL | 35,554,504 | 33,767,815 |
Subsidiaries' preferred stock without sinking fund | 219,427 | 219,402 |
Common Shareholders' Equity: | ||
Common Stock, Value, Issued | 2,616 | 2,616 |
Additional Paid in Capital, Common Stock | 5,920,183 | 5,951,431 |
Accumulated other comprehensive loss | (551,152) | (557,173) |
Less - treasury stock, at cost | 5,211,182 | 5,273,719 |
TOTAL | 8,970,367 | 8,844,305 |
Retained Earnings (Accumulated Deficit) | 8,809,902 | 8,721,150 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 49,605,381 | 48,275,066 |
Entergy Arkansas [Member] | ||
Cash and cash equivalents: | ||
Cash | 746 | 118 |
Temporary cash investments | 189,495 | 1 |
Total cash and cash equivalents | 190,241 | 119 |
Securitization recovery trust account | 8,218 | 4,666 |
Accounts receivable: | ||
Customer | 130,054 | 94,348 |
Allowance for doubtful accounts | (1,455) | (1,264) |
Associated companies | 63,023 | 48,184 |
Other | 43,548 | 64,393 |
Accrued unbilled revenues | 86,910 | 108,092 |
Total accounts receivable | 322,080 | 313,753 |
Deferred fuel costs | 0 | 19,235 |
Fuel inventory - at average cost | 22,888 | 23,148 |
Public Utilities, Inventory | 205,601 | 196,314 |
Deferred nuclear refueling outage costs | 60,689 | 78,966 |
Prepaid Expense and Other Assets, Current | 10,073 | 14,553 |
TOTAL | 819,790 | 650,754 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 997,263 | 912,049 |
Other | 5,478 | 5,480 |
TOTAL | 1,002,741 | 917,529 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 11,744,151 | 11,611,041 |
Construction work in progress | 304,981 | 243,731 |
Nuclear fuel | 171,038 | 220,602 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 12,220,170 | 12,075,374 |
Less - accumulated depreciation and amortization | 4,865,283 | 4,864,818 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 7,354,887 | 7,210,556 |
Regulatory assets: | ||
Other regulatory assets | 1,591,240 | 1,534,977 |
Deferred Fuel Cost Non Current | 67,393 | 67,294 |
Other | 26,292 | 20,486 |
Deferred Costs and Other Assets | 1,684,925 | 1,622,757 |
TOTAL ASSETS | 10,862,343 | 10,401,596 |
CURRENT LIABILITIES | ||
Associated companies accounts payable | 47,717 | 251,768 |
Accounts payable | 140,708 | 187,387 |
Customer deposits | 99,380 | 99,053 |
Taxes Payable, Current | 46,273 | 56,889 |
Interest accrued | 31,554 | 18,893 |
Deferred fuel costs | 25,790 | 0 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 100,594 | 99,316 |
Other | 39,020 | 23,943 |
TOTAL | 531,036 | 737,249 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 1,131,314 | 1,085,545 |
Accumulated deferred investment tax credits | 32,602 | 32,903 |
Regulatory liability for income taxes - net | 467,198 | 505,748 |
Other regulatory liabilities | 493,326 | 402,668 |
Decommissioning and asset retirement cost liabilities | 1,190,346 | 1,048,428 |
Loss Contingency Accrual | 58,909 | 48,979 |
Pension and other postretirement liabilities | 312,361 | 313,295 |
Long-term debt | 3,555,152 | 3,225,759 |
Deferred Credits and Other Liabilities | 67,875 | 17,919 |
TOTAL | 7,309,083 | 6,681,244 |
Common Shareholders' Equity: | ||
Members' Equity | 3,022,224 | 2,983,103 |
TOTAL | 3,022,224 | 2,983,103 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 10,862,343 | 10,401,596 |
Entergy Louisiana [Member] | ||
Cash and cash equivalents: | ||
Cash | 68,144 | 252 |
Temporary cash investments | 237,019 | 43,112 |
Total cash and cash equivalents | 305,163 | 43,364 |
Securitization recovery trust account | 9,000 | 3,600 |
Accounts receivable: | ||
Customer | 219,503 | 199,903 |
Allowance for doubtful accounts | (1,912) | (1,813) |
Associated companies | 106,149 | 123,363 |
Other | 73,120 | 60,879 |
Accrued unbilled revenues | 144,493 | 167,052 |
Total accounts receivable | 541,353 | 549,384 |
Deferred fuel costs | 19,209 | 0 |
Fuel inventory - at average cost | 34,387 | 34,418 |
Public Utilities, Inventory | 328,666 | 324,627 |
Deferred nuclear refueling outage costs | 61,384 | 24,406 |
Prepaid Expense and Other Assets, Current | 38,550 | 38,715 |
TOTAL | 1,328,712 | 1,014,914 |
Investments in and Advances to Affiliates, at Fair Value | 1,390,587 | 1,390,587 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 1,408,045 | 1,284,996 |
Non-utility property - at cost (less accumulated depreciation) | 292,380 | 286,555 |
Storm Reserve Escrow Account | 291,176 | 289,525 |
Other | 15,085 | 14,927 |
TOTAL | 3,397,273 | 3,266,590 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 20,614,483 | 20,532,312 |
Natural gas | 218,502 | 211,421 |
Construction work in progress | 1,997,965 | 1,864,582 |
Nuclear fuel | 329,778 | 298,022 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 23,160,728 | 22,906,337 |
Less - accumulated depreciation and amortization | 8,827,954 | 8,837,596 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 14,332,774 | 14,068,741 |
Regulatory assets: | ||
Other regulatory assets | 1,196,567 | 1,105,077 |
Deferred Fuel Cost Non Current | 168,122 | 168,122 |
Other | 32,729 | 28,371 |
Deferred Costs and Other Assets | 1,397,418 | 1,301,570 |
TOTAL ASSETS | 20,456,177 | 19,651,815 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 2 | 2 |
Associated companies accounts payable | 82,848 | 102,749 |
Accounts payable | 380,874 | 390,367 |
Customer deposits | 154,573 | 155,314 |
Taxes Payable, Current | 47,179 | 30,868 |
Interest accrued | 74,150 | 83,450 |
Deferred fuel costs | 0 | 31,411 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 33,343 | 31,457 |
Other | 59,002 | 49,202 |
TOTAL | 831,971 | 874,820 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 2,280,532 | 2,226,721 |
Accumulated deferred investment tax credits | 115,782 | 116,999 |
Regulatory liability for income taxes - net | 561,864 | 581,001 |
Other regulatory liabilities | 815,387 | 748,784 |
Decommissioning and asset retirement cost liabilities | 1,296,647 | 1,280,272 |
Loss Contingency Accrual | 313,717 | 310,755 |
Pension and other postretirement liabilities | 641,132 | 643,171 |
Long-term debt | 7,377,910 | 6,805,766 |
Deferred Credits and Other Liabilities | 240,664 | 160,608 |
TOTAL | 13,643,635 | 12,874,077 |
Common Shareholders' Equity: | ||
Accumulated other comprehensive loss | (7,122) | (6,153) |
Members' Equity | 5,987,693 | 5,909,071 |
TOTAL | 5,980,571 | 5,902,918 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 20,456,177 | 19,651,815 |
Entergy Mississippi [Member] | ||
Cash and cash equivalents: | ||
Cash | 878 | 11 |
Temporary cash investments | 7 | 36,943 |
Total cash and cash equivalents | 885 | 36,954 |
Accounts receivable: | ||
Customer | 71,621 | 73,205 |
Allowance for doubtful accounts | (647) | (563) |
Associated companies | 3,641 | 51,065 |
Other | 7,678 | 8,647 |
Accrued unbilled revenues | 40,488 | 50,171 |
Total accounts receivable | 122,781 | 182,525 |
Deferred fuel costs | 0 | 8,016 |
Fuel inventory - at average cost | 16,198 | 11,931 |
Public Utilities, Inventory | 49,576 | 47,255 |
Prepaid Expense and Other Assets, Current | 4,043 | 9,365 |
TOTAL | 193,483 | 296,046 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 4,572 | 4,576 |
Escrow accounts | 32,629 | 32,447 |
TOTAL | 37,201 | 37,023 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 4,834,942 | 4,780,720 |
Construction work in progress | 182,618 | 128,149 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,017,560 | 4,908,869 |
Less - accumulated depreciation and amortization | 1,667,543 | 1,641,821 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 3,350,017 | 3,267,048 |
Regulatory assets: | ||
Other regulatory assets | 346,527 | 343,049 |
Other | 9,878 | 3,638 |
Deferred Costs and Other Assets | 356,405 | 346,687 |
TOTAL ASSETS | 3,937,106 | 3,946,804 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 150,000 | 150,000 |
Associated companies accounts payable | 53,027 | 42,928 |
Accounts payable | 74,694 | 79,117 |
Customer deposits | 85,830 | 85,085 |
Taxes Payable, Current | 11,107 | 77,552 |
Interest accrued | 19,938 | 20,231 |
Deferred fuel costs | 9,619 | 0 |
Other | 15,111 | 7,526 |
TOTAL | 419,326 | 462,439 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 566,047 | 551,869 |
Accumulated deferred investment tax credits | 10,146 | 10,186 |
Regulatory liability for income taxes - net | 244,123 | 246,402 |
Other regulatory liabilities | 26,600 | 33,622 |
Decommissioning and asset retirement cost liabilities | 9,333 | 9,206 |
Loss Contingency Accrual | 50,296 | 51,142 |
Pension and other postretirement liabilities | 93,324 | 93,100 |
Long-term debt | 1,175,915 | 1,175,750 |
Deferred Credits and Other Liabilities | 34,372 | 20,862 |
TOTAL | 2,210,156 | 2,192,139 |
Common Shareholders' Equity: | ||
Members' Equity | 1,307,624 | 1,292,226 |
TOTAL | 1,307,624 | 1,292,226 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,937,106 | 3,946,804 |
Entergy New Orleans [Member] | ||
Cash and cash equivalents: | ||
Cash | 794 | 26 |
Temporary cash investments | 0 | 19,651 |
Total cash and cash equivalents | 794 | 19,677 |
Securitization recovery trust account | 5,075 | 2,224 |
Accounts receivable: | ||
Customer | 47,422 | 43,890 |
Allowance for doubtful accounts | (3,033) | (3,222) |
Associated companies | 2,054 | 27,938 |
Other | 7,115 | 4,090 |
Accrued unbilled revenues | 16,049 | 18,907 |
Total accounts receivable | 69,607 | 91,603 |
Fuel inventory - at average cost | 4 | 1,533 |
Public Utilities, Inventory | 11,989 | 12,133 |
Prepaid Expense and Other Assets, Current | 17,250 | 6,905 |
TOTAL | 104,719 | 134,075 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 1,016 | 1,016 |
Storm Reserve Escrow Account | 81,305 | 80,853 |
TOTAL | 82,321 | 81,869 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 1,358,401 | 1,364,091 |
Natural gas | 291,484 | 284,728 |
Construction work in progress | 184,527 | 146,668 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 1,834,412 | 1,795,487 |
Less - accumulated depreciation and amortization | 675,943 | 670,135 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 1,158,469 | 1,125,352 |
Regulatory assets: | ||
Other regulatory assets | 246,324 | 229,796 |
Deferred Fuel Cost Non Current | 4,080 | 4,080 |
Other | 1,991 | 1,416 |
Deferred Costs and Other Assets | 252,395 | 235,292 |
TOTAL ASSETS | 1,597,904 | 1,576,588 |
CURRENT LIABILITIES | ||
Notes Payable, Related Parties, Current | 1,979 | 1,979 |
Associated companies accounts payable | 44,433 | 43,416 |
Accounts payable | 48,308 | 36,686 |
Customer deposits | 28,683 | 28,667 |
Taxes Payable, Current | 0 | 4,068 |
Interest accrued | 7,016 | 6,366 |
Deferred fuel costs | 1,217 | 1,288 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 25,220 | 25,301 |
Other | 6,611 | 9,521 |
TOTAL | 163,467 | 157,292 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 334,694 | 323,595 |
Accumulated deferred investment tax credits | 2,197 | 2,219 |
Regulatory liability for income taxes - net | 57,233 | 60,249 |
Decommissioning and asset retirement cost liabilities | 3,347 | 3,291 |
Loss Contingency Accrual | 87,048 | 86,594 |
Pension and other postretirement liabilities | 3,920 | 5,626 |
Long-term debt | 467,498 | 467,358 |
Notes Payable, Related Parties, Noncurrent | 14,367 | 14,367 |
Deferred Credits and Other Liabilities | 10,160 | 11,047 |
TOTAL | 980,464 | 974,346 |
Common Shareholders' Equity: | ||
Members' Equity | 453,973 | 444,950 |
TOTAL | 453,973 | 444,950 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,597,904 | 1,576,588 |
Entergy Texas [Member] | ||
Cash and cash equivalents: | ||
Cash | 26 | 26 |
Temporary cash investments | 22,203 | 30 |
Total cash and cash equivalents | 22,229 | 56 |
Securitization recovery trust account | 29,461 | 40,185 |
Accounts receivable: | ||
Customer | 63,194 | 69,714 |
Allowance for doubtful accounts | (412) | (461) |
Associated companies | 16,273 | 64,441 |
Other | 9,964 | 12,275 |
Accrued unbilled revenues | 46,415 | 51,288 |
Total accounts receivable | 135,434 | 197,257 |
Fuel inventory - at average cost | 42,840 | 42,667 |
Public Utilities, Inventory | 43,560 | 41,883 |
Prepaid Expense and Other Assets, Current | 11,231 | 15,903 |
TOTAL | 284,755 | 337,951 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 436 | 448 |
Non-utility property - at cost (less accumulated depreciation) | 376 | 376 |
Other | 19,433 | 19,218 |
TOTAL | 20,245 | 20,042 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 4,804,948 | 4,773,984 |
Construction work in progress | 450,207 | 325,193 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,255,155 | 5,099,177 |
Less - accumulated depreciation and amortization | 1,694,292 | 1,684,569 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 3,560,863 | 3,414,608 |
Regulatory assets: | ||
Other regulatory assets | 596,690 | 598,048 |
Other | 31,171 | 29,371 |
Deferred Costs and Other Assets | 627,861 | 627,419 |
TOTAL ASSETS | 4,493,724 | 4,400,020 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 0 | 500,000 |
Associated companies accounts payable | 48,588 | 119,371 |
Accounts payable | 158,286 | 150,679 |
Customer deposits | 40,967 | 43,387 |
Taxes Payable, Current | 44,048 | 53,513 |
Interest accrued | 19,717 | 24,355 |
Deferred fuel costs | 28,028 | 19,697 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 73,112 | 87,627 |
Other | 9,233 | 6,353 |
TOTAL | 421,979 | 1,004,982 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 543,550 | 552,535 |
Accumulated deferred investment tax credits | 11,021 | 11,176 |
Regulatory liability for income taxes - net | 254,771 | 264,623 |
Other regulatory liabilities | 47,886 | 47,884 |
Decommissioning and asset retirement cost liabilities | 7,322 | 7,222 |
Loss Contingency Accrual | 14,930 | 13,856 |
Pension and other postretirement liabilities | 3,699 | 4,834 |
Long-term debt | 1,680,966 | 1,013,735 |
Deferred Credits and Other Liabilities | 63,856 | 56,771 |
TOTAL | 2,628,001 | 1,972,636 |
Common Shareholders' Equity: | ||
Common Stock, Value, Issued | 49,452 | 49,452 |
Additional Paid in Capital, Common Stock | 596,994 | 596,994 |
Retained Earnings (Accumulated Deficit) | 797,298 | 775,956 |
TOTAL | 1,443,744 | 1,422,402 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,493,724 | 4,400,020 |
System Energy [Member] | ||
Cash and cash equivalents: | ||
Cash | 57 | 68 |
Temporary cash investments | 158,244 | 95,617 |
Total cash and cash equivalents | 158,301 | 95,685 |
Accounts receivable: | ||
Associated companies | 74,667 | 148,571 |
Other | 5,272 | 5,390 |
Total accounts receivable | 79,939 | 153,961 |
Public Utilities, Inventory | 101,609 | 97,225 |
Deferred nuclear refueling outage costs | 36,624 | 44,424 |
Prepaid Expense and Other Assets, Current | 2,764 | 2,985 |
Prepaid Taxes | 18,990 | 5,415 |
TOTAL | 398,227 | 399,695 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 951,334 | 869,543 |
TOTAL | 951,334 | 869,543 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 5,027,651 | 5,036,116 |
Construction work in progress | 82,554 | 70,156 |
Nuclear fuel | 195,023 | 234,889 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,305,228 | 5,341,161 |
Less - accumulated depreciation and amortization | 3,226,329 | 3,212,080 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,078,899 | 2,129,081 |
Regulatory assets: | ||
Other regulatory assets | 450,101 | 446,371 |
Other | 3,992 | 4,124 |
Deferred Costs and Other Assets | 454,093 | 450,495 |
TOTAL ASSETS | 3,882,553 | 3,848,814 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 8 | 6 |
Associated companies accounts payable | 7,596 | 11,031 |
Accounts payable | 39,660 | 47,565 |
Interest accrued | 10,145 | 13,295 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 7,396 | 4,426 |
Other | 2,830 | 2,832 |
TOTAL | 67,635 | 79,155 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 813,026 | 805,296 |
Accumulated deferred investment tax credits | 38,354 | 38,673 |
Regulatory liability for income taxes - net | 152,289 | 158,998 |
Other regulatory liabilities | 456,112 | 381,887 |
Decommissioning and asset retirement cost liabilities | 904,800 | 896,000 |
Pension and other postretirement liabilities | 98,958 | 98,639 |
Long-term debt | 610,790 | 630,744 |
Deferred Credits and Other Liabilities | 25,313 | 22,224 |
TOTAL | 3,099,642 | 3,032,461 |
Common Shareholders' Equity: | ||
Common Stock, Value, Issued | 601,850 | 601,850 |
Retained Earnings (Accumulated Deficit) | 113,426 | 135,348 |
TOTAL | 715,276 | 737,198 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,882,553 | $ 3,848,814 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securitization property | $ 333,783 | $ 360,790 |
Securitization bonds | $ 398,291 | $ 423,858 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 261,587,009 | 261,587,009 |
Treasury stock, shares | 71,670,773 | 72,530,866 |
Entergy Arkansas [Member] | ||
Securitization property | $ 11,096 | $ 14,329 |
Securitization bonds | 20,975 | 20,898 |
Entergy Louisiana [Member] | ||
Securitization property | 44,739 | 49,753 |
Securitization bonds | 55,747 | 55,682 |
Entergy New Orleans [Member] | ||
Securitization property | 58,089 | 60,453 |
Securitization bonds | 63,681 | 63,620 |
Entergy Texas [Member] | ||
Securitization property | 219,904 | 236,336 |
Securitization bonds | $ 257,887 | $ 283,659 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 46,525,000 | 46,525,000 |
Common stock, shares outstanding | 46,525,000 | 46,525,000 |
System Energy [Member] | ||
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 789,350 | 789,350 |
Common stock, shares outstanding | 789,350 | 789,350 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Subsidiaries Preferred Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Common Stock [Member] | Treasury Stock [Member] | Entergy Arkansas [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member]Member's Equity [Member] | Entergy Louisiana [Member]Accumulated Other Comprehensive Income [Member] | Entergy Mississippi [Member] | Entergy New Orleans [Member] | Entergy Texas [Member] | Entergy Texas [Member]Paid In Capital [Member] | Entergy Texas [Member]Retained Earnings [Member] | Entergy Texas [Member]Common Stock [Member] | System Energy [Member] | System Energy [Member]Retained Earnings [Member] | System Energy [Member]Common Stock [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,992,515 | $ 0 | $ 5,433,433 | $ 7,977,702 | $ (23,531) | $ 2,548 | $ (5,397,637) | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,376,754 | $ 5,308,804 | $ 5,355,204 | $ (46,400) | $ 1,177,870 | $ 415,548 | $ 1,260,167 | $ 596,994 | $ 613,721 | $ 49,452 | $ 710,809 | $ 52,459 | $ 658,350 | |||||||
Consolidated net income | 136,200 | 3,439 | 0 | 132,761 | 0 | 0 | 0 | 36,255 | 111,593 | 111,593 | 0 | 22,843 | 10,882 | 17,350 | 0 | 17,350 | 0 | 22,308 | 22,308 | 0 |
Dividends, Preferred Stock, Cash | 357 | 238 | ||||||||||||||||||
Dividends, Common Stock, Cash | 160,887 | 0 | 0 | 160,887 | 0 | 0 | 0 | 6,250 | 63,240 | 6,740 | 56,500 | |||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 3,439 | 3,439 | 0 | 0 | 0 | 0 | 0 | 357 | 238 | |||||||||||
Other comprehensive income (loss) | 79,145 | 0 | 0 | 0 | 79,145 | 0 | 0 | (501) | 0 | (501) | ||||||||||
Common stock issuances related to stock plans | 4,307 | 0 | (16,170) | 0 | 0 | 0 | 20,477 | |||||||||||||
Other | 24 | 24 | 0 | |||||||||||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (16,538) | 0 | 0 | (32,043) | 15,505 | 0 | 0 | (3,787) | 6,262 | (10,049) | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,974,943 | 0 | 5,417,263 | 8,493,790 | (561,498) | 2,548 | (5,377,160) | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,412,652 | 5,416,133 | 5,473,083 | (56,950) | 1,200,475 | 420,180 | 1,277,517 | 596,994 | 631,071 | 49,452 | 669,877 | 68,027 | 601,850 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 8,844,305 | 0 | 5,951,431 | 8,721,150 | (557,173) | 2,616 | (5,273,719) | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,983,103 | 5,902,918 | 5,909,071 | (6,153) | 1,292,226 | 444,950 | 1,422,402 | 596,994 | 775,956 | 49,452 | 737,198 | 135,348 | 601,850 | |||||||
Consolidated net income | 258,646 | 4,109 | 0 | 254,537 | 0 | 0 | 0 | 39,121 | 127,633 | 127,633 | 0 | 15,398 | 9,023 | 21,342 | 0 | 21,342 | 0 | 23,578 | 23,578 | 0 |
Dividends, Common Stock, Cash | 172,591 | 0 | 0 | 172,591 | 0 | 0 | 0 | 49,000 | 49,000 | 0 | 45,500 | 45,500 | 0 | |||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 4,109 | 4,109 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Other comprehensive income (loss) | 12,827 | 0 | 0 | 0 | 12,827 | 0 | 0 | (969) | 0 | (969) | ||||||||||
Common stock issuances related to stock plans | 31,289 | 0 | (31,248) | 0 | 0 | 0 | 62,537 | |||||||||||||
Other | (11) | (11) | 0 | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,970,367 | $ 0 | $ 5,920,183 | $ 8,809,902 | $ (551,152) | $ 2,616 | $ (5,211,182) | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,022,224 | $ 5,980,571 | $ 5,987,693 | $ (7,122) | $ 1,307,624 | $ 453,973 | $ 1,443,744 | $ 596,994 | $ 797,298 | $ 49,452 | $ 715,276 | $ 113,426 | $ 601,850 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 258,646 | $ 136,200 |
Other comprehensive income (loss) | ||
Cash flow hedges net unrealized gain (loss) | (12,426) | 95,427 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 11,550 | 16,574 |
Net unrealized investment gains | 13,703 | (32,856) |
Other comprehensive income (loss) | 12,827 | 79,145 |
Total comprehensive income | 271,473 | 215,345 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,109 | 3,439 |
Comprehensive Income Attributable to Entergy Corporation | 267,364 | 211,906 |
Entergy Louisiana [Member] | ||
Net income | 127,633 | 111,593 |
Other comprehensive income (loss) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (969) | (501) |
Other comprehensive income (loss) | (969) | (501) |
Total comprehensive income | $ 126,664 | $ 111,092 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ (5,352) | $ 25,349 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 3,249 | 4,568 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 8,073 | 5,375 |
Entergy Louisiana [Member] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (342) | $ (176) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim on May 31, 2019. In March 2019 the NRC moved Pilgrim from its “multiple/repetitive degraded cornerstone column,” or Column 4, of its Reactor Oversight Process Action Matrix to its “licensee response column,” or Column 1. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment and Labor-related Proceedings See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. |
Entergy Arkansas [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim on May 31, 2019. In March 2019 the NRC moved Pilgrim from its “multiple/repetitive degraded cornerstone column,” or Column 4, of its Reactor Oversight Process Action Matrix to its “licensee response column,” or Column 1. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment and Labor-related Proceedings See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. |
Entergy Louisiana [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim on May 31, 2019. In March 2019 the NRC moved Pilgrim from its “multiple/repetitive degraded cornerstone column,” or Column 4, of its Reactor Oversight Process Action Matrix to its “licensee response column,” or Column 1. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment and Labor-related Proceedings See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. |
Entergy Mississippi [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim on May 31, 2019. In March 2019 the NRC moved Pilgrim from its “multiple/repetitive degraded cornerstone column,” or Column 4, of its Reactor Oversight Process Action Matrix to its “licensee response column,” or Column 1. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment and Labor-related Proceedings See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. |
Entergy New Orleans [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim on May 31, 2019. In March 2019 the NRC moved Pilgrim from its “multiple/repetitive degraded cornerstone column,” or Column 4, of its Reactor Oversight Process Action Matrix to its “licensee response column,” or Column 1. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment and Labor-related Proceedings See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. |
Entergy Texas [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim on May 31, 2019. In March 2019 the NRC moved Pilgrim from its “multiple/repetitive degraded cornerstone column,” or Column 4, of its Reactor Oversight Process Action Matrix to its “licensee response column,” or Column 1. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment and Labor-related Proceedings See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. |
System Energy [Member] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory commissions, and governmental agencies in the ordinary course of business. While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report. Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein. Vidalia Purchased Power Agreement See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Pilgrim NRC Oversight and Planned Shutdown See Note 8 to the financial statements in the Form 10-K for a discussion of the NRC’s enhanced inspections of Pilgrim and Entergy’s planned shutdown of Pilgrim on May 31, 2019. In March 2019 the NRC moved Pilgrim from its “multiple/repetitive degraded cornerstone column,” or Column 4, of its Reactor Oversight Process Action Matrix to its “licensee response column,” or Column 1. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program. Employment and Labor-related Proceedings See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. |
Rate And Regulatory Matters
Rate And Regulatory Matters | 3 Months Ended |
Mar. 31, 2019 | |
Rate and Regulatory Matters | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2019, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01882 per kWh to $0.01462 per kWh and became effective with the first billing cycle in April 2019. In March 2019 the Arkansas Attorney General filed a response to Entergy Arkansas’s annual adjustment and included with its filing a motion for investigation of alleged overcharges to customers in connection with the FERC’s October 2018 order in the opportunity sales proceeding. Entergy Arkansas filed its response to the Attorney General’s motion in April 2019 in which Entergy Arkansas stated its intent to initiate a proceeding to address recovery issues related to the October 2018 FERC order. Entergy Louisiana In July 2014 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 by Entergy Louisiana through its fuel adjustment clause for the period from 2010 through 2013. In January 2019 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $7.3 million , plus interest, to customers based upon the imputation of a claim of vendor fault in servicing its nuclear plant. Entergy Louisiana recorded a provision in the first quarter 2019 for the potential outcome of the audit. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi Attorney General filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power alleging, among other things, violations of Mississippi statutes, fraud, and breach of good faith and fair dealing, and requesting an accounting and restitution. The defendants have denied the allegations. In December 2008 the Attorney General’s lawsuit was removed to U.S. District Court in Jackson, Mississippi. Pre-trial and settlement conferences were held in October 2018. In October 2018 the District Court rescheduled the trial to April 2019. In April 2019 the District Court remanded the Attorney General’s lawsuit to the Hinds County Chancery Court in Jackson, Mississippi. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the APSC (Entergy Arkansas) Formula Rate Plan As discussed in the Form 10-K, the formula rate plan filing that will be made in July 2019 to set the formula rates for the 2020 calendar year will include a netting adjustment that will compare projected costs and sales for 2018 that were approved in the 2017 formula rate plan filing to actual 2018 costs and sales data. In the fourth quarter 2018 Entergy Arkansas recorded a provision of $35.1 million that reflected the estimate of the historical year netting adjustment that will be included in the 2019 filing to reflect the change in formula rate plan revenues associated with actual 2018 results when compared to the allowed rate of return on equity. In the first quarter 2019, Entergy Arkansas recorded an additional $10.5 million provision to reflect the current estimate of the historical year netting adjustment to be included in the 2019 filing. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan In March 2019, Entergy Mississippi submitted its formula rate plan 2019 test year filing and 2018 look-back filing showing Entergy Mississippi’s earned return for the historical 2018 calendar year to be above the formula rate plan bandwidth and projected earned return for the 2019 calendar year to be below the formula rate plan bandwidth. The 2019 test year filing shows a $36.8 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.94% return on rate base, within the formula rate plan bandwidth. The 2018 look-back filing compares actual 2018 results to the approved benchmark return on rate base and shows a $10.1 million interim decrease in formula rate plan revenues is necessary. In the fourth quarter 2018, Entergy Mississippi recorded a provision of $9.3 million that reflected the estimate of the difference between the 2018 expected earned rate of return on rate base and an established performance-adjusted benchmark rate of return under the formula rate plan performance-adjusted bandwidth mechanism. In the first quarter 2019, Entergy Mississippi recorded a $0.8 million increase in the provision to reflect the amount shown in the look-back filing. The filing is currently subject to MPSC review. A final order is expected in the second quarter 2019, with the resulting rates effective for the first billing cycle of July 2019. Filings with the PUCT (Entergy Texas) Base Rate Case In January 2019, Entergy Texas filed for recovery of rate case expenses totaling $7.2 million . The amounts requested primarily include internal and external expenses related to litigating the 2018 base rate case. Parties filed testimony in April 2019 recommending a disallowance ranging from $3.2 million to $4.2 million of the $7.2 million requested. Entergy Texas is evaluating its response to the parties’ positions. A hearing is scheduled for June 2019. Other Filings In March 2019, Entergy Texas filed with the PUCT a request to set a new distribution cost recovery factor (DCRF) rider. The proposed new DCRF rider is designed to collect approximately $3.2 million annually from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2018 and December 31, 2018. A procedural schedule has been established, with a hearing in June 2019. In December 2018, Entergy Texas filed with the PUCT a request to set a new transmission cost recovery factor (TCRF) rider. The proposed new TCRF rider is designed to collect approximately $2.7 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and September 30, 2018. In April 2019 parties filed testimony proposing a load growth adjustment, which would fully offset Entergy Texas’s proposed TCRF revenue requirement. The PUCT has previously ruled that load growth adjustments should not be included in a TCRF. Entergy Texas filed a motion for interim rates to be effective April 2019. In April 2019 the hearing on Entergy Texas’s motion and the hearing on the merits were held, and the ALJ suspended the date on which the TCRF would be put into permanent effect until July 2019, unless an earlier decision is issued by the PUCT. This matter is currently awaiting the ALJ’s proposal for decision. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in December 2018, Entergy made a compliance filing in response to the FERC’s October 2018 order in the opportunity sales proceeding. The compliance filing provided a final calculation of Entergy Arkansas’s payments to the other Utility operating companies, including interest. No protests were filed in response to the December 2018 compliance filing. The December 2018 compliance filing is pending FERC action. In February 2019 the LPSC filed a new complaint relating to two issues that were raised in the opportunity sales proceeding, but that, in its October 2018 order, the FERC held were outside the scope of the proceeding. In March 2019, Entergy Services filed an answer and motion to dismiss the new complaint. Complaints Against System Energy Return on Equity and Capital Structure Complaints See the Form 10-K for a discussion of the return on equity complaints filed by the APSC and the MPSC and by the LPSC against System Energy. The LPSC’s complaint also includes a challenge to System Energy’s capital structure. In August 2018 the FERC issued an order dismissing the LPSC’s request to investigate System Energy’s capital structure and setting for hearing the return on equity complaint, with a refund effective date of April 2018. The portion of the LPSC’s complaint dealing with return on equity was subsequently consolidated with the APSC and MPSC complaint for hearing. The consolidated hearing has been scheduled for September 2019, and the parties are required to address an order (issued in a separate proceeding involving New England transmission owners) that proposed modifying the FERC’s standard methodology for determining return on equity. In September 2018, System Energy filed a request for rehearing and the LPSC filed a request for rehearing or reconsideration of the FERC’s August 2018 order. The LPSC’s request referenced an amended complaint that it filed on the same day raising the same capital structure claim the FERC had earlier dismissed. The FERC initiated a new proceeding for the amended capital structure complaint, and System Energy submitted a response in October 2018. In January 2019 the FERC set the amended capital structure complaint for settlement and hearing proceedings. Settlement procedures in the capital structure proceeding commenced in February 2019. In January 2019 the LPSC and the APSC and MPSC filed direct testimony in the return on equity proceeding. For the refund period January 23, 2017 through April 23, 2018, the LPSC argues for an authorized return on equity for System Energy of 7.81% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.24% . For the refund period April 27, 2018 through July 27, 2019, and for application on a prospective basis, the LPSC argues for an authorized return on equity for System Energy of 7.97% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.41% . In March 2019, System Energy submitted answering testimony in the return on equity proceeding. For the first refund period, System Energy’s testimony argues for a return on equity of 10.10% (median) or 10.70% (midpoint). For the second refund period, System Energy’s testimony shows that the calculated returns on equity for the first period fall within the range of presumptively just and reasonable returns on equity, and thus the second complaint should be dismissed (and the first period return on equity used going forward). If the FERC nonetheless were to set a new return on equity for the second period (and going forward), System Energy argues the return on equity should be either 10.32% (median) or 10.69% (midpoint). Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC and City Council filed direct testimony. The LPSC testimony seeks refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions (claimed to be approximately $334.5 million as of December 2018), and the cost of capital additions associated with the sale-leaseback interest (claimed to be approximately $274.8 million ), as well as interest on those amounts. The direct testimony of the City Council and the APSC and MPSC address various issues raised by the LPSC. System Energy disputes that any refunds are owed for billings under the Unit Power Sales Agreement. A hearing has been scheduled for November 2019. |
Entergy Arkansas [Member] | |
Rate and Regulatory Matters | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2019, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01882 per kWh to $0.01462 per kWh and became effective with the first billing cycle in April 2019. In March 2019 the Arkansas Attorney General filed a response to Entergy Arkansas’s annual adjustment and included with its filing a motion for investigation of alleged overcharges to customers in connection with the FERC’s October 2018 order in the opportunity sales proceeding. Entergy Arkansas filed its response to the Attorney General’s motion in April 2019 in which Entergy Arkansas stated its intent to initiate a proceeding to address recovery issues related to the October 2018 FERC order. Entergy Louisiana In July 2014 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 by Entergy Louisiana through its fuel adjustment clause for the period from 2010 through 2013. In January 2019 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $7.3 million , plus interest, to customers based upon the imputation of a claim of vendor fault in servicing its nuclear plant. Entergy Louisiana recorded a provision in the first quarter 2019 for the potential outcome of the audit. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi Attorney General filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power alleging, among other things, violations of Mississippi statutes, fraud, and breach of good faith and fair dealing, and requesting an accounting and restitution. The defendants have denied the allegations. In December 2008 the Attorney General’s lawsuit was removed to U.S. District Court in Jackson, Mississippi. Pre-trial and settlement conferences were held in October 2018. In October 2018 the District Court rescheduled the trial to April 2019. In April 2019 the District Court remanded the Attorney General’s lawsuit to the Hinds County Chancery Court in Jackson, Mississippi. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the APSC (Entergy Arkansas) Formula Rate Plan As discussed in the Form 10-K, the formula rate plan filing that will be made in July 2019 to set the formula rates for the 2020 calendar year will include a netting adjustment that will compare projected costs and sales for 2018 that were approved in the 2017 formula rate plan filing to actual 2018 costs and sales data. In the fourth quarter 2018 Entergy Arkansas recorded a provision of $35.1 million that reflected the estimate of the historical year netting adjustment that will be included in the 2019 filing to reflect the change in formula rate plan revenues associated with actual 2018 results when compared to the allowed rate of return on equity. In the first quarter 2019, Entergy Arkansas recorded an additional $10.5 million provision to reflect the current estimate of the historical year netting adjustment to be included in the 2019 filing. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan In March 2019, Entergy Mississippi submitted its formula rate plan 2019 test year filing and 2018 look-back filing showing Entergy Mississippi’s earned return for the historical 2018 calendar year to be above the formula rate plan bandwidth and projected earned return for the 2019 calendar year to be below the formula rate plan bandwidth. The 2019 test year filing shows a $36.8 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.94% return on rate base, within the formula rate plan bandwidth. The 2018 look-back filing compares actual 2018 results to the approved benchmark return on rate base and shows a $10.1 million interim decrease in formula rate plan revenues is necessary. In the fourth quarter 2018, Entergy Mississippi recorded a provision of $9.3 million that reflected the estimate of the difference between the 2018 expected earned rate of return on rate base and an established performance-adjusted benchmark rate of return under the formula rate plan performance-adjusted bandwidth mechanism. In the first quarter 2019, Entergy Mississippi recorded a $0.8 million increase in the provision to reflect the amount shown in the look-back filing. The filing is currently subject to MPSC review. A final order is expected in the second quarter 2019, with the resulting rates effective for the first billing cycle of July 2019. Filings with the PUCT (Entergy Texas) Base Rate Case In January 2019, Entergy Texas filed for recovery of rate case expenses totaling $7.2 million . The amounts requested primarily include internal and external expenses related to litigating the 2018 base rate case. Parties filed testimony in April 2019 recommending a disallowance ranging from $3.2 million to $4.2 million of the $7.2 million requested. Entergy Texas is evaluating its response to the parties’ positions. A hearing is scheduled for June 2019. Other Filings In March 2019, Entergy Texas filed with the PUCT a request to set a new distribution cost recovery factor (DCRF) rider. The proposed new DCRF rider is designed to collect approximately $3.2 million annually from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2018 and December 31, 2018. A procedural schedule has been established, with a hearing in June 2019. In December 2018, Entergy Texas filed with the PUCT a request to set a new transmission cost recovery factor (TCRF) rider. The proposed new TCRF rider is designed to collect approximately $2.7 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and September 30, 2018. In April 2019 parties filed testimony proposing a load growth adjustment, which would fully offset Entergy Texas’s proposed TCRF revenue requirement. The PUCT has previously ruled that load growth adjustments should not be included in a TCRF. Entergy Texas filed a motion for interim rates to be effective April 2019. In April 2019 the hearing on Entergy Texas’s motion and the hearing on the merits were held, and the ALJ suspended the date on which the TCRF would be put into permanent effect until July 2019, unless an earlier decision is issued by the PUCT. This matter is currently awaiting the ALJ’s proposal for decision. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in December 2018, Entergy made a compliance filing in response to the FERC’s October 2018 order in the opportunity sales proceeding. The compliance filing provided a final calculation of Entergy Arkansas’s payments to the other Utility operating companies, including interest. No protests were filed in response to the December 2018 compliance filing. The December 2018 compliance filing is pending FERC action. In February 2019 the LPSC filed a new complaint relating to two issues that were raised in the opportunity sales proceeding, but that, in its October 2018 order, the FERC held were outside the scope of the proceeding. In March 2019, Entergy Services filed an answer and motion to dismiss the new complaint. Complaints Against System Energy Return on Equity and Capital Structure Complaints See the Form 10-K for a discussion of the return on equity complaints filed by the APSC and the MPSC and by the LPSC against System Energy. The LPSC’s complaint also includes a challenge to System Energy’s capital structure. In August 2018 the FERC issued an order dismissing the LPSC’s request to investigate System Energy’s capital structure and setting for hearing the return on equity complaint, with a refund effective date of April 2018. The portion of the LPSC’s complaint dealing with return on equity was subsequently consolidated with the APSC and MPSC complaint for hearing. The consolidated hearing has been scheduled for September 2019, and the parties are required to address an order (issued in a separate proceeding involving New England transmission owners) that proposed modifying the FERC’s standard methodology for determining return on equity. In September 2018, System Energy filed a request for rehearing and the LPSC filed a request for rehearing or reconsideration of the FERC’s August 2018 order. The LPSC’s request referenced an amended complaint that it filed on the same day raising the same capital structure claim the FERC had earlier dismissed. The FERC initiated a new proceeding for the amended capital structure complaint, and System Energy submitted a response in October 2018. In January 2019 the FERC set the amended capital structure complaint for settlement and hearing proceedings. Settlement procedures in the capital structure proceeding commenced in February 2019. In January 2019 the LPSC and the APSC and MPSC filed direct testimony in the return on equity proceeding. For the refund period January 23, 2017 through April 23, 2018, the LPSC argues for an authorized return on equity for System Energy of 7.81% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.24% . For the refund period April 27, 2018 through July 27, 2019, and for application on a prospective basis, the LPSC argues for an authorized return on equity for System Energy of 7.97% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.41% . In March 2019, System Energy submitted answering testimony in the return on equity proceeding. For the first refund period, System Energy’s testimony argues for a return on equity of 10.10% (median) or 10.70% (midpoint). For the second refund period, System Energy’s testimony shows that the calculated returns on equity for the first period fall within the range of presumptively just and reasonable returns on equity, and thus the second complaint should be dismissed (and the first period return on equity used going forward). If the FERC nonetheless were to set a new return on equity for the second period (and going forward), System Energy argues the return on equity should be either 10.32% (median) or 10.69% (midpoint). Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC and City Council filed direct testimony. The LPSC testimony seeks refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions (claimed to be approximately $334.5 million as of December 2018), and the cost of capital additions associated with the sale-leaseback interest (claimed to be approximately $274.8 million ), as well as interest on those amounts. The direct testimony of the City Council and the APSC and MPSC address various issues raised by the LPSC. System Energy disputes that any refunds are owed for billings under the Unit Power Sales Agreement. A hearing has been scheduled for November 2019. |
Entergy Louisiana [Member] | |
Rate and Regulatory Matters | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2019, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01882 per kWh to $0.01462 per kWh and became effective with the first billing cycle in April 2019. In March 2019 the Arkansas Attorney General filed a response to Entergy Arkansas’s annual adjustment and included with its filing a motion for investigation of alleged overcharges to customers in connection with the FERC’s October 2018 order in the opportunity sales proceeding. Entergy Arkansas filed its response to the Attorney General’s motion in April 2019 in which Entergy Arkansas stated its intent to initiate a proceeding to address recovery issues related to the October 2018 FERC order. Entergy Louisiana In July 2014 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 by Entergy Louisiana through its fuel adjustment clause for the period from 2010 through 2013. In January 2019 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $7.3 million , plus interest, to customers based upon the imputation of a claim of vendor fault in servicing its nuclear plant. Entergy Louisiana recorded a provision in the first quarter 2019 for the potential outcome of the audit. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi Attorney General filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power alleging, among other things, violations of Mississippi statutes, fraud, and breach of good faith and fair dealing, and requesting an accounting and restitution. The defendants have denied the allegations. In December 2008 the Attorney General’s lawsuit was removed to U.S. District Court in Jackson, Mississippi. Pre-trial and settlement conferences were held in October 2018. In October 2018 the District Court rescheduled the trial to April 2019. In April 2019 the District Court remanded the Attorney General’s lawsuit to the Hinds County Chancery Court in Jackson, Mississippi. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the APSC (Entergy Arkansas) Formula Rate Plan As discussed in the Form 10-K, the formula rate plan filing that will be made in July 2019 to set the formula rates for the 2020 calendar year will include a netting adjustment that will compare projected costs and sales for 2018 that were approved in the 2017 formula rate plan filing to actual 2018 costs and sales data. In the fourth quarter 2018 Entergy Arkansas recorded a provision of $35.1 million that reflected the estimate of the historical year netting adjustment that will be included in the 2019 filing to reflect the change in formula rate plan revenues associated with actual 2018 results when compared to the allowed rate of return on equity. In the first quarter 2019, Entergy Arkansas recorded an additional $10.5 million provision to reflect the current estimate of the historical year netting adjustment to be included in the 2019 filing. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan In March 2019, Entergy Mississippi submitted its formula rate plan 2019 test year filing and 2018 look-back filing showing Entergy Mississippi’s earned return for the historical 2018 calendar year to be above the formula rate plan bandwidth and projected earned return for the 2019 calendar year to be below the formula rate plan bandwidth. The 2019 test year filing shows a $36.8 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.94% return on rate base, within the formula rate plan bandwidth. The 2018 look-back filing compares actual 2018 results to the approved benchmark return on rate base and shows a $10.1 million interim decrease in formula rate plan revenues is necessary. In the fourth quarter 2018, Entergy Mississippi recorded a provision of $9.3 million that reflected the estimate of the difference between the 2018 expected earned rate of return on rate base and an established performance-adjusted benchmark rate of return under the formula rate plan performance-adjusted bandwidth mechanism. In the first quarter 2019, Entergy Mississippi recorded a $0.8 million increase in the provision to reflect the amount shown in the look-back filing. The filing is currently subject to MPSC review. A final order is expected in the second quarter 2019, with the resulting rates effective for the first billing cycle of July 2019. Filings with the PUCT (Entergy Texas) Base Rate Case In January 2019, Entergy Texas filed for recovery of rate case expenses totaling $7.2 million . The amounts requested primarily include internal and external expenses related to litigating the 2018 base rate case. Parties filed testimony in April 2019 recommending a disallowance ranging from $3.2 million to $4.2 million of the $7.2 million requested. Entergy Texas is evaluating its response to the parties’ positions. A hearing is scheduled for June 2019. Other Filings In March 2019, Entergy Texas filed with the PUCT a request to set a new distribution cost recovery factor (DCRF) rider. The proposed new DCRF rider is designed to collect approximately $3.2 million annually from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2018 and December 31, 2018. A procedural schedule has been established, with a hearing in June 2019. In December 2018, Entergy Texas filed with the PUCT a request to set a new transmission cost recovery factor (TCRF) rider. The proposed new TCRF rider is designed to collect approximately $2.7 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and September 30, 2018. In April 2019 parties filed testimony proposing a load growth adjustment, which would fully offset Entergy Texas’s proposed TCRF revenue requirement. The PUCT has previously ruled that load growth adjustments should not be included in a TCRF. Entergy Texas filed a motion for interim rates to be effective April 2019. In April 2019 the hearing on Entergy Texas’s motion and the hearing on the merits were held, and the ALJ suspended the date on which the TCRF would be put into permanent effect until July 2019, unless an earlier decision is issued by the PUCT. This matter is currently awaiting the ALJ’s proposal for decision. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in December 2018, Entergy made a compliance filing in response to the FERC’s October 2018 order in the opportunity sales proceeding. The compliance filing provided a final calculation of Entergy Arkansas’s payments to the other Utility operating companies, including interest. No protests were filed in response to the December 2018 compliance filing. The December 2018 compliance filing is pending FERC action. In February 2019 the LPSC filed a new complaint relating to two issues that were raised in the opportunity sales proceeding, but that, in its October 2018 order, the FERC held were outside the scope of the proceeding. In March 2019, Entergy Services filed an answer and motion to dismiss the new complaint. Complaints Against System Energy Return on Equity and Capital Structure Complaints See the Form 10-K for a discussion of the return on equity complaints filed by the APSC and the MPSC and by the LPSC against System Energy. The LPSC’s complaint also includes a challenge to System Energy’s capital structure. In August 2018 the FERC issued an order dismissing the LPSC’s request to investigate System Energy’s capital structure and setting for hearing the return on equity complaint, with a refund effective date of April 2018. The portion of the LPSC’s complaint dealing with return on equity was subsequently consolidated with the APSC and MPSC complaint for hearing. The consolidated hearing has been scheduled for September 2019, and the parties are required to address an order (issued in a separate proceeding involving New England transmission owners) that proposed modifying the FERC’s standard methodology for determining return on equity. In September 2018, System Energy filed a request for rehearing and the LPSC filed a request for rehearing or reconsideration of the FERC’s August 2018 order. The LPSC’s request referenced an amended complaint that it filed on the same day raising the same capital structure claim the FERC had earlier dismissed. The FERC initiated a new proceeding for the amended capital structure complaint, and System Energy submitted a response in October 2018. In January 2019 the FERC set the amended capital structure complaint for settlement and hearing proceedings. Settlement procedures in the capital structure proceeding commenced in February 2019. In January 2019 the LPSC and the APSC and MPSC filed direct testimony in the return on equity proceeding. For the refund period January 23, 2017 through April 23, 2018, the LPSC argues for an authorized return on equity for System Energy of 7.81% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.24% . For the refund period April 27, 2018 through July 27, 2019, and for application on a prospective basis, the LPSC argues for an authorized return on equity for System Energy of 7.97% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.41% . In March 2019, System Energy submitted answering testimony in the return on equity proceeding. For the first refund period, System Energy’s testimony argues for a return on equity of 10.10% (median) or 10.70% (midpoint). For the second refund period, System Energy’s testimony shows that the calculated returns on equity for the first period fall within the range of presumptively just and reasonable returns on equity, and thus the second complaint should be dismissed (and the first period return on equity used going forward). If the FERC nonetheless were to set a new return on equity for the second period (and going forward), System Energy argues the return on equity should be either 10.32% (median) or 10.69% (midpoint). Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC and City Council filed direct testimony. The LPSC testimony seeks refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions (claimed to be approximately $334.5 million as of December 2018), and the cost of capital additions associated with the sale-leaseback interest (claimed to be approximately $274.8 million ), as well as interest on those amounts. The direct testimony of the City Council and the APSC and MPSC address various issues raised by the LPSC. System Energy disputes that any refunds are owed for billings under the Unit Power Sales Agreement. A hearing has been scheduled for November 2019. |
Entergy Mississippi [Member] | |
Rate and Regulatory Matters | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2019, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01882 per kWh to $0.01462 per kWh and became effective with the first billing cycle in April 2019. In March 2019 the Arkansas Attorney General filed a response to Entergy Arkansas’s annual adjustment and included with its filing a motion for investigation of alleged overcharges to customers in connection with the FERC’s October 2018 order in the opportunity sales proceeding. Entergy Arkansas filed its response to the Attorney General’s motion in April 2019 in which Entergy Arkansas stated its intent to initiate a proceeding to address recovery issues related to the October 2018 FERC order. Entergy Louisiana In July 2014 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 by Entergy Louisiana through its fuel adjustment clause for the period from 2010 through 2013. In January 2019 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $7.3 million , plus interest, to customers based upon the imputation of a claim of vendor fault in servicing its nuclear plant. Entergy Louisiana recorded a provision in the first quarter 2019 for the potential outcome of the audit. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi Attorney General filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power alleging, among other things, violations of Mississippi statutes, fraud, and breach of good faith and fair dealing, and requesting an accounting and restitution. The defendants have denied the allegations. In December 2008 the Attorney General’s lawsuit was removed to U.S. District Court in Jackson, Mississippi. Pre-trial and settlement conferences were held in October 2018. In October 2018 the District Court rescheduled the trial to April 2019. In April 2019 the District Court remanded the Attorney General’s lawsuit to the Hinds County Chancery Court in Jackson, Mississippi. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the APSC (Entergy Arkansas) Formula Rate Plan As discussed in the Form 10-K, the formula rate plan filing that will be made in July 2019 to set the formula rates for the 2020 calendar year will include a netting adjustment that will compare projected costs and sales for 2018 that were approved in the 2017 formula rate plan filing to actual 2018 costs and sales data. In the fourth quarter 2018 Entergy Arkansas recorded a provision of $35.1 million that reflected the estimate of the historical year netting adjustment that will be included in the 2019 filing to reflect the change in formula rate plan revenues associated with actual 2018 results when compared to the allowed rate of return on equity. In the first quarter 2019, Entergy Arkansas recorded an additional $10.5 million provision to reflect the current estimate of the historical year netting adjustment to be included in the 2019 filing. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan In March 2019, Entergy Mississippi submitted its formula rate plan 2019 test year filing and 2018 look-back filing showing Entergy Mississippi’s earned return for the historical 2018 calendar year to be above the formula rate plan bandwidth and projected earned return for the 2019 calendar year to be below the formula rate plan bandwidth. The 2019 test year filing shows a $36.8 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.94% return on rate base, within the formula rate plan bandwidth. The 2018 look-back filing compares actual 2018 results to the approved benchmark return on rate base and shows a $10.1 million interim decrease in formula rate plan revenues is necessary. In the fourth quarter 2018, Entergy Mississippi recorded a provision of $9.3 million that reflected the estimate of the difference between the 2018 expected earned rate of return on rate base and an established performance-adjusted benchmark rate of return under the formula rate plan performance-adjusted bandwidth mechanism. In the first quarter 2019, Entergy Mississippi recorded a $0.8 million increase in the provision to reflect the amount shown in the look-back filing. The filing is currently subject to MPSC review. A final order is expected in the second quarter 2019, with the resulting rates effective for the first billing cycle of July 2019. Filings with the PUCT (Entergy Texas) Base Rate Case In January 2019, Entergy Texas filed for recovery of rate case expenses totaling $7.2 million . The amounts requested primarily include internal and external expenses related to litigating the 2018 base rate case. Parties filed testimony in April 2019 recommending a disallowance ranging from $3.2 million to $4.2 million of the $7.2 million requested. Entergy Texas is evaluating its response to the parties’ positions. A hearing is scheduled for June 2019. Other Filings In March 2019, Entergy Texas filed with the PUCT a request to set a new distribution cost recovery factor (DCRF) rider. The proposed new DCRF rider is designed to collect approximately $3.2 million annually from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2018 and December 31, 2018. A procedural schedule has been established, with a hearing in June 2019. In December 2018, Entergy Texas filed with the PUCT a request to set a new transmission cost recovery factor (TCRF) rider. The proposed new TCRF rider is designed to collect approximately $2.7 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and September 30, 2018. In April 2019 parties filed testimony proposing a load growth adjustment, which would fully offset Entergy Texas’s proposed TCRF revenue requirement. The PUCT has previously ruled that load growth adjustments should not be included in a TCRF. Entergy Texas filed a motion for interim rates to be effective April 2019. In April 2019 the hearing on Entergy Texas’s motion and the hearing on the merits were held, and the ALJ suspended the date on which the TCRF would be put into permanent effect until July 2019, unless an earlier decision is issued by the PUCT. This matter is currently awaiting the ALJ’s proposal for decision. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in December 2018, Entergy made a compliance filing in response to the FERC’s October 2018 order in the opportunity sales proceeding. The compliance filing provided a final calculation of Entergy Arkansas’s payments to the other Utility operating companies, including interest. No protests were filed in response to the December 2018 compliance filing. The December 2018 compliance filing is pending FERC action. In February 2019 the LPSC filed a new complaint relating to two issues that were raised in the opportunity sales proceeding, but that, in its October 2018 order, the FERC held were outside the scope of the proceeding. In March 2019, Entergy Services filed an answer and motion to dismiss the new complaint. Complaints Against System Energy Return on Equity and Capital Structure Complaints See the Form 10-K for a discussion of the return on equity complaints filed by the APSC and the MPSC and by the LPSC against System Energy. The LPSC’s complaint also includes a challenge to System Energy’s capital structure. In August 2018 the FERC issued an order dismissing the LPSC’s request to investigate System Energy’s capital structure and setting for hearing the return on equity complaint, with a refund effective date of April 2018. The portion of the LPSC’s complaint dealing with return on equity was subsequently consolidated with the APSC and MPSC complaint for hearing. The consolidated hearing has been scheduled for September 2019, and the parties are required to address an order (issued in a separate proceeding involving New England transmission owners) that proposed modifying the FERC’s standard methodology for determining return on equity. In September 2018, System Energy filed a request for rehearing and the LPSC filed a request for rehearing or reconsideration of the FERC’s August 2018 order. The LPSC’s request referenced an amended complaint that it filed on the same day raising the same capital structure claim the FERC had earlier dismissed. The FERC initiated a new proceeding for the amended capital structure complaint, and System Energy submitted a response in October 2018. In January 2019 the FERC set the amended capital structure complaint for settlement and hearing proceedings. Settlement procedures in the capital structure proceeding commenced in February 2019. In January 2019 the LPSC and the APSC and MPSC filed direct testimony in the return on equity proceeding. For the refund period January 23, 2017 through April 23, 2018, the LPSC argues for an authorized return on equity for System Energy of 7.81% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.24% . For the refund period April 27, 2018 through July 27, 2019, and for application on a prospective basis, the LPSC argues for an authorized return on equity for System Energy of 7.97% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.41% . In March 2019, System Energy submitted answering testimony in the return on equity proceeding. For the first refund period, System Energy’s testimony argues for a return on equity of 10.10% (median) or 10.70% (midpoint). For the second refund period, System Energy’s testimony shows that the calculated returns on equity for the first period fall within the range of presumptively just and reasonable returns on equity, and thus the second complaint should be dismissed (and the first period return on equity used going forward). If the FERC nonetheless were to set a new return on equity for the second period (and going forward), System Energy argues the return on equity should be either 10.32% (median) or 10.69% (midpoint). Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC and City Council filed direct testimony. The LPSC testimony seeks refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions (claimed to be approximately $334.5 million as of December 2018), and the cost of capital additions associated with the sale-leaseback interest (claimed to be approximately $274.8 million ), as well as interest on those amounts. The direct testimony of the City Council and the APSC and MPSC address various issues raised by the LPSC. System Energy disputes that any refunds are owed for billings under the Unit Power Sales Agreement. A hearing has been scheduled for November 2019. |
Entergy New Orleans [Member] | |
Rate and Regulatory Matters | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2019, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01882 per kWh to $0.01462 per kWh and became effective with the first billing cycle in April 2019. In March 2019 the Arkansas Attorney General filed a response to Entergy Arkansas’s annual adjustment and included with its filing a motion for investigation of alleged overcharges to customers in connection with the FERC’s October 2018 order in the opportunity sales proceeding. Entergy Arkansas filed its response to the Attorney General’s motion in April 2019 in which Entergy Arkansas stated its intent to initiate a proceeding to address recovery issues related to the October 2018 FERC order. Entergy Louisiana In July 2014 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 by Entergy Louisiana through its fuel adjustment clause for the period from 2010 through 2013. In January 2019 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $7.3 million , plus interest, to customers based upon the imputation of a claim of vendor fault in servicing its nuclear plant. Entergy Louisiana recorded a provision in the first quarter 2019 for the potential outcome of the audit. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi Attorney General filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power alleging, among other things, violations of Mississippi statutes, fraud, and breach of good faith and fair dealing, and requesting an accounting and restitution. The defendants have denied the allegations. In December 2008 the Attorney General’s lawsuit was removed to U.S. District Court in Jackson, Mississippi. Pre-trial and settlement conferences were held in October 2018. In October 2018 the District Court rescheduled the trial to April 2019. In April 2019 the District Court remanded the Attorney General’s lawsuit to the Hinds County Chancery Court in Jackson, Mississippi. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the APSC (Entergy Arkansas) Formula Rate Plan As discussed in the Form 10-K, the formula rate plan filing that will be made in July 2019 to set the formula rates for the 2020 calendar year will include a netting adjustment that will compare projected costs and sales for 2018 that were approved in the 2017 formula rate plan filing to actual 2018 costs and sales data. In the fourth quarter 2018 Entergy Arkansas recorded a provision of $35.1 million that reflected the estimate of the historical year netting adjustment that will be included in the 2019 filing to reflect the change in formula rate plan revenues associated with actual 2018 results when compared to the allowed rate of return on equity. In the first quarter 2019, Entergy Arkansas recorded an additional $10.5 million provision to reflect the current estimate of the historical year netting adjustment to be included in the 2019 filing. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan In March 2019, Entergy Mississippi submitted its formula rate plan 2019 test year filing and 2018 look-back filing showing Entergy Mississippi’s earned return for the historical 2018 calendar year to be above the formula rate plan bandwidth and projected earned return for the 2019 calendar year to be below the formula rate plan bandwidth. The 2019 test year filing shows a $36.8 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.94% return on rate base, within the formula rate plan bandwidth. The 2018 look-back filing compares actual 2018 results to the approved benchmark return on rate base and shows a $10.1 million interim decrease in formula rate plan revenues is necessary. In the fourth quarter 2018, Entergy Mississippi recorded a provision of $9.3 million that reflected the estimate of the difference between the 2018 expected earned rate of return on rate base and an established performance-adjusted benchmark rate of return under the formula rate plan performance-adjusted bandwidth mechanism. In the first quarter 2019, Entergy Mississippi recorded a $0.8 million increase in the provision to reflect the amount shown in the look-back filing. The filing is currently subject to MPSC review. A final order is expected in the second quarter 2019, with the resulting rates effective for the first billing cycle of July 2019. Filings with the PUCT (Entergy Texas) Base Rate Case In January 2019, Entergy Texas filed for recovery of rate case expenses totaling $7.2 million . The amounts requested primarily include internal and external expenses related to litigating the 2018 base rate case. Parties filed testimony in April 2019 recommending a disallowance ranging from $3.2 million to $4.2 million of the $7.2 million requested. Entergy Texas is evaluating its response to the parties’ positions. A hearing is scheduled for June 2019. Other Filings In March 2019, Entergy Texas filed with the PUCT a request to set a new distribution cost recovery factor (DCRF) rider. The proposed new DCRF rider is designed to collect approximately $3.2 million annually from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2018 and December 31, 2018. A procedural schedule has been established, with a hearing in June 2019. In December 2018, Entergy Texas filed with the PUCT a request to set a new transmission cost recovery factor (TCRF) rider. The proposed new TCRF rider is designed to collect approximately $2.7 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and September 30, 2018. In April 2019 parties filed testimony proposing a load growth adjustment, which would fully offset Entergy Texas’s proposed TCRF revenue requirement. The PUCT has previously ruled that load growth adjustments should not be included in a TCRF. Entergy Texas filed a motion for interim rates to be effective April 2019. In April 2019 the hearing on Entergy Texas’s motion and the hearing on the merits were held, and the ALJ suspended the date on which the TCRF would be put into permanent effect until July 2019, unless an earlier decision is issued by the PUCT. This matter is currently awaiting the ALJ’s proposal for decision. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in December 2018, Entergy made a compliance filing in response to the FERC’s October 2018 order in the opportunity sales proceeding. The compliance filing provided a final calculation of Entergy Arkansas’s payments to the other Utility operating companies, including interest. No protests were filed in response to the December 2018 compliance filing. The December 2018 compliance filing is pending FERC action. In February 2019 the LPSC filed a new complaint relating to two issues that were raised in the opportunity sales proceeding, but that, in its October 2018 order, the FERC held were outside the scope of the proceeding. In March 2019, Entergy Services filed an answer and motion to dismiss the new complaint. Complaints Against System Energy Return on Equity and Capital Structure Complaints See the Form 10-K for a discussion of the return on equity complaints filed by the APSC and the MPSC and by the LPSC against System Energy. The LPSC’s complaint also includes a challenge to System Energy’s capital structure. In August 2018 the FERC issued an order dismissing the LPSC’s request to investigate System Energy’s capital structure and setting for hearing the return on equity complaint, with a refund effective date of April 2018. The portion of the LPSC’s complaint dealing with return on equity was subsequently consolidated with the APSC and MPSC complaint for hearing. The consolidated hearing has been scheduled for September 2019, and the parties are required to address an order (issued in a separate proceeding involving New England transmission owners) that proposed modifying the FERC’s standard methodology for determining return on equity. In September 2018, System Energy filed a request for rehearing and the LPSC filed a request for rehearing or reconsideration of the FERC’s August 2018 order. The LPSC’s request referenced an amended complaint that it filed on the same day raising the same capital structure claim the FERC had earlier dismissed. The FERC initiated a new proceeding for the amended capital structure complaint, and System Energy submitted a response in October 2018. In January 2019 the FERC set the amended capital structure complaint for settlement and hearing proceedings. Settlement procedures in the capital structure proceeding commenced in February 2019. In January 2019 the LPSC and the APSC and MPSC filed direct testimony in the return on equity proceeding. For the refund period January 23, 2017 through April 23, 2018, the LPSC argues for an authorized return on equity for System Energy of 7.81% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.24% . For the refund period April 27, 2018 through July 27, 2019, and for application on a prospective basis, the LPSC argues for an authorized return on equity for System Energy of 7.97% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.41% . In March 2019, System Energy submitted answering testimony in the return on equity proceeding. For the first refund period, System Energy’s testimony argues for a return on equity of 10.10% (median) or 10.70% (midpoint). For the second refund period, System Energy’s testimony shows that the calculated returns on equity for the first period fall within the range of presumptively just and reasonable returns on equity, and thus the second complaint should be dismissed (and the first period return on equity used going forward). If the FERC nonetheless were to set a new return on equity for the second period (and going forward), System Energy argues the return on equity should be either 10.32% (median) or 10.69% (midpoint). Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC and City Council filed direct testimony. The LPSC testimony seeks refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions (claimed to be approximately $334.5 million as of December 2018), and the cost of capital additions associated with the sale-leaseback interest (claimed to be approximately $274.8 million ), as well as interest on those amounts. The direct testimony of the City Council and the APSC and MPSC address various issues raised by the LPSC. System Energy disputes that any refunds are owed for billings under the Unit Power Sales Agreement. A hearing has been scheduled for November 2019. |
Entergy Texas [Member] | |
Rate and Regulatory Matters | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2019, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01882 per kWh to $0.01462 per kWh and became effective with the first billing cycle in April 2019. In March 2019 the Arkansas Attorney General filed a response to Entergy Arkansas’s annual adjustment and included with its filing a motion for investigation of alleged overcharges to customers in connection with the FERC’s October 2018 order in the opportunity sales proceeding. Entergy Arkansas filed its response to the Attorney General’s motion in April 2019 in which Entergy Arkansas stated its intent to initiate a proceeding to address recovery issues related to the October 2018 FERC order. Entergy Louisiana In July 2014 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 by Entergy Louisiana through its fuel adjustment clause for the period from 2010 through 2013. In January 2019 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $7.3 million , plus interest, to customers based upon the imputation of a claim of vendor fault in servicing its nuclear plant. Entergy Louisiana recorded a provision in the first quarter 2019 for the potential outcome of the audit. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi Attorney General filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power alleging, among other things, violations of Mississippi statutes, fraud, and breach of good faith and fair dealing, and requesting an accounting and restitution. The defendants have denied the allegations. In December 2008 the Attorney General’s lawsuit was removed to U.S. District Court in Jackson, Mississippi. Pre-trial and settlement conferences were held in October 2018. In October 2018 the District Court rescheduled the trial to April 2019. In April 2019 the District Court remanded the Attorney General’s lawsuit to the Hinds County Chancery Court in Jackson, Mississippi. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the APSC (Entergy Arkansas) Formula Rate Plan As discussed in the Form 10-K, the formula rate plan filing that will be made in July 2019 to set the formula rates for the 2020 calendar year will include a netting adjustment that will compare projected costs and sales for 2018 that were approved in the 2017 formula rate plan filing to actual 2018 costs and sales data. In the fourth quarter 2018 Entergy Arkansas recorded a provision of $35.1 million that reflected the estimate of the historical year netting adjustment that will be included in the 2019 filing to reflect the change in formula rate plan revenues associated with actual 2018 results when compared to the allowed rate of return on equity. In the first quarter 2019, Entergy Arkansas recorded an additional $10.5 million provision to reflect the current estimate of the historical year netting adjustment to be included in the 2019 filing. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan In March 2019, Entergy Mississippi submitted its formula rate plan 2019 test year filing and 2018 look-back filing showing Entergy Mississippi’s earned return for the historical 2018 calendar year to be above the formula rate plan bandwidth and projected earned return for the 2019 calendar year to be below the formula rate plan bandwidth. The 2019 test year filing shows a $36.8 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.94% return on rate base, within the formula rate plan bandwidth. The 2018 look-back filing compares actual 2018 results to the approved benchmark return on rate base and shows a $10.1 million interim decrease in formula rate plan revenues is necessary. In the fourth quarter 2018, Entergy Mississippi recorded a provision of $9.3 million that reflected the estimate of the difference between the 2018 expected earned rate of return on rate base and an established performance-adjusted benchmark rate of return under the formula rate plan performance-adjusted bandwidth mechanism. In the first quarter 2019, Entergy Mississippi recorded a $0.8 million increase in the provision to reflect the amount shown in the look-back filing. The filing is currently subject to MPSC review. A final order is expected in the second quarter 2019, with the resulting rates effective for the first billing cycle of July 2019. Filings with the PUCT (Entergy Texas) Base Rate Case In January 2019, Entergy Texas filed for recovery of rate case expenses totaling $7.2 million . The amounts requested primarily include internal and external expenses related to litigating the 2018 base rate case. Parties filed testimony in April 2019 recommending a disallowance ranging from $3.2 million to $4.2 million of the $7.2 million requested. Entergy Texas is evaluating its response to the parties’ positions. A hearing is scheduled for June 2019. Other Filings In March 2019, Entergy Texas filed with the PUCT a request to set a new distribution cost recovery factor (DCRF) rider. The proposed new DCRF rider is designed to collect approximately $3.2 million annually from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2018 and December 31, 2018. A procedural schedule has been established, with a hearing in June 2019. In December 2018, Entergy Texas filed with the PUCT a request to set a new transmission cost recovery factor (TCRF) rider. The proposed new TCRF rider is designed to collect approximately $2.7 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and September 30, 2018. In April 2019 parties filed testimony proposing a load growth adjustment, which would fully offset Entergy Texas’s proposed TCRF revenue requirement. The PUCT has previously ruled that load growth adjustments should not be included in a TCRF. Entergy Texas filed a motion for interim rates to be effective April 2019. In April 2019 the hearing on Entergy Texas’s motion and the hearing on the merits were held, and the ALJ suspended the date on which the TCRF would be put into permanent effect until July 2019, unless an earlier decision is issued by the PUCT. This matter is currently awaiting the ALJ’s proposal for decision. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in December 2018, Entergy made a compliance filing in response to the FERC’s October 2018 order in the opportunity sales proceeding. The compliance filing provided a final calculation of Entergy Arkansas’s payments to the other Utility operating companies, including interest. No protests were filed in response to the December 2018 compliance filing. The December 2018 compliance filing is pending FERC action. In February 2019 the LPSC filed a new complaint relating to two issues that were raised in the opportunity sales proceeding, but that, in its October 2018 order, the FERC held were outside the scope of the proceeding. In March 2019, Entergy Services filed an answer and motion to dismiss the new complaint. Complaints Against System Energy Return on Equity and Capital Structure Complaints See the Form 10-K for a discussion of the return on equity complaints filed by the APSC and the MPSC and by the LPSC against System Energy. The LPSC’s complaint also includes a challenge to System Energy’s capital structure. In August 2018 the FERC issued an order dismissing the LPSC’s request to investigate System Energy’s capital structure and setting for hearing the return on equity complaint, with a refund effective date of April 2018. The portion of the LPSC’s complaint dealing with return on equity was subsequently consolidated with the APSC and MPSC complaint for hearing. The consolidated hearing has been scheduled for September 2019, and the parties are required to address an order (issued in a separate proceeding involving New England transmission owners) that proposed modifying the FERC’s standard methodology for determining return on equity. In September 2018, System Energy filed a request for rehearing and the LPSC filed a request for rehearing or reconsideration of the FERC’s August 2018 order. The LPSC’s request referenced an amended complaint that it filed on the same day raising the same capital structure claim the FERC had earlier dismissed. The FERC initiated a new proceeding for the amended capital structure complaint, and System Energy submitted a response in October 2018. In January 2019 the FERC set the amended capital structure complaint for settlement and hearing proceedings. Settlement procedures in the capital structure proceeding commenced in February 2019. In January 2019 the LPSC and the APSC and MPSC filed direct testimony in the return on equity proceeding. For the refund period January 23, 2017 through April 23, 2018, the LPSC argues for an authorized return on equity for System Energy of 7.81% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.24% . For the refund period April 27, 2018 through July 27, 2019, and for application on a prospective basis, the LPSC argues for an authorized return on equity for System Energy of 7.97% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.41% . In March 2019, System Energy submitted answering testimony in the return on equity proceeding. For the first refund period, System Energy’s testimony argues for a return on equity of 10.10% (median) or 10.70% (midpoint). For the second refund period, System Energy’s testimony shows that the calculated returns on equity for the first period fall within the range of presumptively just and reasonable returns on equity, and thus the second complaint should be dismissed (and the first period return on equity used going forward). If the FERC nonetheless were to set a new return on equity for the second period (and going forward), System Energy argues the return on equity should be either 10.32% (median) or 10.69% (midpoint). Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC and City Council filed direct testimony. The LPSC testimony seeks refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions (claimed to be approximately $334.5 million as of December 2018), and the cost of capital additions associated with the sale-leaseback interest (claimed to be approximately $274.8 million ), as well as interest on those amounts. The direct testimony of the City Council and the APSC and MPSC address various issues raised by the LPSC. System Energy disputes that any refunds are owed for billings under the Unit Power Sales Agreement. A hearing has been scheduled for November 2019. |
System Energy [Member] | |
Rate and Regulatory Matters | RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Regulatory Assets and Regulatory Liabilities See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries. The following are updates to that discussion. Fuel and purchased power cost recovery Entergy Arkansas Energy Cost Recovery Rider In March 2019, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01882 per kWh to $0.01462 per kWh and became effective with the first billing cycle in April 2019. In March 2019 the Arkansas Attorney General filed a response to Entergy Arkansas’s annual adjustment and included with its filing a motion for investigation of alleged overcharges to customers in connection with the FERC’s October 2018 order in the opportunity sales proceeding. Entergy Arkansas filed its response to the Attorney General’s motion in April 2019 in which Entergy Arkansas stated its intent to initiate a proceeding to address recovery issues related to the October 2018 FERC order. Entergy Louisiana In July 2014 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 by Entergy Louisiana through its fuel adjustment clause for the period from 2010 through 2013. In January 2019 the LPSC staff consultant issued its audit report. In its report, the LPSC staff consultant recommended that Entergy Louisiana refund approximately $7.3 million , plus interest, to customers based upon the imputation of a claim of vendor fault in servicing its nuclear plant. Entergy Louisiana recorded a provision in the first quarter 2019 for the potential outcome of the audit. Entergy Mississippi Mississippi Attorney General Complaint As discussed in the Form 10-K, the Mississippi Attorney General filed a complaint in state court in December 2008 against Entergy Corporation, Entergy Mississippi, Entergy Services, and Entergy Power alleging, among other things, violations of Mississippi statutes, fraud, and breach of good faith and fair dealing, and requesting an accounting and restitution. The defendants have denied the allegations. In December 2008 the Attorney General’s lawsuit was removed to U.S. District Court in Jackson, Mississippi. Pre-trial and settlement conferences were held in October 2018. In October 2018 the District Court rescheduled the trial to April 2019. In April 2019 the District Court remanded the Attorney General’s lawsuit to the Hinds County Chancery Court in Jackson, Mississippi. Retail Rate Proceedings See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion. Filings with the APSC (Entergy Arkansas) Formula Rate Plan As discussed in the Form 10-K, the formula rate plan filing that will be made in July 2019 to set the formula rates for the 2020 calendar year will include a netting adjustment that will compare projected costs and sales for 2018 that were approved in the 2017 formula rate plan filing to actual 2018 costs and sales data. In the fourth quarter 2018 Entergy Arkansas recorded a provision of $35.1 million that reflected the estimate of the historical year netting adjustment that will be included in the 2019 filing to reflect the change in formula rate plan revenues associated with actual 2018 results when compared to the allowed rate of return on equity. In the first quarter 2019, Entergy Arkansas recorded an additional $10.5 million provision to reflect the current estimate of the historical year netting adjustment to be included in the 2019 filing. Filings with the MPSC (Entergy Mississippi) Formula Rate Plan In March 2019, Entergy Mississippi submitted its formula rate plan 2019 test year filing and 2018 look-back filing showing Entergy Mississippi’s earned return for the historical 2018 calendar year to be above the formula rate plan bandwidth and projected earned return for the 2019 calendar year to be below the formula rate plan bandwidth. The 2019 test year filing shows a $36.8 million rate increase is necessary to reset Entergy Mississippi’s earned return on common equity to the specified point of adjustment of 6.94% return on rate base, within the formula rate plan bandwidth. The 2018 look-back filing compares actual 2018 results to the approved benchmark return on rate base and shows a $10.1 million interim decrease in formula rate plan revenues is necessary. In the fourth quarter 2018, Entergy Mississippi recorded a provision of $9.3 million that reflected the estimate of the difference between the 2018 expected earned rate of return on rate base and an established performance-adjusted benchmark rate of return under the formula rate plan performance-adjusted bandwidth mechanism. In the first quarter 2019, Entergy Mississippi recorded a $0.8 million increase in the provision to reflect the amount shown in the look-back filing. The filing is currently subject to MPSC review. A final order is expected in the second quarter 2019, with the resulting rates effective for the first billing cycle of July 2019. Filings with the PUCT (Entergy Texas) Base Rate Case In January 2019, Entergy Texas filed for recovery of rate case expenses totaling $7.2 million . The amounts requested primarily include internal and external expenses related to litigating the 2018 base rate case. Parties filed testimony in April 2019 recommending a disallowance ranging from $3.2 million to $4.2 million of the $7.2 million requested. Entergy Texas is evaluating its response to the parties’ positions. A hearing is scheduled for June 2019. Other Filings In March 2019, Entergy Texas filed with the PUCT a request to set a new distribution cost recovery factor (DCRF) rider. The proposed new DCRF rider is designed to collect approximately $3.2 million annually from Entergy Texas’s retail customers based on its capital invested in distribution between January 1, 2018 and December 31, 2018. A procedural schedule has been established, with a hearing in June 2019. In December 2018, Entergy Texas filed with the PUCT a request to set a new transmission cost recovery factor (TCRF) rider. The proposed new TCRF rider is designed to collect approximately $2.7 million annually from Entergy Texas’s retail customers based on its capital invested in transmission between January 1, 2018 and September 30, 2018. In April 2019 parties filed testimony proposing a load growth adjustment, which would fully offset Entergy Texas’s proposed TCRF revenue requirement. The PUCT has previously ruled that load growth adjustments should not be included in a TCRF. Entergy Texas filed a motion for interim rates to be effective April 2019. In April 2019 the hearing on Entergy Texas’s motion and the hearing on the merits were held, and the ALJ suspended the date on which the TCRF would be put into permanent effect until July 2019, unless an earlier decision is issued by the PUCT. This matter is currently awaiting the ALJ’s proposal for decision. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in December 2018, Entergy made a compliance filing in response to the FERC’s October 2018 order in the opportunity sales proceeding. The compliance filing provided a final calculation of Entergy Arkansas’s payments to the other Utility operating companies, including interest. No protests were filed in response to the December 2018 compliance filing. The December 2018 compliance filing is pending FERC action. In February 2019 the LPSC filed a new complaint relating to two issues that were raised in the opportunity sales proceeding, but that, in its October 2018 order, the FERC held were outside the scope of the proceeding. In March 2019, Entergy Services filed an answer and motion to dismiss the new complaint. Complaints Against System Energy Return on Equity and Capital Structure Complaints See the Form 10-K for a discussion of the return on equity complaints filed by the APSC and the MPSC and by the LPSC against System Energy. The LPSC’s complaint also includes a challenge to System Energy’s capital structure. In August 2018 the FERC issued an order dismissing the LPSC’s request to investigate System Energy’s capital structure and setting for hearing the return on equity complaint, with a refund effective date of April 2018. The portion of the LPSC’s complaint dealing with return on equity was subsequently consolidated with the APSC and MPSC complaint for hearing. The consolidated hearing has been scheduled for September 2019, and the parties are required to address an order (issued in a separate proceeding involving New England transmission owners) that proposed modifying the FERC’s standard methodology for determining return on equity. In September 2018, System Energy filed a request for rehearing and the LPSC filed a request for rehearing or reconsideration of the FERC’s August 2018 order. The LPSC’s request referenced an amended complaint that it filed on the same day raising the same capital structure claim the FERC had earlier dismissed. The FERC initiated a new proceeding for the amended capital structure complaint, and System Energy submitted a response in October 2018. In January 2019 the FERC set the amended capital structure complaint for settlement and hearing proceedings. Settlement procedures in the capital structure proceeding commenced in February 2019. In January 2019 the LPSC and the APSC and MPSC filed direct testimony in the return on equity proceeding. For the refund period January 23, 2017 through April 23, 2018, the LPSC argues for an authorized return on equity for System Energy of 7.81% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.24% . For the refund period April 27, 2018 through July 27, 2019, and for application on a prospective basis, the LPSC argues for an authorized return on equity for System Energy of 7.97% and the APSC and MPSC argue for an authorized return on equity for System Energy of 8.41% . In March 2019, System Energy submitted answering testimony in the return on equity proceeding. For the first refund period, System Energy’s testimony argues for a return on equity of 10.10% (median) or 10.70% (midpoint). For the second refund period, System Energy’s testimony shows that the calculated returns on equity for the first period fall within the range of presumptively just and reasonable returns on equity, and thus the second complaint should be dismissed (and the first period return on equity used going forward). If the FERC nonetheless were to set a new return on equity for the second period (and going forward), System Energy argues the return on equity should be either 10.32% (median) or 10.69% (midpoint). Grand Gulf Sale-leaseback Renewal Complaint As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. In February 2019 the presiding ALJ ruled that the hearing ordered by the FERC includes the issue of whether specific subcategories of accumulated deferred income tax should be included in, or excluded from, System Energy’s formula rate. In March 2019 the LPSC, MPSC, APSC and City Council filed direct testimony. The LPSC testimony seeks refunds that include the renewal lease payments (approximately $17.2 million per year since July 2015), rate base reductions for accumulated deferred income taxes associated with uncertain tax positions (claimed to be approximately $334.5 million as of December 2018), and the cost of capital additions associated with the sale-leaseback interest (claimed to be approximately $274.8 million ), as well as interest on those amounts. The direct testimony of the City Council and the APSC and MPSC address various issues raised by the LPSC. System Energy disputes that any refunds are owed for billings under the Unit Power Sales Agreement. A hearing has been scheduled for November 2019. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $254.5 189.6 $1.34 $132.8 180.7 $0.73 Average dilutive effect of: Stock options 0.4 — 0.2 — Other equity plans 0.5 (0.01 ) 0.5 — Equity forwards 1.7 (0.01 ) — — Diluted earnings per share $254.5 192.2 $1.32 $132.8 181.4 $0.73 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.7 million for the three months ended March 31, 2019 and approximately 4 million for the three months ended March 31, 2018 . Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Dividends declared per common share were $0.91 for the three months ended March 31, 2019 and $0.89 for the three months ended March 31, 2018. Equity Forward Sale Agreements As discussed in Note 7 to the financial statements in the Form 10-K, in June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of approximately $500 million . Entergy is required to settle its remaining obligations under the forward sale agreements with respect to the remaining 8,448,171 shares of common stock on a settlement date or dates on or prior to June 7, 2019. Until settlement of the remaining equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. If Entergy had elected to net share settle the forward sale agreements as of March 31, 2019, Entergy would have been required to deliver 2.0 million shares. Treasury Stock During the three months ended March 31, 2019 , Entergy Corporation issued 860,093 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, 2019 . Retained Earnings On April 3, 2019, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.91 per share, payable on June 3, 2019, to holders of record as of May 9, 2019. Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method, and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales. Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach, and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period. 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, 2019 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2018 ($23,135 ) ($531,922 ) ($2,116 ) ($557,173 ) Implementation of accounting standards (7,685 ) — 879 (6,806 ) Beginning balance, January 1, 2019 ($30,820 ) ($531,922 ) ($1,237 ) ($563,979 ) Other comprehensive income (loss) before reclassifications 28,312 — 13,539 41,851 Amounts reclassified from accumulated other comprehensive income (loss) (40,738 ) 11,550 164 (29,024 ) Net other comprehensive income (loss) for the period (12,426 ) 11,550 13,703 12,827 Ending balance, March 31, 2019 ($43,246 ) ($520,372 ) $12,466 ($551,152 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2018 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2017 ($37,477 ) ($531,099 ) $545,045 ($23,531 ) Implementation of accounting standards — — (632,617 ) (632,617 ) Beginning balance, January 1, 2018 ($37,477 ) ($531,099 ) ($87,572 ) ($656,148 ) Other comprehensive income (loss) before reclassifications 71,566 — 838 72,404 Amounts reclassified from accumulated other comprehensive income (loss) 23,861 16,574 (33,694 ) 6,741 Net other comprehensive income (loss) for the period 95,427 16,574 (32,856 ) 79,145 Reclassification pursuant to ASU 2018-02 (7,756 ) (90,966 ) 114,227 15,505 Ending balance, March 31, 2018 $50,194 ($605,491 ) ($6,201 ) ($561,498 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2019 and 2018: Pension and Other 2019 2018 (In Thousands) Beginning balance, January 1, ($6,153 ) ($46,400 ) Amounts reclassified from accumulated other (969 ) (501 ) Net other comprehensive income (loss) for the period (969 ) (501 ) Reclassification pursuant to ASU 2018-02 — (10,049 ) Ending balance, March 31, ($7,122 ) ($56,950 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2019 and 2018 are as follows: Amounts reclassified from AOCI Income Statement Location 2019 2018 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $51,615 ($30,082 ) Competitive business operating revenues Interest rate swaps (48 ) (122 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 51,567 (30,204 ) (10,829 ) 6,343 Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $40,738 ($23,861 ) Pension and other postretirement liabilities Amortization of prior-service credit $5,326 $5,426 (a) Amortization of loss (18,988 ) (24,952 ) (a) Settlement loss (1,137 ) (1,616 ) (a) Total amortization (14,799 ) (21,142 ) 3,249 4,568 Income taxes Total amortization (net of tax) ($11,550 ) ($16,574 ) Net unrealized investment gain (loss) Realized gain (loss) ($259 ) $53,314 Interest and investment income 95 (19,620 ) Income taxes Total realized investment gain (loss) (net of tax) ($164 ) $33,694 Total reclassifications for the period (net of tax) $29,024 ($6,741 ) (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) into income for Entergy Louisiana for the three months ended March 31, 2019 and 2018 are as follows: Amounts reclassified Income Statement Location 2019 2018 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,838 $1,934 (a) Amortization of loss (527 ) (1,257 ) (a) Total amortization 1,311 677 (342 ) (176 ) Income taxes Total amortization (net of tax) 969 501 Total reclassifications for the period (net of tax) $969 $501 (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, 2019 2018 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $254.5 189.6 $1.34 $132.8 180.7 $0.73 Average dilutive effect of: Stock options 0.4 — 0.2 — Other equity plans 0.5 (0.01 ) 0.5 — Equity forwards 1.7 (0.01 ) — — Diluted earnings per share $254.5 192.2 $1.32 $132.8 181.4 $0.73 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.7 million for the three months ended March 31, 2019 and approximately 4 million for the three months ended March 31, 2018 . Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Dividends declared per common share were $0.91 for the three months ended March 31, 2019 and $0.89 for the three months ended March 31, 2018. Equity Forward Sale Agreements As discussed in Note 7 to the financial statements in the Form 10-K, in June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of approximately $500 million . Entergy is required to settle its remaining obligations under the forward sale agreements with respect to the remaining 8,448,171 shares of common stock on a settlement date or dates on or prior to June 7, 2019. Until settlement of the remaining equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. If Entergy had elected to net share settle the forward sale agreements as of March 31, 2019, Entergy would have been required to deliver 2.0 million shares. Treasury Stock During the three months ended March 31, 2019 , Entergy Corporation issued 860,093 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, 2019 . Retained Earnings On April 3, 2019, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.91 per share, payable on June 3, 2019, to holders of record as of May 9, 2019. Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method, and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales. Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach, and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period. 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, 2019 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2018 ($23,135 ) ($531,922 ) ($2,116 ) ($557,173 ) Implementation of accounting standards (7,685 ) — 879 (6,806 ) Beginning balance, January 1, 2019 ($30,820 ) ($531,922 ) ($1,237 ) ($563,979 ) Other comprehensive income (loss) before reclassifications 28,312 — 13,539 41,851 Amounts reclassified from accumulated other comprehensive income (loss) (40,738 ) 11,550 164 (29,024 ) Net other comprehensive income (loss) for the period (12,426 ) 11,550 13,703 12,827 Ending balance, March 31, 2019 ($43,246 ) ($520,372 ) $12,466 ($551,152 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2018 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2017 ($37,477 ) ($531,099 ) $545,045 ($23,531 ) Implementation of accounting standards — — (632,617 ) (632,617 ) Beginning balance, January 1, 2018 ($37,477 ) ($531,099 ) ($87,572 ) ($656,148 ) Other comprehensive income (loss) before reclassifications 71,566 — 838 72,404 Amounts reclassified from accumulated other comprehensive income (loss) 23,861 16,574 (33,694 ) 6,741 Net other comprehensive income (loss) for the period 95,427 16,574 (32,856 ) 79,145 Reclassification pursuant to ASU 2018-02 (7,756 ) (90,966 ) 114,227 15,505 Ending balance, March 31, 2018 $50,194 ($605,491 ) ($6,201 ) ($561,498 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2019 and 2018: Pension and Other 2019 2018 (In Thousands) Beginning balance, January 1, ($6,153 ) ($46,400 ) Amounts reclassified from accumulated other (969 ) (501 ) Net other comprehensive income (loss) for the period (969 ) (501 ) Reclassification pursuant to ASU 2018-02 — (10,049 ) Ending balance, March 31, ($7,122 ) ($56,950 ) Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2019 and 2018 are as follows: Amounts reclassified from AOCI Income Statement Location 2019 2018 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $51,615 ($30,082 ) Competitive business operating revenues Interest rate swaps (48 ) (122 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 51,567 (30,204 ) (10,829 ) 6,343 Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $40,738 ($23,861 ) Pension and other postretirement liabilities Amortization of prior-service credit $5,326 $5,426 (a) Amortization of loss (18,988 ) (24,952 ) (a) Settlement loss (1,137 ) (1,616 ) (a) Total amortization (14,799 ) (21,142 ) 3,249 4,568 Income taxes Total amortization (net of tax) ($11,550 ) ($16,574 ) Net unrealized investment gain (loss) Realized gain (loss) ($259 ) $53,314 Interest and investment income 95 (19,620 ) Income taxes Total realized investment gain (loss) (net of tax) ($164 ) $33,694 Total reclassifications for the period (net of tax) $29,024 ($6,741 ) (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) into income for Entergy Louisiana for the three months ended March 31, 2019 and 2018 are as follows: Amounts reclassified Income Statement Location 2019 2018 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,838 $1,934 (a) Amortization of loss (527 ) (1,257 ) (a) Total amortization 1,311 677 (342 ) (176 ) Income taxes Total amortization (net of tax) 969 501 Total reclassifications for the period (net of tax) $969 $501 (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, 2019 | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2023. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2019 was 4.03% 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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 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 $2 billion . At March 31, 2019 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2019 was 3.03% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy New Orleans are effective through October 31, 2019. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— Vermont Yankee Asset Retirement Management, LLC Credit Facility In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Vermont Yankee Asset Retirement Management, LLC, Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $139 million and expires in November 2020. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2019 , $139 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2019 was 4.28% on the drawn portion of the facility. See Note 14 to the financial statements in the Form 10-K and Note 16 to the financial statements herein for discussion of the transfer of Entergy Nuclear Vermont Yankee to NorthStar. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Retirements (Entergy Arkansas) In March 2019, Entergy Arkansas issued $350 million of 4.20% Series first mortgage bonds due April 2049. Entergy Arkansas expects to use the proceeds for general corporate purposes. (Entergy Louisiana) In March 2019, Entergy Louisiana issued $525 million of 4.20% Series collateral trust mortgage bonds due April 2050. Entergy Louisiana expects to use the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, and for general corporate purposes. (Entergy Texas) In January 2019, Entergy Texas issued $300 million of 4.0% Series first mortgage bonds due March 2029 and $400 million of 4.5% Series first mortgage bonds due March 2039. Entergy Texas used the proceeds to repay, at maturity, its $500 million of 7.125% Series first mortgage bonds due February 2019, and for general corporate purposes. (System Energy) In March 2019, System Energy issued $134 million of 2.50% Series 2019 revenue refunding bonds due April 2022. The proceeds were used to redeem, prior to maturity, $134 million of 5.875% Series 1998 pollution control revenue refunding bonds due April 2022. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Arkansas [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2023. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2019 was 4.03% 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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 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 $2 billion . At March 31, 2019 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2019 was 3.03% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy New Orleans are effective through October 31, 2019. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— Vermont Yankee Asset Retirement Management, LLC Credit Facility In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Vermont Yankee Asset Retirement Management, LLC, Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $139 million and expires in November 2020. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2019 , $139 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2019 was 4.28% on the drawn portion of the facility. See Note 14 to the financial statements in the Form 10-K and Note 16 to the financial statements herein for discussion of the transfer of Entergy Nuclear Vermont Yankee to NorthStar. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Retirements (Entergy Arkansas) In March 2019, Entergy Arkansas issued $350 million of 4.20% Series first mortgage bonds due April 2049. Entergy Arkansas expects to use the proceeds for general corporate purposes. (Entergy Louisiana) In March 2019, Entergy Louisiana issued $525 million of 4.20% Series collateral trust mortgage bonds due April 2050. Entergy Louisiana expects to use the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, and for general corporate purposes. (Entergy Texas) In January 2019, Entergy Texas issued $300 million of 4.0% Series first mortgage bonds due March 2029 and $400 million of 4.5% Series first mortgage bonds due March 2039. Entergy Texas used the proceeds to repay, at maturity, its $500 million of 7.125% Series first mortgage bonds due February 2019, and for general corporate purposes. (System Energy) In March 2019, System Energy issued $134 million of 2.50% Series 2019 revenue refunding bonds due April 2022. The proceeds were used to redeem, prior to maturity, $134 million of 5.875% Series 1998 pollution control revenue refunding bonds due April 2022. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Louisiana [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2023. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2019 was 4.03% 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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 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 $2 billion . At March 31, 2019 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2019 was 3.03% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy New Orleans are effective through October 31, 2019. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— Vermont Yankee Asset Retirement Management, LLC Credit Facility In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Vermont Yankee Asset Retirement Management, LLC, Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $139 million and expires in November 2020. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2019 , $139 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2019 was 4.28% on the drawn portion of the facility. See Note 14 to the financial statements in the Form 10-K and Note 16 to the financial statements herein for discussion of the transfer of Entergy Nuclear Vermont Yankee to NorthStar. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Retirements (Entergy Arkansas) In March 2019, Entergy Arkansas issued $350 million of 4.20% Series first mortgage bonds due April 2049. Entergy Arkansas expects to use the proceeds for general corporate purposes. (Entergy Louisiana) In March 2019, Entergy Louisiana issued $525 million of 4.20% Series collateral trust mortgage bonds due April 2050. Entergy Louisiana expects to use the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, and for general corporate purposes. (Entergy Texas) In January 2019, Entergy Texas issued $300 million of 4.0% Series first mortgage bonds due March 2029 and $400 million of 4.5% Series first mortgage bonds due March 2039. Entergy Texas used the proceeds to repay, at maturity, its $500 million of 7.125% Series first mortgage bonds due February 2019, and for general corporate purposes. (System Energy) In March 2019, System Energy issued $134 million of 2.50% Series 2019 revenue refunding bonds due April 2022. The proceeds were used to redeem, prior to maturity, $134 million of 5.875% Series 1998 pollution control revenue refunding bonds due April 2022. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Mississippi [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2023. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2019 was 4.03% 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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 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 $2 billion . At March 31, 2019 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2019 was 3.03% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy New Orleans are effective through October 31, 2019. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— Vermont Yankee Asset Retirement Management, LLC Credit Facility In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Vermont Yankee Asset Retirement Management, LLC, Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $139 million and expires in November 2020. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2019 , $139 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2019 was 4.28% on the drawn portion of the facility. See Note 14 to the financial statements in the Form 10-K and Note 16 to the financial statements herein for discussion of the transfer of Entergy Nuclear Vermont Yankee to NorthStar. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Retirements (Entergy Arkansas) In March 2019, Entergy Arkansas issued $350 million of 4.20% Series first mortgage bonds due April 2049. Entergy Arkansas expects to use the proceeds for general corporate purposes. (Entergy Louisiana) In March 2019, Entergy Louisiana issued $525 million of 4.20% Series collateral trust mortgage bonds due April 2050. Entergy Louisiana expects to use the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, and for general corporate purposes. (Entergy Texas) In January 2019, Entergy Texas issued $300 million of 4.0% Series first mortgage bonds due March 2029 and $400 million of 4.5% Series first mortgage bonds due March 2039. Entergy Texas used the proceeds to repay, at maturity, its $500 million of 7.125% Series first mortgage bonds due February 2019, and for general corporate purposes. (System Energy) In March 2019, System Energy issued $134 million of 2.50% Series 2019 revenue refunding bonds due April 2022. The proceeds were used to redeem, prior to maturity, $134 million of 5.875% Series 1998 pollution control revenue refunding bonds due April 2022. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy New Orleans [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2023. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2019 was 4.03% 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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 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 $2 billion . At March 31, 2019 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2019 was 3.03% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy New Orleans are effective through October 31, 2019. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— Vermont Yankee Asset Retirement Management, LLC Credit Facility In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Vermont Yankee Asset Retirement Management, LLC, Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $139 million and expires in November 2020. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2019 , $139 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2019 was 4.28% on the drawn portion of the facility. See Note 14 to the financial statements in the Form 10-K and Note 16 to the financial statements herein for discussion of the transfer of Entergy Nuclear Vermont Yankee to NorthStar. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Retirements (Entergy Arkansas) In March 2019, Entergy Arkansas issued $350 million of 4.20% Series first mortgage bonds due April 2049. Entergy Arkansas expects to use the proceeds for general corporate purposes. (Entergy Louisiana) In March 2019, Entergy Louisiana issued $525 million of 4.20% Series collateral trust mortgage bonds due April 2050. Entergy Louisiana expects to use the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, and for general corporate purposes. (Entergy Texas) In January 2019, Entergy Texas issued $300 million of 4.0% Series first mortgage bonds due March 2029 and $400 million of 4.5% Series first mortgage bonds due March 2039. Entergy Texas used the proceeds to repay, at maturity, its $500 million of 7.125% Series first mortgage bonds due February 2019, and for general corporate purposes. (System Energy) In March 2019, System Energy issued $134 million of 2.50% Series 2019 revenue refunding bonds due April 2022. The proceeds were used to redeem, prior to maturity, $134 million of 5.875% Series 1998 pollution control revenue refunding bonds due April 2022. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Texas [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2023. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2019 was 4.03% 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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 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 $2 billion . At March 31, 2019 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2019 was 3.03% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy New Orleans are effective through October 31, 2019. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— Vermont Yankee Asset Retirement Management, LLC Credit Facility In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Vermont Yankee Asset Retirement Management, LLC, Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $139 million and expires in November 2020. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2019 , $139 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2019 was 4.28% on the drawn portion of the facility. See Note 14 to the financial statements in the Form 10-K and Note 16 to the financial statements herein for discussion of the transfer of Entergy Nuclear Vermont Yankee to NorthStar. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Retirements (Entergy Arkansas) In March 2019, Entergy Arkansas issued $350 million of 4.20% Series first mortgage bonds due April 2049. Entergy Arkansas expects to use the proceeds for general corporate purposes. (Entergy Louisiana) In March 2019, Entergy Louisiana issued $525 million of 4.20% Series collateral trust mortgage bonds due April 2050. Entergy Louisiana expects to use the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, and for general corporate purposes. (Entergy Texas) In January 2019, Entergy Texas issued $300 million of 4.0% Series first mortgage bonds due March 2029 and $400 million of 4.5% Series first mortgage bonds due March 2039. Entergy Texas used the proceeds to repay, at maturity, its $500 million of 7.125% Series first mortgage bonds due February 2019, and for general corporate purposes. (System Energy) In March 2019, System Energy issued $134 million of 2.50% Series 2019 revenue refunding bonds due April 2022. The proceeds were used to redeem, prior to maturity, $134 million of 5.875% Series 1998 pollution control revenue refunding bonds due April 2022. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
System Energy [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2023. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2019 was 4.03% 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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 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 $2 billion . At March 31, 2019 , Entergy Corporation had approximately $1,942 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2019 was 3.03% . Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy New Orleans are effective through October 31, 2019. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy are effective through November 8, 2020. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— Vermont Yankee Asset Retirement Management, LLC Credit Facility In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Vermont Yankee Asset Retirement Management, LLC, Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $139 million and expires in November 2020. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2019 , $139 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2019 was 4.28% on the drawn portion of the facility. See Note 14 to the financial statements in the Form 10-K and Note 16 to the financial statements herein for discussion of the transfer of Entergy Nuclear Vermont Yankee to NorthStar. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Retirements (Entergy Arkansas) In March 2019, Entergy Arkansas issued $350 million of 4.20% Series first mortgage bonds due April 2049. Entergy Arkansas expects to use the proceeds for general corporate purposes. (Entergy Louisiana) In March 2019, Entergy Louisiana issued $525 million of 4.20% Series collateral trust mortgage bonds due April 2050. Entergy Louisiana expects to use the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, and for general corporate purposes. (Entergy Texas) In January 2019, Entergy Texas issued $300 million of 4.0% Series first mortgage bonds due March 2029 and $400 million of 4.5% Series first mortgage bonds due March 2039. Entergy Texas used the proceeds to repay, at maturity, its $500 million of 7.125% Series first mortgage bonds due February 2019, and for general corporate purposes. (System Energy) In March 2019, System Energy issued $134 million of 2.50% Series 2019 revenue refunding bonds due April 2022. The proceeds were used to redeem, prior to maturity, $134 million of 5.875% Series 1998 pollution control revenue refunding bonds due April 2022. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
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 693,161 shares of its common stock under the 2015 Equity Ownership Plan during the first quarter 2019 with a fair value of $8.32 per option. As of March 31, 2019 , there were options on 3,210,237 shares of common stock outstanding with a weighted-average exercise price of $78.25 . 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, 2019 . The aggregate intrinsic value of the stock options outstanding as of March 31, 2019 was $55.8 million . The following table includes financial information for outstanding stock options for the three months ended March 31, 2019 and 2018 : 2019 2018 (In Millions) Compensation expense included in Entergy’s net income $1.0 $1.1 Tax benefit recognized in Entergy’s net income $0.2 $0.3 Compensation cost capitalized as part of fixed assets and inventory $0.3 $0.2 Other Equity Awards In January 2019 the Board approved and Entergy granted 355,537 restricted stock awards and 180,824 long-term incentive awards under the 2015 Equity Ownership Plan. The restricted stock awards were made effective as of January 31, 2019 and were valued at $89.19 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. Shares of restricted stock have the same dividend and voting rights as other common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the three -year vesting period. In addition, long-term incentive awards were also granted in the form of performance units that represent the value of, and are settled with, one share of Entergy Corporation common stock at the end of the three-year performance period, plus dividends accrued during the performance period on the number of performance units earned. For the 2019-2021 performance period, performance will be measured based eighty percent on relative total shareholder return and twenty percent on a cumulative adjusted earnings per share metric. The performance units were granted as of January 31, 2019 and eighty percent were valued at $102.07 per share based on various factors, primarily market conditions; and twenty percent were valued at $89.19 per share, the closing price of Entergy’s common stock on that date. Performance units have the same dividend rights as shares of Entergy common stock and are considered issued and outstanding shares of Entergy upon vesting. Performance units are expensed ratably over the three -year vesting period and compensation cost for the portion of the award based on cumulative adjusted earnings per share will be adjusted based on the number of units that ultimately vest. See Note 12 to the financial statements in the Form 10-K for a description of the Long-Term Performance Unit Program. The following table includes financial information for other outstanding equity awards for the three months ended March 31, 2019 and 2018 : 2019 2018 (In Millions) Compensation expense included in Entergy’s net income $8.8 $8.8 Tax benefit recognized in Entergy’s net income $2.2 $2.2 Compensation cost capitalized as part of fixed assets and inventory $2.9 $2.3 |
Retirement And Other Postretire
Retirement And Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 Non-Qualified Net Pension Cost Entergy recognized $4 million and $8.9 million in pension cost for its non-qualified pension plans in the first quarters of 2019 and 2018 , respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter of 2018 were settlement charges of $4.4 million related to the payment of lump sum benefits out of the plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 Reflected in Entergy Arkansas’s non-qualified pension costs in the first quarter of 2018 were settlement charges of $12 thousand related to the payment of lump sum benefits out of the plan. Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) 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 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 Employer Contributions Based on current assumptions, Entergy expects to contribute $176.9 million to its qualified pension plans in 2019. As of March 31, 2019 , Entergy had contributed $11.7 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 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 Non-Qualified Net Pension Cost Entergy recognized $4 million and $8.9 million in pension cost for its non-qualified pension plans in the first quarters of 2019 and 2018 , respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter of 2018 were settlement charges of $4.4 million related to the payment of lump sum benefits out of the plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 Reflected in Entergy Arkansas’s non-qualified pension costs in the first quarter of 2018 were settlement charges of $12 thousand related to the payment of lump sum benefits out of the plan. Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) 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 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 Employer Contributions Based on current assumptions, Entergy expects to contribute $176.9 million to its qualified pension plans in 2019. As of March 31, 2019 , Entergy had contributed $11.7 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 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 Non-Qualified Net Pension Cost Entergy recognized $4 million and $8.9 million in pension cost for its non-qualified pension plans in the first quarters of 2019 and 2018 , respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter of 2018 were settlement charges of $4.4 million related to the payment of lump sum benefits out of the plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 Reflected in Entergy Arkansas’s non-qualified pension costs in the first quarter of 2018 were settlement charges of $12 thousand related to the payment of lump sum benefits out of the plan. Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) 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 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 Employer Contributions Based on current assumptions, Entergy expects to contribute $176.9 million to its qualified pension plans in 2019. As of March 31, 2019 , Entergy had contributed $11.7 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 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 Non-Qualified Net Pension Cost Entergy recognized $4 million and $8.9 million in pension cost for its non-qualified pension plans in the first quarters of 2019 and 2018 , respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter of 2018 were settlement charges of $4.4 million related to the payment of lump sum benefits out of the plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 Reflected in Entergy Arkansas’s non-qualified pension costs in the first quarter of 2018 were settlement charges of $12 thousand related to the payment of lump sum benefits out of the plan. Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) 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 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 Employer Contributions Based on current assumptions, Entergy expects to contribute $176.9 million to its qualified pension plans in 2019. As of March 31, 2019 , Entergy had contributed $11.7 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 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 Non-Qualified Net Pension Cost Entergy recognized $4 million and $8.9 million in pension cost for its non-qualified pension plans in the first quarters of 2019 and 2018 , respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter of 2018 were settlement charges of $4.4 million related to the payment of lump sum benefits out of the plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 Reflected in Entergy Arkansas’s non-qualified pension costs in the first quarter of 2018 were settlement charges of $12 thousand related to the payment of lump sum benefits out of the plan. Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) 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 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 Employer Contributions Based on current assumptions, Entergy expects to contribute $176.9 million to its qualified pension plans in 2019. As of March 31, 2019 , Entergy had contributed $11.7 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 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 Non-Qualified Net Pension Cost Entergy recognized $4 million and $8.9 million in pension cost for its non-qualified pension plans in the first quarters of 2019 and 2018 , respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter of 2018 were settlement charges of $4.4 million related to the payment of lump sum benefits out of the plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 Reflected in Entergy Arkansas’s non-qualified pension costs in the first quarter of 2018 were settlement charges of $12 thousand related to the payment of lump sum benefits out of the plan. Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) 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 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 Employer Contributions Based on current assumptions, Entergy expects to contribute $176.9 million to its qualified pension plans in 2019. As of March 31, 2019 , Entergy had contributed $11.7 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 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 The Registrant Subsidiaries’ qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 Non-Qualified Net Pension Cost Entergy recognized $4 million and $8.9 million in pension cost for its non-qualified pension plans in the first quarters of 2019 and 2018 , respectively. Reflected in the pension cost for non-qualified pension plans in the first quarter of 2018 were settlement charges of $4.4 million related to the payment of lump sum benefits out of the plan. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 Reflected in Entergy Arkansas’s non-qualified pension costs in the first quarter of 2018 were settlement charges of $12 thousand related to the payment of lump sum benefits out of the plan. Components of Net Other Postretirement Benefit Cost Entergy’s other postretirement benefit cost, including amounts capitalized, for the first quarters of 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 The Registrant Subsidiaries’ other postretirement benefit cost, including amounts capitalized, for their employees for first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) 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 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 Employer Contributions Based on current assumptions, Entergy expects to contribute $176.9 million to its qualified pension plans in 2019. As of March 31, 2019 , Entergy had contributed $11.7 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 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 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 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 In addition, Entergy Wholesale Commodities incurred $74 million in the first quarter 2019 and $73 million in the first quarter 2018 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $130 million in 2019, of which $34 million has been incurred as of March 31, 2019, and a total of approximately $110 million from 2020 through mid-2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Arkansas [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2019 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 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 In addition, Entergy Wholesale Commodities incurred $74 million in the first quarter 2019 and $73 million in the first quarter 2018 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $130 million in 2019, of which $34 million has been incurred as of March 31, 2019, and a total of approximately $110 million from 2020 through mid-2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Louisiana [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2019 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 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 In addition, Entergy Wholesale Commodities incurred $74 million in the first quarter 2019 and $73 million in the first quarter 2018 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $130 million in 2019, of which $34 million has been incurred as of March 31, 2019, and a total of approximately $110 million from 2020 through mid-2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Mississippi [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2019 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 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 In addition, Entergy Wholesale Commodities incurred $74 million in the first quarter 2019 and $73 million in the first quarter 2018 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $130 million in 2019, of which $34 million has been incurred as of March 31, 2019, and a total of approximately $110 million from 2020 through mid-2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy New Orleans [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2019 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 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 In addition, Entergy Wholesale Commodities incurred $74 million in the first quarter 2019 and $73 million in the first quarter 2018 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $130 million in 2019, of which $34 million has been incurred as of March 31, 2019, and a total of approximately $110 million from 2020 through mid-2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Entergy Texas [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2019 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 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 In addition, Entergy Wholesale Commodities incurred $74 million in the first quarter 2019 and $73 million in the first quarter 2018 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $130 million in 2019, of which $34 million has been incurred as of March 31, 2019, and a total of approximately $110 million from 2020 through mid-2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
System Energy [Member] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation Entergy’s reportable segments as of March 31, 2019 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 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 In addition, Entergy Wholesale Commodities incurred $74 million in the first quarter 2019 and $73 million in the first quarter 2018 of impairment and other related charges associated with these strategic decisions and transactions. Going forward, Entergy Wholesale Commodities expects to incur employee retention and severance expenses associated with management’s strategy to exit the merchant power business of approximately $130 million in 2019, of which $34 million has been incurred as of March 31, 2019, and a total of approximately $110 million from 2020 through mid-2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. |
Risk Management And Fair Values
Risk Management And Fair Values | 3 Months Ended |
Mar. 31, 2019 | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2019 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2019 , of which approximately 72% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2019 is 18.6 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guarantee, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2019 , derivative contracts with seven counterparties were in a liability position (approximately $49 million total). In addition to the corporate guarantee, $19 million in cash collateral were required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash and $4 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2018 , derivative contracts with six counterparties were in a liability position (approximately $34 million total). In addition to the corporate guarantee, $19 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps and options as of March 31, 2019 is 5 years for Entergy Louisiana and the maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2019 is 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2019 is 45,740,000 MMBtu for Entergy, including 36,540,000 MMBtu for Entergy Louisiana and 9,200,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2018, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2018 through May 31, 2019. Financial transmission rights are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2019 is 18,928 GWh for Entergy, including 4,099 GWh for Entergy Arkansas, 8,235 GWh for Entergy Louisiana, 2,520 GWh for Entergy Mississippi, 948 GWh for Entergy New Orleans, and 3,047 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of March 31, 2019 and December 31, 2018. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi and Entergy Texas as of March 31, 2019 and December 31, 2018. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively Prior to the adoption of ASU 2017-12, Entergy measured its hedges for ineffectiveness. Any ineffectiveness was recognized in earnings during the period. The ineffective portion of cash flow hedges was recorded in competitive businesses operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2018 was $13.3 million . Based on market prices as of March 31, 2019 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled ($53) million of net unrealized losses. Approximately ($39) million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. Fair Values The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: – quoted prices for similar assets or liabilities in active markets; – quoted prices for identical assets or liabilities in inactive markets; – inputs other than quoted prices that are observable for the asset or liability; or – inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments and gas swaps and options valued using observable inputs. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on 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 financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilitie |
Entergy Arkansas [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2019 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2019 , of which approximately 72% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2019 is 18.6 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guarantee, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2019 , derivative contracts with seven counterparties were in a liability position (approximately $49 million total). In addition to the corporate guarantee, $19 million in cash collateral were required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash and $4 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2018 , derivative contracts with six counterparties were in a liability position (approximately $34 million total). In addition to the corporate guarantee, $19 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps and options as of March 31, 2019 is 5 years for Entergy Louisiana and the maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2019 is 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2019 is 45,740,000 MMBtu for Entergy, including 36,540,000 MMBtu for Entergy Louisiana and 9,200,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2018, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2018 through May 31, 2019. Financial transmission rights are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2019 is 18,928 GWh for Entergy, including 4,099 GWh for Entergy Arkansas, 8,235 GWh for Entergy Louisiana, 2,520 GWh for Entergy Mississippi, 948 GWh for Entergy New Orleans, and 3,047 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of March 31, 2019 and December 31, 2018. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi and Entergy Texas as of March 31, 2019 and December 31, 2018. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively Prior to the adoption of ASU 2017-12, Entergy measured its hedges for ineffectiveness. Any ineffectiveness was recognized in earnings during the period. The ineffective portion of cash flow hedges was recorded in competitive businesses operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2018 was $13.3 million . Based on market prices as of March 31, 2019 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled ($53) million of net unrealized losses. Approximately ($39) million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. Fair Values The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: – quoted prices for similar assets or liabilities in active markets; – quoted prices for identical assets or liabilities in inactive markets; – inputs other than quoted prices that are observable for the asset or liability; or – inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments and gas swaps and options valued using observable inputs. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on 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 financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilitie |
Entergy Louisiana [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2019 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2019 , of which approximately 72% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2019 is 18.6 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guarantee, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2019 , derivative contracts with seven counterparties were in a liability position (approximately $49 million total). In addition to the corporate guarantee, $19 million in cash collateral were required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash and $4 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2018 , derivative contracts with six counterparties were in a liability position (approximately $34 million total). In addition to the corporate guarantee, $19 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps and options as of March 31, 2019 is 5 years for Entergy Louisiana and the maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2019 is 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2019 is 45,740,000 MMBtu for Entergy, including 36,540,000 MMBtu for Entergy Louisiana and 9,200,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2018, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2018 through May 31, 2019. Financial transmission rights are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2019 is 18,928 GWh for Entergy, including 4,099 GWh for Entergy Arkansas, 8,235 GWh for Entergy Louisiana, 2,520 GWh for Entergy Mississippi, 948 GWh for Entergy New Orleans, and 3,047 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of March 31, 2019 and December 31, 2018. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi and Entergy Texas as of March 31, 2019 and December 31, 2018. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively Prior to the adoption of ASU 2017-12, Entergy measured its hedges for ineffectiveness. Any ineffectiveness was recognized in earnings during the period. The ineffective portion of cash flow hedges was recorded in competitive businesses operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2018 was $13.3 million . Based on market prices as of March 31, 2019 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled ($53) million of net unrealized losses. Approximately ($39) million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. Fair Values The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: – quoted prices for similar assets or liabilities in active markets; – quoted prices for identical assets or liabilities in inactive markets; – inputs other than quoted prices that are observable for the asset or liability; or – inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments and gas swaps and options valued using observable inputs. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on 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 financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilitie |
Entergy Mississippi [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2019 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2019 , of which approximately 72% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2019 is 18.6 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guarantee, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2019 , derivative contracts with seven counterparties were in a liability position (approximately $49 million total). In addition to the corporate guarantee, $19 million in cash collateral were required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash and $4 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2018 , derivative contracts with six counterparties were in a liability position (approximately $34 million total). In addition to the corporate guarantee, $19 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps and options as of March 31, 2019 is 5 years for Entergy Louisiana and the maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2019 is 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2019 is 45,740,000 MMBtu for Entergy, including 36,540,000 MMBtu for Entergy Louisiana and 9,200,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2018, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2018 through May 31, 2019. Financial transmission rights are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2019 is 18,928 GWh for Entergy, including 4,099 GWh for Entergy Arkansas, 8,235 GWh for Entergy Louisiana, 2,520 GWh for Entergy Mississippi, 948 GWh for Entergy New Orleans, and 3,047 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of March 31, 2019 and December 31, 2018. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi and Entergy Texas as of March 31, 2019 and December 31, 2018. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively Prior to the adoption of ASU 2017-12, Entergy measured its hedges for ineffectiveness. Any ineffectiveness was recognized in earnings during the period. The ineffective portion of cash flow hedges was recorded in competitive businesses operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2018 was $13.3 million . Based on market prices as of March 31, 2019 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled ($53) million of net unrealized losses. Approximately ($39) million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. Fair Values The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: – quoted prices for similar assets or liabilities in active markets; – quoted prices for identical assets or liabilities in inactive markets; – inputs other than quoted prices that are observable for the asset or liability; or – inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments and gas swaps and options valued using observable inputs. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on 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 financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilitie |
Entergy New Orleans [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2019 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2019 , of which approximately 72% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2019 is 18.6 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guarantee, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2019 , derivative contracts with seven counterparties were in a liability position (approximately $49 million total). In addition to the corporate guarantee, $19 million in cash collateral were required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash and $4 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2018 , derivative contracts with six counterparties were in a liability position (approximately $34 million total). In addition to the corporate guarantee, $19 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps and options as of March 31, 2019 is 5 years for Entergy Louisiana and the maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2019 is 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2019 is 45,740,000 MMBtu for Entergy, including 36,540,000 MMBtu for Entergy Louisiana and 9,200,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2018, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2018 through May 31, 2019. Financial transmission rights are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2019 is 18,928 GWh for Entergy, including 4,099 GWh for Entergy Arkansas, 8,235 GWh for Entergy Louisiana, 2,520 GWh for Entergy Mississippi, 948 GWh for Entergy New Orleans, and 3,047 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of March 31, 2019 and December 31, 2018. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi and Entergy Texas as of March 31, 2019 and December 31, 2018. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively Prior to the adoption of ASU 2017-12, Entergy measured its hedges for ineffectiveness. Any ineffectiveness was recognized in earnings during the period. The ineffective portion of cash flow hedges was recorded in competitive businesses operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2018 was $13.3 million . Based on market prices as of March 31, 2019 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled ($53) million of net unrealized losses. Approximately ($39) million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. Fair Values The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: – quoted prices for similar assets or liabilities in active markets; – quoted prices for identical assets or liabilities in inactive markets; – inputs other than quoted prices that are observable for the asset or liability; or – inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments and gas swaps and options valued using observable inputs. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on 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 financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilitie |
Entergy Texas [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2019 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2019 , of which approximately 72% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2019 is 18.6 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guarantee, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2019 , derivative contracts with seven counterparties were in a liability position (approximately $49 million total). In addition to the corporate guarantee, $19 million in cash collateral were required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash and $4 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2018 , derivative contracts with six counterparties were in a liability position (approximately $34 million total). In addition to the corporate guarantee, $19 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps and options as of March 31, 2019 is 5 years for Entergy Louisiana and the maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2019 is 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2019 is 45,740,000 MMBtu for Entergy, including 36,540,000 MMBtu for Entergy Louisiana and 9,200,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2018, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2018 through May 31, 2019. Financial transmission rights are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2019 is 18,928 GWh for Entergy, including 4,099 GWh for Entergy Arkansas, 8,235 GWh for Entergy Louisiana, 2,520 GWh for Entergy Mississippi, 948 GWh for Entergy New Orleans, and 3,047 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of March 31, 2019 and December 31, 2018. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi and Entergy Texas as of March 31, 2019 and December 31, 2018. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively Prior to the adoption of ASU 2017-12, Entergy measured its hedges for ineffectiveness. Any ineffectiveness was recognized in earnings during the period. The ineffective portion of cash flow hedges was recorded in competitive businesses operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2018 was $13.3 million . Based on market prices as of March 31, 2019 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled ($53) million of net unrealized losses. Approximately ($39) million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. Fair Values The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: – quoted prices for similar assets or liabilities in active markets; – quoted prices for identical assets or liabilities in inactive markets; – inputs other than quoted prices that are observable for the asset or liability; or – inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments and gas swaps and options valued using observable inputs. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on 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 financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilitie |
System Energy [Member] | |
Risk Management And Fair Values | RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Market Risk In the normal course of business, Entergy is exposed to a number of market risks. Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument. All financial and commodity-related instruments, including derivatives, are subject to market risk including commodity price risk, equity price, and interest rate risk. Entergy uses derivatives primarily to mitigate commodity price risk, particularly power price and fuel price risk. The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation. To the extent approved by their retail regulators, the Utility operating companies use derivative instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs that are recovered from customers. As a wholesale generator, Entergy Wholesale Commodities’ core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities also uses a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergy’s exposure to market risk is determined by a number of factors, including the size, term, composition, and diversification of positions held, as well as market volatility and liquidity. For instruments such as options, the time period during which the option may be exercised and the relationship between the current market price of the underlying instrument and the option’s contractual strike or exercise price also affects the level of market risk. A significant factor influencing the overall level of market risk to which Entergy is exposed is its use of hedging techniques to mitigate such risk. Hedging instruments and volumes are chosen based on ability to mitigate risk associated with future energy and capacity prices; however, other considerations are factored into hedge product and volume decisions including corporate liquidity, corporate credit ratings, counterparty credit risk, hedging costs, firm settlement risk, and product availability in the marketplace. Entergy manages market risk by actively monitoring compliance with stated risk management policies as well as monitoring the effectiveness of its hedging policies and strategies. Entergy’s risk management policies limit the amount of total net exposure and rolling net exposure during the stated periods. These policies, including related risk limits, are regularly assessed to ensure their appropriateness given Entergy’s objectives. Derivatives Some derivative instruments are classified as cash flow hedges due to their financial settlement provisions while others are classified as normal purchase/normal sale transactions due to their physical settlement provisions. Normal purchase/normal sale risk management tools include power purchase and sales agreements, fuel purchase agreements, capacity contracts, and tolling agreements. Financially-settled cash flow hedges can include natural gas and electricity swaps and options and interest rate swaps. Entergy may enter into financially-settled swap and option contracts to manage market risk that may or may not be designated as hedging instruments. Entergy enters into derivatives to manage natural risks inherent in its physical or financial assets or liabilities. Electricity over-the-counter instruments and futures contracts that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation. The maximum length of time over which Entergy Wholesale Commodities is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at March 31, 2019 is approximately 2 years. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2019 , of which approximately 72% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2019 is 18.6 TWh. Entergy may use standardized master netting agreements to help mitigate the credit risk of derivative instruments. These master agreements facilitate the netting of cash flows associated with a single counterparty and may include collateral requirements. Cash, letters of credit, and parental/affiliate guarantees may be obtained as security from counterparties in order to mitigate credit risk. The collateral agreements require a counterparty to post cash or letters of credit in the event an exposure exceeds an established threshold. The threshold represents an unsecured credit limit, which may be supported by a parental/affiliate guarantee, as determined in accordance with Entergy’s credit policy. In addition, collateral agreements allow for termination and liquidation of all positions in the event of a failure or inability to post collateral. Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations depending on the mark-to-market values of the contracts. The primary form of credit support to satisfy these requirements is an Entergy Corporation guarantee. As of March 31, 2019 , derivative contracts with seven counterparties were in a liability position (approximately $49 million total). In addition to the corporate guarantee, $19 million in cash collateral were required to be posted by the Entergy subsidiary to its counterparties and $1 million in cash and $4 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2018 , derivative contracts with six counterparties were in a liability position (approximately $34 million total). In addition to the corporate guarantee, $19 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps and options as of March 31, 2019 is 5 years for Entergy Louisiana and the maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2019 is 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2019 is 45,740,000 MMBtu for Entergy, including 36,540,000 MMBtu for Entergy Louisiana and 9,200,000 MMBtu for Entergy Mississippi. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral. During the second quarter 2018, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2018 through May 31, 2019. Financial transmission rights are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by Entergy Wholesale Commodities are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2019 is 18,928 GWh for Entergy, including 4,099 GWh for Entergy Arkansas, 8,235 GWh for Entergy Louisiana, 2,520 GWh for Entergy Mississippi, 948 GWh for Entergy New Orleans, and 3,047 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy Wholesale Commodities is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for Entergy Wholesale Commodities as of March 31, 2019 and December 31, 2018. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Mississippi and Entergy Texas as of March 31, 2019 and December 31, 2018. The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively Prior to the adoption of ASU 2017-12, Entergy measured its hedges for ineffectiveness. Any ineffectiveness was recognized in earnings during the period. The ineffective portion of cash flow hedges was recorded in competitive businesses operating revenues. The change in fair value of Entergy’s cash flow hedges due to ineffectiveness during the three months ended March 31, 2018 was $13.3 million . Based on market prices as of March 31, 2019 , unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled ($53) million of net unrealized losses. Approximately ($39) million is expected to be reclassified from accumulated other comprehensive income to operating revenues in the next twelve months. The actual amount reclassified from accumulated other comprehensive income, however, could vary due to future changes in market prices. Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation. Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs. From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings. The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas. The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. Fair Values The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling. Considerable judgment is required in developing the estimates of fair value. Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange. Gains or losses realized on financial instruments other than those instruments held by the Entergy Wholesale Commodities business are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments. Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market participants at the date of measurement. Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value. The inputs can be readily observable, corroborated by market data, or generally unobservable. Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value. Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs. The three levels of the fair value hierarchy are: • Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets. Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase. • Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following: – quoted prices for similar assets or liabilities in active markets; – quoted prices for identical assets or liabilities in inactive markets; – inputs other than quoted prices that are observable for the asset or liability; or – inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 2 consists primarily of individually-owned debt instruments and gas swaps and options valued using observable inputs. • Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Business Unit Risk Control group and the Accounting Policy and Entergy Wholesale Commodities Accounting group. The primary functions of the Business Unit Risk Control group include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commodities’ commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Business Unit Risk Control group is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Accounting Policy and Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis and financial accounting. The Business Unit Risk Control group reports to the Vice President and Treasurer while the Accounting Policy and Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterparties’ credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Business Unit Risk Control group calculates the mark-to-market for electricity swaps and options. The Business Unit Risk Control group also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on 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 financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilitie |
Decommissioning Trust Funds
Decommissioning Trust Funds | 3 Months Ended |
Mar. 31, 2019 | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. As discussed in Note 16 to the financial statements herein and Note 14 to the financial statements in the Form 10-K, in January 2019, Entergy completed the transfer of the Vermont Yankee plant to NorthStar. As part of the transaction, Entergy transferred the Vermont Yankee decommissioning trust fund to NorthStar. As of December 31, 2018, the value of the decommissioning trust fund was $532 million . Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $340 million . The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities (a) $2,562 $51 $9 2018 Debt Securities (a) $2,495 $19 $35 (a) Debt securities presented herein do not include the $430 million and $389 million of debt securities held in the wholly-owned registered investment company as of March 31, 2019 and December 31, 2018 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $7 million as of March 31, 2019 and ($1) million as of December 31, 2018 for debt securities. The amortized cost of available-for-sale debt securities was $2,520 million as of March 31, 2019 and $2,511 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.28% , an average duration of approximately 5.42 years, and an average maturity of approximately 9.13 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $197 $1 More than 12 months 588 8 Total $785 $9 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $652 $9 More than 12 months 782 26 Total $1,434 $35 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $185 $199 1 year - 5 years 1,100 1,066 5 years - 10 years 609 544 10 years - 15 years 67 77 15 years - 20 years 95 78 20 years+ 506 531 Total $2,562 $2,495 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $365 million and $1,091 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $2 million and $1 million , respectively, and gross losses of $2 million and $7 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2019 are $510 million for Indian Point 1, $645 million for Indian Point 2, $845 million for Indian Point 3, $481 million for Palisades, and $1,040 million for Pilgrim. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2018 are $471 million for Indian Point 1, $598 million for Indian Point 2, $781 million for Indian Point 3, $444 million for Palisades, $1,028 million for Pilgrim, and $532 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $391.0 $2.9 $2.3 2018 Debt Securities $381.3 $0.6 $8.2 The amortized cost of available-for-sale debt securities was $390.4 million as of March 31, 2019 and $389 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 2.85% , an average duration of approximately 4.81 years, and an average maturity of approximately 7.34 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $70.7 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.6 $— More than 12 months 182.7 2.3 Total $186.3 $2.3 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $65.8 $0.5 More than 12 months 231.1 7.7 Total $296.9 $8.2 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $35.6 $32.5 1 year - 5 years 163.7 170.3 5 years - 10 years 123.7 114.0 10 years - 15 years 10.2 10.3 15 years - 20 years 9.4 8.1 20 years+ 48.4 46.1 Total $391.0 $381.3 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $10.9 million and $34.9 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.02 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $555.7 $17.1 $1.4 2018 Debt Securities $532.9 $4.1 $6.0 The amortized cost of available-for-sale debt securities was $539.9 million as of March 31, 2019 and $534.8 million as of December 31, 2018 . As of March 31, 2019 , the available-for-sale debt securities have an average coupon rate of approximately 3.92% , an average duration of approximately 6.62 years, and an average maturity of approximately 13.26 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $98.5 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $26.5 $0.2 More than 12 months 87.4 1.2 Total $113.9 $1.4 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $170.1 $2.1 More than 12 months 145.8 3.9 Total $315.9 $6.0 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $42.4 $31.1 1 year - 5 years 119.3 130.5 5 years - 10 years 135.7 111.0 10 years - 15 years 26.8 29.0 15 years - 20 years 44.5 37.1 20 years+ 187.0 194.2 Total $555.7 $532.9 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $56.2 million and $125.5 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.3 million and $0.5 million , respectively, and gross losses of $0.2 million and $0.8 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $375.2 $6.9 $1.2 2018 Debt Securities $364.2 $2.9 $5.8 The amortized cost of available-for-sale debt securities was $369.5 million as of March 31, 2019 and $367.1 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.08% , an average duration of approximately 6.34 years, and an average maturity of approximately 9.06 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $67.3 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $44.2 $— More than 12 months 77.4 1.2 Total $121.6 $1.2 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $89.7 $2.4 More than 12 months 79.8 3.4 Total $169.5 $5.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $14.5 $22.8 1 year - 5 years 195.0 188.0 5 years - 10 years 80.1 73.4 10 years - 15 years 4.1 5.2 15 years - 20 years 10.2 10.2 20 years+ 71.3 64.6 Total $375.2 $364.2 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $42.1 million and $54.2 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.4 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.6 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates the available-for-sale debt securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with unrealized losses at the end of each period to determine whether an other-than-temporary impairment 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, 2019 and 2018 . 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 Arkansas [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. As discussed in Note 16 to the financial statements herein and Note 14 to the financial statements in the Form 10-K, in January 2019, Entergy completed the transfer of the Vermont Yankee plant to NorthStar. As part of the transaction, Entergy transferred the Vermont Yankee decommissioning trust fund to NorthStar. As of December 31, 2018, the value of the decommissioning trust fund was $532 million . Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $340 million . The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities (a) $2,562 $51 $9 2018 Debt Securities (a) $2,495 $19 $35 (a) Debt securities presented herein do not include the $430 million and $389 million of debt securities held in the wholly-owned registered investment company as of March 31, 2019 and December 31, 2018 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $7 million as of March 31, 2019 and ($1) million as of December 31, 2018 for debt securities. The amortized cost of available-for-sale debt securities was $2,520 million as of March 31, 2019 and $2,511 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.28% , an average duration of approximately 5.42 years, and an average maturity of approximately 9.13 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $197 $1 More than 12 months 588 8 Total $785 $9 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $652 $9 More than 12 months 782 26 Total $1,434 $35 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $185 $199 1 year - 5 years 1,100 1,066 5 years - 10 years 609 544 10 years - 15 years 67 77 15 years - 20 years 95 78 20 years+ 506 531 Total $2,562 $2,495 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $365 million and $1,091 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $2 million and $1 million , respectively, and gross losses of $2 million and $7 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2019 are $510 million for Indian Point 1, $645 million for Indian Point 2, $845 million for Indian Point 3, $481 million for Palisades, and $1,040 million for Pilgrim. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2018 are $471 million for Indian Point 1, $598 million for Indian Point 2, $781 million for Indian Point 3, $444 million for Palisades, $1,028 million for Pilgrim, and $532 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $391.0 $2.9 $2.3 2018 Debt Securities $381.3 $0.6 $8.2 The amortized cost of available-for-sale debt securities was $390.4 million as of March 31, 2019 and $389 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 2.85% , an average duration of approximately 4.81 years, and an average maturity of approximately 7.34 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $70.7 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.6 $— More than 12 months 182.7 2.3 Total $186.3 $2.3 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $65.8 $0.5 More than 12 months 231.1 7.7 Total $296.9 $8.2 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $35.6 $32.5 1 year - 5 years 163.7 170.3 5 years - 10 years 123.7 114.0 10 years - 15 years 10.2 10.3 15 years - 20 years 9.4 8.1 20 years+ 48.4 46.1 Total $391.0 $381.3 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $10.9 million and $34.9 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.02 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $555.7 $17.1 $1.4 2018 Debt Securities $532.9 $4.1 $6.0 The amortized cost of available-for-sale debt securities was $539.9 million as of March 31, 2019 and $534.8 million as of December 31, 2018 . As of March 31, 2019 , the available-for-sale debt securities have an average coupon rate of approximately 3.92% , an average duration of approximately 6.62 years, and an average maturity of approximately 13.26 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $98.5 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $26.5 $0.2 More than 12 months 87.4 1.2 Total $113.9 $1.4 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $170.1 $2.1 More than 12 months 145.8 3.9 Total $315.9 $6.0 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $42.4 $31.1 1 year - 5 years 119.3 130.5 5 years - 10 years 135.7 111.0 10 years - 15 years 26.8 29.0 15 years - 20 years 44.5 37.1 20 years+ 187.0 194.2 Total $555.7 $532.9 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $56.2 million and $125.5 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.3 million and $0.5 million , respectively, and gross losses of $0.2 million and $0.8 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $375.2 $6.9 $1.2 2018 Debt Securities $364.2 $2.9 $5.8 The amortized cost of available-for-sale debt securities was $369.5 million as of March 31, 2019 and $367.1 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.08% , an average duration of approximately 6.34 years, and an average maturity of approximately 9.06 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $67.3 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $44.2 $— More than 12 months 77.4 1.2 Total $121.6 $1.2 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $89.7 $2.4 More than 12 months 79.8 3.4 Total $169.5 $5.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $14.5 $22.8 1 year - 5 years 195.0 188.0 5 years - 10 years 80.1 73.4 10 years - 15 years 4.1 5.2 15 years - 20 years 10.2 10.2 20 years+ 71.3 64.6 Total $375.2 $364.2 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $42.1 million and $54.2 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.4 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.6 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates the available-for-sale debt securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with unrealized losses at the end of each period to determine whether an other-than-temporary impairment 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, 2019 and 2018 . 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 Louisiana [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. As discussed in Note 16 to the financial statements herein and Note 14 to the financial statements in the Form 10-K, in January 2019, Entergy completed the transfer of the Vermont Yankee plant to NorthStar. As part of the transaction, Entergy transferred the Vermont Yankee decommissioning trust fund to NorthStar. As of December 31, 2018, the value of the decommissioning trust fund was $532 million . Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $340 million . The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities (a) $2,562 $51 $9 2018 Debt Securities (a) $2,495 $19 $35 (a) Debt securities presented herein do not include the $430 million and $389 million of debt securities held in the wholly-owned registered investment company as of March 31, 2019 and December 31, 2018 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $7 million as of March 31, 2019 and ($1) million as of December 31, 2018 for debt securities. The amortized cost of available-for-sale debt securities was $2,520 million as of March 31, 2019 and $2,511 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.28% , an average duration of approximately 5.42 years, and an average maturity of approximately 9.13 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $197 $1 More than 12 months 588 8 Total $785 $9 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $652 $9 More than 12 months 782 26 Total $1,434 $35 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $185 $199 1 year - 5 years 1,100 1,066 5 years - 10 years 609 544 10 years - 15 years 67 77 15 years - 20 years 95 78 20 years+ 506 531 Total $2,562 $2,495 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $365 million and $1,091 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $2 million and $1 million , respectively, and gross losses of $2 million and $7 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2019 are $510 million for Indian Point 1, $645 million for Indian Point 2, $845 million for Indian Point 3, $481 million for Palisades, and $1,040 million for Pilgrim. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2018 are $471 million for Indian Point 1, $598 million for Indian Point 2, $781 million for Indian Point 3, $444 million for Palisades, $1,028 million for Pilgrim, and $532 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $391.0 $2.9 $2.3 2018 Debt Securities $381.3 $0.6 $8.2 The amortized cost of available-for-sale debt securities was $390.4 million as of March 31, 2019 and $389 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 2.85% , an average duration of approximately 4.81 years, and an average maturity of approximately 7.34 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $70.7 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.6 $— More than 12 months 182.7 2.3 Total $186.3 $2.3 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $65.8 $0.5 More than 12 months 231.1 7.7 Total $296.9 $8.2 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $35.6 $32.5 1 year - 5 years 163.7 170.3 5 years - 10 years 123.7 114.0 10 years - 15 years 10.2 10.3 15 years - 20 years 9.4 8.1 20 years+ 48.4 46.1 Total $391.0 $381.3 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $10.9 million and $34.9 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.02 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $555.7 $17.1 $1.4 2018 Debt Securities $532.9 $4.1 $6.0 The amortized cost of available-for-sale debt securities was $539.9 million as of March 31, 2019 and $534.8 million as of December 31, 2018 . As of March 31, 2019 , the available-for-sale debt securities have an average coupon rate of approximately 3.92% , an average duration of approximately 6.62 years, and an average maturity of approximately 13.26 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $98.5 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $26.5 $0.2 More than 12 months 87.4 1.2 Total $113.9 $1.4 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $170.1 $2.1 More than 12 months 145.8 3.9 Total $315.9 $6.0 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $42.4 $31.1 1 year - 5 years 119.3 130.5 5 years - 10 years 135.7 111.0 10 years - 15 years 26.8 29.0 15 years - 20 years 44.5 37.1 20 years+ 187.0 194.2 Total $555.7 $532.9 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $56.2 million and $125.5 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.3 million and $0.5 million , respectively, and gross losses of $0.2 million and $0.8 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $375.2 $6.9 $1.2 2018 Debt Securities $364.2 $2.9 $5.8 The amortized cost of available-for-sale debt securities was $369.5 million as of March 31, 2019 and $367.1 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.08% , an average duration of approximately 6.34 years, and an average maturity of approximately 9.06 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $67.3 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $44.2 $— More than 12 months 77.4 1.2 Total $121.6 $1.2 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $89.7 $2.4 More than 12 months 79.8 3.4 Total $169.5 $5.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $14.5 $22.8 1 year - 5 years 195.0 188.0 5 years - 10 years 80.1 73.4 10 years - 15 years 4.1 5.2 15 years - 20 years 10.2 10.2 20 years+ 71.3 64.6 Total $375.2 $364.2 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $42.1 million and $54.2 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.4 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.6 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates the available-for-sale debt securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with unrealized losses at the end of each period to determine whether an other-than-temporary impairment 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, 2019 and 2018 . 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. |
System Energy [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. As discussed in Note 16 to the financial statements herein and Note 14 to the financial statements in the Form 10-K, in January 2019, Entergy completed the transfer of the Vermont Yankee plant to NorthStar. As part of the transaction, Entergy transferred the Vermont Yankee decommissioning trust fund to NorthStar. As of December 31, 2018, the value of the decommissioning trust fund was $532 million . Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for Pilgrim, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity. Unrealized losses (where cost exceeds fair market value) on the available-for-sale debt securities in the trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergy’s decommissioning trust funds are held in a wholly-owned registered investment company, and unrealized gains and losses on both the equity and debt securities held in the registered investment company are recognized in earnings. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $340 million . The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The debt securities are generally held in individual government and credit issuances. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities (a) $2,562 $51 $9 2018 Debt Securities (a) $2,495 $19 $35 (a) Debt securities presented herein do not include the $430 million and $389 million of debt securities held in the wholly-owned registered investment company as of March 31, 2019 and December 31, 2018 , respectively, which are not accounted for as available-for-sale. The unrealized gains/(losses) above are reported before deferred taxes of $7 million as of March 31, 2019 and ($1) million as of December 31, 2018 for debt securities. The amortized cost of available-for-sale debt securities was $2,520 million as of March 31, 2019 and $2,511 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.28% , an average duration of approximately 5.42 years, and an average maturity of approximately 9.13 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $197 $1 More than 12 months 588 8 Total $785 $9 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $652 $9 More than 12 months 782 26 Total $1,434 $35 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $185 $199 1 year - 5 years 1,100 1,066 5 years - 10 years 609 544 10 years - 15 years 67 77 15 years - 20 years 95 78 20 years+ 506 531 Total $2,562 $2,495 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $365 million and $1,091 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $2 million and $1 million , respectively, and gross losses of $2 million and $7 million , respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of March 31, 2019 are $510 million for Indian Point 1, $645 million for Indian Point 2, $845 million for Indian Point 3, $481 million for Palisades, and $1,040 million for Pilgrim. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2018 are $471 million for Indian Point 1, $598 million for Indian Point 2, $781 million for Indian Point 3, $444 million for Palisades, $1,028 million for Pilgrim, and $532 million for Vermont Yankee. The fair values of the decommissioning trust funds for the Registrant Subsidiaries’ nuclear plants are detailed below. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $391.0 $2.9 $2.3 2018 Debt Securities $381.3 $0.6 $8.2 The amortized cost of available-for-sale debt securities was $390.4 million as of March 31, 2019 and $389 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 2.85% , an average duration of approximately 4.81 years, and an average maturity of approximately 7.34 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $70.7 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.6 $— More than 12 months 182.7 2.3 Total $186.3 $2.3 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $65.8 $0.5 More than 12 months 231.1 7.7 Total $296.9 $8.2 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $35.6 $32.5 1 year - 5 years 163.7 170.3 5 years - 10 years 123.7 114.0 10 years - 15 years 10.2 10.3 15 years - 20 years 9.4 8.1 20 years+ 48.4 46.1 Total $391.0 $381.3 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $10.9 million and $34.9 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.02 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.1 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $555.7 $17.1 $1.4 2018 Debt Securities $532.9 $4.1 $6.0 The amortized cost of available-for-sale debt securities was $539.9 million as of March 31, 2019 and $534.8 million as of December 31, 2018 . As of March 31, 2019 , the available-for-sale debt securities have an average coupon rate of approximately 3.92% , an average duration of approximately 6.62 years, and an average maturity of approximately 13.26 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $98.5 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $26.5 $0.2 More than 12 months 87.4 1.2 Total $113.9 $1.4 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $170.1 $2.1 More than 12 months 145.8 3.9 Total $315.9 $6.0 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $42.4 $31.1 1 year - 5 years 119.3 130.5 5 years - 10 years 135.7 111.0 10 years - 15 years 26.8 29.0 15 years - 20 years 44.5 37.1 20 years+ 187.0 194.2 Total $555.7 $532.9 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $56.2 million and $125.5 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.3 million and $0.5 million , respectively, and gross losses of $0.2 million and $0.8 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $375.2 $6.9 $1.2 2018 Debt Securities $364.2 $2.9 $5.8 The amortized cost of available-for-sale debt securities was $369.5 million as of March 31, 2019 and $367.1 million as of December 31, 2018 . As of March 31, 2019 , available-for-sale debt securities have an average coupon rate of approximately 3.08% , an average duration of approximately 6.34 years, and an average maturity of approximately 9.06 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2019 on equity securities still held as of March 31, 2019 were $67.3 million . The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $44.2 $— More than 12 months 77.4 1.2 Total $121.6 $1.2 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $89.7 $2.4 More than 12 months 79.8 3.4 Total $169.5 $5.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $14.5 $22.8 1 year - 5 years 195.0 188.0 5 years - 10 years 80.1 73.4 10 years - 15 years 4.1 5.2 15 years - 20 years 10.2 10.2 20 years+ 71.3 64.6 Total $375.2 $364.2 During the three months ended March 31, 2019 and 2018 , proceeds from the dispositions of available-for-sale securities amounted to $42.1 million and $54.2 million , respectively. During the three months ended March 31, 2019 and 2018 , gross gains of $0.4 million and $0.1 million , respectively, and gross losses of $0.1 million and $0.6 million , respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy evaluates the available-for-sale debt securities in the Entergy Wholesale Commodities’ nuclear decommissioning trust funds with unrealized losses at the end of each period to determine whether an other-than-temporary impairment 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, 2019 and 2018 . 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Audits ” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the three months ended March 31, 2019, Entergy Arkansas, Entergy Louisiana, and Entergy Texas returned unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. For the three months ended March 31, 2019 the return of unprotected excess accumulated deferred income taxes reduced the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Entergy Arkansas, $32 million ; Entergy Louisiana, $7 million ; and Entergy Texas, $22 million . Other Tax Matters In April 2019 the state of Arkansas enacted corporate income tax law changes that phase in an Arkansas tax rate reduction from 6.5% to 5.9% by the year 2022. The rate reduction will eventually reduce Entergy Arkansas’s combined federal and state applicable tax rate by 0.4% once fully adopted. The Arkansas tax law enactment also phases in an increase to the net operating loss carryover period from five to ten years. The adoption of these tax law changes throughout the phase-in period is not expected to have a significant effect on the financial position, results of operations, or cash flows of Entergy Arkansas, the Utility, or Entergy. Vermont Yankee The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. See Note 16 to the financial statements herein for discussion of the Vermont Yankee transaction. |
Entergy Arkansas [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Audits ” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the three months ended March 31, 2019, Entergy Arkansas, Entergy Louisiana, and Entergy Texas returned unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. For the three months ended March 31, 2019 the return of unprotected excess accumulated deferred income taxes reduced the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Entergy Arkansas, $32 million ; Entergy Louisiana, $7 million ; and Entergy Texas, $22 million . Other Tax Matters In April 2019 the state of Arkansas enacted corporate income tax law changes that phase in an Arkansas tax rate reduction from 6.5% to 5.9% by the year 2022. The rate reduction will eventually reduce Entergy Arkansas’s combined federal and state applicable tax rate by 0.4% once fully adopted. The Arkansas tax law enactment also phases in an increase to the net operating loss carryover period from five to ten years. The adoption of these tax law changes throughout the phase-in period is not expected to have a significant effect on the financial position, results of operations, or cash flows of Entergy Arkansas, the Utility, or Entergy. Vermont Yankee The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. See Note 16 to the financial statements herein for discussion of the Vermont Yankee transaction. |
Entergy Louisiana [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Audits ” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the three months ended March 31, 2019, Entergy Arkansas, Entergy Louisiana, and Entergy Texas returned unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. For the three months ended March 31, 2019 the return of unprotected excess accumulated deferred income taxes reduced the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Entergy Arkansas, $32 million ; Entergy Louisiana, $7 million ; and Entergy Texas, $22 million . Other Tax Matters In April 2019 the state of Arkansas enacted corporate income tax law changes that phase in an Arkansas tax rate reduction from 6.5% to 5.9% by the year 2022. The rate reduction will eventually reduce Entergy Arkansas’s combined federal and state applicable tax rate by 0.4% once fully adopted. The Arkansas tax law enactment also phases in an increase to the net operating loss carryover period from five to ten years. The adoption of these tax law changes throughout the phase-in period is not expected to have a significant effect on the financial position, results of operations, or cash flows of Entergy Arkansas, the Utility, or Entergy. Vermont Yankee The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. See Note 16 to the financial statements herein for discussion of the Vermont Yankee transaction. |
Entergy Mississippi [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Audits ” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the three months ended March 31, 2019, Entergy Arkansas, Entergy Louisiana, and Entergy Texas returned unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. For the three months ended March 31, 2019 the return of unprotected excess accumulated deferred income taxes reduced the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Entergy Arkansas, $32 million ; Entergy Louisiana, $7 million ; and Entergy Texas, $22 million . Other Tax Matters In April 2019 the state of Arkansas enacted corporate income tax law changes that phase in an Arkansas tax rate reduction from 6.5% to 5.9% by the year 2022. The rate reduction will eventually reduce Entergy Arkansas’s combined federal and state applicable tax rate by 0.4% once fully adopted. The Arkansas tax law enactment also phases in an increase to the net operating loss carryover period from five to ten years. The adoption of these tax law changes throughout the phase-in period is not expected to have a significant effect on the financial position, results of operations, or cash flows of Entergy Arkansas, the Utility, or Entergy. Vermont Yankee The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. See Note 16 to the financial statements herein for discussion of the Vermont Yankee transaction. |
Entergy New Orleans [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Audits ” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the three months ended March 31, 2019, Entergy Arkansas, Entergy Louisiana, and Entergy Texas returned unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. For the three months ended March 31, 2019 the return of unprotected excess accumulated deferred income taxes reduced the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Entergy Arkansas, $32 million ; Entergy Louisiana, $7 million ; and Entergy Texas, $22 million . Other Tax Matters In April 2019 the state of Arkansas enacted corporate income tax law changes that phase in an Arkansas tax rate reduction from 6.5% to 5.9% by the year 2022. The rate reduction will eventually reduce Entergy Arkansas’s combined federal and state applicable tax rate by 0.4% once fully adopted. The Arkansas tax law enactment also phases in an increase to the net operating loss carryover period from five to ten years. The adoption of these tax law changes throughout the phase-in period is not expected to have a significant effect on the financial position, results of operations, or cash flows of Entergy Arkansas, the Utility, or Entergy. Vermont Yankee The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. See Note 16 to the financial statements herein for discussion of the Vermont Yankee transaction. |
Entergy Texas [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Audits ” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the three months ended March 31, 2019, Entergy Arkansas, Entergy Louisiana, and Entergy Texas returned unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. For the three months ended March 31, 2019 the return of unprotected excess accumulated deferred income taxes reduced the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Entergy Arkansas, $32 million ; Entergy Louisiana, $7 million ; and Entergy Texas, $22 million . Other Tax Matters In April 2019 the state of Arkansas enacted corporate income tax law changes that phase in an Arkansas tax rate reduction from 6.5% to 5.9% by the year 2022. The rate reduction will eventually reduce Entergy Arkansas’s combined federal and state applicable tax rate by 0.4% once fully adopted. The Arkansas tax law enactment also phases in an increase to the net operating loss carryover period from five to ten years. The adoption of these tax law changes throughout the phase-in period is not expected to have a significant effect on the financial position, results of operations, or cash flows of Entergy Arkansas, the Utility, or Entergy. Vermont Yankee The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. See Note 16 to the financial statements herein for discussion of the Vermont Yankee transaction. |
System Energy [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See “ Income Tax Audits ” and “ Other Tax Matters ” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the three months ended March 31, 2019, Entergy Arkansas, Entergy Louisiana, and Entergy Texas returned unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This has a significant effect on the effective tax rate for the period as compared to the statutory tax rate. For the three months ended March 31, 2019 the return of unprotected excess accumulated deferred income taxes reduced the Registrant Subsidiaries’ regulatory liability for income taxes as follows: Entergy Arkansas, $32 million ; Entergy Louisiana, $7 million ; and Entergy Texas, $22 million . Other Tax Matters In April 2019 the state of Arkansas enacted corporate income tax law changes that phase in an Arkansas tax rate reduction from 6.5% to 5.9% by the year 2022. The rate reduction will eventually reduce Entergy Arkansas’s combined federal and state applicable tax rate by 0.4% once fully adopted. The Arkansas tax law enactment also phases in an increase to the net operating loss carryover period from five to ten years. The adoption of these tax law changes throughout the phase-in period is not expected to have a significant effect on the financial position, results of operations, or cash flows of Entergy Arkansas, the Utility, or Entergy. Vermont Yankee The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. See Note 16 to the financial statements herein for discussion of the Vermont Yankee transaction. |
Property, Plant, And Equipment
Property, Plant, And Equipment | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 are $324 million for Entergy, $29.9 million for Entergy Arkansas, $118 million for Entergy Louisiana, $13.8 million for Entergy Mississippi, $8.2 million for Entergy New Orleans, $72.3 million for Entergy Texas, and $20.2 million for System Energy. Construction expenditures included in accounts payable at December 31, 2018 are $311 million for Entergy, $35.7 million for Entergy Arkansas, $104.6 million for Entergy Louisiana, $13.6 million for Entergy Mississippi, $5.8 million for Entergy New Orleans, $55.6 million for Entergy Texas, and $26.3 million for System Energy. |
Entergy Arkansas [Member] | |
Property, Plant, And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at March 31, 2019 are $324 million for Entergy, $29.9 million for Entergy Arkansas, $118 million for Entergy Louisiana, $13.8 million for Entergy Mississippi, $8.2 million for Entergy New Orleans, $72.3 million for Entergy Texas, and $20.2 million for System Energy. Construction expenditures included in accounts payable at December 31, 2018 are $311 million for Entergy, $35.7 million for Entergy Arkansas, $104.6 million for Entergy Louisiana, $13.6 million for Entergy Mississippi, $5.8 million for Entergy New Orleans, $55.6 million for Entergy Texas, and $26.3 million for System Energy. |
Entergy Louisiana [Member] | |
Property, Plant, And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at March 31, 2019 are $324 million for Entergy, $29.9 million for Entergy Arkansas, $118 million for Entergy Louisiana, $13.8 million for Entergy Mississippi, $8.2 million for Entergy New Orleans, $72.3 million for Entergy Texas, and $20.2 million for System Energy. Construction expenditures included in accounts payable at December 31, 2018 are $311 million for Entergy, $35.7 million for Entergy Arkansas, $104.6 million for Entergy Louisiana, $13.6 million for Entergy Mississippi, $5.8 million for Entergy New Orleans, $55.6 million for Entergy Texas, and $26.3 million for System Energy. |
Entergy Mississippi [Member] | |
Property, Plant, And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at March 31, 2019 are $324 million for Entergy, $29.9 million for Entergy Arkansas, $118 million for Entergy Louisiana, $13.8 million for Entergy Mississippi, $8.2 million for Entergy New Orleans, $72.3 million for Entergy Texas, and $20.2 million for System Energy. Construction expenditures included in accounts payable at December 31, 2018 are $311 million for Entergy, $35.7 million for Entergy Arkansas, $104.6 million for Entergy Louisiana, $13.6 million for Entergy Mississippi, $5.8 million for Entergy New Orleans, $55.6 million for Entergy Texas, and $26.3 million for System Energy. |
Entergy New Orleans [Member] | |
Property, Plant, And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at March 31, 2019 are $324 million for Entergy, $29.9 million for Entergy Arkansas, $118 million for Entergy Louisiana, $13.8 million for Entergy Mississippi, $8.2 million for Entergy New Orleans, $72.3 million for Entergy Texas, and $20.2 million for System Energy. Construction expenditures included in accounts payable at December 31, 2018 are $311 million for Entergy, $35.7 million for Entergy Arkansas, $104.6 million for Entergy Louisiana, $13.6 million for Entergy Mississippi, $5.8 million for Entergy New Orleans, $55.6 million for Entergy Texas, and $26.3 million for System Energy. |
Entergy Texas [Member] | |
Property, Plant, And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at March 31, 2019 are $324 million for Entergy, $29.9 million for Entergy Arkansas, $118 million for Entergy Louisiana, $13.8 million for Entergy Mississippi, $8.2 million for Entergy New Orleans, $72.3 million for Entergy Texas, and $20.2 million for System Energy. Construction expenditures included in accounts payable at December 31, 2018 are $311 million for Entergy, $35.7 million for Entergy Arkansas, $104.6 million for Entergy Louisiana, $13.6 million for Entergy Mississippi, $5.8 million for Entergy New Orleans, $55.6 million for Entergy Texas, and $26.3 million for System Energy. |
System Energy [Member] | |
Property, Plant, And Equipment | PROPERTY, PLANT, AND EQUIPMENT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Construction Expenditures in Accounts Payable Construction expenditures included in accounts payable at March 31, 2019 are $324 million for Entergy, $29.9 million for Entergy Arkansas, $118 million for Entergy Louisiana, $13.8 million for Entergy Mississippi, $8.2 million for Entergy New Orleans, $72.3 million for Entergy Texas, and $20.2 million for System Energy. Construction expenditures included in accounts payable at December 31, 2018 are $311 million for Entergy, $35.7 million for Entergy Arkansas, $104.6 million for Entergy Louisiana, $13.6 million for Entergy Mississippi, $5.8 million for Entergy New Orleans, $55.6 million for Entergy Texas, and $26.3 million for System Energy. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2019 | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the three months ended March 31, 2019 and in the three months ended March 31, 2018 . |
Entergy Arkansas [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the three months ended March 31, 2019 and in the three months ended March 31, 2018 . |
Entergy Louisiana [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the three months ended March 31, 2019 and in the three months ended March 31, 2018 . |
Entergy Mississippi [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the three months ended March 31, 2019 and in the three months ended March 31, 2018 . |
Entergy New Orleans [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the three months ended March 31, 2019 and in the three months ended March 31, 2018 . |
Entergy Texas [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the three months ended March 31, 2019 and in the three months ended March 31, 2018 . |
System Energy [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities. See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities and commercial paper borrowings and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 10 to the financial statements in the Form 10-K. System Energy made payments on its lease, including interest, of $8.6 million in the three months ended March 31, 2019 and in the three months ended March 31, 2018 . |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition | REVENUE RECOGNITION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy Arkansas [Member] | |
Revenue Recognition | REVENUE RECOGNITION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy Louisiana [Member] | |
Revenue Recognition | REVENUE RECOGNITION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy Mississippi [Member] | |
Revenue Recognition | REVENUE RECOGNITION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy New Orleans [Member] | |
Revenue Recognition | REVENUE RECOGNITION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy Texas [Member] | |
Revenue Recognition | REVENUE RECOGNITION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
System Energy [Member] | |
Revenue Recognition | REVENUE RECOGNITION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Asset Retirement Obligations As
Asset Retirement Obligations Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2019 | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. The following is an update to that discussion. In the first quarter 2019, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $126.2 million increase in its decommissioning cost liabilities, along with corresponding increases in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. |
Entergy Arkansas [Member] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. The following is an update to that discussion. In the first quarter 2019, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $126.2 million increase in its decommissioning cost liabilities, along with corresponding increases in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. |
Entergy Louisiana [Member] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. The following is an update to that discussion. In the first quarter 2019, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $126.2 million increase in its decommissioning cost liabilities, along with corresponding increases in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. |
Entergy Mississippi [Member] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. The following is an update to that discussion. In the first quarter 2019, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $126.2 million increase in its decommissioning cost liabilities, along with corresponding increases in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. |
Entergy New Orleans [Member] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. The following is an update to that discussion. In the first quarter 2019, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $126.2 million increase in its decommissioning cost liabilities, along with corresponding increases in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. |
Entergy Texas [Member] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. The following is an update to that discussion. In the first quarter 2019, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $126.2 million increase in its decommissioning cost liabilities, along with corresponding increases in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. |
System Energy [Member] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See Note 9 to the financial statements in the Form 10-K for a discussion of asset retirement obligations. The following is an update to that discussion. In the first quarter 2019, Entergy Arkansas recorded a revision to its estimated decommissioning cost liabilities for ANO 1 and ANO 2 as a result of a revised decommissioning cost study. The revised estimates resulted in a $126.2 million increase in its decommissioning cost liabilities, along with corresponding increases in the related asset retirement cost assets that will be depreciated over the remaining lives of the units. |
Leases Leases
Leases Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases | LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy implemented ASU 2016-02, “Leases (Topic 842),” effective January 1, 2019. The ASU’s core principle is that “a lessee should recognize the assets and liabilities that arise from leases.” The ASU considers that “all leases create an asset and a liability,” and accordingly requires recording the assets and liabilities related to all leases with a term greater than 12 months. Concurrent with the implementation of ASU 2016-02, Entergy implemented ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” which provided Entergy the option to elect not to evaluate existing land easements that are not currently accounted for under the previous lease standard, and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which intended to simplify the transition requirement giving Entergy the option to apply the transition provisions of the new standard at the date of adoption instead of at the earliest comparative period. In implementing these ASUs, Entergy elected the options provided in both ASU 2018-01 and ASU 2018-11. This accounting was applied to all lease agreements using the modified retrospective method, which required an adjustment to retained earnings for the cumulative effect of adopting the standard as of the effective date, and when implemented with ASU 2018-11, allowed Entergy to recognize the leased assets and liabilities on its balance sheet beginning on January 1, 2019 without restating prior periods. In adopting the standard, in January 2019 Entergy recognized right-of-use assets and corresponding lease liabilities totaling approximately $263 million , including $59 million for Entergy Arkansas, $51 million for Entergy Louisiana, $26 million for Entergy Mississippi, $7 million for Entergy New Orleans, and $16 million for Entergy Texas. Implementation of the standards had no material effect on consolidated net income; therefore, no adjustment to retained earnings was recorded. The adoption of the standards had no effect on cash flows. General As of March 31, 2019, Entergy and the Registrant Subsidiaries held operating and financing leases for fleet vehicles used in operations, real estate, fuel storage facilities, and power purchase agreements. Excluded from this are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases. Leases have remaining terms of one year to 30 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications which would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor; however, due to the nature of the agreements and Entergy’s continuing relationship with the lessor, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly. Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 The lease costs disclosed above materially approximate the cash flows used by Entergy for leases with all costs included within operating activities on the Consolidated Statements of Cash Flows, except for the financing lease costs which are included in financing activities. The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 The lease costs disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the financing lease costs which are included in financing activities. Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below. Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheet at March 31, 2019 are $241 million related to operating leases and $60 million related to financing leases. Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations, fuel storage agreements, and purchased power agreements and to allocate the contract consideration to both lease and non-lease components for real estate leases. In accordance with ASU 2018-11, below is the lease disclosure from Note 10 to the financial statements in the Form 10-K. General As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 Total rental expenses for all leases (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf and Waterford 3 sale and leaseback transactions) amounted to $47.8 million in 2018 , $53.1 million in 2017 , and $44.4 million in 2016 . As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 In addition to the above rental expense, railcar operating lease payments and oil tank facilities lease payments are recorded in fuel expense in accordance with regulatory treatment. Railcar operating lease payments were $2.8 million in 2018 , $4 million in 2017 , and $3.4 million in 2016 for Entergy Arkansas and $0.4 million in 2018 , $0.3 million in 2017 , and $0.3 million in 2016 for Entergy Louisiana. Oil tank facilities lease payments for Entergy Mississippi were $0.1 million in 2018 , $1.6 million in 2017 , and $1.6 million in 2016 . On January 1, 2019, Entergy implemented ASU No. 2016-02, “Leases (Topic 842)” along with the practical expedients provided by ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” See Note 1 to the financial statements in the Form 10-K for further discussion of ASU No. 2016-02. Power Purchase Agreements As of December 31, 2018 , Entergy Texas had a power purchase agreement that is accounted for as an operating lease under the accounting standards. The lease payments are recovered in fuel expense in accordance with regulatory treatment. The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. Total capacity expense under the power purchase agreement accounted for as an operating lease at Entergy Texas was $30.5 million in 2018, $34.1 million in 2017, and $26.1 million in 2016. Sales and Leaseback Transactions Waterford 3 Lease Obligation In 1989, in three separate but substantially identical transactions, Entergy Louisiana sold and leased back undivided interests in Waterford 3 for the aggregate sum of $353.6 million . The leases were scheduled to expire in July 2017. Entergy Louisiana was required to report the sale-leaseback as a financing transaction in its financial statements. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. The purchase was accomplished in a two-step transaction in which Entergy Louisiana first acquired the equity participant’s beneficial interest in the leased assets, followed by a termination of the leases and transfer of the leased assets to Entergy Louisiana when the outstanding lessor debt is paid. 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 continued to make payments on the lessor debt that remained outstanding and which matured in January 2017. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt was 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. Throughout the term of the lease, Entergy Louisiana had accrued a liability for the amount it expected to pay to retain the use of the undivided interests in Waterford 3 at the end of the lease term. Since the sale-leaseback transaction was accounted for as a financing transaction, the accrual of this liability was accounted for as additional interest expense. As of December 2015, the balance of this liability was $62.7 million . Upon entering into the agreement to purchase the equity participant’s beneficial interest in the undivided interests, Entergy Louisiana reduced the balance of the liability to $60 million , and recorded the $2.7 million difference as a credit to interest expense. The $60 million remaining liability was eliminated upon payment of the cash portion of the purchase price in 2016. As of December 31, 2016, Entergy Louisiana, in connection with the Waterford 3 lease obligation, had a future minimum lease payment (reflecting an interest rate of 8.09% ) of $57.5 million , including $2.3 million in interest, due January 2017 that was recorded as long-term debt. In February 2017 the leases were terminated and the leased assets were conveyed to Entergy Louisiana. Grand Gulf Lease Obligations In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million . The initial term of the leases expired in July 2015. System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy. System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. For financial reporting purposes, System Energy expenses the interest portion of the lease obligation and the plant depreciation. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2018 and 2017. As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
Entergy Arkansas [Member] | |
Leases | LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy implemented ASU 2016-02, “Leases (Topic 842),” effective January 1, 2019. The ASU’s core principle is that “a lessee should recognize the assets and liabilities that arise from leases.” The ASU considers that “all leases create an asset and a liability,” and accordingly requires recording the assets and liabilities related to all leases with a term greater than 12 months. Concurrent with the implementation of ASU 2016-02, Entergy implemented ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” which provided Entergy the option to elect not to evaluate existing land easements that are not currently accounted for under the previous lease standard, and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which intended to simplify the transition requirement giving Entergy the option to apply the transition provisions of the new standard at the date of adoption instead of at the earliest comparative period. In implementing these ASUs, Entergy elected the options provided in both ASU 2018-01 and ASU 2018-11. This accounting was applied to all lease agreements using the modified retrospective method, which required an adjustment to retained earnings for the cumulative effect of adopting the standard as of the effective date, and when implemented with ASU 2018-11, allowed Entergy to recognize the leased assets and liabilities on its balance sheet beginning on January 1, 2019 without restating prior periods. In adopting the standard, in January 2019 Entergy recognized right-of-use assets and corresponding lease liabilities totaling approximately $263 million , including $59 million for Entergy Arkansas, $51 million for Entergy Louisiana, $26 million for Entergy Mississippi, $7 million for Entergy New Orleans, and $16 million for Entergy Texas. Implementation of the standards had no material effect on consolidated net income; therefore, no adjustment to retained earnings was recorded. The adoption of the standards had no effect on cash flows. General As of March 31, 2019, Entergy and the Registrant Subsidiaries held operating and financing leases for fleet vehicles used in operations, real estate, fuel storage facilities, and power purchase agreements. Excluded from this are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases. Leases have remaining terms of one year to 30 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications which would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor; however, due to the nature of the agreements and Entergy’s continuing relationship with the lessor, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly. Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 The lease costs disclosed above materially approximate the cash flows used by Entergy for leases with all costs included within operating activities on the Consolidated Statements of Cash Flows, except for the financing lease costs which are included in financing activities. The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 The lease costs disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the financing lease costs which are included in financing activities. Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below. Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheet at March 31, 2019 are $241 million related to operating leases and $60 million related to financing leases. Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations, fuel storage agreements, and purchased power agreements and to allocate the contract consideration to both lease and non-lease components for real estate leases. In accordance with ASU 2018-11, below is the lease disclosure from Note 10 to the financial statements in the Form 10-K. General As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 Total rental expenses for all leases (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf and Waterford 3 sale and leaseback transactions) amounted to $47.8 million in 2018 , $53.1 million in 2017 , and $44.4 million in 2016 . As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 In addition to the above rental expense, railcar operating lease payments and oil tank facilities lease payments are recorded in fuel expense in accordance with regulatory treatment. Railcar operating lease payments were $2.8 million in 2018 , $4 million in 2017 , and $3.4 million in 2016 for Entergy Arkansas and $0.4 million in 2018 , $0.3 million in 2017 , and $0.3 million in 2016 for Entergy Louisiana. Oil tank facilities lease payments for Entergy Mississippi were $0.1 million in 2018 , $1.6 million in 2017 , and $1.6 million in 2016 . On January 1, 2019, Entergy implemented ASU No. 2016-02, “Leases (Topic 842)” along with the practical expedients provided by ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” See Note 1 to the financial statements in the Form 10-K for further discussion of ASU No. 2016-02. Power Purchase Agreements As of December 31, 2018 , Entergy Texas had a power purchase agreement that is accounted for as an operating lease under the accounting standards. The lease payments are recovered in fuel expense in accordance with regulatory treatment. The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. Total capacity expense under the power purchase agreement accounted for as an operating lease at Entergy Texas was $30.5 million in 2018, $34.1 million in 2017, and $26.1 million in 2016. Sales and Leaseback Transactions Waterford 3 Lease Obligation In 1989, in three separate but substantially identical transactions, Entergy Louisiana sold and leased back undivided interests in Waterford 3 for the aggregate sum of $353.6 million . The leases were scheduled to expire in July 2017. Entergy Louisiana was required to report the sale-leaseback as a financing transaction in its financial statements. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. The purchase was accomplished in a two-step transaction in which Entergy Louisiana first acquired the equity participant’s beneficial interest in the leased assets, followed by a termination of the leases and transfer of the leased assets to Entergy Louisiana when the outstanding lessor debt is paid. 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 continued to make payments on the lessor debt that remained outstanding and which matured in January 2017. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt was 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. Throughout the term of the lease, Entergy Louisiana had accrued a liability for the amount it expected to pay to retain the use of the undivided interests in Waterford 3 at the end of the lease term. Since the sale-leaseback transaction was accounted for as a financing transaction, the accrual of this liability was accounted for as additional interest expense. As of December 2015, the balance of this liability was $62.7 million . Upon entering into the agreement to purchase the equity participant’s beneficial interest in the undivided interests, Entergy Louisiana reduced the balance of the liability to $60 million , and recorded the $2.7 million difference as a credit to interest expense. The $60 million remaining liability was eliminated upon payment of the cash portion of the purchase price in 2016. As of December 31, 2016, Entergy Louisiana, in connection with the Waterford 3 lease obligation, had a future minimum lease payment (reflecting an interest rate of 8.09% ) of $57.5 million , including $2.3 million in interest, due January 2017 that was recorded as long-term debt. In February 2017 the leases were terminated and the leased assets were conveyed to Entergy Louisiana. Grand Gulf Lease Obligations In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million . The initial term of the leases expired in July 2015. System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy. System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. For financial reporting purposes, System Energy expenses the interest portion of the lease obligation and the plant depreciation. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2018 and 2017. As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
Entergy Louisiana [Member] | |
Leases | LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy implemented ASU 2016-02, “Leases (Topic 842),” effective January 1, 2019. The ASU’s core principle is that “a lessee should recognize the assets and liabilities that arise from leases.” The ASU considers that “all leases create an asset and a liability,” and accordingly requires recording the assets and liabilities related to all leases with a term greater than 12 months. Concurrent with the implementation of ASU 2016-02, Entergy implemented ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” which provided Entergy the option to elect not to evaluate existing land easements that are not currently accounted for under the previous lease standard, and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which intended to simplify the transition requirement giving Entergy the option to apply the transition provisions of the new standard at the date of adoption instead of at the earliest comparative period. In implementing these ASUs, Entergy elected the options provided in both ASU 2018-01 and ASU 2018-11. This accounting was applied to all lease agreements using the modified retrospective method, which required an adjustment to retained earnings for the cumulative effect of adopting the standard as of the effective date, and when implemented with ASU 2018-11, allowed Entergy to recognize the leased assets and liabilities on its balance sheet beginning on January 1, 2019 without restating prior periods. In adopting the standard, in January 2019 Entergy recognized right-of-use assets and corresponding lease liabilities totaling approximately $263 million , including $59 million for Entergy Arkansas, $51 million for Entergy Louisiana, $26 million for Entergy Mississippi, $7 million for Entergy New Orleans, and $16 million for Entergy Texas. Implementation of the standards had no material effect on consolidated net income; therefore, no adjustment to retained earnings was recorded. The adoption of the standards had no effect on cash flows. General As of March 31, 2019, Entergy and the Registrant Subsidiaries held operating and financing leases for fleet vehicles used in operations, real estate, fuel storage facilities, and power purchase agreements. Excluded from this are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases. Leases have remaining terms of one year to 30 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications which would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor; however, due to the nature of the agreements and Entergy’s continuing relationship with the lessor, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly. Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 The lease costs disclosed above materially approximate the cash flows used by Entergy for leases with all costs included within operating activities on the Consolidated Statements of Cash Flows, except for the financing lease costs which are included in financing activities. The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 The lease costs disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the financing lease costs which are included in financing activities. Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below. Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheet at March 31, 2019 are $241 million related to operating leases and $60 million related to financing leases. Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations, fuel storage agreements, and purchased power agreements and to allocate the contract consideration to both lease and non-lease components for real estate leases. In accordance with ASU 2018-11, below is the lease disclosure from Note 10 to the financial statements in the Form 10-K. General As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 Total rental expenses for all leases (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf and Waterford 3 sale and leaseback transactions) amounted to $47.8 million in 2018 , $53.1 million in 2017 , and $44.4 million in 2016 . As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 In addition to the above rental expense, railcar operating lease payments and oil tank facilities lease payments are recorded in fuel expense in accordance with regulatory treatment. Railcar operating lease payments were $2.8 million in 2018 , $4 million in 2017 , and $3.4 million in 2016 for Entergy Arkansas and $0.4 million in 2018 , $0.3 million in 2017 , and $0.3 million in 2016 for Entergy Louisiana. Oil tank facilities lease payments for Entergy Mississippi were $0.1 million in 2018 , $1.6 million in 2017 , and $1.6 million in 2016 . On January 1, 2019, Entergy implemented ASU No. 2016-02, “Leases (Topic 842)” along with the practical expedients provided by ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” See Note 1 to the financial statements in the Form 10-K for further discussion of ASU No. 2016-02. Power Purchase Agreements As of December 31, 2018 , Entergy Texas had a power purchase agreement that is accounted for as an operating lease under the accounting standards. The lease payments are recovered in fuel expense in accordance with regulatory treatment. The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. Total capacity expense under the power purchase agreement accounted for as an operating lease at Entergy Texas was $30.5 million in 2018, $34.1 million in 2017, and $26.1 million in 2016. Sales and Leaseback Transactions Waterford 3 Lease Obligation In 1989, in three separate but substantially identical transactions, Entergy Louisiana sold and leased back undivided interests in Waterford 3 for the aggregate sum of $353.6 million . The leases were scheduled to expire in July 2017. Entergy Louisiana was required to report the sale-leaseback as a financing transaction in its financial statements. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. The purchase was accomplished in a two-step transaction in which Entergy Louisiana first acquired the equity participant’s beneficial interest in the leased assets, followed by a termination of the leases and transfer of the leased assets to Entergy Louisiana when the outstanding lessor debt is paid. 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 continued to make payments on the lessor debt that remained outstanding and which matured in January 2017. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt was 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. Throughout the term of the lease, Entergy Louisiana had accrued a liability for the amount it expected to pay to retain the use of the undivided interests in Waterford 3 at the end of the lease term. Since the sale-leaseback transaction was accounted for as a financing transaction, the accrual of this liability was accounted for as additional interest expense. As of December 2015, the balance of this liability was $62.7 million . Upon entering into the agreement to purchase the equity participant’s beneficial interest in the undivided interests, Entergy Louisiana reduced the balance of the liability to $60 million , and recorded the $2.7 million difference as a credit to interest expense. The $60 million remaining liability was eliminated upon payment of the cash portion of the purchase price in 2016. As of December 31, 2016, Entergy Louisiana, in connection with the Waterford 3 lease obligation, had a future minimum lease payment (reflecting an interest rate of 8.09% ) of $57.5 million , including $2.3 million in interest, due January 2017 that was recorded as long-term debt. In February 2017 the leases were terminated and the leased assets were conveyed to Entergy Louisiana. Grand Gulf Lease Obligations In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million . The initial term of the leases expired in July 2015. System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy. System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. For financial reporting purposes, System Energy expenses the interest portion of the lease obligation and the plant depreciation. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2018 and 2017. As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
Entergy Mississippi [Member] | |
Leases | LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy implemented ASU 2016-02, “Leases (Topic 842),” effective January 1, 2019. The ASU’s core principle is that “a lessee should recognize the assets and liabilities that arise from leases.” The ASU considers that “all leases create an asset and a liability,” and accordingly requires recording the assets and liabilities related to all leases with a term greater than 12 months. Concurrent with the implementation of ASU 2016-02, Entergy implemented ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” which provided Entergy the option to elect not to evaluate existing land easements that are not currently accounted for under the previous lease standard, and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which intended to simplify the transition requirement giving Entergy the option to apply the transition provisions of the new standard at the date of adoption instead of at the earliest comparative period. In implementing these ASUs, Entergy elected the options provided in both ASU 2018-01 and ASU 2018-11. This accounting was applied to all lease agreements using the modified retrospective method, which required an adjustment to retained earnings for the cumulative effect of adopting the standard as of the effective date, and when implemented with ASU 2018-11, allowed Entergy to recognize the leased assets and liabilities on its balance sheet beginning on January 1, 2019 without restating prior periods. In adopting the standard, in January 2019 Entergy recognized right-of-use assets and corresponding lease liabilities totaling approximately $263 million , including $59 million for Entergy Arkansas, $51 million for Entergy Louisiana, $26 million for Entergy Mississippi, $7 million for Entergy New Orleans, and $16 million for Entergy Texas. Implementation of the standards had no material effect on consolidated net income; therefore, no adjustment to retained earnings was recorded. The adoption of the standards had no effect on cash flows. General As of March 31, 2019, Entergy and the Registrant Subsidiaries held operating and financing leases for fleet vehicles used in operations, real estate, fuel storage facilities, and power purchase agreements. Excluded from this are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases. Leases have remaining terms of one year to 30 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications which would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor; however, due to the nature of the agreements and Entergy’s continuing relationship with the lessor, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly. Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 The lease costs disclosed above materially approximate the cash flows used by Entergy for leases with all costs included within operating activities on the Consolidated Statements of Cash Flows, except for the financing lease costs which are included in financing activities. The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 The lease costs disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the financing lease costs which are included in financing activities. Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below. Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheet at March 31, 2019 are $241 million related to operating leases and $60 million related to financing leases. Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations, fuel storage agreements, and purchased power agreements and to allocate the contract consideration to both lease and non-lease components for real estate leases. In accordance with ASU 2018-11, below is the lease disclosure from Note 10 to the financial statements in the Form 10-K. General As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 Total rental expenses for all leases (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf and Waterford 3 sale and leaseback transactions) amounted to $47.8 million in 2018 , $53.1 million in 2017 , and $44.4 million in 2016 . As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 In addition to the above rental expense, railcar operating lease payments and oil tank facilities lease payments are recorded in fuel expense in accordance with regulatory treatment. Railcar operating lease payments were $2.8 million in 2018 , $4 million in 2017 , and $3.4 million in 2016 for Entergy Arkansas and $0.4 million in 2018 , $0.3 million in 2017 , and $0.3 million in 2016 for Entergy Louisiana. Oil tank facilities lease payments for Entergy Mississippi were $0.1 million in 2018 , $1.6 million in 2017 , and $1.6 million in 2016 . On January 1, 2019, Entergy implemented ASU No. 2016-02, “Leases (Topic 842)” along with the practical expedients provided by ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” See Note 1 to the financial statements in the Form 10-K for further discussion of ASU No. 2016-02. Power Purchase Agreements As of December 31, 2018 , Entergy Texas had a power purchase agreement that is accounted for as an operating lease under the accounting standards. The lease payments are recovered in fuel expense in accordance with regulatory treatment. The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. Total capacity expense under the power purchase agreement accounted for as an operating lease at Entergy Texas was $30.5 million in 2018, $34.1 million in 2017, and $26.1 million in 2016. Sales and Leaseback Transactions Waterford 3 Lease Obligation In 1989, in three separate but substantially identical transactions, Entergy Louisiana sold and leased back undivided interests in Waterford 3 for the aggregate sum of $353.6 million . The leases were scheduled to expire in July 2017. Entergy Louisiana was required to report the sale-leaseback as a financing transaction in its financial statements. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. The purchase was accomplished in a two-step transaction in which Entergy Louisiana first acquired the equity participant’s beneficial interest in the leased assets, followed by a termination of the leases and transfer of the leased assets to Entergy Louisiana when the outstanding lessor debt is paid. 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 continued to make payments on the lessor debt that remained outstanding and which matured in January 2017. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt was 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. Throughout the term of the lease, Entergy Louisiana had accrued a liability for the amount it expected to pay to retain the use of the undivided interests in Waterford 3 at the end of the lease term. Since the sale-leaseback transaction was accounted for as a financing transaction, the accrual of this liability was accounted for as additional interest expense. As of December 2015, the balance of this liability was $62.7 million . Upon entering into the agreement to purchase the equity participant’s beneficial interest in the undivided interests, Entergy Louisiana reduced the balance of the liability to $60 million , and recorded the $2.7 million difference as a credit to interest expense. The $60 million remaining liability was eliminated upon payment of the cash portion of the purchase price in 2016. As of December 31, 2016, Entergy Louisiana, in connection with the Waterford 3 lease obligation, had a future minimum lease payment (reflecting an interest rate of 8.09% ) of $57.5 million , including $2.3 million in interest, due January 2017 that was recorded as long-term debt. In February 2017 the leases were terminated and the leased assets were conveyed to Entergy Louisiana. Grand Gulf Lease Obligations In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million . The initial term of the leases expired in July 2015. System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy. System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. For financial reporting purposes, System Energy expenses the interest portion of the lease obligation and the plant depreciation. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2018 and 2017. As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
Entergy New Orleans [Member] | |
Leases | LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy implemented ASU 2016-02, “Leases (Topic 842),” effective January 1, 2019. The ASU’s core principle is that “a lessee should recognize the assets and liabilities that arise from leases.” The ASU considers that “all leases create an asset and a liability,” and accordingly requires recording the assets and liabilities related to all leases with a term greater than 12 months. Concurrent with the implementation of ASU 2016-02, Entergy implemented ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” which provided Entergy the option to elect not to evaluate existing land easements that are not currently accounted for under the previous lease standard, and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which intended to simplify the transition requirement giving Entergy the option to apply the transition provisions of the new standard at the date of adoption instead of at the earliest comparative period. In implementing these ASUs, Entergy elected the options provided in both ASU 2018-01 and ASU 2018-11. This accounting was applied to all lease agreements using the modified retrospective method, which required an adjustment to retained earnings for the cumulative effect of adopting the standard as of the effective date, and when implemented with ASU 2018-11, allowed Entergy to recognize the leased assets and liabilities on its balance sheet beginning on January 1, 2019 without restating prior periods. In adopting the standard, in January 2019 Entergy recognized right-of-use assets and corresponding lease liabilities totaling approximately $263 million , including $59 million for Entergy Arkansas, $51 million for Entergy Louisiana, $26 million for Entergy Mississippi, $7 million for Entergy New Orleans, and $16 million for Entergy Texas. Implementation of the standards had no material effect on consolidated net income; therefore, no adjustment to retained earnings was recorded. The adoption of the standards had no effect on cash flows. General As of March 31, 2019, Entergy and the Registrant Subsidiaries held operating and financing leases for fleet vehicles used in operations, real estate, fuel storage facilities, and power purchase agreements. Excluded from this are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases. Leases have remaining terms of one year to 30 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications which would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor; however, due to the nature of the agreements and Entergy’s continuing relationship with the lessor, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly. Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 The lease costs disclosed above materially approximate the cash flows used by Entergy for leases with all costs included within operating activities on the Consolidated Statements of Cash Flows, except for the financing lease costs which are included in financing activities. The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 The lease costs disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the financing lease costs which are included in financing activities. Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below. Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheet at March 31, 2019 are $241 million related to operating leases and $60 million related to financing leases. Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations, fuel storage agreements, and purchased power agreements and to allocate the contract consideration to both lease and non-lease components for real estate leases. In accordance with ASU 2018-11, below is the lease disclosure from Note 10 to the financial statements in the Form 10-K. General As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 Total rental expenses for all leases (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf and Waterford 3 sale and leaseback transactions) amounted to $47.8 million in 2018 , $53.1 million in 2017 , and $44.4 million in 2016 . As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 In addition to the above rental expense, railcar operating lease payments and oil tank facilities lease payments are recorded in fuel expense in accordance with regulatory treatment. Railcar operating lease payments were $2.8 million in 2018 , $4 million in 2017 , and $3.4 million in 2016 for Entergy Arkansas and $0.4 million in 2018 , $0.3 million in 2017 , and $0.3 million in 2016 for Entergy Louisiana. Oil tank facilities lease payments for Entergy Mississippi were $0.1 million in 2018 , $1.6 million in 2017 , and $1.6 million in 2016 . On January 1, 2019, Entergy implemented ASU No. 2016-02, “Leases (Topic 842)” along with the practical expedients provided by ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” See Note 1 to the financial statements in the Form 10-K for further discussion of ASU No. 2016-02. Power Purchase Agreements As of December 31, 2018 , Entergy Texas had a power purchase agreement that is accounted for as an operating lease under the accounting standards. The lease payments are recovered in fuel expense in accordance with regulatory treatment. The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. Total capacity expense under the power purchase agreement accounted for as an operating lease at Entergy Texas was $30.5 million in 2018, $34.1 million in 2017, and $26.1 million in 2016. Sales and Leaseback Transactions Waterford 3 Lease Obligation In 1989, in three separate but substantially identical transactions, Entergy Louisiana sold and leased back undivided interests in Waterford 3 for the aggregate sum of $353.6 million . The leases were scheduled to expire in July 2017. Entergy Louisiana was required to report the sale-leaseback as a financing transaction in its financial statements. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. The purchase was accomplished in a two-step transaction in which Entergy Louisiana first acquired the equity participant’s beneficial interest in the leased assets, followed by a termination of the leases and transfer of the leased assets to Entergy Louisiana when the outstanding lessor debt is paid. 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 continued to make payments on the lessor debt that remained outstanding and which matured in January 2017. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt was 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. Throughout the term of the lease, Entergy Louisiana had accrued a liability for the amount it expected to pay to retain the use of the undivided interests in Waterford 3 at the end of the lease term. Since the sale-leaseback transaction was accounted for as a financing transaction, the accrual of this liability was accounted for as additional interest expense. As of December 2015, the balance of this liability was $62.7 million . Upon entering into the agreement to purchase the equity participant’s beneficial interest in the undivided interests, Entergy Louisiana reduced the balance of the liability to $60 million , and recorded the $2.7 million difference as a credit to interest expense. The $60 million remaining liability was eliminated upon payment of the cash portion of the purchase price in 2016. As of December 31, 2016, Entergy Louisiana, in connection with the Waterford 3 lease obligation, had a future minimum lease payment (reflecting an interest rate of 8.09% ) of $57.5 million , including $2.3 million in interest, due January 2017 that was recorded as long-term debt. In February 2017 the leases were terminated and the leased assets were conveyed to Entergy Louisiana. Grand Gulf Lease Obligations In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million . The initial term of the leases expired in July 2015. System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy. System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. For financial reporting purposes, System Energy expenses the interest portion of the lease obligation and the plant depreciation. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2018 and 2017. As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
Entergy Texas [Member] | |
Leases | LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy implemented ASU 2016-02, “Leases (Topic 842),” effective January 1, 2019. The ASU’s core principle is that “a lessee should recognize the assets and liabilities that arise from leases.” The ASU considers that “all leases create an asset and a liability,” and accordingly requires recording the assets and liabilities related to all leases with a term greater than 12 months. Concurrent with the implementation of ASU 2016-02, Entergy implemented ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” which provided Entergy the option to elect not to evaluate existing land easements that are not currently accounted for under the previous lease standard, and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which intended to simplify the transition requirement giving Entergy the option to apply the transition provisions of the new standard at the date of adoption instead of at the earliest comparative period. In implementing these ASUs, Entergy elected the options provided in both ASU 2018-01 and ASU 2018-11. This accounting was applied to all lease agreements using the modified retrospective method, which required an adjustment to retained earnings for the cumulative effect of adopting the standard as of the effective date, and when implemented with ASU 2018-11, allowed Entergy to recognize the leased assets and liabilities on its balance sheet beginning on January 1, 2019 without restating prior periods. In adopting the standard, in January 2019 Entergy recognized right-of-use assets and corresponding lease liabilities totaling approximately $263 million , including $59 million for Entergy Arkansas, $51 million for Entergy Louisiana, $26 million for Entergy Mississippi, $7 million for Entergy New Orleans, and $16 million for Entergy Texas. Implementation of the standards had no material effect on consolidated net income; therefore, no adjustment to retained earnings was recorded. The adoption of the standards had no effect on cash flows. General As of March 31, 2019, Entergy and the Registrant Subsidiaries held operating and financing leases for fleet vehicles used in operations, real estate, fuel storage facilities, and power purchase agreements. Excluded from this are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases. Leases have remaining terms of one year to 30 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications which would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor; however, due to the nature of the agreements and Entergy’s continuing relationship with the lessor, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly. Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 The lease costs disclosed above materially approximate the cash flows used by Entergy for leases with all costs included within operating activities on the Consolidated Statements of Cash Flows, except for the financing lease costs which are included in financing activities. The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 The lease costs disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the financing lease costs which are included in financing activities. Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below. Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheet at March 31, 2019 are $241 million related to operating leases and $60 million related to financing leases. Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations, fuel storage agreements, and purchased power agreements and to allocate the contract consideration to both lease and non-lease components for real estate leases. In accordance with ASU 2018-11, below is the lease disclosure from Note 10 to the financial statements in the Form 10-K. General As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 Total rental expenses for all leases (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf and Waterford 3 sale and leaseback transactions) amounted to $47.8 million in 2018 , $53.1 million in 2017 , and $44.4 million in 2016 . As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 In addition to the above rental expense, railcar operating lease payments and oil tank facilities lease payments are recorded in fuel expense in accordance with regulatory treatment. Railcar operating lease payments were $2.8 million in 2018 , $4 million in 2017 , and $3.4 million in 2016 for Entergy Arkansas and $0.4 million in 2018 , $0.3 million in 2017 , and $0.3 million in 2016 for Entergy Louisiana. Oil tank facilities lease payments for Entergy Mississippi were $0.1 million in 2018 , $1.6 million in 2017 , and $1.6 million in 2016 . On January 1, 2019, Entergy implemented ASU No. 2016-02, “Leases (Topic 842)” along with the practical expedients provided by ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” See Note 1 to the financial statements in the Form 10-K for further discussion of ASU No. 2016-02. Power Purchase Agreements As of December 31, 2018 , Entergy Texas had a power purchase agreement that is accounted for as an operating lease under the accounting standards. The lease payments are recovered in fuel expense in accordance with regulatory treatment. The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. Total capacity expense under the power purchase agreement accounted for as an operating lease at Entergy Texas was $30.5 million in 2018, $34.1 million in 2017, and $26.1 million in 2016. Sales and Leaseback Transactions Waterford 3 Lease Obligation In 1989, in three separate but substantially identical transactions, Entergy Louisiana sold and leased back undivided interests in Waterford 3 for the aggregate sum of $353.6 million . The leases were scheduled to expire in July 2017. Entergy Louisiana was required to report the sale-leaseback as a financing transaction in its financial statements. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. The purchase was accomplished in a two-step transaction in which Entergy Louisiana first acquired the equity participant’s beneficial interest in the leased assets, followed by a termination of the leases and transfer of the leased assets to Entergy Louisiana when the outstanding lessor debt is paid. 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 continued to make payments on the lessor debt that remained outstanding and which matured in January 2017. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt was 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. Throughout the term of the lease, Entergy Louisiana had accrued a liability for the amount it expected to pay to retain the use of the undivided interests in Waterford 3 at the end of the lease term. Since the sale-leaseback transaction was accounted for as a financing transaction, the accrual of this liability was accounted for as additional interest expense. As of December 2015, the balance of this liability was $62.7 million . Upon entering into the agreement to purchase the equity participant’s beneficial interest in the undivided interests, Entergy Louisiana reduced the balance of the liability to $60 million , and recorded the $2.7 million difference as a credit to interest expense. The $60 million remaining liability was eliminated upon payment of the cash portion of the purchase price in 2016. As of December 31, 2016, Entergy Louisiana, in connection with the Waterford 3 lease obligation, had a future minimum lease payment (reflecting an interest rate of 8.09% ) of $57.5 million , including $2.3 million in interest, due January 2017 that was recorded as long-term debt. In February 2017 the leases were terminated and the leased assets were conveyed to Entergy Louisiana. Grand Gulf Lease Obligations In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million . The initial term of the leases expired in July 2015. System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy. System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. For financial reporting purposes, System Energy expenses the interest portion of the lease obligation and the plant depreciation. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2018 and 2017. As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
System Energy [Member] | |
Leases | LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy implemented ASU 2016-02, “Leases (Topic 842),” effective January 1, 2019. The ASU’s core principle is that “a lessee should recognize the assets and liabilities that arise from leases.” The ASU considers that “all leases create an asset and a liability,” and accordingly requires recording the assets and liabilities related to all leases with a term greater than 12 months. Concurrent with the implementation of ASU 2016-02, Entergy implemented ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” which provided Entergy the option to elect not to evaluate existing land easements that are not currently accounted for under the previous lease standard, and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which intended to simplify the transition requirement giving Entergy the option to apply the transition provisions of the new standard at the date of adoption instead of at the earliest comparative period. In implementing these ASUs, Entergy elected the options provided in both ASU 2018-01 and ASU 2018-11. This accounting was applied to all lease agreements using the modified retrospective method, which required an adjustment to retained earnings for the cumulative effect of adopting the standard as of the effective date, and when implemented with ASU 2018-11, allowed Entergy to recognize the leased assets and liabilities on its balance sheet beginning on January 1, 2019 without restating prior periods. In adopting the standard, in January 2019 Entergy recognized right-of-use assets and corresponding lease liabilities totaling approximately $263 million , including $59 million for Entergy Arkansas, $51 million for Entergy Louisiana, $26 million for Entergy Mississippi, $7 million for Entergy New Orleans, and $16 million for Entergy Texas. Implementation of the standards had no material effect on consolidated net income; therefore, no adjustment to retained earnings was recorded. The adoption of the standards had no effect on cash flows. General As of March 31, 2019, Entergy and the Registrant Subsidiaries held operating and financing leases for fleet vehicles used in operations, real estate, fuel storage facilities, and power purchase agreements. Excluded from this are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases. Leases have remaining terms of one year to 30 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications which would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor; however, due to the nature of the agreements and Entergy’s continuing relationship with the lessor, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly. Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 The lease costs disclosed above materially approximate the cash flows used by Entergy for leases with all costs included within operating activities on the Consolidated Statements of Cash Flows, except for the financing lease costs which are included in financing activities. The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 The lease costs disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the financing lease costs which are included in financing activities. Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below. Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheet at March 31, 2019 are $241 million related to operating leases and $60 million related to financing leases. Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations, fuel storage agreements, and purchased power agreements and to allocate the contract consideration to both lease and non-lease components for real estate leases. In accordance with ASU 2018-11, below is the lease disclosure from Note 10 to the financial statements in the Form 10-K. General As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 Total rental expenses for all leases (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf and Waterford 3 sale and leaseback transactions) amounted to $47.8 million in 2018 , $53.1 million in 2017 , and $44.4 million in 2016 . As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 In addition to the above rental expense, railcar operating lease payments and oil tank facilities lease payments are recorded in fuel expense in accordance with regulatory treatment. Railcar operating lease payments were $2.8 million in 2018 , $4 million in 2017 , and $3.4 million in 2016 for Entergy Arkansas and $0.4 million in 2018 , $0.3 million in 2017 , and $0.3 million in 2016 for Entergy Louisiana. Oil tank facilities lease payments for Entergy Mississippi were $0.1 million in 2018 , $1.6 million in 2017 , and $1.6 million in 2016 . On January 1, 2019, Entergy implemented ASU No. 2016-02, “Leases (Topic 842)” along with the practical expedients provided by ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” See Note 1 to the financial statements in the Form 10-K for further discussion of ASU No. 2016-02. Power Purchase Agreements As of December 31, 2018 , Entergy Texas had a power purchase agreement that is accounted for as an operating lease under the accounting standards. The lease payments are recovered in fuel expense in accordance with regulatory treatment. The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. Total capacity expense under the power purchase agreement accounted for as an operating lease at Entergy Texas was $30.5 million in 2018, $34.1 million in 2017, and $26.1 million in 2016. Sales and Leaseback Transactions Waterford 3 Lease Obligation In 1989, in three separate but substantially identical transactions, Entergy Louisiana sold and leased back undivided interests in Waterford 3 for the aggregate sum of $353.6 million . The leases were scheduled to expire in July 2017. Entergy Louisiana was required to report the sale-leaseback as a financing transaction in its financial statements. In December 2015, Entergy Louisiana agreed to purchase the undivided interests in Waterford 3 that were previously being leased. The purchase was accomplished in a two-step transaction in which Entergy Louisiana first acquired the equity participant’s beneficial interest in the leased assets, followed by a termination of the leases and transfer of the leased assets to Entergy Louisiana when the outstanding lessor debt is paid. 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 continued to make payments on the lessor debt that remained outstanding and which matured in January 2017. The combination of payments on the $52 million collateral trust mortgage note issued and the debt service on the lessor debt was 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. Throughout the term of the lease, Entergy Louisiana had accrued a liability for the amount it expected to pay to retain the use of the undivided interests in Waterford 3 at the end of the lease term. Since the sale-leaseback transaction was accounted for as a financing transaction, the accrual of this liability was accounted for as additional interest expense. As of December 2015, the balance of this liability was $62.7 million . Upon entering into the agreement to purchase the equity participant’s beneficial interest in the undivided interests, Entergy Louisiana reduced the balance of the liability to $60 million , and recorded the $2.7 million difference as a credit to interest expense. The $60 million remaining liability was eliminated upon payment of the cash portion of the purchase price in 2016. As of December 31, 2016, Entergy Louisiana, in connection with the Waterford 3 lease obligation, had a future minimum lease payment (reflecting an interest rate of 8.09% ) of $57.5 million , including $2.3 million in interest, due January 2017 that was recorded as long-term debt. In February 2017 the leases were terminated and the leased assets were conveyed to Entergy Louisiana. Grand Gulf Lease Obligations In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million . The initial term of the leases expired in July 2015. System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy. System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. For financial reporting purposes, System Energy expenses the interest portion of the lease obligation and the plant depreciation. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2018 and 2017. As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
Dispositions Dispositions
Dispositions Dispositions | 3 Months Ended |
Mar. 31, 2019 | |
Business Acquisition [Line Items] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | DISPOSITIONS (Entergy Corporation) Vermont Yankee As discussed in Note 14 to the financial statements in the Form 10-K, in January 2019, Entergy transferred 100% of the membership interests in Entergy Nuclear Vermont Yankee, LLC, the owner of the Vermont Yankee plant, to a subsidiary of NorthStar. Entergy Nuclear Vermont Yankee had an outstanding credit facility that was used to pay for dry fuel storage costs. This credit facility was guaranteed by Entergy Corporation. Vermont Yankee Asset Retirement Management, LLC, a subsidiary of Entergy, assumed the obligations under the credit facility. At the closing of the transaction, NorthStar caused Entergy Nuclear Vermont Yankee, renamed NorthStar Vermont Yankee, to issue a $139 million promissory note to Vermont Yankee Asset Retirement Management. The amount of the note included the balance outstanding on the credit facility, as well as borrowing fees and costs incurred by Entergy in connection with the credit facility. Upon closing of the transaction in January 2019, the Vermont Yankee decommissioning trust, along with the decommissioning obligation for the plant, was transferred to NorthStar. The Vermont Yankee spent fuel disposal contract was assigned to NorthStar as part of the transaction. The Vermont Yankee transaction resulted in Entergy generating a net deferred tax asset in January 2019. The deferred tax asset could not be fully realized by Entergy in the first quarter of 2019; accordingly, Entergy accrued a net tax expense of $29 million on the disposition of Vermont Yankee. The transaction also resulted in other charges of $5.4 million ( $4.2 million after-tax) in the first quarter 2019. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $254.5 189.6 $1.34 $132.8 180.7 $0.73 Average dilutive effect of: Stock options 0.4 — 0.2 — Other equity plans 0.5 (0.01 ) 0.5 — Equity forwards 1.7 (0.01 ) — — Diluted earnings per share $254.5 192.2 $1.32 $132.8 181.4 $0.73 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2019 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2018 ($23,135 ) ($531,922 ) ($2,116 ) ($557,173 ) Implementation of accounting standards (7,685 ) — 879 (6,806 ) Beginning balance, January 1, 2019 ($30,820 ) ($531,922 ) ($1,237 ) ($563,979 ) Other comprehensive income (loss) before reclassifications 28,312 — 13,539 41,851 Amounts reclassified from accumulated other comprehensive income (loss) (40,738 ) 11,550 164 (29,024 ) Net other comprehensive income (loss) for the period (12,426 ) 11,550 13,703 12,827 Ending balance, March 31, 2019 ($43,246 ) ($520,372 ) $12,466 ($551,152 ) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2018 by component: Cash flow hedges net unrealized gain (loss) Pension and other postretirement liabilities Net unrealized investment gain (loss) Total Accumulated Other Comprehensive Income (Loss) (In Thousands) Ending balance, December 31, 2017 ($37,477 ) ($531,099 ) $545,045 ($23,531 ) Implementation of accounting standards — — (632,617 ) (632,617 ) Beginning balance, January 1, 2018 ($37,477 ) ($531,099 ) ($87,572 ) ($656,148 ) Other comprehensive income (loss) before reclassifications 71,566 — 838 72,404 Amounts reclassified from accumulated other comprehensive income (loss) 23,861 16,574 (33,694 ) 6,741 Net other comprehensive income (loss) for the period 95,427 16,574 (32,856 ) 79,145 Reclassification pursuant to ASU 2018-02 (7,756 ) (90,966 ) 114,227 15,505 Ending balance, March 31, 2018 $50,194 ($605,491 ) ($6,201 ) ($561,498 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2019 and 2018 are as follows: Amounts reclassified from AOCI Income Statement Location 2019 2018 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $51,615 ($30,082 ) Competitive business operating revenues Interest rate swaps (48 ) (122 ) Miscellaneous - net Total realized gain (loss) on cash flow hedges 51,567 (30,204 ) (10,829 ) 6,343 Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $40,738 ($23,861 ) Pension and other postretirement liabilities Amortization of prior-service credit $5,326 $5,426 (a) Amortization of loss (18,988 ) (24,952 ) (a) Settlement loss (1,137 ) (1,616 ) (a) Total amortization (14,799 ) (21,142 ) 3,249 4,568 Income taxes Total amortization (net of tax) ($11,550 ) ($16,574 ) Net unrealized investment gain (loss) Realized gain (loss) ($259 ) $53,314 Interest and investment income 95 (19,620 ) Income taxes Total realized investment gain (loss) (net of tax) ($164 ) $33,694 Total reclassifications for the period (net of tax) $29,024 ($6,741 ) (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, 2019 and 2018: Pension and Other 2019 2018 (In Thousands) Beginning balance, January 1, ($6,153 ) ($46,400 ) Amounts reclassified from accumulated other (969 ) (501 ) Net other comprehensive income (loss) for the period (969 ) (501 ) Reclassification pursuant to ASU 2018-02 — (10,049 ) Ending balance, March 31, ($7,122 ) ($56,950 ) |
Reclassification out of Accumulated Other Comprehensive Income | Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended March 31, 2019 and 2018 are as follows: Amounts reclassified Income Statement Location 2019 2018 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,838 $1,934 (a) Amortization of loss (527 ) (1,257 ) (a) Total amortization 1,311 677 (342 ) (176 ) Income taxes Total amortization (net of tax) 969 501 Total reclassifications for the period (net of tax) $969 $501 (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, _2
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 . Capacity Borrowings Letters of Credit Capacity Available (In Millions) $3,500 $320 $6 $3,174 |
Credit Facilities | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. |
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, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. |
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, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. |
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, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. |
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, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 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, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. |
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, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 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, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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, 2019 as follows: Company Expiration Date Amount of Facility Interest Rate (a) Amount Drawn as of March 31, 2019 Letters of Credit Outstanding as of March 31, 2019 Entergy Arkansas April 2020 $20 million (b) 3.75% $— $— Entergy Arkansas September 2023 $150 million (c) 3.75% $— $— Entergy Louisiana September 2023 $350 million (c) 3.75% $— $— Entergy Mississippi May 2019 $37.5 million (d) 4.00% $— $— Entergy Mississippi May 2019 $35 million (d) 4.00% $— $— Entergy Mississippi May 2019 $10 million (d) 4.00% $— $— Entergy New Orleans November 2021 $25 million (c) 3.77% $— $0.8 million Entergy Texas September 2023 $150 million (c) 4.00% $— $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2019 that would have been applied to outstanding borrowings under the facility. (b) Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option. (c) The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas. (d) Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration. |
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, 2019 : Company Amount of Uncommitted Facility Letter of Credit Fee Letters of Credit Issued as of March 31, 2019 (a) Entergy Arkansas $25 million 0.70% $1 million Entergy Louisiana $125 million 0.70% $43 million Entergy Mississippi $40 million 0.70% $12.1 million Entergy New Orleans $15 million 1.00% $1 million Entergy Texas $50 million 0.70% $11.7 million (a) As of March 31, 2019 , letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi, and $1.5 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 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, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
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, 2019 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $— Entergy Louisiana $450 $— Entergy Mississippi $175 $11 Entergy New Orleans $150 $2 Entergy Texas $200 $— System Energy $200 $— |
Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel | To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs have commercial paper programs in place. Following is a summary as of March 31, 2019 as follows: Company Expiration Date Amount of Facility Weighted Average Interest Rate on Borrowings (a) Amount Outstanding as of March 31, 2019 (Dollars in Millions) Entergy Arkansas VIE September 2021 $80 3.50% $42.6 Entergy Louisiana River Bend VIE September 2021 $105 3.46% $95.4 Entergy Louisiana Waterford VIE September 2021 $105 3.48% $79.5 System Energy VIE September 2021 $120 3.45% $94.1 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of March 31, 2019 as follows: Company Description Amount Entergy Arkansas VIE 3.65% Series L due July 2021 $90 million Entergy Arkansas VIE 3.17% Series M due December 2023 $40 million Entergy Louisiana River Bend VIE 3.38% Series R due August 2020 $70 million Entergy Louisiana Waterford VIE 3.92% Series H due February 2021 $40 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 3.42% Series J due April 2021 $100 million |
Book Value And The Fair Value Of Long-Term Debt | The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2019 are as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $17,317,896 $17,613,263 Entergy Arkansas $3,555,152 $3,471,105 Entergy Louisiana $7,377,912 $7,665,243 Entergy Mississippi $1,325,915 $1,332,283 Entergy New Orleans $483,844 $510,959 Entergy Texas $1,680,966 $1,755,754 System Energy $610,798 $586,518 (a) The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $188 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2018 were as follows: Book Value of Long-Term Debt Fair Value of Long-Term Debt (a) (b) (In Thousands) Entergy $16,168,312 $15,880,239 Entergy Arkansas $3,225,759 $3,002,627 Entergy Louisiana $6,805,768 $6,834,134 Entergy Mississippi $1,325,750 $1,276,452 Entergy New Orleans $483,704 $491,569 Entergy Texas $1,513,735 $1,528,828 System Energy $630,750 $596,123 (a) The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $187 million at Entergy Arkansas, and include debt due within one year. (b) Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) - Parent Company [Member] | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 : 2019 2018 (In Millions) Compensation expense included in Entergy’s net income $1.0 $1.1 Tax benefit recognized in Entergy’s net income $0.2 $0.3 Compensation cost capitalized as part of fixed assets and inventory $0.3 $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, 2019 and 2018 : 2019 2018 (In Millions) Compensation expense included in Entergy’s net income $8.8 $8.8 Tax benefit recognized in Entergy’s net income $2.2 $2.2 Compensation cost capitalized as part of fixed assets and inventory $2.9 $2.3 |
Retirement And Other Postreti_2
Retirement And Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income, amortization | Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the first quarters of 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $33,607 $38,752 Interest cost on projected benefit obligation 73,941 66,854 Expected return on assets (103,884 ) (110,535 ) Amortization of prior service cost — 99 Amortization of loss 58,418 68,526 Settlement charges 1,137 — Net pension costs $63,219 $63,696 |
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 2019 and 2018, included the following components: 2019 2018 (In Thousands) Service cost - benefits earned during the period $4,675 $6,782 Interest cost on accumulated postretirement benefit obligation (APBO) 11,975 12,681 Expected return on assets (9,562 ) (10,373 ) Amortization of prior service credit (8,844 ) (9,251 ) Amortization of loss 358 3,432 Net other postretirement benefit cost ($1,398 ) $3,271 |
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 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) |
Entergy Arkansas [Member] | Non Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 |
Entergy Louisiana [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income, amortization | Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the first quarters of 2019 and 2018: 2019 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $— $5,375 ($49 ) $5,326 Amortization of loss (18,735 ) 308 (561 ) (18,988 ) Settlement loss (1,137 ) — — (1,137 ) ($19,872 ) $5,683 ($610 ) ($14,799 ) Entergy Louisiana Amortization of prior service credit $— $1,838 $— $1,838 Amortization of loss (699 ) 174 (2 ) (527 ) ($699 ) $2,012 ($2 ) $1,311 2018 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit ($99 ) $5,595 ($70 ) $5,426 Amortization of loss (21,957 ) (1,932 ) (1,063 ) (24,952 ) Settlement loss — — (1,616 ) (1,616 ) ($22,056 ) $3,663 ($2,749 ) ($21,142 ) Entergy Louisiana Amortization of prior service credit $— $1,934 $— $1,934 Amortization of loss (867 ) (388 ) (2 ) (1,257 ) ($867 ) $1,546 ($2 ) $677 |
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 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) |
Entergy Louisiana [Member] | Non Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 |
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 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) |
Entergy Mississippi [Member] | Non Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 |
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 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) |
Entergy New Orleans [Member] | Non Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 |
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 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) |
Entergy Texas [Member] | Non Qualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2019 and 2018: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $73 $43 $75 $5 $124 2018 $132 $50 $80 $21 $137 |
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 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $5,261 $7,284 $1,629 $569 $1,350 $1,550 Interest cost on projected benefit obligation 14,175 15,882 4,068 1,874 3,613 3,364 Expected return on assets (20,176 ) (22,652 ) (5,968 ) (2,696 ) (5,862 ) (4,678 ) Amortization of loss 11,840 11,643 3,104 1,529 2,334 2,850 Net pension cost $11,100 $12,157 $2,833 $1,276 $1,435 $3,086 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $6,189 $8,446 $1,822 $673 $1,589 $1,776 Interest cost on projected benefit obligation 13,004 14,940 3,769 1,813 3,348 3,227 Expected return on assets (21,851 ) (24,809 ) (6,502 ) (2,993 ) (6,523 ) (4,991 ) Amortization of loss 13,412 14,450 3,610 1,954 2,626 3,715 Net pension cost $10,754 $13,027 $2,699 $1,447 $1,040 $3,727 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2019 : Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Expected 2019 pension contributions $27,112 $26,451 $7,701 $1,800 $1,645 $8,285 Pension contributions made through March 2019 $454 $1,914 $156 $111 $286 $290 Remaining estimated pension contributions to be made in 2019 $26,658 $24,537 $7,545 $1,689 $1,359 $7,995 |
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 first quarters of 2019 and 2018, included the following components: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $591 $1,160 $262 $92 $236 $243 Interest cost on APBO 1,807 2,666 670 395 854 476 Expected return on assets (3,991 ) — (1,199 ) (1,237 ) (2,276 ) (697 ) Amortization of prior service credit (1,238 ) (1,837 ) (439 ) (171 ) (561 ) (363 ) Amortization of (gain) loss 144 (174 ) 181 58 121 89 Net other postretirement benefit cost ($2,687 ) $1,815 ($525 ) ($863 ) ($1,626 ) ($252 ) 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Thousands) Service cost - benefits earned during the period $793 $1,556 $321 $129 $330 $306 Interest cost on APBO 1,997 2,789 683 417 939 500 Expected return on assets (4,342 ) — (1,303 ) (1,313 ) (2,446 ) (783 ) Amortization of prior service credit (1,278 ) (1,934 ) (456 ) (186 ) (579 ) (378 ) Amortization of loss 289 388 377 34 206 233 Net other postretirement benefit cost ($2,541 ) $2,799 ($378 ) ($919 ) ($1,550 ) ($122 ) |
Business Segment Information (T
Business Segment Information (Tables) - Parent Company [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Segment Financial Information | Entergy’s segment financial information for the first quarters of 2019 and 2018 is as follows: Utility Entergy Wholesale Commodities All Other Eliminations Entergy (In Thousands) 2019 Operating revenues $2,175,982 $433,612 $— ($10 ) $2,609,584 Income taxes ($11,564 ) $65,908 ($11,573 ) $— $42,771 Consolidated net income (loss) $234,147 $97,079 ($40,682 ) ($31,898 ) $258,646 Total assets as of March 31, 2019 $46,502,826 $5,065,643 $719,602 ($2,682,690 ) $49,605,381 2018 Operating revenues $2,304,990 $418,924 $— ($33 ) $2,723,881 Income taxes $52,224 ($1,078 ) ($7,483 ) $— $43,663 Consolidated net income (loss) $217,940 ($17,779 ) ($32,063 ) ($31,898 ) $136,200 Total assets as of December 31, 2018 $44,777,167 $5,459,275 $733,366 ($2,694,742 ) $48,275,066 The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. |
Restructuring and Related Costs [Table Text Block] | Total restructuring charges for the first quarters of 2019 and 2018 were comprised of the following: 2019 2018 Employee retention and severance expenses and other benefits-related costs Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $179 $14 $193 $83 $14 $97 Restructuring costs accrued 34 — 34 26 — 26 Balance as of March 31, $213 $14 $227 $109 $14 $123 |
Risk Management And Fair Valu_2
Risk Management And Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Values Of Derivative Instruments | The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of March 31, 2019 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location 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) $6 ($6) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $3 ($3) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $45 ($9) $36 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $16 ($3) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $9 ($6) $3 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Utility Financial transmission rights Prepayments and other $6 ($1) $5 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities $2 ($2) $— Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $2 ($2) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2018 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) $32 ($32) $— Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $7 ($7) $— Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $54 ($33) $21 Entergy Wholesale Commodities Electricity swaps and options Other non-current liabilities (non-current portion) $20 ($7) $13 Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $4 ($2) $2 Entergy Wholesale Commodities Electricity swaps and options Other deferred debits and other assets (non-current portion) $1 $— $1 Entergy Wholesale Commodities Natural gas swaps and options Other deferred debits and other assets (non-current portion) $2 $— $2 Utility Financial transmission rights Prepayments and other $16 ($1) $15 Utility and Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $— Entergy Wholesale Commodities Natural gas swaps and options Other current liabilities $1 $— $1 Utility (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $1 million held and $19 million posted as of March 31, 2019 and $19 million posted as of December 31, 2018. Also excludes letters of credit in the amount of $4 million held and $2 million posted as of March 31, 2019 and $4 million posted as of December 31, 2018. |
Derivative Instruments Designated As Cash Flow Hedges On Consolidated Statements Of Income | The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain recognized in other Income Statement location Amount of gain (loss) (In Millions) (In Millions) 2019 Electricity swaps and options $26 Competitive businesses operating revenues $52 2018 Electricity swaps and options $91 Competitive businesses operating revenues ($30) (a) Before taxes of $11 million and ($6) million for the three months ended March 31, 2019 and 2018, respectively |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2019 and 2018 are as follows: Instrument Amount of gain (loss) recognized in accumulated other comprehensive income Income Statement Amount of gain (loss) (In Millions) (In Millions) 2019 Natural gas swaps and options $— Fuel, fuel-related expenses, and gas purchased for resale (a) ($1) Financial transmission rights $— Purchased power expense (b) $21 Electricity swaps and options $— (c) Competitive business operating revenues $5 2018 Natural gas swaps $— Fuel, fuel-related expenses, and gas purchased for resale (a) $— Financial transmission rights $— Purchased power expense (b) $32 Electricity swaps and options $— (c) Competitive business operating revenues $1 (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) Amount of gain recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items. |
Assets and liabilities at fair value on a recurring basis | The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 . The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $865 $— $— $865 Decommissioning trust funds (a): Equity securities 1,357 — — 1,357 Debt securities 1,320 1,672 — 2,992 Common trusts (b) 2,529 Power contracts — — 3 3 Securitization recovery trust account 52 — — 52 Escrow accounts 405 — — 405 Gas hedge contracts 1 — — 1 Financial transmission rights — — 5 5 $4,000 $1,672 $8 $8,209 Liabilities: Power contracts $— $— $49 $49 Gas hedge contracts 1 — — 1 $1 $— $49 $50 2018 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $424 $— $— $424 Decommissioning trust funds (a): Equity securities 1,686 — — 1,686 Debt securities 1,259 1,625 — 2,884 Common trusts (b) 2,350 Power contracts — — 3 3 Securitization recovery trust account 51 — — 51 Escrow accounts 403 — — 403 Gas hedge contracts — 2 — 2 Financial transmission rights — — 15 15 $3,823 $1,627 $18 $7,818 Liabilities: Power contracts $— $— $34 $34 Gas hedge contracts 1 — — 1 $1 $— $34 $35 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios. (b) Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date. |
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, 2019 and 2018 : 2019 2018 Power Contracts Financial transmission rights Power Contracts Financial transmission rights (In Millions) Balance as of January 1, ($31 ) $15 ($65 ) $21 Total gains (losses) for the period (a) Included in earnings 5 — 14 (1 ) Included in other comprehensive income 26 — 91 — Included as a regulatory liability/asset — 11 — 20 Settlements (46 ) (21 ) 35 (32 ) Balance as of March 31, ($46 ) $5 $75 $8 (a) Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is ($4.9) million for the three months ended March 31, 2019 and $0.2 million for the three months ended March 31, 2018. |
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, 2019 : Transaction Type Fair Value as of March 31, 2019 Significant Unobservable Inputs Range from Average % Effect on Fair Value (In Millions) (In Millions) Power contracts - electricity swaps ($46) Unit contingent discount +/- 4% - 4.75% ($5) - ($6) |
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, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas |
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, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Arkansas 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $189.5 $— $— $189.5 Decommissioning trust funds (a): Equity securities 5.5 — — 5.5 Debt securities 99.2 291.8 — 391.0 Common trusts (b) 600.8 Securitization recovery trust account 8.2 — — 8.2 Financial transmission rights — — 1.1 1.1 $302.4 $291.8 $1.1 $1,196.1 2018 Level 1 Level 2 Level 3 Total (In Millions) Assets: Decommissioning trust funds (a): Equity securities $4.0 $— $— $4.0 Debt securities 94.8 286.5 — 381.3 Common trusts (b) 526.7 Securitization recovery trust account 4.7 — — 4.7 Financial transmission rights — — 3.4 3.4 $103.5 $286.5 $3.4 $920.1 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) 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, 2018 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.0 $10.2 $2.1 $2.2 $3.4 Gains (losses) included as a regulatory liability/asset 6.8 10.8 6.6 1.8 (5.5 ) Settlements (8.0 ) (17.6 ) (7.8 ) (3.3 ) 3.5 Balance as of March 31, $1.8 $3.4 $0.9 $0.7 $1.4 |
Entergy 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, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas |
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, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Louisiana 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $237.0 $— $— $237.0 Decommissioning trust funds (a): Equity securities 10.4 — — 10.4 Debt securities 184.6 371.1 — 555.7 Common trusts (b) 841.9 Escrow accounts 291.2 — — 291.2 Securitization recovery trust account 9.0 — — 9.0 Gas hedge contracts 1.5 — — 1.5 Financial transmission rights — — 2.8 2.8 $733.7 $371.1 $2.8 $1,949.5 Liabilities: Gas hedge contracts $0.3 $— $— $0.3 2018 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $43.1 $— $— $43.1 Decommissioning trust funds (a): Equity securities 13.3 — — 13.3 Debt securities 162.0 370.9 — 532.9 Common trusts (b) 738.8 Escrow accounts 289.5 — — 289.5 Securitization recovery trust account 3.6 — — 3.6 Gas hedge contracts — 1.9 — 1.9 Financial transmission rights — — 8.3 8.3 $511.5 $372.8 $8.3 $1,631.4 Liabilities: Gas hedge contracts $0.7 $0.4 $— $1.1 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) 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, 2018 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.0 $10.2 $2.1 $2.2 $3.4 Gains (losses) included as a regulatory liability/asset 6.8 10.8 6.6 1.8 (5.5 ) Settlements (8.0 ) (17.6 ) (7.8 ) (3.3 ) 3.5 Balance as of March 31, $1.8 $3.4 $0.9 $0.7 $1.4 |
Entergy 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, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas |
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, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Mississippi 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Escrow accounts $32.6 $— $— $32.6 Financial transmission rights — — 0.7 0.7 $32.6 $— $0.7 $33.3 Liabilities: Gas hedge contracts $0.8 $— $— $0.8 2018 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $36.9 $— $— $36.9 Escrow accounts 32.4 — — 32.4 Financial transmission rights — — 2.2 2.2 $69.3 $— $2.2 $71.5 |
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, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) 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, 2018 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.0 $10.2 $2.1 $2.2 $3.4 Gains (losses) included as a regulatory liability/asset 6.8 10.8 6.6 1.8 (5.5 ) Settlements (8.0 ) (17.6 ) (7.8 ) (3.3 ) 3.5 Balance as of March 31, $1.8 $3.4 $0.9 $0.7 $1.4 |
Entergy 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, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas |
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, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy New Orleans 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Securitization recovery trust account $5.1 $— $— $5.1 Escrow accounts 81.3 — — 81.3 Financial transmission rights — — 0.5 0.5 $86.4 $— $0.5 $86.9 2018 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $19.7 $— $— $19.7 Securitization recovery trust account 2.2 — — 2.2 Escrow accounts 80.9 — — 80.9 Financial transmission rights — — 1.3 1.3 $102.8 $— $1.3 $104.1 Liabilities: Gas hedge contracts $0.1 $— $— $0.1 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) 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, 2018 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.0 $10.2 $2.1 $2.2 $3.4 Gains (losses) included as a regulatory liability/asset 6.8 10.8 6.6 1.8 (5.5 ) Settlements (8.0 ) (17.6 ) (7.8 ) (3.3 ) 3.5 Balance as of March 31, $1.8 $3.4 $0.9 $0.7 $1.4 |
Entergy 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, 2019 are shown in the table below. Certain investments are subject to master netting agreements and are presented on the balance sheets 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) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.2 $— $0.2 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1.3 $— $1.3 Entergy Louisiana Financial transmission rights Prepayments and other $1.2 ($0.1) $1.1 Entergy Arkansas Financial transmission rights Prepayments and other $2.8 $— $2.8 Entergy Louisiana Financial transmission rights Prepayments and other $0.7 $— $0.7 Entergy Mississippi Financial transmission rights Prepayments and other $0.5 $— $0.5 Entergy New Orleans Financial transmission rights Prepayments and other $0.3 ($0.6) ($0.3) Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $— $0.3 Entergy Louisiana Natural gas swaps Other current liabilities $0.8 $— $0.8 Entergy Mississippi The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2018 are as follows: Instrument Balance Sheet Location Fair Value (a) Offset (b) Net (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.3 $— $0.3 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $1.6 $— $1.6 Entergy Louisiana Financial transmission rights Prepayments and other $3.6 ($0.2) $3.4 Entergy Arkansas Financial transmission rights Prepayments and other $8.4 ($0.1) $8.3 Entergy Louisiana Financial transmission rights Prepayments and other $2.2 $— $2.2 Entergy Mississippi Financial transmission rights Prepayments and other $1.3 $— $1.3 Entergy New Orleans Liabilities: Financial transmission rights Other current liabilities $0.9 ($1.4) ($0.5) Entergy Texas Natural gas swaps and options Other current liabilities $1.1 $— $1.1 Entergy Louisiana Natural gas swaps Other current liabilities $0.1 $— $0.1 Entergy New Orleans (a) Represents the gross amounts of recognized assets/liabilities (b) Represents the netting of fair value balances with the same counterparty (c) Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d) As of March 31, 2019, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $1.5 million for Entergy Texas. As of December 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi, and $4.1 million for Entergy Texas |
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, 2019 and 2018 are as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2019 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $0.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($1.8) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $0.2 (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.4 (b) Entergy Arkansas Financial transmission rights Purchased power expense $8.8 (b) Entergy Louisiana Financial transmission rights Purchased power expense $1.1 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.9 (b) Entergy New Orleans Financial transmission rights Purchased power expense $0.3 (b) Entergy Texas 2018 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $8.0 (b) Entergy Arkansas Financial transmission rights Purchased power expense $17.6 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.8 (b) Entergy Mississippi Financial transmission rights Purchased power expense $3.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense ($3.5) (b) Entergy Texas (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. |
Assets and liabilities at fair value on a recurring basis | Entergy Texas 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets : Temporary cash investments $22.2 $— $— $22.2 Securitization recovery trust account 29.5 — — 29.5 $51.7 $— $— $51.7 Liabilities: Financial transmission rights $— $— $0.3 $0.3 2018 Level 1 Level 2 Level 3 Total (In Millions) Assets : Securitization recovery trust account $40.2 $— $— $40.2 Liabilities: Financial transmission rights $— $— $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, 2019 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.4 $8.3 $2.2 $1.3 ($0.5 ) Gains (losses) included as a regulatory liability/asset 6.1 3.3 (0.4 ) 1.1 0.5 Settlements (8.4 ) (8.8 ) (1.1 ) (1.9 ) (0.3 ) Balance as of March 31, $1.1 $2.8 $0.7 $0.5 ($0.3 ) 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, 2018 . Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Millions) Balance as of January 1, $3.0 $10.2 $2.1 $2.2 $3.4 Gains (losses) included as a regulatory liability/asset 6.8 10.8 6.6 1.8 (5.5 ) Settlements (8.0 ) (17.6 ) (7.8 ) (3.3 ) 3.5 Balance as of March 31, $1.8 $3.4 $0.9 $0.7 $1.4 |
System Energy [Member] | |
Assets and liabilities at fair value on a recurring basis | System Energy 2019 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $158.2 $— $— $158.2 Decommissioning trust funds (a): Equity securities 4.7 — — 4.7 Debt securities 226.8 148.4 — 375.2 Common trusts (b) 571.4 $389.7 $148.4 $— $1,109.5 2018 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $95.6 $— $— $95.6 Decommissioning trust funds (a): Equity securities 4.4 — — 4.4 Debt securities 224.5 139.7 — 364.2 Common trusts (b) 500.9 $324.5 $139.7 $— $965.1 |
Decommissioning Trust Funds (Ta
Decommissioning Trust Funds (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Securities Held | The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities (a) $2,562 $51 $9 2018 Debt Securities (a) $2,495 $19 $35 (a) Debt securities presented herein do not include the $430 million and $389 million of debt securities held in the wholly-owned registered investment company as of March 31, 2019 and December 31, 2018 , respectively, which are not accounted for as available-for-sale. |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $197 $1 More than 12 months 588 8 Total $785 $9 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $652 $9 More than 12 months 782 26 Total $1,434 $35 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $185 $199 1 year - 5 years 1,100 1,066 5 years - 10 years 609 544 10 years - 15 years 67 77 15 years - 20 years 95 78 20 years+ 506 531 Total $2,562 $2,495 |
Entergy Arkansas [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $391.0 $2.9 $2.3 2018 Debt Securities $381.3 $0.6 $8.2 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $3.6 $— More than 12 months 182.7 2.3 Total $186.3 $2.3 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $65.8 $0.5 More than 12 months 231.1 7.7 Total $296.9 $8.2 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $35.6 $32.5 1 year - 5 years 163.7 170.3 5 years - 10 years 123.7 114.0 10 years - 15 years 10.2 10.3 15 years - 20 years 9.4 8.1 20 years+ 48.4 46.1 Total $391.0 $381.3 |
Entergy Louisiana [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $555.7 $17.1 $1.4 2018 Debt Securities $532.9 $4.1 $6.0 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $26.5 $0.2 More than 12 months 87.4 1.2 Total $113.9 $1.4 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $170.1 $2.1 More than 12 months 145.8 3.9 Total $315.9 $6.0 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $42.4 $31.1 1 year - 5 years 119.3 130.5 5 years - 10 years 135.7 111.0 10 years - 15 years 26.8 29.0 15 years - 20 years 44.5 37.1 20 years+ 187.0 194.2 Total $555.7 $532.9 |
System Energy [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2019 and December 31, 2018 are summarized as follows: Fair Value Total Unrealized Gains Total Unrealized Losses (In Millions) 2019 Debt Securities $375.2 $6.9 $1.2 2018 Debt Securities $364.2 $2.9 $5.8 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2019 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $44.2 $— More than 12 months 77.4 1.2 Total $121.6 $1.2 The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2018 : Fair Value Gross Unrealized Losses (In Millions) Less than 12 months $89.7 $2.4 More than 12 months 79.8 3.4 Total $169.5 $5.8 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2019 and December 31, 2018 are as follows: 2019 2018 (In Millions) Less than 1 year $14.5 $22.8 1 year - 5 years 195.0 188.0 5 years - 10 years 80.1 73.4 10 years - 15 years 4.1 5.2 15 years - 20 years 10.2 10.2 20 years+ 71.3 64.6 Total $375.2 $364.2 |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation of Revenue [Table Text Block] | Entergy’s total revenues for the three months ended March 31, 2019 and 2018 are as follows: 2019 2018 (In Thousands) Utility: Residential $802,539 $892,085 Commercial 554,058 595,720 Industrial 601,000 597,186 Governmental 52,960 56,478 Total billed retail 2,010,557 2,141,469 Sales for resale (a) 84,435 69,526 Other electric revenues (b) 15,470 27,433 Non-customer revenues (c) 10,562 9,834 Total electric revenues 2,121,024 2,248,262 Natural gas 54,948 56,695 Entergy Wholesale Commodities: Competitive businesses sales (a) 360,471 409,135 Non-customer revenues (c) 73,141 9,789 Total competitive businesses 433,612 418,924 Total operating revenues $2,609,584 $2,723,881 |
Entergy Arkansas [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy Louisiana [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy Mississippi [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy New Orleans [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Entergy Texas [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2019 were as follows: 2019 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $209,867 $264,065 $128,809 $52,076 $147,722 Commercial 124,578 206,779 97,914 45,741 79,046 Industrial 121,577 346,678 37,697 7,250 87,798 Governmental 4,899 16,891 10,036 15,901 5,233 Total billed retail 460,921 834,413 274,456 120,968 319,799 Sales for resale (a) 79,584 83,955 4,814 10,224 16,775 Other electric revenues (b) 2,304 12,441 405 (1,706 ) 3,496 Non-customer revenues (c) 3,003 5,884 2,569 1,397 404 Total electric revenues 545,812 936,693 282,244 130,883 340,474 Natural gas — 22,637 — 32,311 — Total operating revenues $545,812 $959,330 $282,244 $163,194 $340,474 The Registrant Subsidiaries’ total revenues for the three months ended March 31, 2018 were as follows: 2018 Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Residential $235,524 $295,517 $148,342 $64,575 $148,126 Commercial 120,634 224,928 110,460 54,272 85,427 Industrial 111,477 352,336 42,501 7,570 83,302 Governmental 4,648 17,310 10,848 17,691 5,981 Total billed retail 472,283 890,091 312,151 144,108 322,836 Sales for resale (a) 66,103 89,255 1,993 13,337 23,361 Other electric revenues (b) 10,024 20,503 (719 ) (3,111 ) 2,264 Non-customer revenues (c) 2,614 5,257 2,318 1,484 479 Total electric revenues 551,024 1,005,106 315,743 155,818 348,940 Natural gas — 24,238 — 32,457 — Total operating revenues $551,024 $1,029,344 $315,743 $188,275 $348,940 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Lease, Cost | Entergy incurred the following total lease costs for the three months ended March 31, 2019: (In Thousands) Operating lease cost $15,720 Financing lease cost: Amortization of right-of-use assets $2,912 Interest on lease liabilities $753 |
Lease, Liabilities | The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheet as of March 31, 2019: (In Thousands) Current liabilities: Operating leases $53,121 Financing leases $11,590 Non-current liabilities: Operating leases $173,456 Financing leases $53,065 |
Lease, Terms and Discount Rate | The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of Entergy at March 31, 2019: Weighted average remaining lease terms: Operating leases 5.51 Financing leases 7.06 Weighted average discount rate: Operating leases 3.75 % Financing leases 4.64 % |
Lease, Maturity | Maturity of the lease liabilities for Entergy as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (In Thousands) Remainder for 2019 $44,143 $10,375 2020 52,905 12,489 2021 43,482 10,941 2022 34,768 9,743 2023 27,974 8,680 Years thereafter 45,259 26,744 Minimum lease payments 248,531 78,972 Less: amount representing interest 21,954 14,318 Present value of net minimum lease payments $226,577 $64,654 |
Operating And Capital Leases Future Minimum Payments Due | As of December 31, 2018 , Entergy had capital leases and non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf sale and leaseback transaction, all of which are discussed elsewhere): Year Operating Leases Capital Leases (In Thousands) 2019 $94,043 $2,887 2020 82,191 2,887 2021 75,147 2,887 2022 60,808 2,887 2023 47,391 2,887 Years thereafter 88,004 16,117 Minimum lease payments 447,584 30,552 Less: Amount representing interest — 8,555 Present value of net minimum lease payments $447,584 $21,997 |
Purchase Power Agreement Minimum Lease Payments | The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. |
Entergy Arkansas [Member] | |
Lease, Cost | The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 |
Lease, Assets | Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 |
Lease, Liabilities | The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 |
Lease, Terms and Discount Rate | The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % |
Lease, Maturity | Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 |
Operating And Capital Leases Future Minimum Payments Due | As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 |
Schedule of Rent Expense | Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 |
Entergy Louisiana [Member] | |
Lease, Cost | The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 |
Lease, Assets | Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 |
Lease, Liabilities | The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 |
Lease, Terms and Discount Rate | The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % |
Lease, Maturity | Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 |
Operating And Capital Leases Future Minimum Payments Due | As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 |
Schedule of Rent Expense | Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 |
Entergy Mississippi [Member] | |
Lease, Cost | The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 |
Lease, Assets | Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 |
Lease, Liabilities | The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 |
Lease, Terms and Discount Rate | The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % |
Lease, Maturity | Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 |
Operating And Capital Leases Future Minimum Payments Due | As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 |
Schedule of Rent Expense | Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 |
Entergy New Orleans [Member] | |
Lease, Cost | The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 |
Lease, Assets | Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 |
Lease, Liabilities | The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 |
Lease, Terms and Discount Rate | The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % |
Lease, Maturity | Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 |
Operating And Capital Leases Future Minimum Payments Due | As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 |
Schedule of Rent Expense | Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 |
Entergy Texas [Member] | |
Lease, Cost | The Registrant Subsidiaries incurred the following lease costs for the three months ended March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating lease cost $3,295 $3,026 $1,753 $357 $1,085 Financing lease cost: Amortization of right-of-use assets $629 $1,025 $348 $176 $306 Interest on lease liabilities $105 $152 $59 $30 $46 |
Lease, Assets | Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019 are the following amounts: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Operating leases $52,916 $36,066 $18,926 $4,961 $9,991 Financing leases $11,317 $16,978 $6,358 $2,974 $5,076 |
Lease, Liabilities | The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Current liabilities: Operating leases $11,321 $10,958 $6,461 $1,748 $3,071 Financing leases $2,465 $4,052 $1,382 $678 $1,281 Non-current liabilities: Operating leases $41,597 $25,144 $12,565 $3,218 $7,007 Financing leases $8,851 $13,039 $4,975 $2,296 $3,708 |
Lease, Terms and Discount Rate | The following information contains the weighted average remaining lease term in years and the weighted average discount rate for the operating and financing leases of the Registrant Subsidiaries at March 31, 2019: Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas Weighted average remaining lease terms: Operating leases 6.38 4.32 5.09 5.64 4.15 Financing leases 5.64 5.29 5.39 5.81 5.09 Weighted average discount rate: Operating leases 3.29 % 3.54 % 3.67 % 3.55 % 3.80 % Financing leases 3.71 % 3.56 % 3.70 % 3.97 % 3.72 % |
Lease, Maturity | Maturity of the lease liabilities for the Registrant Subsidiaries as of March 31, 2019 are as follows: Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $9,285 $8,316 $5,231 $1,036 $2,631 2020 11,085 9,795 5,845 1,216 2,961 2021 9,137 8,009 3,886 945 2,186 2022 6,763 5,137 2,505 622 1,196 2023 5,600 3,262 1,228 460 839 Years thereafter 15,713 3,346 2,313 999 1,104 Minimum lease payments 57,583 37,865 21,008 5,278 10,917 Less: amount representing interest 4,664 1,764 1,982 312 839 Present value of net minimum lease payments $52,919 $36,101 $19,026 $4,966 $10,078 Financing Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) Remainder of 2019 $2,071 $3,302 $1,159 $592 $1,010 2020 2,464 3,843 1,431 616 1,165 2021 2,067 3,189 1,266 505 973 2022 1,778 2,749 1,073 454 766 2023 1,551 2,301 867 407 633 Years thereafter 2,476 5,414 1,154 748 796 Minimum lease payments 12,407 20,798 6,950 3,322 5,343 Less: amount representing interest 1,091 3,707 592 349 354 Present value of net minimum lease payments $11,316 $17,091 $6,358 $2,973 $4,989 |
Operating And Capital Leases Future Minimum Payments Due | As of December 31, 2018 the Registrant Subsidiaries had non-cancelable operating leases for equipment, buildings, vehicles, and fuel storage facilities with minimum lease payments as follows (excluding power purchase agreement operating leases, nuclear fuel leases, and the Grand Gulf lease obligation, all of which are discussed elsewhere): Operating Leases Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas (In Thousands) 2019 $20,421 $25,970 $9,344 $2,493 $5,744 2020 13,918 21,681 8,763 2,349 4,431 2021 11,931 19,514 7,186 1,901 3,625 2022 9,458 15,756 5,675 1,314 2,218 2023 7,782 12,092 2,946 1,043 1,561 Years thereafter 23,297 22,003 4,417 2,323 2,726 Minimum lease payments $86,807 $117,016 $38,331 $11,423 $20,305 |
Schedule of Rent Expense | Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 |
Purchase Power Agreement Minimum Lease Payments | The minimum lease payments under the power purchase agreement are as follows: Year Entergy Texas (a) Entergy (In Thousands) 2019 $31,159 $31,159 2020 31,876 31,876 2021 32,609 32,609 2022 10,180 10,180 Minimum lease payments $105,824 $105,824 (a) Amounts reflect 100% of minimum payments. Under a separate contract, which expires May 31, 2022, Entergy Louisiana purchases 50% of the capacity and energy from the power purchase agreement from Entergy Texas. |
System Energy [Member] | |
Schedule of Rent Expense | Rental Expenses Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas System Energy (In Millions) 2018 $6.2 $20.2 $4.6 $2.5 $3.1 $1.9 2017 $7.5 $23.0 $5.6 $2.5 $3.4 $2.2 2016 $8.0 $17.8 $4.0 $0.9 $2.8 $1.6 |
Present Value Of Future Minimum Lease Payments Sale Leaseback Transactions | As of December 31, 2018, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal: Amount (In Thousands) 2019 $17,188 2020 17,188 2021 17,188 2022 17,188 2023 17,188 Years thereafter 223,437 Total 309,377 Less: Amount representing interest 275,025 Present value of net minimum lease payments $34,352 |
Rate And Regulatory Matters (Na
Rate And Regulatory Matters (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 15 Months Ended | |||||||
Apr. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jul. 27, 2019 | Apr. 23, 2018 | |
Regulatory Assets [Line Items] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 25,462,000 | $ 25,800,000 | |||||||||
Deferred Fuel Cost | $ 27,251,000 | 19,209,000 | $ 19,209,000 | $ 27,251,000 | |||||||
Entergy Louisiana [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Deferred Fuel Cost | 0 | 19,209,000 | 19,209,000 | 0 | |||||||
Entergy Louisiana [Member] | Revenue Subject to Refund [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
LPSC staff recommended fuel adjustment clause refund including interest | 7,300,000 | 7,300,000 | |||||||||
Entergy Mississippi [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Deferred Fuel Cost | 8,016,000 | $ 0 | 0 | 8,016,000 | |||||||
Authorized return on common equity | 6.94% | ||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 10,100,000 | ||||||||||
Entergy Mississippi [Member] | Revenue Subject to Refund [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Provision recorded to reflect change in formula rate plan revenues compared to allowed rate of return | 9,300,000 | 9,300,000 | |||||||||
True-up to provision recorded to reflect change in formula rate plan revenues compared to allowed rate of return | $ 800,000 | 800,000 | |||||||||
Entergy Mississippi [Member] | Subsequent Event [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 36,800,000 | ||||||||||
Entergy Texas [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 2,700,000 | 3,200,000 | |||||||||
Requested recovery of internal and external litigation expenses previously paid or incurred | $ 7,200,000 | ||||||||||
Entergy Texas [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Recommended disallowance of requested recovery of expenses previously paid or incurred | $ 3,200,000 | ||||||||||
Entergy Texas [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Recommended disallowance of requested recovery of expenses previously paid or incurred | $ 4,200,000 | ||||||||||
Entergy Arkansas [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Deferred Fuel Cost | 19,235,000 | 0 | 0 | 19,235,000 | |||||||
Energy Cost Recovery Rider Rate Per kWh | 0.01882 | ||||||||||
Entergy Arkansas [Member] | Revenue Subject to Refund [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Provision recorded to reflect change in formula rate plan revenues compared to allowed rate of return | 35,100,000 | 35,100,000 | |||||||||
True-up to provision recorded to reflect change in formula rate plan revenues compared to allowed rate of return | 10,500,000 | 10,500,000 | |||||||||
Entergy Arkansas [Member] | Subsequent Event [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Energy Cost Recovery Rider Rate Per kWh | $ 0.01462 | ||||||||||
System Energy [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
LPSC requested authorized return on equity for System Energy in return on equity proceeding | 7.81% | ||||||||||
APSC/MPSC requested authorized return on equity for System Energy in return on equity proceeding | 8.24% | ||||||||||
Annual renewal lease payments on Grand Gulf Sale-Leaseback | 17,200,000 | ||||||||||
LPSC requested rate reduction for ADIT associated with uncertain tax positions resulting from Grand Gulf sale-leaseback | $ 334,500,000 | $ 334,500,000 | |||||||||
LPSC requested refund of cost of capital additions resulting from Grand Gulf sale-leaseback | $ 274,800,000 | $ 274,800,000 | |||||||||
System Energy [Member] | Minimum [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.10% | ||||||||||
System Energy [Member] | Maximum [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.70% | ||||||||||
System Energy [Member] | Subsequent Event [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
LPSC requested authorized return on equity for System Energy in return on equity proceeding | 7.97% | ||||||||||
APSC/MPSC requested authorized return on equity for System Energy in return on equity proceeding | 8.41% | ||||||||||
System Energy [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.32% | ||||||||||
System Energy [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.69% | ||||||||||
Grand Gulf [Member] | System Energy [Member] | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 11.50% |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 03, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Jun. 30, 2018 | Jan. 01, 2018 |
Equity [Abstract] | |||||||
Stock Options Excluded From Diluted Common Shares Outstanding Calculation | 700,000 | 4,000,000 | |||||
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 8,448,171 | 15,300,000 | |||||
Forward Contract Indexed to Issuer's Equity, Shares | 2,000,000 | ||||||
Proceeds from Issuance of Common Stock | $ 500,000 | ||||||
Shares, Issued | 860,093 | ||||||
Common stock dividend (in dollars per share) | $ 0.91 | $ 0.89 | |||||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | $ 632,617 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 0 | $ (56,360) | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI resulting from stranded tax effects | $ 15,505 | ||||||
Accounting Standards Update 2017-12 [Member] | |||||||
Equity [Abstract] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 8,000 | ||||||
Accounting Standards Update 2017-08 [Member] | |||||||
Equity [Abstract] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 1,000 | ||||||
Common Stock [Member] | |||||||
Equity [Abstract] | |||||||
Forward Contract Indexed to Issuer's Equity, Shares | 6,834,221 | ||||||
Subsequent Event [Member] | |||||||
Equity [Abstract] | |||||||
Common stock dividend (in dollars per share) | $ 0.91 |
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, 2019 | Mar. 31, 2018 | |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Stock options, Shares | 400,000 | 200,000 |
Stock options $/share | $ 0 | $ 0 |
Restricted stock, Shares | 500,000 | 500,000 |
Restricted stock $/share | $ (0.01) | $ 0 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 1,700,000 | 0 |
Average Dilutive Effect Of Equity Forwards | $ (0.01) | $ 0 |
Basic earnings per share | ||
Net income (loss) attributable to Entergy Corporation, Income | $ 254,537 | $ 132,761 |
Net Income Attributable to Entergy Corporation, Shares | 189,575,187 | 180,707,575 |
Net Income Attributable to Entergy Corporation, $/share | $ 1.34 | $ 0.73 |
Diluted earnings per share, Shares | 192,234,191 | 181,431,968 |
Diluted earnings per share $/share | $ 1.32 | $ 0.73 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 0 | $ (56,360) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | $ (551,152) | $ (561,498) | $ (557,173) | $ (23,531) | ||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | (632,617) | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 41,851 | 72,404 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (29,024) | 6,741 | ||||
Other comprehensive income (loss) | 12,827 | 79,145 | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (16,538) | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI resulting from stranded tax effects | 15,505 | |||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 879 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | 12,466 | (6,201) | (2,116) | 545,045 | ||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | (632,617) | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 13,539 | 838 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 164 | (33,694) | ||||
Other comprehensive income (loss) | 13,703 | (32,856) | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI resulting from stranded tax effects | 114,227 | |||||
Accumulated Other Comprehensive Income [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (6,806) | (632,617) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income (loss) | 12,827 | 79,145 | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 15,505 | |||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | (520,372) | (605,491) | (531,922) | (531,099) | ||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | 0 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 11,550 | 16,574 | ||||
Other comprehensive income (loss) | 11,550 | 16,574 | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI resulting from stranded tax effects | (90,966) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (7,685) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | (43,246) | 50,194 | (23,135) | (37,477) | ||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | 0 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 28,312 | 71,566 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (40,738) | 23,861 | ||||
Other comprehensive income (loss) | (12,426) | 95,427 | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI resulting from stranded tax effects | (7,756) | |||||
Entergy Louisiana [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | (7,122) | (6,153) | ||||
Other comprehensive income (loss) | (969) | (501) | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (3,787) | |||||
Entergy Louisiana [Member] | Accumulated Other Comprehensive Income [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income (loss) | (969) | (501) | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (10,049) | |||||
Entergy Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | (7,122) | (56,950) | $ (6,153) | $ (46,400) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (969) | (501) | ||||
Other comprehensive income (loss) | (969) | (501) | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI resulting from stranded tax effects | $ 0 | $ (10,049) | ||||
Restatement Adjustment [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | (563,979) | (656,148) | ||||
Restatement Adjustment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | (1,237) | (87,572) | ||||
Restatement Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | (531,922) | (531,099) | ||||
Restatement Adjustment [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss | $ (30,820) | $ (37,477) |
Equity (Reclassification out of
Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,609,584 | $ 2,723,881 |
Other Nonoperating Income (Expense) | (64,658) | (31,356) |
Income taxes (benefits) | (42,771) | (43,663) |
Consolidated net income | 258,646 | 136,200 |
Competitive Businesses [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 433,612 | 418,924 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Consolidated net income | 29,024 | (6,741) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Nonoperating Income (Expense) | (48) | (122) |
INCOME (LOSS) BEFORE INCOME TAXES | 51,567 | (30,204) |
Income taxes (benefits) | (10,829) | 6,343 |
Consolidated net income | 40,738 | (23,861) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Competitive Businesses [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 51,615 | (30,082) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gain (loss) | (259) | 53,314 |
Income taxes (benefits) | 95 | (19,620) |
Consolidated net income | (164) | 33,694 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior-service credit | 5,326 | 5,426 |
Amortization of loss | (18,988) | (24,952) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (1,137) | (1,616) |
INCOME (LOSS) BEFORE INCOME TAXES | (14,799) | (21,142) |
Income taxes (benefits) | 3,249 | 4,568 |
Consolidated net income | (11,550) | (16,574) |
Entergy Louisiana [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 959,330 | 1,029,344 |
Other Nonoperating Income (Expense) | (42,344) | (7,665) |
Income taxes (benefits) | (16,531) | (21,748) |
Consolidated net income | 127,633 | 111,593 |
Entergy Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior-service credit | 1,838 | 1,934 |
Amortization of loss | (527) | (1,257) |
INCOME (LOSS) BEFORE INCOME TAXES | 1,311 | 677 |
Income taxes (benefits) | (342) | (176) |
Consolidated net income | $ 969 | $ 501 |
Revolving Credit Facilities, _3
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Short-term borrowings | $ 1,942,322 | $ 1,942,322 | $ 1,942,339 | ||
Amount of Facility | 3,500,000 | 3,500,000 | |||
Amount Drawn/ Outstanding | $ 320,000 | $ 320,000 | |||
Commercial Paper Program [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, weighted average interest rate | 3.03% | 3.03% | |||
Commercial Paper program limit | $ 2,000,000 | $ 2,000,000 | |||
Commercial Paper Amount Outstanding | 1,942,000 | 1,942,000 | |||
Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | 3,500,000 | 3,500,000 | |||
Amount of total borrowing capacity against which fronting commitments exist | 20,000 | $ 20,000 | |||
Line of credit facility, commitment fee percentage | 0.225% | ||||
Line of Credit Facility, Interest Rate During Period | 4.03% | ||||
Entergy Arkansas [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | 250,000 | $ 250,000 | |||
Amount of total borrowing capacity against which fronting commitments exist | 5,000 | $ 5,000 | |||
Entergy Arkansas [Member] | Mortgage Bonds Four Point Two Percent Series Due April 2049 [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuance Of Debt | $ 350,000 | ||||
Debt instrument, interest rate, stated percentage | 4.20% | 4.20% | |||
Entergy Louisiana [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | $ 450,000 | $ 450,000 | |||
Amount of total borrowing capacity against which fronting commitments exist | 15,000 | $ 15,000 | |||
Entergy Louisiana [Member] | Mortgage Bonds, Four Point Two Zero Percent Series due April Twenty Fifty [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuance Of Debt | $ 525,000 | ||||
Debt instrument, interest rate, stated percentage | 4.20% | 4.20% | |||
Entergy Mississippi [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | $ 175,000 | $ 175,000 | |||
Letters of Credit Outstanding, Amount | 400 | 400 | 200 | ||
Entergy Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | 200,000 | 200,000 | |||
Amount of total borrowing capacity against which fronting commitments exist | 30,000 | 30,000 | |||
Letters of Credit Outstanding, Amount | 1,500 | 1,500 | $ 4,100 | ||
Entergy Texas [Member] | Mortgage Bonds Four Percent Due March 2029 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Issuance Of Debt | $ 300,000 | ||||
Debt instrument, interest rate, stated percentage | 4.00% | ||||
Entergy Texas [Member] | Mortgage Bonds Four Point Five Percent Due March 2039 [Domain] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Issuance Of Debt | $ 400,000 | ||||
Debt instrument, interest rate, stated percentage | 4.50% | ||||
Entergy Texas [Member] | 7.125% Series First Mortgage Bonds Due February 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption of debt instrument | $ 500,000 | ||||
Debt instrument, interest rate, stated percentage | 7.125% | ||||
System Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | 200,000 | $ 200,000 | |||
System Energy [Member] | Two Point Five Percent Series 2019 Revenue Refunding Bonds Due April 2022 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Issuance Of Debt | $ 134,000 | ||||
Debt instrument, interest rate, stated percentage | 2.50% | 2.50% | |||
Entergy Nuclear Vermont Yankee [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | $ 139,000 | $ 139,000 | |||
Line of credit facility, commitment fee percentage | 0.20% | ||||
Amount Drawn/ Outstanding | 139,000 | $ 139,000 | $ 139,000 | ||
Line of Credit Facility, Interest Rate During Period | 4.28% | ||||
Entergy New Orleans [Member] | |||||
Debt Instrument [Line Items] | |||||
Authorized Short Term Borrowings | 150,000 | $ 150,000 | |||
Amount of total borrowing capacity against which fronting commitments exist | 10,000 | 10,000 | |||
System Energy VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount Drawn/ Outstanding | 94,100 | $ 94,100 | |||
Line of Credit Facility, Interest Rate During Period | 3.45% | ||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||||
System Energy VIE [Member] | Two Point Five Percent Series 2019 Revenue Refunding Bonds Due April 2022 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Redemption of debt instrument | $ 134,000 | ||||
Debt instrument, interest rate, stated percentage | 5.875% | 5.875% | |||
Entergy Arkansas VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount Drawn/ Outstanding | $ 42,600 | $ 42,600 | |||
Line of Credit Facility, Interest Rate During Period | 3.50% | ||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||||
Entergy Arkansas VIE [Member] | Three Point Six Five Percent Series L Notes Due July Two Thousand Twenty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.65% | 3.65% | |||
Entergy Louisiana Waterford VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount Drawn/ Outstanding | $ 79,500 | $ 79,500 | |||
Line of Credit Facility, Interest Rate During Period | 3.48% | ||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||||
Entergy Louisiana Waterford VIE [Member] | Three Point Nine Two Percent Series H Dues February Two Thousand Twenty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.92% | 3.92% | |||
Entergy Louisiana River Bend VIE [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount Drawn/ Outstanding | $ 95,400 | $ 95,400 | |||
Line of Credit Facility, Interest Rate During Period | 3.46% | ||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee percentage | 0.225% | ||||
Consolidated debt ratio | 0.65 | 0.65 | |||
Maximum [Member] | Entergy Arkansas [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated debt ratio | 0.65 | 0.65 | |||
Consolidated debt ratio of total capitalization | 70.00% | ||||
Maximum [Member] | Entergy Louisiana [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated debt ratio | 0.65 | 0.65 | |||
Consolidated debt ratio of total capitalization | 70.00% | ||||
Maximum [Member] | Entergy Mississippi [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated debt ratio | 0.65 | 0.65 | |||
Maximum [Member] | Entergy Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated debt ratio | 0.65 | 0.65 | |||
Maximum [Member] | System Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated debt ratio of total capitalization | 70.00% | ||||
Maximum [Member] | Entergy New Orleans [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated debt ratio | 0.65 | 0.65 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee percentage | 0.075% | ||||
Credit Facility Of Three Hundred Fifty Million [Member] | Entergy Louisiana [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | $ 350,000 | $ 350,000 | |||
Letters of Credit Outstanding, Amount | 0 | 0 | |||
Amount Drawn/ Outstanding | 0 | $ 0 | |||
Line of Credit Facility, Interest Rate During Period | 3.75% | ||||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Arkansas [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | 150,000 | $ 150,000 | |||
Letters of Credit Outstanding, Amount | 0 | 0 | |||
Amount Drawn/ Outstanding | 0 | $ 0 | |||
Line of Credit Facility, Interest Rate During Period | 3.75% | ||||
Credit Facility Of One Hundred And Fifty Million [Member] | Entergy Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of Facility | 150,000 | $ 150,000 | |||
Letters of Credit Outstanding, Amount | 1,300 | 1,300 | |||
Amount Drawn/ Outstanding | $ 0 | $ 0 | |||
Line of Credit Facility, Interest Rate During Period | 4.00% |
Revolving Credit Facilities, _4
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Summary Of The Borrowings Outstanding And Capacity Available Under The Facility) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Summary of the borrowings outstanding and capacity available under the facility | |
Capacity | $ 3,500 |
Amount Drawn/ Outstanding | 320 |
Letters of Credit | 6 |
Capacity Available | $ 3,174 |
Revolving Credit Facilities, _5
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Credit Facilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Amount of Facility | $ 3,500,000 | |
Amount Drawn/ Outstanding | 320,000 | |
Entergy Arkansas [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | $ 5,000 | |
Entergy Arkansas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Sep. 14, 2023 | |
Amount of Facility | $ 150,000 | |
Interest Rate | 3.75% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Arkansas [Member] | Credit Facility Of Twenty Million [Member] | ||
Expiration Date | Apr. 30, 2020 | |
Amount of Facility | $ 20,000 | |
Interest Rate | 3.75% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Louisiana [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | $ 15,000 | |
Entergy Louisiana [Member] | Credit Facility Of Three Hundred Fifty Million [Member] | ||
Expiration Date | Sep. 14, 2023 | |
Amount of Facility | $ 350,000 | |
Interest Rate | 3.75% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | $ 400 | $ 200 |
Entergy Mississippi [Member] | Credit Facility Of Thirty Seven Point Five Million [Member] | ||
Expiration Date | May 31, 2019 | |
Amount of Facility | $ 37,500 | |
Interest Rate | 4.00% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Five Million [Member] | ||
Expiration Date | May 31, 2019 | |
Amount of Facility | $ 35,000 | |
Interest Rate | 4.00% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 0 | |
Entergy Mississippi [Member] | Credit Facility Of Ten Million [Member] | ||
Expiration Date | May 31, 2019 | |
Amount of Facility | $ 10,000 | |
Interest Rate | 4.00% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy New Orleans [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | $ 10,000 | |
Entergy New Orleans [Member] | Credit Facility Of Twenty Five Million [Member] | ||
Expiration Date | Nov. 20, 2021 | |
Amount of Facility | $ 25,000 | |
Interest Rate | 3.77% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 800 | |
Entergy Texas [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | 30,000 | |
Letters of Credit Outstanding, Amount | $ 1,500 | $ 4,100 |
Entergy Texas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Expiration Date | Sep. 14, 2023 | |
Amount of Facility | $ 150,000 | |
Interest Rate | 4.00% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 1,300 |
Revolving Credit Facilities, _6
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Short-Term Borrowings And The Outstanding Short-Term Borrowings) (Details) $ in Millions | Mar. 31, 2019USD ($) |
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 | 11 |
Entergy New Orleans [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 150 |
Borrowings | 2 |
Entergy Texas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | 0 |
System Energy [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | $ 0 |
Revolving Credit Facilities, _7
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Issuance Of Commercial Paper To Finance Acquisition And Ownership Of Nuclear Fuel) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount Drawn/ Outstanding | $ 320 |
Entergy Arkansas VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | Sep. 16, 2021 |
Amount of Facility | $ 80 |
Line of Credit Facility, Interest Rate During Period | 3.50% |
Amount Drawn/ Outstanding | $ 42.6 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
System Energy VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | Sep. 16, 2021 |
Amount of Facility | $ 120 |
Line of Credit Facility, Interest Rate During Period | 3.45% |
Amount Drawn/ Outstanding | $ 94.1 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
Entergy Louisiana River Bend VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | Sep. 16, 2021 |
Amount of Facility | $ 105 |
Line of Credit Facility, Interest Rate During Period | 3.46% |
Amount Drawn/ Outstanding | $ 95.4 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
Entergy Louisiana Waterford VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Expiration Date | Sep. 16, 2021 |
Amount of Facility | $ 105 |
Line of Credit Facility, Interest Rate During Period | 3.48% |
Amount Drawn/ Outstanding | $ 79.5 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.10% |
Revolving Credit Facilities, _8
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Notes Payable By Variable Interest Entities) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Three Point Six Five Percent Series L Notes Due July Two Thousand Twenty One [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.65% |
Amount | $ 90 |
Three Point One Seven Percent Series M Notes Due December Two Thousand Twenty Three [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.17% |
Amount | $ 40 |
Three Point Three Eight Percent Series R Notes Due August Two Thousand Twenty [Member] | Entergy Louisiana River Bend VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.38% |
Amount | $ 70 |
Three Point Nine Two Percent Series H Dues February Two Thousand Twenty One [Member] | Entergy Louisiana Waterford VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.92% |
Amount | $ 40 |
Three Point Two Two Percent Series I Notes Due December Two Thousand Twenty Three [Domain] | Entergy Louisiana Waterford VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.22% |
Amount | $ 20 |
Three Point Four Two Percent Series J Notes Due April Two Thousand Twenty One [Member] | System Energy VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.42% |
Amount | $ 100 |
Revolving Credit Facilities, _9
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Book Value And The Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term Debt, Fair Value | $ 17,613,263 | $ 15,880,239 |
Long-term Debt, Book Value | 17,317,896 | 16,168,312 |
Entergy Arkansas [Member] | ||
Long-term Debt, Fair Value | 3,471,105 | 3,002,627 |
Long-term Debt, Book Value | 3,555,152 | 3,225,759 |
Long term DOE obligations | 188,000 | 187,000 |
Entergy Louisiana [Member] | ||
Long-term Debt, Fair Value | 7,665,243 | 6,834,134 |
Long-term Debt, Book Value | 7,377,912 | 6,805,768 |
Entergy Mississippi [Member] | ||
Long-term Debt, Fair Value | 1,332,283 | 1,276,452 |
Long-term Debt, Book Value | 1,325,915 | 1,325,750 |
Entergy New Orleans [Member] | ||
Long-term Debt, Fair Value | 510,959 | 491,569 |
Long-term Debt, Book Value | 483,844 | 483,704 |
Entergy Texas [Member] | ||
Long-term Debt, Fair Value | 1,755,754 | 1,528,828 |
Long-term Debt, Book Value | 1,680,966 | 1,513,735 |
System Energy [Member] | ||
Long-term Debt, Fair Value | 586,518 | 596,123 |
Long-term Debt, Book Value | 610,798 | 630,750 |
Capital Lease Obligations | $ 34,000 | $ 34,000 |
Revolving Credit Facilities,_10
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | $ 0.4 | $ 0.2 |
Entergy Texas [Member] | ||
Letters of Credit Outstanding, Amount | 1.5 | $ 4.1 |
Credit Facility Of Twenty Five Million [Member] | Entergy Arkansas [Member] | ||
Uncommitted Credit Facility | $ 25 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 1 | |
Credit Facility of Fifty Million [Member] | Entergy Texas [Member] | ||
Uncommitted Credit Facility | $ 50 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 11.7 | |
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 | $ 12.1 | |
Credit Facility of Fifteen Million [Member] | Entergy New Orleans [Member] | ||
Uncommitted Credit Facility | $ 15 | |
Letter of Credit Fee, Percentage | 1.00% | |
Letters of Credit Outstanding, Amount | $ 1 | |
Credit Facility Of One Hundred Twenty Five Million [Member] | Entergy Louisiana [Member] | ||
Uncommitted Credit Facility | $ 125 | |
Letter of Credit Fee, Percentage | 0.70% | |
Letters of Credit Outstanding, Amount | $ 43 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2019 | Mar. 31, 2019 | |
Equity Ownership And Long Term Cash Incentive Plan Two Thousand Fifteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option granted (in shares) | 693,161 | |
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 8.32 | |
Stock options outstanding | 3,210,237 | |
Weighted-average exercise price of stock options outstanding (in dollars per share) | $ 78.25 | |
Intrinsic value in the money stock options | $ 55.8 | |
Restricted Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of awards under Entergy's plans, years | 3 years | |
Restricted Awards [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Fifteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards granted | 355,537 | |
Restricted stock awards granted value (in dollars per share) | $ 89.19 | |
Long Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of awards under Entergy's plans, years | 3 years | |
Long Term Incentive Plan [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Fifteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Long-term incentive plan awards | 180,824 | |
Percent of performance measure based on relative total shareholder return | 8000.00% | 8000.00% |
Percent of performance measure based on cumulative adjusted EPS metric | 2000.00% | 2000.00% |
Long Term Incentive Plan [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Fifteen [Member] | Performance measure based on relative total shareholder return [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
LTIP awards granted value (in dollars per share) | $ 102.07 | |
Long Term Incentive Plan [Member] | Equity Ownership And Long Term Cash Incentive Plan Two Thousand Fifteen [Member] | Performance measure based on cumulative adjusted earnings per share metric [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
LTIP awards granted value (in dollars per share) | $ 89.19 |
Stock-Based Compensation (Finan
Stock-Based Compensation (Financial Information For Stock Options) (Details) - Employee Stock Option [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 1 | $ 1.1 |
Tax benefit recognized in Entergy's net income | 0.2 | 0.3 |
Compensation cost capitalized as part of fixed assets and inventory | $ 0.3 | $ 0.2 |
Stock-Based Compensation (Fin_2
Stock-Based Compensation (Financial Information For Other Equity Plans) (Details) - Other Equity Awards [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 8.8 | $ 8.8 |
Tax benefit recognized in Entergy's net income | 2.2 | 2.2 |
Compensation cost capitalized as part of fixed assets and inventory | $ 2.9 | $ 2.3 |
Retirement And Other Postreti_3
Retirement And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 176,900 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 11,700 | ||
Entergy Arkansas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 27,112 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 454 | ||
Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 26,451 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,914 | ||
Entergy Mississippi [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 7,701 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 156 | ||
Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1,800 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 111 | ||
Entergy Texas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1,645 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 286 | ||
System Energy [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 8,285 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 290 | ||
Subsequent Event [Member] | Entergy Arkansas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 26,658 | ||
Subsequent Event [Member] | Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 24,537 | ||
Subsequent Event [Member] | Entergy Mississippi [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 7,545 | ||
Subsequent Event [Member] | Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,689 | ||
Subsequent Event [Member] | Entergy Texas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,359 | ||
Subsequent Event [Member] | System Energy [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 7,995 | ||
Non Qualified Pension Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 4,000 | $ 8,900 | |
Settlement Charge Associated With Out Of Plan Payment Of Lump Sum Benefits | 4,400 | ||
Non Qualified Pension Plans [Member] | Entergy Arkansas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 73 | 132 | |
Settlement Charge Associated With Out Of Plan Payment Of Lump Sum Benefits | 12 | ||
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 43 | 50 | |
Non Qualified Pension Plans [Member] | Entergy Mississippi [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 75 | 80 | |
Non Qualified Pension Plans [Member] | Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | 5 | 21 | |
Non Qualified Pension Plans [Member] | Entergy Texas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net periodic benefit costs | $ 124 | $ 137 |
Retirement And Other Postreti_4
Retirement And Other Postretirement Benefits (Components Of Qualified Net Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | $ 33,607 | $ 38,752 |
Interest cost on projected benefit obligation | 73,941 | 66,854 |
Expected return on assets | (103,884) | (110,535) |
Amortization of prior service cost (credit) | 0 | 99 |
Amortization of loss | 58,418 | 68,526 |
Net other postretirement benefit cost | 63,219 | 63,696 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 1,137 | 0 |
Pension Plans Defined Benefit [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 5,261 | 6,189 |
Interest cost on projected benefit obligation | 14,175 | 13,004 |
Expected return on assets | (20,176) | (21,851) |
Amortization of loss | 11,840 | 13,412 |
Net other postretirement benefit cost | 11,100 | 10,754 |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 7,284 | 8,446 |
Interest cost on projected benefit obligation | 15,882 | 14,940 |
Expected return on assets | (22,652) | (24,809) |
Amortization of loss | 11,643 | 14,450 |
Net other postretirement benefit cost | 12,157 | 13,027 |
Pension Plans Defined Benefit [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,629 | 1,822 |
Interest cost on projected benefit obligation | 4,068 | 3,769 |
Expected return on assets | (5,968) | (6,502) |
Amortization of loss | 3,104 | 3,610 |
Net other postretirement benefit cost | 2,833 | 2,699 |
Pension Plans Defined Benefit [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 569 | 673 |
Interest cost on projected benefit obligation | 1,874 | 1,813 |
Expected return on assets | (2,696) | (2,993) |
Amortization of loss | 1,529 | 1,954 |
Net other postretirement benefit cost | 1,276 | 1,447 |
Pension Plans Defined Benefit [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,350 | 1,589 |
Interest cost on projected benefit obligation | 3,613 | 3,348 |
Expected return on assets | (5,862) | (6,523) |
Amortization of loss | 2,334 | 2,626 |
Net other postretirement benefit cost | 1,435 | 1,040 |
Pension Plans Defined Benefit [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,550 | 1,776 |
Interest cost on projected benefit obligation | 3,364 | 3,227 |
Expected return on assets | (4,678) | (4,991) |
Amortization of loss | 2,850 | 3,715 |
Net other postretirement benefit cost | 3,086 | 3,727 |
Other Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 4,675 | 6,782 |
Interest cost on projected benefit obligation | 11,975 | 12,681 |
Expected return on assets | (9,562) | (10,373) |
Amortization of prior service cost (credit) | (8,844) | (9,251) |
Amortization of loss | 358 | 3,432 |
Net other postretirement benefit cost | (1,398) | 3,271 |
Other Postretirement [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 591 | 793 |
Interest cost on projected benefit obligation | 1,807 | 1,997 |
Expected return on assets | (3,991) | (4,342) |
Amortization of prior service cost (credit) | (1,238) | (1,278) |
Amortization of loss | 144 | 289 |
Net other postretirement benefit cost | (2,687) | (2,541) |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,160 | 1,556 |
Interest cost on projected benefit obligation | 2,666 | 2,789 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost (credit) | (1,837) | (1,934) |
Amortization of loss | (174) | 388 |
Net other postretirement benefit cost | 1,815 | 2,799 |
Other Postretirement [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 262 | 321 |
Interest cost on projected benefit obligation | 670 | 683 |
Expected return on assets | (1,199) | (1,303) |
Amortization of prior service cost (credit) | (439) | (456) |
Amortization of loss | 181 | 377 |
Net other postretirement benefit cost | (525) | (378) |
Other Postretirement [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 92 | 129 |
Interest cost on projected benefit obligation | 395 | 417 |
Expected return on assets | (1,237) | (1,313) |
Amortization of prior service cost (credit) | (171) | (186) |
Amortization of loss | 58 | 34 |
Net other postretirement benefit cost | (863) | (919) |
Other Postretirement [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 236 | 330 |
Interest cost on projected benefit obligation | 854 | 939 |
Expected return on assets | (2,276) | (2,446) |
Amortization of prior service cost (credit) | (561) | (579) |
Amortization of loss | 121 | 206 |
Net other postretirement benefit cost | (1,626) | (1,550) |
Other Postretirement [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 243 | 306 |
Interest cost on projected benefit obligation | 476 | 500 |
Expected return on assets | (697) | (783) |
Amortization of prior service cost (credit) | (363) | (378) |
Amortization of loss | 89 | 233 |
Net other postretirement benefit cost | (252) | (122) |
Non Qualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 4,000 | 8,900 |
Settlement Charge Associated With Out Of Plan Payment Of Lump Sum Benefits | 4,400 | |
Non Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 73 | 132 |
Settlement Charge Associated With Out Of Plan Payment Of Lump Sum Benefits | 12 | |
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 43 | 50 |
Non Qualified Pension Plans [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 75 | 80 |
Non Qualified Pension Plans [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 5 | 21 |
Non Qualified Pension Plans [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | $ 124 | $ 137 |
Retirement And Other Postreti_5
Retirement And Other Postretirement Benefits (Expected Employer Contributions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2019 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 176,900 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 11,700 | |
Entergy Louisiana [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 26,451 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,914 | |
Entergy Louisiana [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 24,537 | |
Entergy Mississippi [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 7,701 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 156 | |
Entergy Mississippi [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 7,545 | |
Entergy New Orleans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1,800 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 111 | |
Entergy New Orleans [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,689 | |
Entergy Texas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1,645 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 286 | |
Entergy Texas [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,359 | |
System Energy [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 8,285 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 290 | |
System Energy [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 7,995 | |
Entergy Arkansas [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 27,112 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 454 | |
Entergy Arkansas [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 26,658 |
Retirement And Other Postreti_6
Retirement And Other Postretirement Benefits (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | $ 5,326 | $ 5,426 |
Amortization of loss | (18,988) | (24,952) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | (1,137) | (1,616) |
Total | (14,799) | (21,142) |
Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,838 | 1,934 |
Amortization of loss | (527) | (1,257) |
Total | 1,311 | 677 |
Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | (99) |
Amortization of loss | (18,735) | (21,957) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | (1,137) | 0 |
Total | (19,872) | (22,056) |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (699) | (867) |
Total | (699) | (867) |
Other Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 5,375 | 5,595 |
Amortization of loss | 308 | (1,932) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | 0 | 0 |
Total | 5,683 | 3,663 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,838 | 1,934 |
Amortization of loss | 174 | (388) |
Total | 2,012 | 1,546 |
Non Qualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | (49) | (70) |
Amortization of loss | (561) | (1,063) |
Recognized Net Gain (Loss) Due To Settlements, Pre Tax | 0 | (1,616) |
Total | (610) | (2,749) |
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) | (2) |
Total | $ (2) | $ (2) |
Business Segment Information Bu
Business Segment Information Business Segment Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 29 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | Jun. 01, 2022 | |
Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Write-Offs, Impairments, And Related Charges | $ 74 | $ 73 | ||
Restructuring Charges | 34 | 26 | ||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 34 | |||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | Subsequent Event [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 130 | $ 110 | ||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 34 | $ 26 |
Business Segment Information (S
Business Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,609,584 | $ 2,723,881 | |
Segment Financial Information | |||
Income taxes (benefits) | 42,771 | 43,663 | |
Consolidated net income | 258,646 | 136,200 | |
Assets | 49,605,381 | $ 48,275,066 | |
Utility [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,175,982 | 2,304,990 | |
Segment Financial Information | |||
Income taxes (benefits) | (11,564) | 52,224 | |
Consolidated net income | 234,147 | 217,940 | |
Assets | 46,502,826 | 44,777,167 | |
Entergy Wholesale Commodities [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 433,612 | 418,924 | |
Segment Financial Information | |||
Income taxes (benefits) | 65,908 | (1,078) | |
Consolidated net income | 97,079 | (17,779) | |
Assets | 5,065,643 | 5,459,275 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Segment Financial Information | |||
Income taxes (benefits) | (11,573) | (7,483) | |
Consolidated net income | (40,682) | (32,063) | |
Assets | 719,602 | 733,366 | |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (10) | (33) | |
Segment Financial Information | |||
Income taxes (benefits) | 0 | 0 | |
Consolidated net income | (31,898) | $ (31,898) | |
Assets | $ (2,682,690) | $ (2,694,742) |
Business Segment Information _2
Business Segment Information Business Segment Information (Restructuring Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 34 | |||
Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 34 | $ 26 | ||
Restructuring Reserve | 227 | 123 | $ 193 | $ 97 |
Entergy Wholesale Commodities [Member] | Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 34 | 26 | ||
Restructuring Reserve | 213 | 109 | 179 | 83 |
Entergy Wholesale Commodities [Member] | Economic Development Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 0 | 0 | ||
Restructuring Reserve | $ 14 | $ 14 | $ 14 | $ 14 |
Risk Management and Fair Valu_3
Risk Management and Fair Values (Narrative) (Details) TWh in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)GWhMMBTUcounterparty | Mar. 31, 2018USD ($) | Dec. 31, 2019TWh | Dec. 31, 2018USD ($)counterparty | |
Risk Management and Fair Values [Abstract] | ||||
Cash flow hedges relating to power sales as part of net unrealized gains | $ (53) | |||
Reclassified from accumulated other comprehensive income (OCI) to operating revenues | (39) | |||
Maturity of cash flow hedges, Tax | $ 11 | $ (6) | ||
Maximum length of time over which Company is currently hedging the variability in future cash flows for forecasted power transactions, years | 2 years | |||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 45,740,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 18,928 | |||
Change in cash flow hedges due to ineffectiveness | 13.3 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset and Liability Unrealized Gains (Loss) Included in Earnings | $ (4.9) | $ 0.2 | ||
Entergy Arkansas [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Total volume of fixed transmission rights outstanding | GWh | 4,099 | |||
Entergy Louisiana [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 36,540,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 8,235 | |||
Entergy Mississippi [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Letters of Credit Outstanding, Amount | $ 0.4 | $ 0.2 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 9,200,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 2,520 | |||
Entergy New Orleans [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Total volume of fixed transmission rights outstanding | GWh | 948 | |||
Entergy Texas [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Letters of Credit Outstanding, Amount | $ 1.5 | 4.1 | ||
Total volume of fixed transmission rights outstanding | GWh | 3,047 | |||
Gas Hedge Contracts [Member] | Entergy Louisiana [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years | |||
Gas Hedge Contracts [Member] | Entergy Mississippi [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 7 months | |||
Entergy Wholesale Commodities [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Cash collateral posted | $ 19 | $ 19 | ||
Derivative, Collateral, Obligation to Return Cash | 1 | |||
Letters of Credit Held | $ 4 | |||
Number of Derivative Contract Counterparties in a Liability Position | counterparty | 7 | 6 | ||
Dollar amount of hedge contract in a liability position | $ 49 | $ 34 | ||
Utility [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Letters of Credit Outstanding, Amount | $ 2 | $ 4 | ||
Subsequent Event [Member] | ||||
Risk Management and Fair Values [Abstract] | ||||
Planned generation sold forward from non utility nuclear power plants for the remainder of the period | 98.00% | |||
Planned Generation From Non Nuclear Power Plants Sold Forward Under Financial Hedges | 72.00% | |||
Total planned generation for remainder of the period | TWh | 18.6 |
Risk Management and Fair Valu_4
Risk Management and Fair Values (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Utility [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | $ 2 | $ 4 |
Entergy Wholesale Commodities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral posted | 19 | 19 |
Assets: | ||
Derivative, Collateral, Obligation to Return Cash | 1 | |
Liabilities: | ||
Letters of Credit Held | 4 | |
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 | 16 | 20 |
Derivative, Collateral, Right to Reclaim Cash | 3 | 7 |
Derivative Liability | 13 | 13 |
Other Non-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 | 2 | |
Derivative, Collateral, Right to Reclaim Cash | 2 | |
Derivative Liability | 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 | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 3 | 7 |
Derivative, Collateral, Obligation to Return Cash | 3 | 7 |
Other Deferred Debits And Other Assets [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0 | 1 |
Derivative Asset, Fair Value, Gross Asset | 2 | 1 |
Derivative, Collateral, Obligation to Return Cash | 2 | 0 |
Other Deferred Debits And Other Assets [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1 | 2 |
Derivative Asset, Fair Value, Gross Asset | 1 | 2 |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 6 | 32 |
Derivative, Collateral, Obligation to Return Cash | 6 | 32 |
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 3 | 2 |
Derivative Asset, Fair Value, Gross Asset | 9 | 4 |
Derivative, Collateral, Obligation to Return Cash | 6 | 2 |
Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Utility and Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 5 | 15 |
Derivative Asset, Fair Value, Gross Asset | 6 | 16 |
Derivative, Collateral, Obligation to Return Cash | 1 | 1 |
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 | 45 | 54 |
Derivative, Collateral, Right to Reclaim Cash | 9 | 33 |
Derivative Liability | 36 | 21 |
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 | 2 | 1 |
Derivative, Collateral, Right to Reclaim Cash | 2 | 1 |
Derivative Liability | 0 | 0 |
Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 1 | 1 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 1 | 1 |
Entergy Louisiana [Member] | Other Deferred Debits And Other Assets [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1.3 | 1.6 |
Derivative Asset, Fair Value, Gross Asset | 1.3 | 1.6 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Entergy Louisiana [Member] | Prepayments And Other [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.2 | 0.3 |
Derivative Asset, Fair Value, Gross Asset | 0.2 | 0.3 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Entergy Louisiana [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 2.8 | 8.3 |
Derivative Asset, Fair Value, Gross Asset | 2.8 | 8.4 |
Derivative, Collateral, Obligation to Return Cash | 0 | (0.1) |
Entergy Louisiana [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 0.3 | 1.1 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 0.3 | 1.1 |
Entergy Mississippi [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | 0.4 | 0.2 |
Entergy Mississippi [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.7 | 2.2 |
Derivative Asset, Fair Value, Gross Asset | 0.7 | 2.2 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Entergy Mississippi [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 0.8 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 0.8 | |
Entergy New Orleans [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.5 | 1.3 |
Derivative Asset, Fair Value, Gross Asset | 0.5 | 1.3 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Entergy New Orleans [Member] | Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 0.1 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 0.1 | |
Entergy Arkansas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1.1 | 3.4 |
Derivative Asset, Fair Value, Gross Asset | 1.2 | 3.6 |
Derivative, Collateral, Obligation to Return Cash | (0.1) | (0.2) |
Entergy Texas [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | 1.5 | 4.1 |
Entergy Texas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | (0.3) | |
Derivative Asset, Fair Value, Gross Asset | 0.3 | |
Derivative, Collateral, Obligation to Return Cash | $ (0.6) | |
Entergy Texas [Member] | Other Current Liabilities [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative, Collateral, Obligation to Return Cash | (1.4) | |
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 0.9 | |
Derivative Liability | $ (0.5) |
Risk Management and Fair Valu_5
Risk Management and Fair Values (Derivative Instruments Designated as Cash Flow Hedges On Consolidated Statements Of Income) (Details) - Competitive Businesses Operating Revenues [Member] - Electricity Swaps And Options [Member] - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Effect of Derivative instruments designated as cash flow hedges on consolidated statements of income | ||
Amount of gain (loss) recognized in AOCI (effective portion) | $ 26 | $ 91 |
Amount of gain reclassified from accumulated OCI into income (effective portion) | $ 52 | $ (30) |
Risk Management and Fair Valu_6
Risk Management and Fair Values (Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income) (Details) - Not Designated As Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | $ 0 | $ 0 |
Amount of gain (loss) recorded in income | 5 | 1 |
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 | (1) | 0 |
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 | 32 |
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 | 8.4 | 8 |
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 | 0.8 | |
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 | 8.8 | 17.6 |
Entergy Mississippi [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | (1.8) | (0.2) |
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 | 1.1 | 7.8 |
Entergy New Orleans [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | ||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | ||
Amount of gain (loss) recorded in income | 0.2 | (0.1) |
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 | 1.9 | 3.3 |
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 | $ 0.3 | $ (3.5) |
Risk Management and Fair Valu_7
Risk Management and Fair Values (Assets And Liabilities At Fair Value On A Recurring Basis) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | $ 865,112,000 | $ 424,285,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 52,000,000 | 51,000,000 | |
Replacement Reserve Escrow | 405,000,000 | 403,000,000 | |
Equity Securities, FV-NI | 1,357,000,000 | 1,686,000,000 | |
Debt Securities | 2,992,000,000 | 2,884,000,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 8,209,000,000 | 7,818,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 50,000,000 | 35,000,000 | |
Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 1,000,000 | 1,000,000 | |
Power Contracts Liabilities [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 49,000,000 | 34,000,000 | |
Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | 2,529,000,000 | 2,350,000,000 | |
Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 3,000,000 | 3,000,000 | |
Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,000,000 | ||
Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 5,000,000 | 15,000,000 | |
Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 865,000,000 | 424,000,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 52,000,000 | 51,000,000 | |
Replacement Reserve Escrow | 405,000,000 | 403,000,000 | |
Equity Securities, FV-NI | 1,357,000,000 | 1,686,000,000 | |
Debt Securities | 1,320,000,000 | 1,259,000,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 4,000,000,000 | 3,823,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,000,000 | 1,000,000 | |
Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 1,000,000 | 1,000,000 | |
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 | 0 | |
Fair Value Inputs Level 1 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,000,000 | ||
Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Debt Securities | 1,672,000,000 | 1,625,000,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,672,000,000 | 1,627,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
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 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Debt Securities | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 8,000,000 | 18,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 49,000,000 | 34,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Power Contracts Liabilities [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 49,000,000 | 34,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Power Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 3,000,000 | 3,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 5,000,000 | 15,000,000 | |
Entergy New Orleans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 19,651,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 5,075,000 | 2,224,000 | |
Replacement Reserve Escrow | 81,300,000 | 80,900,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 86,900,000 | 104,100,000 | |
Entergy New Orleans [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 100,000 | ||
Entergy New Orleans [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 500,000 | 1,300,000 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 19,700,000 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 5,100,000 | 2,200,000 | |
Replacement Reserve Escrow | 81,300,000 | 80,900,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 86,400,000 | 102,800,000 | |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 100,000 | ||
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 500,000 | 1,300,000 | |
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy New Orleans [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 500,000 | 1,300,000 | |
Entergy Mississippi [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 7,000 | 36,943,000 | |
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 32,600,000 | 32,400,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 33,300,000 | 71,500,000 | |
Entergy Mississippi [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 800,000 | ||
Entergy Mississippi [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 700,000 | 2,200,000 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 36,900,000 | ||
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 32,600,000 | 32,400,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 32,600,000 | 69,300,000 | |
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 800,000 | ||
Entergy Mississippi [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy Mississippi [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Replacement Reserve Escrow | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 700,000 | 2,200,000 | |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | ||
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 700,000 | 2,200,000 | |
Entergy Louisiana [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 237,019,000 | 43,112,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 9,000,000 | 3,600,000 | |
Replacement Reserve Escrow | 291,200,000 | 289,500,000 | |
Equity Securities, FV-NI | [1] | 10,400,000 | 13,300,000 |
Debt Securities | [1] | 555,700,000 | 532,900,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,949,500,000 | 1,631,400,000 | |
Entergy Louisiana [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 300,000 | 1,100,000 | |
Entergy Louisiana [Member] | Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | [2] | 841,900,000 | 738,800,000 |
Entergy Louisiana [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,500,000 | 1,900,000 | |
Entergy Louisiana [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 2,800,000 | 8,300,000 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 237,000,000 | 43,100,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 9,000,000 | 3,600,000 | |
Replacement Reserve Escrow | 291,200,000 | 289,500,000 | |
Equity Securities, FV-NI | [1] | 10,400,000 | 13,300,000 |
Debt Securities | [1] | 184,600,000 | 162,000,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 733,700,000 | 511,500,000 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 300,000 | 700,000 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,500,000 | 0 | |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 371,100,000 | 370,900,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 371,100,000 | 372,800,000 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 400,000 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 1,900,000 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Replacement Reserve Escrow | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 0 | 0 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 2,800,000 | 8,300,000 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 2,800,000 | 8,300,000 | |
Entergy Arkansas [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 189,495,000 | 1,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 8,218,000 | 4,666,000 | |
Equity Securities, FV-NI | [1] | 5,500,000 | 4,000,000 |
Debt Securities | [1] | 391,000,000 | 381,300,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,196,100,000 | 920,100,000 | |
Entergy Arkansas [Member] | Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | [2] | 600,800,000 | 526,700,000 |
Entergy Arkansas [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,100,000 | 3,400,000 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 189,500,000 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 8,200,000 | 4,700,000 | |
Equity Securities, FV-NI | [1] | 5,500,000 | 4,000,000 |
Debt Securities | [1] | 99,200,000 | 94,800,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 302,400,000 | 103,500,000 | |
Entergy Arkansas [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 291,800,000 | 286,500,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 291,800,000 | 286,500,000 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | 0 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 0 | 0 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,100,000 | 3,400,000 | |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 1,100,000 | 3,400,000 | |
Entergy Texas [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 22,203,000 | 30,000 | |
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 29,461,000 | 40,185,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 51,700,000 | ||
Entergy Texas [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 300,000 | 500,000 | |
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 22,200,000 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 29,500,000 | 40,200,000 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 51,700,000 | ||
Entergy Texas [Member] | Fair Value Inputs Level 1 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Entergy Texas [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 | |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | ||
Assets at fair value on a recurring basis | |||
Restricted Cash and Cash Equivalents, Current | 0 | 0 | |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | |||
Liabilities at fair value on a recurring basis | |||
Liabilities, Fair Value Disclosure on Recurring Basis | 300,000 | 500,000 | |
System Energy [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 158,244,000 | 95,617,000 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 4,700,000 | 4,400,000 |
Debt Securities | [1] | 375,200,000 | 364,200,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,109,500,000 | 965,100,000 | |
System Energy [Member] | Common trust funds valued using Net Asset Value [Domain] | |||
Assets at fair value on a recurring basis | |||
Available-for-sale Securities | [2] | 571,400,000 | 500,900,000 |
System Energy [Member] | Fair Value Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 158,200,000 | 95,600,000 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 4,700,000 | 4,400,000 |
Debt Securities | [1] | 226,800,000 | 224,500,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 389,700,000 | 324,500,000 | |
System Energy [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 148,400,000 | 139,700,000 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 148,400,000 | 139,700,000 | |
System Energy [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Assets at fair value on a recurring basis | |||
Equity Securities, FV-NI | [1] | 0 | 0 |
Debt Securities | [1] | 0 | 0 |
Liabilities at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | $ 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 2,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | 2,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts Assets [Member] | |||
Assets at fair value on a recurring basis | |||
Derivative Asset | $ 0 | ||
[1] | (a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios. | ||
[2] | (b)Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date. |
Risk Management and Fair Valu_8
Risk Management and Fair Values (Reconciliation Of Changes In The Net Assets (Liabilities) For The Fair Value Of Derivatives Classified As Level 3 In The Fair Value Hierarchy) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 46 | |||
Electricity Swaps And Options [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 75 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (46) | $ (31) | $ (65) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 5 | 14 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 26 | 91 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included as Regulatory Liability/Asset | (35) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (46) | |||
Fixed Transmission Rights (FTRs) [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5 | 8 | 15 | 21 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 11 | 20 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (21) | (32) | ||
Fixed Transmission Rights (FTRs) [Member] | Entergy Arkansas [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1.1 | 1.8 | 3.4 | 3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 6.8 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 6.1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (8.4) | (8) | ||
Fixed Transmission Rights (FTRs) [Member] | Entergy Louisiana [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2.8 | 3.4 | 8.3 | 10.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 10.8 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 3.3 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (8.8) | (17.6) | ||
Fixed Transmission Rights (FTRs) [Member] | Entergy Mississippi [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0.7 | 0.9 | 2.2 | 2.1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 6.6 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included as Regulatory Liability/Asset | (0.4) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1.1) | (7.8) | ||
Fixed Transmission Rights (FTRs) [Member] | Entergy New Orleans [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0.5 | 0.7 | 1.3 | 2.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1.8 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 1.1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1.9) | (3.3) | ||
Fixed Transmission Rights (FTRs) [Member] | Entergy Texas [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1.4 | $ 3.4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (0.3) | $ (0.5) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (5.5) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 0.5 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ (0.3) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ (3.5) |
Risk Management and Fair Valu_9
Risk Management and Fair Values (Schedules Of Valuation Techniques) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ (46) |
Maximum [Member] | |
Range from Average Percentage for Fair Value of Electricity Swaps | 4.75% |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Swaps | $ (6) |
Minimum [Member] | |
Range from Average Percentage for Fair Value of Electricity Swaps | 4.00% |
Effect of Significant Unobservable Inputs on Fair Value of Electricity Swaps | $ (5) |
Decommissioning Trust Funds (Na
Decommissioning Trust Funds (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | |
Debt Securities, Trading, Measurement Input | $ 430,000 | $ 389,000 | ||
Decommissioning Trust Funds [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax | $ (632,617) | |||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | 8,073 | $ 5,375 | ||
Amortized cost of debt securities | $ 2,520,000 | 2,511,000 | ||
Average coupon rate of debt securities | 3.28% | |||
Average duration of debt securities, years | 5 years 154 days | |||
Average maturity of debt securities, years | 9 years 48 days | |||
Proceeds from the dispositions of debt securities | $ 365,000 | 1,091,000 | ||
Gains from dispositions of debt securities, gross | 2,000 | 1,000 | ||
Losses from dispositions of debt securities, gross | 2,000 | 7,000 | ||
Equity Securities, FV-NI, Unrealized Gain | 340,000 | |||
Debt Securities [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | 7,000 | (1,000) | ||
Entergy Arkansas [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Amortized cost of debt securities | $ 390,400 | 389,000 | ||
Average coupon rate of debt securities | 2.85% | |||
Average duration of debt securities, years | 4 years 296 days | |||
Average maturity of debt securities, years | 7 years 124 days | |||
Proceeds from the dispositions of debt securities | $ 10,900 | 34,900 | ||
Gains from dispositions of debt securities, gross | 20 | 100 | ||
Losses from dispositions of debt securities, gross | 100 | 100 | ||
Equity Securities, FV-NI, Unrealized Gain | 70,700 | |||
Entergy Louisiana [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Amortized cost of debt securities | $ 539,900 | 534,800 | ||
Average coupon rate of debt securities | 3.92% | |||
Average duration of debt securities, years | 6 years 226 days | |||
Average maturity of debt securities, years | 13 years 95 days | |||
Proceeds from the dispositions of debt securities | $ 56,200 | 125,500 | ||
Gains from dispositions of debt securities, gross | 300 | 500 | ||
Losses from dispositions of debt securities, gross | $ 200 | 800 | ||
Percentage Interest in River Bend | 30.00% | |||
Equity Securities, FV-NI, Unrealized Gain | $ 98,500 | |||
System Energy [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Amortized cost of debt securities | $ 369,500 | 367,100 | ||
Average coupon rate of debt securities | 3.08% | |||
Average duration of debt securities, years | 6 years 124 days | |||
Average maturity of debt securities, years | 9 years 22 days | |||
Proceeds from the dispositions of debt securities | $ 42,100 | 54,200 | ||
Gains from dispositions of debt securities, gross | 400 | 100 | ||
Losses from dispositions of debt securities, gross | 100 | $ 600 | ||
Equity Securities, FV-NI, Unrealized Gain | 67,300 | |||
Indian Point 3 [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | 845,000 | 781,000 | ||
Indian Point 1 [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | 510,000 | 471,000 | ||
Indian Point 2 [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | 645,000 | 598,000 | ||
Palisades [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | 481,000 | 444,000 | ||
Pilgrim [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | $ 1,040,000 | 1,028,000 | ||
Vermont Yankee [Member] | ||||
Decommissioning Trust Funds [Abstract] | ||||
Decommissioning Fund Investments, Fair Value | $ 532,000 |
Decommissioning Trust Funds (Se
Decommissioning Trust Funds (Securities Held) (Details) - Debt Securities [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 2,562 | $ 2,495 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 51 | 19 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 9 | 35 |
Entergy Arkansas [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 391 | 381.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2.9 | 0.6 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2.3 | 8.2 |
Entergy Louisiana [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 555.7 | 532.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 17.1 | 4.1 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1.4 | 6 |
System Energy [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 375.2 | 364.2 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 6.9 | 2.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 1.2 | $ 5.8 |
Decommissioning Trust Funds (Av
Decommissioning Trust Funds (Available For Sale Securities Continuous Unrealized Loss Position Fair Value) (Details) - Debt Securities [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | $ 197 | $ 652 |
More than 12 months Fair Value | 588 | 782 |
Total Fair Value | 785 | 1,434 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 8 | 26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9 | 35 |
Entergy Arkansas [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 3.6 | 65.8 |
More than 12 months Fair Value | 182.7 | 231.1 |
Total Fair Value | 186.3 | 296.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0.5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2.3 | 7.7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2.3 | 8.2 |
Entergy Louisiana [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 26.5 | 170.1 |
More than 12 months Fair Value | 87.4 | 145.8 |
Total Fair Value | 113.9 | 315.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.2 | 2.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1.2 | 3.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1.4 | 6 |
System Energy [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 44.2 | 89.7 |
More than 12 months Fair Value | 77.4 | 79.8 |
Total Fair Value | 121.6 | 169.5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 2.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1.2 | 3.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 1.2 | $ 5.8 |
Decommissioning Trust Funds (Fa
Decommissioning Trust Funds (Fair Value Of Debt Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair value of debt securities by contractual maturities | ||
Less than 1 year | $ 185 | $ 199 |
1 year - 5 years | 1,100 | 1,066 |
5 years - 10 years | 609 | 544 |
10 years - 15 years | 67 | 77 |
15 years - 20 years | 95 | 78 |
20 years+ | 506 | 531 |
Total | 2,562 | 2,495 |
Entergy Arkansas [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 35.6 | 32.5 |
1 year - 5 years | 163.7 | 170.3 |
5 years - 10 years | 123.7 | 114 |
10 years - 15 years | 10.2 | 10.3 |
15 years - 20 years | 9.4 | 8.1 |
20 years+ | 48.4 | 46.1 |
Total | 391 | 381.3 |
Entergy Louisiana [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 42.4 | 31.1 |
1 year - 5 years | 119.3 | 130.5 |
5 years - 10 years | 135.7 | 111 |
10 years - 15 years | 26.8 | 29 |
15 years - 20 years | 44.5 | 37.1 |
20 years+ | 187 | 194.2 |
Total | 555.7 | 532.9 |
System Energy [Member] | ||
Fair value of debt securities by contractual maturities | ||
Less than 1 year | 14.5 | 22.8 |
1 year - 5 years | 195 | 188 |
5 years - 10 years | 80.1 | 73.4 |
10 years - 15 years | 4.1 | 5.2 |
15 years - 20 years | 10.2 | 10.2 |
20 years+ | 71.3 | 64.6 |
Total | $ 375.2 | $ 364.2 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2022 | |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 29 | |
Entergy Arkansas [Member] | ||
Reduction to regulatory liability for income taxes resulting from return of unprotected excess ADIT | $ 32 | |
State Effective Income Tax Rate, Percent | 6.50% | |
Entergy Arkansas [Member] | Subsequent Event [Member] | ||
State Effective Income Tax Rate, Percent | 5.90% | |
Reduction to Effective Income Tax Rate At Combined Federal and State Income Tax Rate | 0.40% | |
Entergy Louisiana [Member] | ||
Reduction to regulatory liability for income taxes resulting from return of unprotected excess ADIT | $ 7 | |
Entergy Texas [Member] | ||
Reduction to regulatory liability for income taxes resulting from return of unprotected excess ADIT | $ 22 |
Property, Plant, And Equipment
Property, Plant, And Equipment (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Construction expenditures in accounts payable | $ 324 | $ 311 |
Entergy Arkansas [Member] | ||
Construction expenditures in accounts payable | 29.9 | 35.7 |
Entergy Louisiana [Member] | ||
Construction expenditures in accounts payable | 118 | 104.6 |
Entergy Mississippi [Member] | ||
Construction expenditures in accounts payable | 13.8 | 13.6 |
Entergy New Orleans [Member] | ||
Construction expenditures in accounts payable | 8.2 | 5.8 |
Entergy Texas [Member] | ||
Construction expenditures in accounts payable | 72.3 | 55.6 |
System Energy [Member] | ||
Construction expenditures in accounts payable | $ 20.2 | $ 26.3 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - Grand Gulf [Member] - System Energy [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 11.50% | |
Payments on lease, including interest | $ 8.6 | $ 8.6 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,609,584 | $ 2,723,881 |
Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,121,024 | 2,248,262 |
Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 54,948 | 56,695 |
Competitive Businesses [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 433,612 | 418,924 |
Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 802,539 | 892,085 |
Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 554,058 | 595,720 |
Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 601,000 | 597,186 |
Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 52,960 | 56,478 |
Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 84,435 | 69,526 |
Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,470 | 27,433 |
Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,562 | 9,834 |
Non-Customer [Member] | Competitive Businesses [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 73,141 | 9,789 |
Competitive Business Sales [Member] | Competitive Businesses [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 360,471 | 409,135 |
Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,010,557 | 2,141,469 |
Entergy Arkansas [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 545,812 | 551,024 |
Entergy Arkansas [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 545,812 | 551,024 |
Entergy Arkansas [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Arkansas [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 209,867 | 235,524 |
Entergy Arkansas [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 124,578 | 120,634 |
Entergy Arkansas [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 121,577 | 111,477 |
Entergy Arkansas [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,899 | 4,648 |
Entergy Arkansas [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 79,584 | 66,103 |
Entergy Arkansas [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,304 | 10,024 |
Entergy Arkansas [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,003 | 2,614 |
Entergy Arkansas [Member] | Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 460,921 | 472,283 |
Entergy Louisiana [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 959,330 | 1,029,344 |
Entergy Louisiana [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 936,693 | 1,005,106 |
Entergy Louisiana [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,637 | 24,238 |
Entergy Louisiana [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 264,065 | 295,517 |
Entergy Louisiana [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 206,779 | 224,928 |
Entergy Louisiana [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 346,678 | 352,336 |
Entergy Louisiana [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,891 | 17,310 |
Entergy Louisiana [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 83,955 | 89,255 |
Entergy Louisiana [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,441 | 20,503 |
Entergy Louisiana [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,884 | 5,257 |
Entergy Louisiana [Member] | Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 834,413 | 890,091 |
Entergy Mississippi [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 282,244 | 315,743 |
Entergy Mississippi [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 282,244 | 315,743 |
Entergy Mississippi [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Mississippi [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 128,809 | 148,342 |
Entergy Mississippi [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 97,914 | 110,460 |
Entergy Mississippi [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 37,697 | 42,501 |
Entergy Mississippi [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,036 | 10,848 |
Entergy Mississippi [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,814 | 1,993 |
Entergy Mississippi [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 405 | (719) |
Entergy Mississippi [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,569 | 2,318 |
Entergy Mississippi [Member] | Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 274,456 | 312,151 |
Entergy New Orleans [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 163,194 | 188,275 |
Entergy New Orleans [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 130,883 | 155,818 |
Entergy New Orleans [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,311 | 32,457 |
Entergy New Orleans [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 52,076 | 64,575 |
Entergy New Orleans [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 45,741 | 54,272 |
Entergy New Orleans [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,250 | 7,570 |
Entergy New Orleans [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,901 | 17,691 |
Entergy New Orleans [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,224 | 13,337 |
Entergy New Orleans [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,706) | (3,111) |
Entergy New Orleans [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,397 | 1,484 |
Entergy New Orleans [Member] | Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 120,968 | 144,108 |
Entergy Texas [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 340,474 | 348,940 |
Entergy Texas [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 340,474 | 348,940 |
Entergy Texas [Member] | Natural Gas, US Regulated [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Entergy Texas [Member] | Residential [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 147,722 | 148,126 |
Entergy Texas [Member] | Commercial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 79,046 | 85,427 |
Entergy Texas [Member] | Industrial [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 87,798 | 83,302 |
Entergy Texas [Member] | Governmental [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,233 | 5,981 |
Entergy Texas [Member] | Sales for Resale [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,775 | 23,361 |
Entergy Texas [Member] | Other Electric [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,496 | 2,264 |
Entergy Texas [Member] | Non-Customer [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 404 | 479 |
Entergy Texas [Member] | Retail [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 319,799 | 322,836 |
System Energy [Member] | Electricity [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 140,104 | $ 148,443 |
Asset Retirement Obligations _2
Asset Retirement Obligations Asset Retirement Obligations (Narrative) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Entergy Arkansas [Member] | |
Increase in decommissioning liability | $ 126.2 |
Leases Leases (Narrative) (Deta
Leases Leases (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2015 | Dec. 31, 1989 | Dec. 31, 1988 | |
Operating Lease, Right-of-Use Asset | $ 241,000,000 | ||||||||
Operating and Finance Lease Right of Use Asset and Lease Liabilities at Implementation | $ 263,000,000 | ||||||||
Operating Leases, Rent Expense, Net | $ 47,800,000 | $ 53,100,000 | $ 44,400,000 | ||||||
Finance Lease, Right-of-Use Asset | 60,000,000 | ||||||||
Entergy Arkansas [Member] | |||||||||
Operating Lease, Right-of-Use Asset | 52,916,000,000 | ||||||||
Operating and Finance Lease Right of Use Asset and Lease Liabilities at Implementation | 59,000,000 | ||||||||
Operating Leases, Rent Expense, Net | 6,200,000 | 7,500,000 | 8,000,000 | ||||||
Payments For Railcar Operating Lease | 2,800,000 | 4,000,000 | 3,400,000 | ||||||
Finance Lease, Right-of-Use Asset | 11,317,000,000 | ||||||||
Entergy Louisiana [Member] | |||||||||
Operating Lease, Right-of-Use Asset | 36,066,000,000 | ||||||||
Operating and Finance Lease Right of Use Asset and Lease Liabilities at Implementation | 51,000,000 | ||||||||
Operating Leases, Rent Expense, Net | $ 20,200,000 | 23,000,000 | 17,800,000 | ||||||
Percentage Of Capacity And Energy Purchased Under Purchased Power Agreement | 50.00% | ||||||||
Cash payment representing the purchase price to acquire the undivided interests in Waterford 3 | $ 60,000,000 | ||||||||
Portion of Waterford 3 purchase price satisfied through issuance of debt | $ 52,000,000 | ||||||||
Payments For Railcar Operating Lease | $ 400,000 | 300,000 | 300,000 | ||||||
Finance Lease, Right-of-Use Asset | 16,978,000,000 | ||||||||
Entergy Mississippi [Member] | |||||||||
Operating Lease, Right-of-Use Asset | 18,926,000,000 | ||||||||
Operating and Finance Lease Right of Use Asset and Lease Liabilities at Implementation | 26,000,000 | ||||||||
Operating Leases, Rent Expense, Net | 4,600,000 | 5,600,000 | 4,000,000 | ||||||
Oil Tank Facilities Lease Payments | 100,000 | 1,600,000 | 1,600,000 | ||||||
Finance Lease, Right-of-Use Asset | 6,358,000,000 | ||||||||
Entergy New Orleans [Member] | |||||||||
Operating Lease, Right-of-Use Asset | 4,961,000,000 | ||||||||
Operating and Finance Lease Right of Use Asset and Lease Liabilities at Implementation | 7,000,000 | ||||||||
Operating Leases, Rent Expense, Net | 2,500,000 | 2,500,000 | 900,000 | ||||||
Finance Lease, Right-of-Use Asset | 2,974,000,000 | ||||||||
Entergy Texas [Member] | |||||||||
Operating Lease, Right-of-Use Asset | 9,991,000,000 | ||||||||
Operating and Finance Lease Right of Use Asset and Lease Liabilities at Implementation | $ 16,000,000 | ||||||||
Operating Leases, Rent Expense, Net | $ 3,100,000 | 3,400,000 | 2,800,000 | ||||||
Percent of minimum payments | 100.00% | ||||||||
Capacity expense under purchase power agreements accounted for as operating leases | $ 30,500,000 | 34,100,000 | 26,100,000 | ||||||
Finance Lease, Right-of-Use Asset | $ 5,076,000,000 | ||||||||
System Energy [Member] | |||||||||
Operating Leases, Rent Expense, Net | 1,900,000 | $ 2,200,000 | $ 1,600,000 | ||||||
Grand Gulf [Member] | System Energy [Member] | |||||||||
Sale Leaseback Transaction, Net Book Value | $ 500,000,000 | ||||||||
Regulatory Assets | 0 | ||||||||
Regulatory Liabilities | $ 55,600,000 | ||||||||
Waterford Three [Member] | Entergy Louisiana [Member] | |||||||||
Liability related to undivided interests in Waterford 3 | $ 62,700,000 | ||||||||
Reduced liability related to undivided interests in Waterford 3 | 60,000,000 | ||||||||
Reduction in liability related to undivided interest in Waterford 3 recorded as credit to interest expense | $ 2,700,000 | ||||||||
Implicit Rate Of Future Minimum Lease Payments | 8.09% | ||||||||
Minimum Lease Payments, Sale Leaseback Transactions | $ 57,500,000 | ||||||||
Interest Portion of Minimum Lease Payments, Sale Leaseback Transactions | $ 2,300,000 | ||||||||
Sale Leaseback Transaction, Net Book Value | $ 353,600,000 |
Leases Leases (Lease, Cost) (De
Leases Leases (Lease, Cost) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease, Expense | $ 15,720 |
Finance Lease, Right-of-Use Asset, Amortization | 2,912 |
Finance Lease, Interest Expense | 753 |
Entergy Arkansas [Member] | |
Operating Lease, Expense | 3,295 |
Finance Lease, Right-of-Use Asset, Amortization | 629 |
Finance Lease, Interest Expense | 105 |
Entergy Louisiana [Member] | |
Operating Lease, Expense | 3,026 |
Finance Lease, Right-of-Use Asset, Amortization | 1,025 |
Finance Lease, Interest Expense | 152 |
Entergy Mississippi [Member] | |
Operating Lease, Expense | 1,753 |
Finance Lease, Right-of-Use Asset, Amortization | 348 |
Finance Lease, Interest Expense | 59 |
Entergy New Orleans [Member] | |
Operating Lease, Expense | 357 |
Finance Lease, Right-of-Use Asset, Amortization | 176 |
Finance Lease, Interest Expense | 30 |
Entergy Texas [Member] | |
Operating Lease, Expense | 1,085 |
Finance Lease, Right-of-Use Asset, Amortization | 306 |
Finance Lease, Interest Expense | $ 46 |
Leases Leases (Lease, Assets) (
Leases Leases (Lease, Assets) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Lease, Right-of-Use Asset | $ 241 |
Finance Lease, Right-of-Use Asset | 60 |
Entergy Arkansas [Member] | |
Operating Lease, Right-of-Use Asset | 52,916 |
Finance Lease, Right-of-Use Asset | 11,317 |
Entergy Louisiana [Member] | |
Operating Lease, Right-of-Use Asset | 36,066 |
Finance Lease, Right-of-Use Asset | 16,978 |
Entergy Mississippi [Member] | |
Operating Lease, Right-of-Use Asset | 18,926 |
Finance Lease, Right-of-Use Asset | 6,358 |
Entergy New Orleans [Member] | |
Operating Lease, Right-of-Use Asset | 4,961 |
Finance Lease, Right-of-Use Asset | 2,974 |
Entergy Texas [Member] | |
Operating Lease, Right-of-Use Asset | 9,991 |
Finance Lease, Right-of-Use Asset | $ 5,076 |
Leases Leases (Lease, Liabiliti
Leases Leases (Lease, Liabilities) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Lease, Liability, Current | $ 53,121 |
Finance Lease, Liability, Current | 11,590 |
Operating Lease, Liability, Noncurrent | 173,456 |
Finance Lease, Liability, Noncurrent | 53,065 |
Entergy Arkansas [Member] | |
Operating Lease, Liability, Current | 11,321 |
Finance Lease, Liability, Current | 2,465 |
Operating Lease, Liability, Noncurrent | 41,597 |
Finance Lease, Liability, Noncurrent | 8,851 |
Entergy Louisiana [Member] | |
Operating Lease, Liability, Current | 10,958 |
Finance Lease, Liability, Current | 4,052 |
Operating Lease, Liability, Noncurrent | 25,144 |
Finance Lease, Liability, Noncurrent | 13,039 |
Entergy Mississippi [Member] | |
Operating Lease, Liability, Current | 6,461 |
Finance Lease, Liability, Current | 1,382 |
Operating Lease, Liability, Noncurrent | 12,565 |
Finance Lease, Liability, Noncurrent | 4,975 |
Entergy New Orleans [Member] | |
Operating Lease, Liability, Current | 1,748 |
Finance Lease, Liability, Current | 678 |
Operating Lease, Liability, Noncurrent | 3,218 |
Finance Lease, Liability, Noncurrent | 2,296 |
Entergy Texas [Member] | |
Operating Lease, Liability, Current | 3,071 |
Finance Lease, Liability, Current | 1,281 |
Operating Lease, Liability, Noncurrent | 7,007 |
Finance Lease, Liability, Noncurrent | $ 3,708 |
Leases Leases (Lease, Terms and
Leases Leases (Lease, Terms and Discount Rate) (Details) | Mar. 31, 2019 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 185 days |
Finance Lease, Weighted Average Remaining Lease Term | 7 years 22 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.75% |
Finance Lease, Weighted Average Discount Rate, Percent | 4.64% |
Entergy Arkansas [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 139 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 234 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.29% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.71% |
Entergy Louisiana [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 117 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 106 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.54% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.56% |
Entergy Mississippi [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 33 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 142 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.67% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.70% |
Entergy New Orleans [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 234 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 296 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.55% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.97% |
Entergy Texas [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 55 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 33 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.72% |
Leases Leases (Lease, Maturity)
Leases Leases (Lease, Maturity) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 44,143,000,000 | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 10,375,000,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 52,905,000,000 | $ 31,876,000 |
Finance Lease, Liability, Payments, Due Year Two | 12,489,000,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 43,482,000,000 | 32,609,000 |
Finance Lease, Liability, Payments, Due Year Three | 10,941,000,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 34,768,000,000 | 10,180,000 |
Finance Lease, Liability, Payments, Due Year Four | 9,743,000,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 27,974,000,000 | |
Finance Lease, Liability, Payments, Due Year Five | 8,680,000,000 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 45,259,000,000 | |
Finance Lease, Liability, Payments, Due after Year Five | 26,744,000,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 248,531,000,000 | 105,824,000 |
Operating Lease, Cost | 21,954,000,000 | |
Finance Lease, Liability, Payments, Due | 78,972,000,000 | |
Finance Lease, Interest Payment on Liability | 14,318,000,000 | |
Present Value Net Minimum Operating Lease Payments | 226,577,000,000 | |
Present Value Net Minimum Financing Lease Payments | 64,654,000,000 | |
Entergy Arkansas [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 9,285 | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 2,071 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11,085 | |
Finance Lease, Liability, Payments, Due Year Two | 2,464 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 9,137 | |
Finance Lease, Liability, Payments, Due Year Three | 2,067 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6,763 | |
Finance Lease, Liability, Payments, Due Year Four | 1,778 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,600 | |
Finance Lease, Liability, Payments, Due Year Five | 1,551 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 15,713 | |
Finance Lease, Liability, Payments, Due after Year Five | 2,476 | |
Lessee, Operating Lease, Liability, Payments, Due | 57,583 | |
Operating Lease, Cost | 4,664 | |
Finance Lease, Liability, Payments, Due | 12,407 | |
Finance Lease, Interest Payment on Liability | 1,091 | |
Present Value Net Minimum Operating Lease Payments | 52,919 | |
Present Value Net Minimum Financing Lease Payments | 11,316 | |
Entergy Louisiana [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 8,316 | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 3,302 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,795 | |
Finance Lease, Liability, Payments, Due Year Two | 3,843 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8,009 | |
Finance Lease, Liability, Payments, Due Year Three | 3,189 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5,137 | |
Finance Lease, Liability, Payments, Due Year Four | 2,749 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,262 | |
Finance Lease, Liability, Payments, Due Year Five | 2,301 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 3,346 | |
Finance Lease, Liability, Payments, Due after Year Five | 5,414 | |
Lessee, Operating Lease, Liability, Payments, Due | 37,865 | |
Operating Lease, Cost | 1,764 | |
Finance Lease, Liability, Payments, Due | 20,798 | |
Finance Lease, Interest Payment on Liability | 3,707 | |
Present Value Net Minimum Operating Lease Payments | 36,101 | |
Present Value Net Minimum Financing Lease Payments | 17,091 | |
Entergy Mississippi [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 5,231 | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 1,159 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 5,845 | |
Finance Lease, Liability, Payments, Due Year Two | 1,431 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,886 | |
Finance Lease, Liability, Payments, Due Year Three | 1,266 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,505 | |
Finance Lease, Liability, Payments, Due Year Four | 1,073 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,228 | |
Finance Lease, Liability, Payments, Due Year Five | 867 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 2,313 | |
Finance Lease, Liability, Payments, Due after Year Five | 1,154 | |
Lessee, Operating Lease, Liability, Payments, Due | 21,008 | |
Operating Lease, Cost | 1,982 | |
Finance Lease, Liability, Payments, Due | 6,950 | |
Finance Lease, Interest Payment on Liability | 592 | |
Present Value Net Minimum Operating Lease Payments | 19,026 | |
Present Value Net Minimum Financing Lease Payments | 6,358 | |
Entergy New Orleans [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 1,036 | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 592 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,216 | |
Finance Lease, Liability, Payments, Due Year Two | 616 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 945 | |
Finance Lease, Liability, Payments, Due Year Three | 505 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 622 | |
Finance Lease, Liability, Payments, Due Year Four | 454 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 460 | |
Finance Lease, Liability, Payments, Due Year Five | 407 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 999 | |
Finance Lease, Liability, Payments, Due after Year Five | 748 | |
Lessee, Operating Lease, Liability, Payments, Due | 5,278 | |
Operating Lease, Cost | 312 | |
Finance Lease, Liability, Payments, Due | 3,322 | |
Finance Lease, Interest Payment on Liability | 349 | |
Present Value Net Minimum Operating Lease Payments | 4,966 | |
Present Value Net Minimum Financing Lease Payments | 2,973 | |
Entergy Texas [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 2,631 | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 1,010 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,961 | 31,876,000 |
Finance Lease, Liability, Payments, Due Year Two | 1,165 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,186 | 32,609,000 |
Finance Lease, Liability, Payments, Due Year Three | 973 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,196 | 10,180,000 |
Finance Lease, Liability, Payments, Due Year Four | 766 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 839 | |
Finance Lease, Liability, Payments, Due Year Five | 633 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,104 | |
Finance Lease, Liability, Payments, Due after Year Five | 796 | |
Lessee, Operating Lease, Liability, Payments, Due | 10,917 | $ 105,824,000 |
Operating Lease, Cost | 839 | |
Finance Lease, Liability, Payments, Due | 5,343 | |
Finance Lease, Interest Payment on Liability | 354 | |
Present Value Net Minimum Operating Lease Payments | 10,078 | |
Present Value Net Minimum Financing Lease Payments | $ 4,989 |
Leases Leases (Operating And Ca
Leases Leases (Operating And Capital Leases Future Minimum Payments Due) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 94,043 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 2,887 |
Operating Leases, Future Minimum Payments, Due in Two Years | 82,191 |
Capital Leases, Future Minimum Payments Due in Two Years | 2,887 |
Operating Leases, Future Minimum Payments, Due in Three Years | 75,147 |
Capital Leases, Future Minimum Payments Due in Three Years | 2,887 |
Operating Leases, Future Minimum Payments, Due in Four Years | 60,808 |
Capital Leases, Future Minimum Payments Due in Four Years | 2,887 |
Operating Leases, Future Minimum Payments, Due in Five Years | 47,391 |
Capital Leases, Future Minimum Payments Due in Five Years | 2,887 |
Operating Leases, Future Minimum Payments, Due Thereafter | 88,004 |
Capital Leases, Future Minimum Payments Due Thereafter | 16,117 |
Operating Leases, Future Minimum Payments Due | 447,584 |
Capital Leases, Future Minimum Payments Due | 30,552 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 8,555 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 21,997 |
Entergy Arkansas [Member] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 20,421 |
Operating Leases, Future Minimum Payments, Due in Two Years | 13,918 |
Operating Leases, Future Minimum Payments, Due in Three Years | 11,931 |
Operating Leases, Future Minimum Payments, Due in Four Years | 9,458 |
Operating Leases, Future Minimum Payments, Due in Five Years | 7,782 |
Operating Leases, Future Minimum Payments, Due Thereafter | 23,297 |
Operating Leases, Future Minimum Payments Due | 86,807 |
Entergy Louisiana [Member] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 25,970 |
Operating Leases, Future Minimum Payments, Due in Two Years | 21,681 |
Operating Leases, Future Minimum Payments, Due in Three Years | 19,514 |
Operating Leases, Future Minimum Payments, Due in Four Years | 15,756 |
Operating Leases, Future Minimum Payments, Due in Five Years | 12,092 |
Operating Leases, Future Minimum Payments, Due Thereafter | 22,003 |
Operating Leases, Future Minimum Payments Due | 117,016 |
Entergy Mississippi [Member] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 9,344 |
Operating Leases, Future Minimum Payments, Due in Two Years | 8,763 |
Operating Leases, Future Minimum Payments, Due in Three Years | 7,186 |
Operating Leases, Future Minimum Payments, Due in Four Years | 5,675 |
Operating Leases, Future Minimum Payments, Due in Five Years | 2,946 |
Operating Leases, Future Minimum Payments, Due Thereafter | 4,417 |
Operating Leases, Future Minimum Payments Due | 38,331 |
Entergy New Orleans [Member] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 2,493 |
Operating Leases, Future Minimum Payments, Due in Two Years | 2,349 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,901 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,314 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,043 |
Operating Leases, Future Minimum Payments, Due Thereafter | 2,323 |
Operating Leases, Future Minimum Payments Due | 11,423 |
Entergy Texas [Member] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 5,744 |
Operating Leases, Future Minimum Payments, Due in Two Years | 4,431 |
Operating Leases, Future Minimum Payments, Due in Three Years | 3,625 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,218 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,561 |
Operating Leases, Future Minimum Payments, Due Thereafter | 2,726 |
Operating Leases, Future Minimum Payments Due | $ 20,305 |
Leases Leases (Schedule of Rent
Leases Leases (Schedule of Rent Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense, Net | $ 47.8 | $ 53.1 | $ 44.4 |
Entergy Arkansas [Member] | |||
Operating Leases, Rent Expense, Net | 6.2 | 7.5 | 8 |
Entergy Louisiana [Member] | |||
Operating Leases, Rent Expense, Net | 20.2 | 23 | 17.8 |
Entergy Mississippi [Member] | |||
Operating Leases, Rent Expense, Net | 4.6 | 5.6 | 4 |
Entergy New Orleans [Member] | |||
Operating Leases, Rent Expense, Net | 2.5 | 2.5 | 0.9 |
Entergy Texas [Member] | |||
Operating Leases, Rent Expense, Net | 3.1 | 3.4 | 2.8 |
System Energy [Member] | |||
Operating Leases, Rent Expense, Net | $ 1.9 | $ 2.2 | $ 1.6 |
Leases Leases (Purchase Power A
Leases Leases (Purchase Power Agreement Minimum Lease Payments) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 31,159,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 52,905,000,000 | 31,876,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 43,482,000,000 | 32,609,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 34,768,000,000 | 10,180,000 |
Lessee, Operating Lease, Liability, Payments, Due | 248,531,000,000 | 105,824,000 |
Entergy Texas [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 31,159,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,961 | 31,876,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,186 | 32,609,000 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,196 | 10,180,000 |
Lessee, Operating Lease, Liability, Payments, Due | 10,917 | $ 105,824,000 |
Entergy Louisiana [Member] | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,795 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8,009 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5,137 | |
Lessee, Operating Lease, Liability, Payments, Due | $ 37,865 |
Leases Leases (Present Value Of
Leases Leases (Present Value Of future Minimum Lease Payments Sale Leaseback Transactions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Long-term Debt, Fair Value | $ 17,613,263 | $ 15,880,239 | |
Interest Expense, Debt | 200,993 | $ 182,923 | |
Entergy Arkansas [Member] | |||
Long-term Debt, Fair Value | 3,471,105 | 3,002,627 | |
Interest Expense, Debt | 33,383 | 29,766 | |
Entergy Louisiana [Member] | |||
Long-term Debt, Fair Value | 7,665,243 | 6,834,134 | |
Interest Expense, Debt | 74,703 | 70,096 | |
Entergy Mississippi [Member] | |||
Long-term Debt, Fair Value | 1,332,283 | 1,276,452 | |
Interest Expense, Debt | 14,540 | 13,905 | |
Entergy New Orleans [Member] | |||
Long-term Debt, Fair Value | 510,959 | 491,569 | |
Interest Expense, Debt | 5,936 | 5,279 | |
Entergy Texas [Member] | |||
Long-term Debt, Fair Value | 1,755,754 | 1,528,828 | |
Interest Expense, Debt | 22,460 | 22,051 | |
System Energy [Member] | |||
Long-term Debt, Fair Value | 586,518 | 596,123 | |
Interest Expense, Debt | $ 9,397 | $ 9,325 | |
Grand Gulf [Member] | System Energy [Member] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 17,188 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 17,188 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 17,188 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 17,188 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 17,188 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 223,437 | ||
Long-term Debt, Fair Value | 309,377 | ||
Interest Expense, Debt | 275,025 | ||
Long-term Debt | $ 34,352 |
Dispositions Dispositions (Narr
Dispositions Dispositions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Jan. 31, 2019 | |
Business Acquisition [Line Items] | ||
Amount Drawn/ Outstanding | $ 320 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 29 | |
Restructuring Costs and Asset Impairment Charges | 5.4 | |
After-Tax Asset Impairment Charge | 4.2 | |
Entergy Nuclear Vermont Yankee [Member] | ||
Business Acquisition [Line Items] | ||
Amount Drawn/ Outstanding | $ 139 | $ 139 |
Uncategorized Items - etr-20190
Label | Element | Value |
Restatement Adjustment [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 7,936,155,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 8,844,305,000 |
Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Common Stock [Member] | Restatement Adjustment [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 2,548,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 2,616,000 |
Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 576,257,000 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 6,806,000 |
Retained Earnings [Member] | Restatement Adjustment [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 8,553,959,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 8,727,956,000 |
Treasury Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Treasury Stock [Member] | Restatement Adjustment [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (5,397,637,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (5,273,719,000) |
Additional Paid-in Capital [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Additional Paid-in Capital [Member] | Restatement Adjustment [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 5,433,433,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 5,951,431,000 |
AOCI Attributable to Parent [Member] | Restatement Adjustment [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (656,148,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (563,979,000) |
Subsidiaries Preferred Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Subsidiaries Preferred Stock [Member] | Restatement Adjustment [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 0 |