Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Registrant Name | ENTERGY CORPORATION | |
City Area Code | 504 | |
Local Phone Number | 576-4000 | |
Entity Tax Identification Number | 72-1229752 | |
Entity File Number | 1-11299 | |
Entity Central Index Key | 0000065984 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, State or Province | 639 Loyola Avenue | |
Entity Address, City or Town | New Orleans | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70113 | |
Entity Common Stock, Shares Outstanding | 200,659,948 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ETR | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
CHICAGO STOCK EXCHANGE, INC [Member] | ||
Trading Symbol | ETR | |
Security Exchange Name | CHX | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Entergy Arkansas [Member] | ||
Entity Registrant Name | ENTERGY ARKANSAS, LLC | |
City Area Code | 501 | |
Local Phone Number | 377-4000 | |
Entity Tax Identification Number | 83-1918668 | |
Entity File Number | 1-10764 | |
Entity Central Index Key | 0000007323 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 425 West Capitol Avenue | |
Entity Address, City or Town | Little Rock | |
Entity Address, State or Province | AR | |
Entity Address, Postal Zip Code | 72201 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy Louisiana [Member] | ||
Entity Registrant Name | ENTERGY LOUISIANA, LLC | |
City Area Code | 504 | |
Local Phone Number | 576-4000 | |
Entity Tax Identification Number | 47-4469646 | |
Entity File Number | 1-32718 | |
Entity Central Index Key | 0001348952 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 4809 Jefferson Highway | |
Entity Address, City or Town | Jefferson | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70121 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy Mississippi [Member] | ||
Entity Registrant Name | ENTERGY MISSISSIPPI, LLC | |
City Area Code | 601 | |
Local Phone Number | 368-5000 | |
Entity Tax Identification Number | 83-1950019 | |
Entity File Number | 1-31508 | |
Entity Central Index Key | 0000066901 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 308 East Pearl Street | |
Entity Address, City or Town | Jackson | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39201 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy New Orleans [Member] | ||
Entity Registrant Name | ENTERGY NEW ORLEANS, LLC | |
City Area Code | 504 | |
Local Phone Number | 670-3700 | |
Entity Tax Identification Number | 82-2212934 | |
Entity File Number | 1-35747 | |
Entity Central Index Key | 0000071508 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 1600 Perdido Street | |
Entity Address, City or Town | New Orleans | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70112 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entergy Texas [Member] | ||
Entity Registrant Name | ENTERGY TEXAS, INC. | |
City Area Code | 409 | |
Local Phone Number | 981-2000 | |
Entity Tax Identification Number | 61-1435798 | |
Entity File Number | 1-34360 | |
Entity Central Index Key | 0001427437 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, State or Province | 10055 Grogans Mill Road | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
System Energy [Member] | ||
Entity Registrant Name | SYSTEM ENERGY RESOURCES, INC. | |
City Area Code | 601 | |
Local Phone Number | 368-5000 | |
Entity Tax Identification Number | 72-0752777 | |
Entity File Number | 1-09067 | |
Entity Central Index Key | 0000202584 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | AR | |
Entity Address, State or Province | 1340 Echelon Parkway | |
Entity Address, City or Town | Jackson | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39213 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Mortgage Bonds, Five Point Five Percent Series, Due April Two Thousand Sixty Six [Member] | Entergy New Orleans [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ENO | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 5.50% Series due AprilĀ 2066 | |
Mortgage Bonds 5.0 Series Due December Two Thousand Fifty Two [Member] | Entergy New Orleans [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ENJ | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 5.0% Series due December 2052 | |
Mortgage Bonds, Four Point Nine Zero Percent Series, Due October Two Thousand Sixty Six [Member] | Entergy Mississippi [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | EMP | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.90% Series due October 2066 | |
Four Point Eight Seven Five Percent Series First Mortgage Bonds Due September Two Thousand Sixty Six [Member] | Entergy Arkansas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | EAI | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.875% Series due September 2066 | |
Four Point Eight Seven Five Percent Series First Mortgage Bonds Due September Two Thousand Sixty Six [Member] | Entergy Louisiana [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ELC | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Mortgage Bonds, 4.875% Series due September 2066 | |
5.375% Series A Preferred Stock, Cumulative, No Par Value [Domain] | Entergy Texas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Trading Symbol | ETI/PR | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share) |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,844,838 | $ 2,427,179 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 501,167 | 397,403 |
Nuclear refueling outage expenses | 43,739 | 50,218 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 706,786 | 702,084 |
Asset Impairment Charges | 3,273 | 5,095 |
Decommissioning | 98,642 | 93,684 |
Taxes, Other | 156,702 | 170,294 |
Other Depreciation and Amortization | 414,519 | 399,710 |
Other regulatory charges (credits) - net | 32,279 | (7,679) |
Costs and Expenses | 2,336,841 | 2,027,423 |
OPERATING INCOME | 507,997 | 399,756 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 14,577 | 35,953 |
Investment Income, Net | 143,315 | (216,853) |
Miscellaneous - net | (60,929) | 23,389 |
TOTAL | 96,963 | (157,511) |
INTEREST EXPENSE | ||
Interest Expense, Debt | 205,886 | 205,589 |
Allowance for borrowed funds used during construction | (6,013) | (15,444) |
TOTAL | 199,873 | 190,145 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 405,087 | 52,100 |
Income taxes | 65,942 | (71,194) |
Consolidated net income | 339,145 | 123,294 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | $ 4,580 | $ 4,580 |
Earnings per average common share: | ||
Basic (in dollars per share) | $ 1.67 | $ 0.59 |
Diluted (in dollars per share) | $ 1.66 | $ 0.59 |
Basic average number of common shares outstanding (in shares) | 200,525,549 | 199,790,016 |
Diluted average number of common shares outstanding (in shares) | 201,059,665 | 200,901,349 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 334,565 | $ 118,714 |
Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,538,420 | 2,050,638 |
Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 58,168 | 43,976 |
Competitive Businesses [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 248,250 | 332,565 |
Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 379,734 | 216,614 |
Entergy Mississippi [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 336,619 | 293,922 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 60,197 | 63,297 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 67,831 | 62,337 |
Taxes, Other | 25,899 | 27,190 |
Other Depreciation and Amortization | 55,036 | 51,155 |
Other regulatory charges (credits) - net | 8,129 | (3,881) |
Costs and Expenses | 285,683 | 252,741 |
OPERATING INCOME | 50,936 | 41,181 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 1,668 | 1,439 |
Investment Income, Net | 42 | 120 |
Miscellaneous - net | (2,313) | (2,296) |
TOTAL | (603) | (737) |
INTEREST EXPENSE | ||
Interest Expense, Debt | 17,613 | 16,583 |
Allowance for borrowed funds used during construction | (677) | (551) |
TOTAL | 16,936 | 16,032 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 33,397 | 24,412 |
Income taxes | 7,425 | 1,886 |
Consolidated net income | 25,972 | 22,526 |
Entergy Mississippi [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 336,619 | 293,922 |
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 | 68,591 | 52,643 |
Entergy Arkansas [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 583,386 | 481,912 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 126,181 | 87,411 |
Nuclear refueling outage expenses | 12,647 | 16,247 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 154,908 | 151,857 |
Decommissioning | 19,000 | 17,941 |
Taxes, Other | 29,743 | 31,060 |
Other Depreciation and Amortization | 88,279 | 83,521 |
Other regulatory charges (credits) - net | (37,467) | (20,001) |
Costs and Expenses | 463,512 | 414,077 |
OPERATING INCOME | 119,874 | 67,835 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 2,993 | 2,917 |
Investment Income, Net | 27,887 | 7,938 |
Miscellaneous - net | (5,791) | (6,436) |
TOTAL | 25,089 | 4,419 |
INTEREST EXPENSE | ||
Interest Expense, Debt | 33,786 | 35,623 |
Allowance for borrowed funds used during construction | (1,290) | (1,281) |
TOTAL | 32,496 | 34,342 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 112,467 | 37,912 |
Income taxes | 19,430 | (6,683) |
Consolidated net income | 93,037 | 44,595 |
Entergy Arkansas [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 583,386 | 481,912 |
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 | 70,221 | 46,041 |
Entergy Louisiana [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,107,644 | 930,647 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 145,234 | 144,492 |
Nuclear refueling outage expenses | 13,282 | 13,630 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 237,483 | 222,658 |
Decommissioning | 16,823 | 16,001 |
Taxes, Other | 52,484 | 50,077 |
Other Depreciation and Amortization | 160,813 | 145,135 |
Other regulatory charges (credits) - net | 31,097 | 11,132 |
Costs and Expenses | 867,177 | 763,868 |
OPERATING INCOME | 240,467 | 166,779 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 6,101 | 14,887 |
Investment Income, Net | 72,515 | (19,669) |
Miscellaneous - net | (34,638) | 49,601 |
TOTAL | 43,978 | 44,819 |
INTEREST EXPENSE | ||
Interest Expense, Debt | 82,806 | 79,517 |
Allowance for borrowed funds used during construction | (2,759) | (7,132) |
TOTAL | 80,047 | 72,385 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 204,398 | 139,213 |
Income taxes | 37,772 | (50,183) |
Consolidated net income | 166,626 | 189,396 |
Earnings per average common share: | ||
Net Income (Loss) Available to Common Stockholders, Basic | 166,626 | 189,396 |
Entergy Louisiana [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,079,663 | 912,541 |
Entergy Louisiana [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,981 | 18,106 |
Entergy Louisiana [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 209,961 | 160,743 |
Entergy New Orleans [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 169,335 | 149,302 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 19,012 | 27,495 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 38,178 | 30,704 |
Taxes, Other | 12,556 | 13,206 |
Other Depreciation and Amortization | 18,161 | 15,075 |
Other regulatory charges (credits) - net | 3,130 | (5,736) |
Costs and Expenses | 159,707 | 137,211 |
OPERATING INCOME | 9,628 | 12,091 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 258 | 2,485 |
Investment Income, Net | 9 | 53 |
Miscellaneous - net | (302) | (738) |
TOTAL | (35) | 1,800 |
INTEREST EXPENSE | ||
Interest Expense, Debt | 7,029 | 6,640 |
Allowance for borrowed funds used during construction | (116) | (1,195) |
TOTAL | 6,913 | 5,445 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 2,680 | 8,446 |
Income taxes | 909 | (2,740) |
Consolidated net income | 1,771 | 11,186 |
Entergy New Orleans [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 139,148 | 123,431 |
Entergy New Orleans [Member] | Natural Gas, US Regulated [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,187 | 25,871 |
Entergy New Orleans [Member] | Electricity, Purchased [Member] | ||
Operation and Maintenance: | ||
Cost of Goods and Services Sold | 68,670 | 56,467 |
Entergy Texas [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 480,220 | 339,336 |
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 112,396 | 41,346 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 62,955 | 58,933 |
Taxes, Other | 21,875 | 19,272 |
Other Depreciation and Amortization | 50,936 | 42,566 |
Other regulatory charges (credits) - net | 15,840 | 21,368 |
Costs and Expenses | 405,364 | 303,276 |
OPERATING INCOME | 74,856 | 36,060 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 2,445 | 10,641 |
Investment Income, Net | 224 | 429 |
Miscellaneous - net | (423) | (346) |
TOTAL | 2,246 | 10,724 |
INTEREST EXPENSE | ||
Interest Expense, Debt | 23,038 | 22,858 |
Allowance for borrowed funds used during construction | (984) | (4,573) |
TOTAL | 22,054 | 18,285 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 55,048 | 28,499 |
Income taxes | 4,990 | (4,208) |
Consolidated net income | 50,058 | 32,707 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 470 | 470 |
Earnings per average common share: | ||
Net Income (Loss) Available to Common Stockholders, Basic | 49,588 | 32,237 |
Entergy Texas [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 480,220 | 339,336 |
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 | 141,362 | 119,791 |
System Energy [Member] | ||
Operation and Maintenance: | ||
Fuel, fuel-related expenses, and gas purchased for resale | 16,859 | 13,143 |
Nuclear refueling outage expenses | 6,718 | 8,272 |
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | 41,960 | 40,471 |
Decommissioning | 9,529 | 9,157 |
Taxes, Other | 6,825 | 7,973 |
Other Depreciation and Amortization | 28,194 | 26,899 |
Other regulatory charges (credits) - net | 11,550 | (10,560) |
Costs and Expenses | 121,635 | 95,355 |
OPERATING INCOME | (3,889) | 35,309 |
OTHER INCOME (DEDUCTIONS) | ||
Allowance for equity funds used during construction | 1,111 | 3,584 |
Investment Income, Net | 27,442 | 5,338 |
Miscellaneous - net | (2,024) | (2,460) |
TOTAL | 26,529 | 6,462 |
INTEREST EXPENSE | ||
Interest Expense, Debt | 9,535 | 8,540 |
Allowance for borrowed funds used during construction | (188) | (711) |
TOTAL | 9,347 | 7,829 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 13,293 | 33,942 |
Income taxes | (10,571) | 5,429 |
Consolidated net income | 23,864 | 28,513 |
Earnings per average common share: | ||
Net Income (Loss) Available to Common Stockholders, Basic | 23,864 | 28,513 |
System Energy [Member] | Electricity [Member] | ||
REVENUES | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 117,746 | $ 130,664 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Consolidated net income | $ 339,145 | $ 123,294 |
Adjustments to reconcile consolidated net income to net cash flow provided by (used in) operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 580,571 | 568,596 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 240,431 | (31,405) |
Impairment of Long-Lived Assets Held-for-use | 3,278 | 4,962 |
Changes in working capital: | ||
Receivables | (52,690) | 70,357 |
Fuel inventory | 26,878 | (15,389) |
Accounts payable | (175,651) | (127,727) |
Taxes accrued | (231,182) | (44,241) |
Interest accrued | (3,778) | (4,791) |
Deferred fuel costs | (353,099) | 30,560 |
Other working capital accounts | (43,582) | (21,758) |
Changes in provisions for estimated losses | (60,923) | (35,829) |
Changes in other regulatory assets | 89,910 | 99,275 |
Increase (Decrease) in Regulatory Liabilities | (14,464) | (450,905) |
Changes in pension and other postretirement liabilities | (166,733) | (113,071) |
Other Noncash Income (Expense) | (227,676) | 607,132 |
Net cash flow provided by (used in) operating activities | (49,565) | 659,060 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (1,552,103) | (1,043,608) |
Allowance for equity funds used during construction | 14,577 | 35,953 |
Payments to Acquire Buildings | 0 | (24,633) |
Nuclear fuel purchases | (47,916) | (85,334) |
Payments for Nuclear Fuel | (47,916) | (85,334) |
Payments to storm reserve escrow account | (10) | (1,557) |
Receipts from storm reserve escrow account | 44,205 | 40,589 |
Decrease in other investments | 12,521 | 2,265 |
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 15,735 | 62,162 |
Proceeds from nuclear decommissioning trust fund sales | 3,225,510 | 687,487 |
Investment in nuclear decommissioning trust funds | (3,224,487) | (718,741) |
Changes in securitization account | (1,304) | (70) |
Net cash flow used in investing activities | (1,513,272) | (1,045,487) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 3,676,242 | 3,195,345 |
Proceeds from Sale of Treasury Stock | 979 | 39,964 |
Retirement of long-term debt | (1,346,172) | (1,614,578) |
Changes in credit borrowings and commercial paper - net | (599,860) | (4,911) |
Dividends paid: | ||
Common stock | (190,595) | (185,763) |
Other | 10,380 | (756) |
Net cash flow provided by financing activities | 1,546,394 | 1,424,538 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (16,443) | 1,038,111 |
Cash and cash equivalents at beginning of period | 1,759,099 | 425,722 |
Cash and cash equivalents at end of period | 1,742,656 | 1,463,833 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 202,451 | 203,466 |
Income taxes | 9,015 | (23,063) |
Dividends Paid, Preferred Stock | (4,580) | (4,763) |
Entergy Arkansas [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 93,037 | 44,595 |
Adjustments to reconcile consolidated net income to net cash flow provided by (used in) operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 126,630 | 123,160 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 42,885 | 8,251 |
Changes in working capital: | ||
Receivables | (56,256) | 32,820 |
Fuel inventory | 17,930 | (9,419) |
Accounts payable | (21,622) | (42,694) |
Taxes accrued | 8,365 | 9,302 |
Interest accrued | 18,837 | 16,839 |
Deferred fuel costs | (55,704) | 23,594 |
Other working capital accounts | (8,025) | (2,691) |
Changes in provisions for estimated losses | (12,383) | 4,695 |
Changes in other regulatory assets | 42,388 | (13,187) |
Increase (Decrease) in Regulatory Liabilities | (38,604) | (161,989) |
Changes in pension and other postretirement liabilities | (25,116) | 11,704 |
Other Noncash Income (Expense) | (40,789) | 164,694 |
Net cash flow provided by (used in) operating activities | 91,573 | 209,674 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (146,334) | (179,117) |
Allowance for equity funds used during construction | 2,993 | 2,917 |
Nuclear fuel purchases | (17,621) | (52,211) |
Payments for Nuclear Fuel | (17,621) | (52,211) |
Proceeds from sale of nuclear fuel | 16,059 | 17,210 |
Change in money pool receivable - net | (12,500) | (24,935) |
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 0 | 55,001 |
Proceeds from nuclear decommissioning trust fund sales | 143,575 | 115,030 |
Investment in nuclear decommissioning trust funds | (148,783) | (121,003) |
Changes in securitization account | 0 | (3,443) |
Net cash flow used in investing activities | (162,611) | (190,551) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 604,760 | 264,505 |
Retirement of long-term debt | (613,706) | (127,203) |
Change in money pool payable - net | 0 | (21,634) |
Dividends paid: | ||
Other | 11,636 | (818) |
Net cash flow provided by financing activities | 2,690 | 114,850 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (68,348) | 133,973 |
Cash and cash equivalents at beginning of period | 192,128 | 3,519 |
Cash and cash equivalents at end of period | 123,780 | 137,492 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 14,359 | 17,578 |
Entergy Louisiana [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 166,626 | 189,396 |
Adjustments to reconcile consolidated net income to net cash flow provided by (used in) operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 198,868 | 191,447 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 67,823 | (39,681) |
Changes in working capital: | ||
Receivables | (13,080) | 23,004 |
Fuel inventory | 1,194 | (456) |
Accounts payable | (126,070) | (86,317) |
Taxes accrued | 20,619 | 48,840 |
Interest accrued | (9,163) | (2,384) |
Deferred fuel costs | (203,815) | (18,280) |
Other working capital accounts | (25,628) | (3,156) |
Changes in provisions for estimated losses | (258) | (41,113) |
Changes in other regulatory assets | (70,784) | 55,539 |
Increase (Decrease) in Regulatory Liabilities | 22,503 | (129,370) |
Changes in pension and other postretirement liabilities | (30,745) | (22,806) |
Other Noncash Income (Expense) | (52,688) | 149,136 |
Net cash flow provided by (used in) operating activities | (54,598) | 313,799 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (945,831) | (344,522) |
Allowance for equity funds used during construction | 6,101 | 14,887 |
Nuclear fuel purchases | (52,435) | (18,052) |
Payments for Nuclear Fuel | (52,435) | (18,052) |
Proceeds from sale of nuclear fuel | 0 | 33,889 |
Change in money pool receivable - net | (62,346) | (84,466) |
Payments to storm reserve escrow account | 0 | (1,113) |
Receipts from storm reserve escrow account | 0 | 40,589 |
Proceeds from nuclear decommissioning trust fund sales | 291,275 | 144,962 |
Investment in nuclear decommissioning trust funds | (329,180) | (154,065) |
Changes in securitization account | (6,050) | (5,348) |
Net cash flow used in investing activities | (1,098,466) | (373,239) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 1,399,245 | 1,221,900 |
Retirement of long-term debt | (368,707) | (603,607) |
Change in money pool payable - net | 0 | (82,826) |
Dividends paid: | ||
Common stock | 0 | (11,500) |
Other | (3,678) | (1,139) |
Net cash flow provided by financing activities | 1,026,860 | 522,828 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (126,204) | 463,388 |
Cash and cash equivalents at beginning of period | 728,020 | 2,006 |
Cash and cash equivalents at end of period | 601,816 | 465,394 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 89,432 | 79,794 |
Income taxes | 0 | (20,684) |
Entergy Mississippi [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 25,972 | 22,526 |
Adjustments to reconcile consolidated net income to net cash flow provided by (used in) operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 55,036 | 51,155 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 22,593 | 2,762 |
Changes in working capital: | ||
Receivables | 4,557 | 17,971 |
Fuel inventory | 1,736 | (3,266) |
Accounts payable | 26,391 | (8,125) |
Taxes accrued | (75,886) | (58,651) |
Interest accrued | 4,238 | 6,201 |
Deferred fuel costs | (25,722) | 13,406 |
Other working capital accounts | (3,425) | 7,849 |
Changes in provisions for estimated losses | (7,689) | (47) |
Changes in other regulatory assets | 11,015 | (8,484) |
Increase (Decrease) in Regulatory Liabilities | 19,147 | (5,532) |
Changes in pension and other postretirement liabilities | (5,668) | (2,482) |
Other Noncash Income (Expense) | 2,016 | (2,022) |
Net cash flow provided by (used in) operating activities | 54,311 | 33,261 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (154,788) | (124,986) |
Allowance for equity funds used during construction | 1,668 | 1,439 |
Payments to Acquire Buildings | 0 | (24,633) |
Change in money pool receivable - net | (9,683) | 44,693 |
Decrease in other investments | 1 | (128) |
Net cash flow used in investing activities | (162,802) | (103,615) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 200,573 | 0 |
Change in money pool payable - net | (16,516) | 19,006 |
Dividends paid: | ||
Common stock | 0 | (2,500) |
Other | 1,132 | 2,266 |
Net cash flow provided by financing activities | 185,189 | 18,772 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 76,698 | (51,582) |
Cash and cash equivalents at beginning of period | 18 | 51,601 |
Cash and cash equivalents at end of period | 76,716 | 19 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 12,757 | 9,800 |
Income taxes | (8,045) | 0 |
Entergy New Orleans [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 1,771 | 11,186 |
Adjustments to reconcile consolidated net income to net cash flow provided by (used in) operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 18,161 | 15,075 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 4,572 | 1,339 |
Changes in working capital: | ||
Receivables | (1,975) | 4,039 |
Fuel inventory | 2,234 | (25) |
Accounts payable | (27,777) | (5,291) |
Taxes accrued | 13 | 122 |
Interest accrued | (3,203) | (929) |
Deferred fuel costs | (4,886) | 3,702 |
Other working capital accounts | (11,103) | (10,795) |
Changes in provisions for estimated losses | (40,680) | 923 |
Changes in other regulatory assets | 28,879 | 1,867 |
Increase (Decrease) in Regulatory Liabilities | 8,728 | (9,599) |
Changes in pension and other postretirement liabilities | (4,397) | (4,878) |
Other Noncash Income (Expense) | 15,549 | 10,582 |
Net cash flow provided by (used in) operating activities | (14,114) | 17,318 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (26,165) | (60,001) |
Allowance for equity funds used during construction | 258 | 2,485 |
Change in money pool receivable - net | 0 | (7,979) |
Payments to storm reserve escrow account | (3) | (314) |
Receipts from storm reserve escrow account | 44,200 | 0 |
Changes in securitization account | (3,415) | (2,882) |
Net cash flow used in investing activities | 14,875 | (68,691) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 0 | 139,116 |
Retirement of long-term debt | 0 | (20,000) |
Change in money pool payable - net | 15,039 | 0 |
Dividends paid: | ||
Other | (214) | (445) |
Net cash flow provided by financing activities | 14,825 | 118,671 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 15,586 | 67,298 |
Cash and cash equivalents at beginning of period | 26 | 6,017 |
Cash and cash equivalents at end of period | 15,612 | 73,315 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 9,921 | 7,275 |
Entergy Texas [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 50,058 | 32,707 |
Adjustments to reconcile consolidated net income to net cash flow provided by (used in) operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 50,936 | 42,566 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (1,522) | 3,921 |
Changes in working capital: | ||
Receivables | (16,424) | 1,221 |
Fuel inventory | 3,509 | (1,127) |
Accounts payable | (42,511) | (35,288) |
Taxes accrued | (5,123) | (20,597) |
Interest accrued | (10,989) | (7,380) |
Deferred fuel costs | (62,970) | 8,138 |
Other working capital accounts | 1,118 | 5,004 |
Changes in provisions for estimated losses | (31) | 5 |
Changes in other regulatory assets | 40,484 | 34,309 |
Increase (Decrease) in Regulatory Liabilities | (13,649) | (8,854) |
Changes in pension and other postretirement liabilities | (5,434) | (9,086) |
Other Noncash Income (Expense) | (16,316) | (8,425) |
Net cash flow provided by (used in) operating activities | (28,864) | 37,114 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (238,903) | (236,984) |
Allowance for equity funds used during construction | 2,445 | 10,641 |
Change in money pool receivable - net | 4,601 | (17,911) |
Changes in securitization account | 8,161 | 11,604 |
Net cash flow used in investing activities | (223,696) | (232,650) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 0 | 194,631 |
Retirement of long-term debt | (27,951) | (26,864) |
Change in money pool payable - net | 30,858 | 0 |
Dividends paid: | ||
Other | 1,552 | 206 |
Net cash flow provided by financing activities | 3,989 | 342,320 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (248,571) | 146,784 |
Cash and cash equivalents at beginning of period | 248,596 | 12,929 |
Cash and cash equivalents at end of period | 25 | 159,713 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 33,394 | 29,699 |
Income taxes | (836) | (2,358) |
Proceeds from Contributions from Parent | 0 | 175,000 |
Dividends Paid, Preferred Stock | (470) | (653) |
System Energy [Member] | ||
OPERATING ACTIVITIES | ||
Consolidated net income | 23,864 | 28,513 |
Adjustments to reconcile consolidated net income to net cash flow provided by (used in) operating activities: | ||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 53,433 | 47,041 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | (10,197) | (5,764) |
Changes in working capital: | ||
Receivables | 9,255 | 22,292 |
Accounts payable | (21,296) | 15,049 |
Taxes accrued | (33,364) | (3,590) |
Interest accrued | (1,088) | (201) |
Other working capital accounts | 2,347 | (30,385) |
Changes in other regulatory assets | 20,923 | (3,893) |
Increase (Decrease) in Regulatory Liabilities | (12,591) | (135,561) |
Changes in pension and other postretirement liabilities | (7,424) | (2,587) |
Other Noncash Income (Expense) | (53,104) | 129,528 |
Net cash flow provided by (used in) operating activities | (29,242) | 60,442 |
INVESTING ACTIVITIES | ||
Construction/capital expenditures | (14,890) | (60,551) |
Allowance for equity funds used during construction | 1,111 | 3,584 |
Nuclear fuel purchases | (4,745) | (69,022) |
Payments for Nuclear Fuel | (4,745) | (69,022) |
Proceeds from sale of nuclear fuel | 12,626 | 9,503 |
Change in money pool receivable - net | (12,678) | 42,479 |
Proceeds from nuclear decommissioning trust fund sales | 211,481 | 132,661 |
Investment in nuclear decommissioning trust funds | (216,342) | (138,186) |
Net cash flow used in investing activities | (23,437) | (79,532) |
Proceeds from the issuance of: | ||
Proceeds from the issuance of long-term debt | 189,244 | 243,559 |
Retirement of long-term debt | (225,807) | (186,904) |
Dividends paid: | ||
Common stock | (21,000) | (13,653) |
Net cash flow provided by financing activities | (57,563) | 43,002 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (110,242) | 23,912 |
Cash and cash equivalents at beginning of period | 242,469 | 68,534 |
Cash and cash equivalents at end of period | 132,227 | 92,446 |
Cash paid / (received) during the period for: | ||
Interest - net of amount capitalized | 10,720 | 8,598 |
Income taxes | $ 39,085 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash | $ 67,574 | $ 128,851 |
Temporary cash investments | 1,675,082 | 1,630,248 |
Total cash and cash equivalents | 1,742,656 | 1,759,099 |
Securitization recovery trust account | 44,000 | 42,000 |
Accounts receivable: | ||
Customer | 883,352 | 833,478 |
Allowance for doubtful accounts | (119,027) | (117,794) |
Other | 158,838 | 135,208 |
Accrued unbilled revenues | 415,253 | 434,835 |
Total accounts receivable | 1,338,416 | 1,285,727 |
Deferred Fuel Cost | 226,619 | 4,380 |
Fuel inventory - at average cost | 146,056 | 172,934 |
Public Utilities, Inventory | 972,771 | 962,185 |
Deferred nuclear refueling outage costs | 182,721 | 179,150 |
Prepaid Expense and Other Assets, Current | 179,315 | 196,424 |
TOTAL | 4,788,554 | 4,559,899 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 7,339,088 | 7,253,215 |
Non-utility property - at cost (less accumulated depreciation) | 355,819 | 343,328 |
Other | 169,094 | 214,222 |
TOTAL | 7,864,001 | 7,810,765 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 60,901,229 | 59,696,443 |
Natural gas | 621,682 | 610,768 |
Construction work in progress | 1,311,997 | 2,012,030 |
Nuclear fuel | 591,124 | 601,281 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 63,426,032 | 62,920,522 |
Less - accumulated depreciation and amortization | 24,403,999 | 24,067,745 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 39,022,033 | 38,852,777 |
Regulatory assets: | ||
Other regulatory assets | 5,986,639 | 6,076,549 |
Deferred Fuel Cost Non Current | 240,555 | 240,422 |
Goodwill | 377,172 | 377,172 |
Deferred Income Tax Assets, Net | 56,068 | 76,289 |
Other | 332,606 | 245,339 |
Deferred Costs and Other Assets | 6,993,040 | 7,015,771 |
TOTAL ASSETS | 58,667,628 | 58,239,212 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 629,019 | 1,164,015 |
Short-term borrowings | 1,027,629 | 1,627,489 |
Accounts payable | 1,697,206 | 2,739,437 |
Taxes Payable, Current | 209,829 | 441,011 |
Interest accrued | 198,013 | 201,791 |
Deferred fuel costs | 22,386 | 153,113 |
Pension and other postretirement liabilities | 63,752 | 61,815 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 65,056 | 63,683 |
Other | 207,984 | 206,640 |
TOTAL | 4,511,906 | 7,060,506 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 4,568,106 | 4,361,772 |
Accumulated deferred investment tax credits | 217,888 | 212,494 |
Regulatory liability for income taxes - net | 1,465,852 | 1,521,757 |
Other regulatory liabilities | 2,363,919 | 2,323,851 |
Decommissioning and asset retirement cost liabilities | 6,528,450 | 6,469,452 |
Loss Contingency Accrual | 181,912 | 242,835 |
Pension and other postretirement liabilities | 2,684,343 | 2,853,013 |
Long-term debt | 24,075,456 | 21,205,761 |
Deferred Credits and Other Liabilities | 798,210 | 807,219 |
TOTAL | $ 42,884,136 | $ 39,998,154 |
Common Stock, Shares, Issued | 270,035,180 | 270,035,180 |
Subsidiaries' preferred stock without sinking fund | $ 219,410 | $ 219,410 |
Common Shareholders' Equity: | ||
Common Stock, Value, Issued | 2,700 | 2,700 |
Additional Paid in Capital, Common Stock | 6,520,052 | 6,549,923 |
Accumulated other comprehensive loss | $ (500,507) | $ (449,207) |
Treasury Stock, Shares | 69,402,016 | 69,790,346 |
Less - treasury stock, at cost | $ 5,046,221 | $ 5,074,456 |
TOTAL | 11,017,176 | 10,926,142 |
Stockholders' Equity Attributable to Noncontrolling Interest | 35,000 | 35,000 |
Retained Earnings (Accumulated Deficit) | 10,041,152 | 9,897,182 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,052,176 | 10,961,142 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 58,667,628 | 58,239,212 |
Long-term Transition Bond, Noncurrent | $ 146,881 | $ 174,635 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Securitized Regulatory Transition Assets, Noncurrent | $ 92,585 | $ 119,238 |
Contract with Customer, Liability, Current | $ 391,032 | $ 401,512 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Entergy Arkansas [Member] | ||
Cash and cash equivalents: | ||
Cash | $ 122 | $ 24,108 |
Temporary cash investments | 123,658 | 168,020 |
Total cash and cash equivalents | 123,780 | 192,128 |
Accounts receivable: | ||
Customer | 215,233 | 183,719 |
Allowance for doubtful accounts | (21,176) | (18,334) |
Associated companies | 56,711 | 34,216 |
Other | 69,110 | 35,845 |
Accrued unbilled revenues | 93,324 | 109,000 |
Total accounts receivable | 413,202 | 344,446 |
Deferred Fuel Cost | 2,506 | 0 |
Fuel inventory - at average cost | 25,881 | 43,811 |
Public Utilities, Inventory | 243,721 | 237,640 |
Deferred nuclear refueling outage costs | 26,613 | 32,692 |
Prepaid Expense and Other Assets, Current | 15,134 | 13,296 |
TOTAL | 850,837 | 864,013 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 1,311,053 | 1,273,921 |
Other | 340 | 341 |
TOTAL | 1,311,393 | 1,274,262 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 12,963,731 | 12,905,322 |
Construction work in progress | 288,269 | 234,213 |
Nuclear fuel | 143,835 | 163,044 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 13,395,835 | 13,302,579 |
Less - accumulated depreciation and amortization | 5,323,933 | 5,255,355 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 8,071,902 | 8,047,224 |
Regulatory assets: | ||
Other regulatory assets | 1,789,996 | 1,832,384 |
Deferred Fuel Cost Non Current | 68,353 | 68,220 |
Other | 20,675 | 14,028 |
Deferred Costs and Other Assets | 1,879,024 | 1,914,632 |
TOTAL ASSETS | 12,113,156 | 12,100,131 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 90,000 | 485,000 |
Associated companies accounts payable | 39,361 | 59,448 |
Accounts payable | 190,966 | 208,591 |
Taxes Payable, Current | 90,202 | 81,837 |
Interest accrued | 41,582 | 22,745 |
Deferred fuel costs | 0 | 53,065 |
Other | 40,776 | 40,628 |
TOTAL | 585,513 | 1,049,820 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 1,326,518 | 1,286,123 |
Accumulated deferred investment tax credits | 30,200 | 30,500 |
Regulatory liability for income taxes - net | 452,987 | 467,031 |
Other regulatory liabilities | 662,312 | 686,872 |
Decommissioning and asset retirement cost liabilities | 1,333,159 | 1,314,160 |
Loss Contingency Accrual | 57,786 | 70,169 |
Pension and other postretirement liabilities | 336,515 | 361,682 |
Long-term debt | 3,868,751 | 3,482,507 |
Deferred Credits and Other Liabilities | 90,209 | 75,098 |
TOTAL | 8,158,437 | 7,774,142 |
Common Shareholders' Equity: | ||
Members' Equity | 3,369,206 | 3,276,169 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,369,206 | 3,276,169 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 12,113,156 | 12,100,131 |
Contract with Customer, Liability, Current | 92,626 | 98,506 |
Entergy Louisiana [Member] | ||
Cash and cash equivalents: | ||
Cash | 233 | 1,303 |
Temporary cash investments | 601,583 | 726,717 |
Total cash and cash equivalents | 601,816 | 728,020 |
Securitization recovery trust account | 8,800 | 2,700 |
Accounts receivable: | ||
Customer | 326,475 | 317,905 |
Allowance for doubtful accounts | (46,655) | (45,693) |
Associated companies | 144,640 | 81,624 |
Other | 39,401 | 41,760 |
Accrued unbilled revenues | 186,001 | 178,840 |
Total accounts receivable | 649,862 | 574,436 |
Deferred Fuel Cost | 206,065 | 2,250 |
Fuel inventory - at average cost | 49,486 | 50,680 |
Public Utilities, Inventory | 433,841 | 437,933 |
Deferred nuclear refueling outage costs | 75,916 | 48,407 |
Prepaid Expense and Other Assets, Current | 41,100 | 36,813 |
TOTAL | 2,058,086 | 1,878,539 |
Investments in and Advances to Affiliates, at Fair Value | 1,390,587 | 1,390,587 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 1,879,332 | 1,794,042 |
Non-utility property - at cost (less accumulated depreciation) | 335,730 | 323,110 |
Other | 13,521 | 13,399 |
TOTAL | 3,619,170 | 3,521,138 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 25,960,969 | 25,619,789 |
Natural gas | 268,865 | 262,744 |
Construction work in progress | 526,575 | 667,281 |
Nuclear fuel | 252,555 | 210,128 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 27,008,964 | 26,759,942 |
Less - accumulated depreciation and amortization | 9,502,347 | 9,372,224 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 17,506,617 | 17,387,718 |
Regulatory assets: | ||
Other regulatory assets | 1,796,850 | 1,726,066 |
Deferred Fuel Cost Non Current | 168,122 | 168,122 |
Other | 32,212 | 23,924 |
Deferred Costs and Other Assets | 1,997,184 | 1,918,112 |
TOTAL ASSETS | 25,181,057 | 24,705,507 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 200,000 | 240,000 |
Associated companies accounts payable | 75,431 | 103,148 |
Accounts payable | 685,493 | 1,450,008 |
Taxes Payable, Current | 63,236 | 42,617 |
Interest accrued | 83,086 | 92,249 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 31,138 | 31,138 |
Other | 60,652 | 62,968 |
TOTAL | 1,350,343 | 2,174,740 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 2,193,429 | 2,138,522 |
Accumulated deferred investment tax credits | 106,135 | 107,317 |
Regulatory liability for income taxes - net | 436,577 | 447,628 |
Other regulatory liabilities | 951,847 | 918,293 |
Decommissioning and asset retirement cost liabilities | 1,592,903 | 1,573,307 |
Loss Contingency Accrual | 24,681 | 24,939 |
Pension and other postretirement liabilities | 661,999 | 692,728 |
Long-term debt | 9,859,885 | 8,787,451 |
Deferred Credits and Other Liabilities | 379,367 | 382,894 |
TOTAL | 16,206,823 | 15,073,079 |
Common Shareholders' Equity: | ||
Accumulated other comprehensive loss | 3,920 | 4,327 |
Members' Equity | 7,619,971 | 7,453,361 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,623,891 | 7,457,688 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 25,181,057 | 24,705,507 |
Long-term Transition Bond, Noncurrent | 10,344 | 10,278 |
Securitized Regulatory Transition Assets, Noncurrent | 0 | 5,088 |
Contract with Customer, Liability, Current | 151,307 | 152,612 |
Entergy Mississippi [Member] | ||
Cash and cash equivalents: | ||
Cash | 11 | 11 |
Temporary cash investments | 76,705 | 7 |
Total cash and cash equivalents | 76,716 | 18 |
Accounts receivable: | ||
Customer | 104,649 | 105,732 |
Allowance for doubtful accounts | (16,771) | (19,527) |
Associated companies | 13,857 | 2,740 |
Other | 13,596 | 11,821 |
Accrued unbilled revenues | 50,075 | 59,514 |
Total accounts receivable | 165,406 | 160,280 |
Deferred Fuel Cost | 11,031 | 0 |
Fuel inventory - at average cost | 15,381 | 17,117 |
Public Utilities, Inventory | 61,336 | 59,542 |
Prepaid Expense and Other Assets, Current | 3,792 | 4,876 |
TOTAL | 333,662 | 241,833 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 4,539 | 4,543 |
Escrow accounts | 64,637 | 64,635 |
TOTAL | 69,176 | 69,178 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 6,151,971 | 6,084,730 |
Construction work in progress | 192,649 | 134,854 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 6,344,620 | 6,219,584 |
Less - accumulated depreciation and amortization | 2,046,216 | 2,005,087 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 4,298,404 | 4,214,497 |
Regulatory assets: | ||
Other regulatory assets | 456,326 | 467,341 |
Other | 19,886 | 14,413 |
Deferred Costs and Other Assets | 476,212 | 481,754 |
TOTAL ASSETS | 5,177,454 | 5,007,262 |
CURRENT LIABILITIES | ||
Associated companies accounts payable | 37,053 | 61,727 |
Accounts payable | 144,652 | 117,629 |
Taxes Payable, Current | 32,198 | 108,084 |
Interest accrued | 25,127 | 20,889 |
Deferred fuel costs | 0 | 14,691 |
Other | 32,239 | 34,270 |
TOTAL | 357,222 | 443,490 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 664,704 | 646,674 |
Accumulated deferred investment tax credits | 11,080 | 9,062 |
Regulatory liability for income taxes - net | 222,078 | 224,000 |
Other regulatory liabilities | 36,897 | 15,828 |
Decommissioning and asset retirement cost liabilities | 9,898 | 9,762 |
Loss Contingency Accrual | 38,815 | 46,504 |
Pension and other postretirement liabilities | 105,176 | 110,901 |
Long-term debt | 1,981,429 | 1,780,577 |
Deferred Credits and Other Liabilities | 51,449 | 47,730 |
TOTAL | 3,121,526 | 2,891,038 |
Common Shareholders' Equity: | ||
Members' Equity | 1,698,706 | 1,672,734 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,698,706 | 1,672,734 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,177,454 | 5,007,262 |
Contract with Customer, Liability, Current | 85,953 | 86,200 |
Entergy New Orleans [Member] | ||
Cash and cash equivalents: | ||
Cash | 15,612 | 26 |
Total cash and cash equivalents | 15,612 | 26 |
Securitization recovery trust account | 6,779 | 3,364 |
Accounts receivable: | ||
Customer | 82,902 | 70,694 |
Allowance for doubtful accounts | (19,365) | (17,430) |
Associated companies | 1,331 | 2,381 |
Other | 5,060 | 4,248 |
Accrued unbilled revenues | 23,009 | 31,069 |
Total accounts receivable | 92,937 | 90,962 |
Deferred Fuel Cost | 7,016 | 2,130 |
Fuel inventory - at average cost | 0 | 1,978 |
Public Utilities, Inventory | 16,434 | 16,550 |
Prepaid Expense and Other Assets, Current | 14,733 | 3,715 |
TOTAL | 153,511 | 118,725 |
OTHER PROPERTY AND INVESTMENTS | ||
Non-utility property - at cost (less accumulated depreciation) | 1,016 | 1,016 |
Storm Reserve Escrow Account | 38,841 | 83,038 |
TOTAL | 39,857 | 84,054 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 1,806,961 | 1,821,638 |
Natural gas | 352,817 | 348,024 |
Construction work in progress | 26,927 | 12,460 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 2,186,705 | 2,182,122 |
Less - accumulated depreciation and amortization | 751,117 | 740,796 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 1,435,588 | 1,441,326 |
Regulatory assets: | ||
Other regulatory assets | 237,911 | 266,790 |
Deferred Fuel Cost Non Current | 4,080 | 4,080 |
Other | 29,864 | 23,931 |
Deferred Costs and Other Assets | 271,855 | 294,801 |
TOTAL ASSETS | 1,900,811 | 1,938,906 |
CURRENT LIABILITIES | ||
Notes Payable, Related Parties, Current | 1,618 | 1,618 |
Associated companies accounts payable | 66,122 | 54,234 |
Accounts payable | 40,944 | 60,766 |
Taxes Payable, Current | 4,713 | 4,700 |
Interest accrued | 4,892 | 8,095 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 3,327 | 3,296 |
Other | 6,160 | 5,462 |
TOTAL | 155,091 | 166,083 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 341,217 | 338,714 |
Accumulated deferred investment tax credits | 16,081 | 16,095 |
Regulatory liability for income taxes - net | 55,180 | 55,675 |
Decommissioning and asset retirement cost liabilities | 3,833 | 3,768 |
Loss Contingency Accrual | 49,218 | 89,898 |
Long-term debt | 629,883 | 629,704 |
Notes Payable, Related Parties, Noncurrent | 10,911 | 10,911 |
Deferred Credits and Other Liabilities | 30,709 | 21,141 |
TOTAL | 1,137,032 | 1,165,906 |
Common Shareholders' Equity: | ||
Members' Equity | 608,688 | 606,917 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 608,688 | 606,917 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,900,811 | 1,938,906 |
Long-term Transition Bond, Noncurrent | 41,352 | 41,291 |
Securitized Regulatory Transition Assets, Noncurrent | 32,859 | 35,559 |
Contract with Customer, Liability, Current | 27,315 | 27,912 |
Entergy Texas [Member] | ||
Cash and cash equivalents: | ||
Cash | 25 | 26 |
Temporary cash investments | 0 | 248,570 |
Total cash and cash equivalents | 25 | 248,596 |
Securitization recovery trust account | 28,072 | 36,233 |
Accounts receivable: | ||
Customer | 108,152 | 103,221 |
Allowance for doubtful accounts | (15,058) | (16,810) |
Associated companies | 14,385 | 18,892 |
Other | 14,995 | 11,780 |
Accrued unbilled revenues | 62,845 | 56,411 |
Total accounts receivable | 185,319 | 173,494 |
Fuel inventory - at average cost | 50,022 | 53,531 |
Public Utilities, Inventory | 60,011 | 56,227 |
Prepaid Expense and Other Assets, Current | 12,493 | 20,165 |
TOTAL | 335,942 | 588,246 |
OTHER PROPERTY AND INVESTMENTS | ||
Investment in affiliates - at equity | 336 | 349 |
Non-utility property - at cost (less accumulated depreciation) | 376 | 376 |
Other | 17,552 | 19,889 |
TOTAL | 18,264 | 20,614 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 6,771,662 | 6,007,687 |
Construction work in progress | 178,917 | 879,908 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 6,950,579 | 6,887,595 |
Less - accumulated depreciation and amortization | 1,898,407 | 1,864,494 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 5,052,172 | 5,023,101 |
Regulatory assets: | ||
Other regulatory assets | 484,229 | 524,713 |
Other | 78,654 | 70,397 |
Deferred Costs and Other Assets | 562,883 | 595,110 |
TOTAL ASSETS | 5,969,261 | 6,227,071 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 200,000 | 200,000 |
Associated companies accounts payable | 81,613 | 55,944 |
Accounts payable | 139,190 | 350,947 |
Taxes Payable, Current | 47,315 | 52,438 |
Interest accrued | 9,867 | 20,856 |
Deferred fuel costs | 22,386 | 85,356 |
Current portion of regulatory liability for income taxes - net related to unprotected ADIT | 30,591 | 29,249 |
Other | 12,377 | 12,370 |
TOTAL | 577,170 | 843,442 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 635,212 | 639,422 |
Accumulated deferred investment tax credits | 9,788 | 9,942 |
Regulatory liability for income taxes - net | 164,680 | 175,594 |
Other regulatory liabilities | 28,220 | 32,297 |
Decommissioning and asset retirement cost liabilities | 8,175 | 8,063 |
Loss Contingency Accrual | 8,351 | 8,382 |
Long-term debt | 2,265,827 | 2,293,708 |
Deferred Credits and Other Liabilities | 64,672 | 58,643 |
TOTAL | $ 3,184,925 | $ 3,226,051 |
Common Stock, Shares, Outstanding | 46,525,000 | 46,525,000 |
Common Stock, Shares, Issued | 46,525,000 | 46,525,000 |
Common Shareholders' Equity: | ||
Common Stock, Value, Issued | $ 49,452 | $ 49,452 |
Additional Paid in Capital, Common Stock | 955,162 | 955,162 |
TOTAL | 2,172,166 | 2,122,578 |
Stockholders' Equity Attributable to Noncontrolling Interest | 35,000 | 35,000 |
Retained Earnings (Accumulated Deficit) | 1,167,552 | 1,117,964 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,207,166 | 2,157,578 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,969,261 | 6,227,071 |
Long-term Transition Bond, Noncurrent | 95,185 | 123,066 |
Securitized Regulatory Transition Assets, Noncurrent | 60,618 | 78,590 |
Contract with Customer, Liability, Current | $ 33,831 | $ 36,282 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
System Energy [Member] | ||
Cash and cash equivalents: | ||
Cash | $ 78 | $ 26,086 |
Temporary cash investments | 132,149 | 216,383 |
Total cash and cash equivalents | 132,227 | 242,469 |
Accounts receivable: | ||
Associated companies | 59,422 | 57,743 |
Other | 4,294 | 2,550 |
Total accounts receivable | 63,716 | 60,293 |
Public Utilities, Inventory | 126,444 | 123,006 |
Deferred nuclear refueling outage costs | 27,932 | 34,459 |
Prepaid Expense and Other Assets, Current | 7,605 | 6,864 |
TOTAL | 357,924 | 467,091 |
OTHER PROPERTY AND INVESTMENTS | ||
Decommissioning trust funds | 1,249,846 | 1,215,868 |
TOTAL | 1,249,846 | 1,215,868 |
PROPERTY, PLANT, AND EQUIPMENT | ||
Electric | 5,310,445 | 5,309,458 |
Construction work in progress | 73,360 | 59,831 |
Nuclear fuel | 150,948 | 175,005 |
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 5,534,753 | 5,544,294 |
Less - accumulated depreciation and amortization | 3,381,583 | 3,355,367 |
PROPERTY, PLANT, AND EQUIPMENT - NET | 2,153,170 | 2,188,927 |
Regulatory assets: | ||
Other regulatory assets | 518,040 | 538,963 |
Other | 2,441 | 3,119 |
Deferred Costs and Other Assets | 520,481 | 542,082 |
TOTAL ASSETS | 4,281,421 | 4,413,968 |
CURRENT LIABILITIES | ||
Currently maturing long-term debt | 19 | 100,015 |
Associated companies accounts payable | 4,644 | 15,309 |
Accounts payable | 36,849 | 41,313 |
Taxes Payable, Current | 49,613 | 82,977 |
Interest accrued | 11,634 | 12,722 |
Other | 4,247 | 4,248 |
TOTAL | 107,006 | 256,584 |
NON-CURRENT LIABILITIES | ||
Deferred Income Tax Liabilities, Net | 340,689 | 359,835 |
Accumulated deferred investment tax credits | 43,963 | 38,902 |
Regulatory liability for income taxes - net | 134,350 | 151,829 |
Other regulatory liabilities | 670,284 | 665,396 |
Decommissioning and asset retirement cost liabilities | 978,439 | 968,910 |
Pension and other postretirement liabilities | 117,988 | 125,412 |
Long-term debt | 768,950 | 705,259 |
Deferred Credits and Other Liabilities | 36,342 | 61,295 |
TOTAL | $ 3,091,005 | $ 3,076,838 |
Common Stock, Shares, Outstanding | 789,350 | 789,350 |
Common Stock, Shares, Issued | 789,350 | 789,350 |
Common Shareholders' Equity: | ||
Common Stock, Value, Issued | $ 951,850 | $ 951,850 |
Retained Earnings (Accumulated Deficit) | 131,560 | 128,696 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,083,410 | 1,080,546 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 4,281,421 | $ 4,413,968 |
Common Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 339,145 | $ 123,294 |
Other comprehensive income (loss) | ||
Cash flow hedges net unrealized gain (loss) | (29,580) | (21,710) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 22,967 | 53,899 |
Net unrealized investment gains | (44,687) | 15,744 |
Other comprehensive income (loss) | (51,300) | 47,933 |
Total comprehensive income | 287,845 | 171,227 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,580 | 4,580 |
Comprehensive Income Attributable to Entergy Corporation | 283,265 | 166,647 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 6,314 | 15,076 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (25,581) | 8,743 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 7,869 | 5,777 |
Entergy Louisiana [Member] | ||
Net income | 166,626 | 189,396 |
Other comprehensive income (loss) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (407) | 9,467 |
Other comprehensive income (loss) | (407) | 9,467 |
Total comprehensive income | 166,219 | 198,863 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (144) | 3,340 |
Entergy Arkansas [Member] | ||
Net income | $ 93,037 | $ 44,595 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Subsidiaries Preferred Stock [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Common Stock [Member] | Treasury Stock [Member] | Entergy Texas [Member] | Entergy Texas [Member]Subsidiaries Preferred Stock [Member] | Entergy Texas [Member]Paid In Capital [Member] | Entergy Texas [Member]Retained Earnings [Member] | Entergy Texas [Member]Common Stock [Member] | Entergy Mississippi [Member] | Entergy Arkansas [Member] | Entergy Louisiana [Member] | Entergy Louisiana [Member]Member's Equity [Member] | Entergy Louisiana [Member]Accumulated Other Comprehensive Income [Member] | Entergy New Orleans [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 | $ 10,258,675 | $ 35,000 | $ 6,564,436 | $ 9,257,609 | $ (446,920) | $ 2,700 | $ (5,154,150) | $ 1,799,407 | $ 35,000 | $ 780,182 | $ 934,773 | $ 49,452 | $ 1,542,151 | $ 3,125,937 | $ 6,397,118 | $ 6,392,556 | $ 4,562 | $ 497,579 | $ 712,068 | $ 110,218 | $ 601,850 |
Consolidated net income | 123,294 | 4,580 | 0 | 118,714 | 0 | 0 | 0 | 32,707 | 0 | 0 | 32,707 | 0 | 22,526 | 44,595 | 189,396 | 189,396 | 0 | 11,186 | 28,513 | 28,513 | 0 |
Proceeds from Contributions from Parent | 175,000 | 0 | 175,000 | 0 | 0 | ||||||||||||||||
Dividends, Common Stock, Cash | (185,763) | 0 | 0 | (185,763) | 0 | 0 | 0 | (2,500) | (11,500) | (11,500) | 0 | (13,653) | (13,653) | 0 | |||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (4,580) | (4,580) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other comprehensive income (loss) | 47,933 | 0 | 0 | 0 | 47,933 | 0 | 0 | 9,467 | 0 | 9,467 | |||||||||||
Common stock issuances related to stock plans | (19,827) | 0 | 53,753 | 0 | 0 | 0 | (73,580) | ||||||||||||||
Other | (10) | (10) | 0 | ||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,580 | 470 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | 4,100 | 470 | 0 | 0 | 470 | 0 | |||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,258,967 | 35,000 | 6,510,683 | 9,190,141 | (398,987) | 2,700 | (5,080,570) | 2,006,644 | 35,000 | 955,182 | 967,010 | 49,452 | 1,562,177 | 3,170,532 | 6,584,471 | 6,570,442 | 14,029 | 508,765 | 726,928 | 125,078 | 601,850 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,961,142 | 35,000 | 6,549,923 | 9,897,182 | (449,207) | 2,700 | (5,074,456) | 2,157,578 | 35,000 | 955,162 | 1,117,964 | 49,452 | 1,672,734 | 3,276,169 | 7,457,688 | 7,453,361 | 4,327 | 606,917 | 1,080,546 | 128,696 | 951,850 |
Consolidated net income | 339,145 | 4,580 | 0 | 334,565 | 0 | 0 | 0 | 50,058 | 0 | 0 | 50,058 | 0 | 25,972 | 93,037 | 166,626 | 166,626 | 0 | 1,771 | 23,864 | 23,864 | 0 |
Proceeds from Contributions from Parent | 0 | ||||||||||||||||||||
Dividends, Common Stock, Cash | (190,595) | 0 | 0 | (190,595) | 0 | 0 | 0 | (21,000) | (21,000) | 0 | |||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (4,580) | (4,580) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other comprehensive income (loss) | (51,300) | 0 | 0 | 0 | (51,300) | 0 | 0 | (407) | 0 | (407) | |||||||||||
Common stock issuances related to stock plans | 1,636 | 0 | 29,871 | 0 | 0 | 0 | (28,235) | ||||||||||||||
Other | (16) | (16) | 0 | ||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders | 4,580 | 470 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | 4,100 | 470 | 0 | 0 | 470 | 0 | |||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 11,052,176 | $ 35,000 | $ 6,520,052 | $ 10,041,152 | $ (500,507) | $ 2,700 | $ (5,046,221) | $ 2,207,166 | $ 35,000 | $ 955,162 | $ 1,167,552 | $ 49,452 | $ 1,698,706 | $ 3,369,206 | $ 7,623,891 | $ 7,619,971 | $ 3,920 | $ 608,688 | $ 1,083,410 | $ 131,560 | $ 951,850 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies | NOTE 1. 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 Entergyās 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 Louisianaās Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergyās spent nuclear fuel litigation. In January 2021 the U.S. Court of Federal Claims issued a final judgment in the amount of $23.1 million in favor of Entergy Nuclear Palisades and against the DOE in the second round Palisades damages case. Entergy received payment from the U.S. Treasury in February 2021. The effects of recording the judgment were reductions to plant, other operation and maintenance expense, and taxes other than income taxes. The Palisades damages awarded included $15.7 million related to costs previously capitalized, $7.1 million related to costs previously recorded as other operation and maintenance expenses, and $0.3 million related to costs previously recorded as taxes other than income taxes. Of the $15.7 million previously capitalized, Entergy recorded $9.1 million as a reduction to previously-recorded depreciation expense. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergyās nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergyās 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 Entergyās employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. Grand Gulf-Related Agreements |
Entergy Arkansas [Member] | |
Commitments And Contingencies | NOTE 1. 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 Entergyās 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 Louisianaās Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergyās spent nuclear fuel litigation. In January 2021 the U.S. Court of Federal Claims issued a final judgment in the amount of $23.1 million in favor of Entergy Nuclear Palisades and against the DOE in the second round Palisades damages case. Entergy received payment from the U.S. Treasury in February 2021. The effects of recording the judgment were reductions to plant, other operation and maintenance expense, and taxes other than income taxes. The Palisades damages awarded included $15.7 million related to costs previously capitalized, $7.1 million related to costs previously recorded as other operation and maintenance expenses, and $0.3 million related to costs previously recorded as taxes other than income taxes. Of the $15.7 million previously capitalized, Entergy recorded $9.1 million as a reduction to previously-recorded depreciation expense. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergyās nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergyās 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 Entergyās employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. Grand Gulf-Related Agreements |
Entergy Louisiana [Member] | |
Commitments And Contingencies | NOTE 1. 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 Entergyās 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 Louisianaās Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergyās spent nuclear fuel litigation. In January 2021 the U.S. Court of Federal Claims issued a final judgment in the amount of $23.1 million in favor of Entergy Nuclear Palisades and against the DOE in the second round Palisades damages case. Entergy received payment from the U.S. Treasury in February 2021. The effects of recording the judgment were reductions to plant, other operation and maintenance expense, and taxes other than income taxes. The Palisades damages awarded included $15.7 million related to costs previously capitalized, $7.1 million related to costs previously recorded as other operation and maintenance expenses, and $0.3 million related to costs previously recorded as taxes other than income taxes. Of the $15.7 million previously capitalized, Entergy recorded $9.1 million as a reduction to previously-recorded depreciation expense. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergyās nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergyās 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 Entergyās employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. Grand Gulf-Related Agreements |
Entergy Mississippi [Member] | |
Commitments And Contingencies | NOTE 1. 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 Entergyās 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 Louisianaās Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergyās spent nuclear fuel litigation. In January 2021 the U.S. Court of Federal Claims issued a final judgment in the amount of $23.1 million in favor of Entergy Nuclear Palisades and against the DOE in the second round Palisades damages case. Entergy received payment from the U.S. Treasury in February 2021. The effects of recording the judgment were reductions to plant, other operation and maintenance expense, and taxes other than income taxes. The Palisades damages awarded included $15.7 million related to costs previously capitalized, $7.1 million related to costs previously recorded as other operation and maintenance expenses, and $0.3 million related to costs previously recorded as taxes other than income taxes. Of the $15.7 million previously capitalized, Entergy recorded $9.1 million as a reduction to previously-recorded depreciation expense. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergyās nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergyās 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 Entergyās employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. Grand Gulf-Related Agreements |
Entergy New Orleans [Member] | |
Commitments And Contingencies | NOTE 1. 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 Entergyās 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 Louisianaās Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergyās spent nuclear fuel litigation. In January 2021 the U.S. Court of Federal Claims issued a final judgment in the amount of $23.1 million in favor of Entergy Nuclear Palisades and against the DOE in the second round Palisades damages case. Entergy received payment from the U.S. Treasury in February 2021. The effects of recording the judgment were reductions to plant, other operation and maintenance expense, and taxes other than income taxes. The Palisades damages awarded included $15.7 million related to costs previously capitalized, $7.1 million related to costs previously recorded as other operation and maintenance expenses, and $0.3 million related to costs previously recorded as taxes other than income taxes. Of the $15.7 million previously capitalized, Entergy recorded $9.1 million as a reduction to previously-recorded depreciation expense. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergyās nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergyās 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 Entergyās employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. Grand Gulf-Related Agreements |
Entergy Texas [Member] | |
Commitments And Contingencies | NOTE 1. 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 Entergyās 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 Louisianaās Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergyās spent nuclear fuel litigation. In January 2021 the U.S. Court of Federal Claims issued a final judgment in the amount of $23.1 million in favor of Entergy Nuclear Palisades and against the DOE in the second round Palisades damages case. Entergy received payment from the U.S. Treasury in February 2021. The effects of recording the judgment were reductions to plant, other operation and maintenance expense, and taxes other than income taxes. The Palisades damages awarded included $15.7 million related to costs previously capitalized, $7.1 million related to costs previously recorded as other operation and maintenance expenses, and $0.3 million related to costs previously recorded as taxes other than income taxes. Of the $15.7 million previously capitalized, Entergy recorded $9.1 million as a reduction to previously-recorded depreciation expense. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergyās nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergyās 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 Entergyās employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. Grand Gulf-Related Agreements |
System Energy [Member] | |
Commitments And Contingencies | NOTE 1. 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 Entergyās 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 Louisianaās Vidalia purchased power agreement. ANO Damage, Outage, and NRC Reviews See Note 8 to the financial statements in the Form 10-K for a discussion of the ANO stator incident, subsequent NRC reviews, and the deferral of replacement power costs. Spent Nuclear Fuel Litigation See Note 8 to the financial statements in the Form 10-K for information on Entergyās spent nuclear fuel litigation. In January 2021 the U.S. Court of Federal Claims issued a final judgment in the amount of $23.1 million in favor of Entergy Nuclear Palisades and against the DOE in the second round Palisades damages case. Entergy received payment from the U.S. Treasury in February 2021. The effects of recording the judgment were reductions to plant, other operation and maintenance expense, and taxes other than income taxes. The Palisades damages awarded included $15.7 million related to costs previously capitalized, $7.1 million related to costs previously recorded as other operation and maintenance expenses, and $0.3 million related to costs previously recorded as taxes other than income taxes. Of the $15.7 million previously capitalized, Entergy recorded $9.1 million as a reduction to previously-recorded depreciation expense. Nuclear Insurance See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergyās nuclear power plants. Non-Nuclear Property Insurance See Note 8 to the financial statements in the Form 10-K for information on Entergyās 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 Entergyās employment and labor-related proceedings. Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas) See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation. Grand Gulf-Related Agreements |
Rate And Regulatory Matters
Rate And Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
Rate and Regulatory Matters | NOTE 2. 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 2021, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01052 per kWh to $0.00959 per kWh. The redetermined rate calculation also included an adjustment to account for a portion of the increased fuel costs resulting from the February 2021 winter storms. The redetermined rate became effective with the first billing cycle in April 2021 through the normal operation of the tariff. Entergy Louisiana In February 2021, Entergy Louisiana incurred extraordinary fuel costs associated with the February 2021 winter storms. To mitigate the effect of these costs on customer bills, in March 2021 Entergy Louisiana requested and the LPSC approved the deferral and recovery of $166 million in incremental fuel costs over 5 months beginning in April 2021. The incremental fuel costs remain subject to review for reasonableness and eligibility for recovery through the fuel adjustment clause mechanism. At its April 2021 meeting, the LPSC authorized its staff to review the prudence of the February 2021 fuel costs incurred by all LPSC jurisdictional utilities. In March 2021 the LPSC staff provided notice of an audit of Entergy Louisianaās purchased gas adjustment clause filings covering the period January 2018 through December 2020. The audit includes a review of the reasonableness of charges flowed through Entergy Louisianaās purchased gas adjustment clause for that period. No audit report has been filed. Entergy Texas In February 2021, Entergy Texas filed an application to implement a fuel refund for a cumulative over-recovery of approximately $75 million that is primarily attributable to settlements received by Entergy Texas from MISO related to Hurricane Laura. Entergy Texas planned to issue the refund over the period of March through August 2021. On February 22, 2021, Entergy Texas filed a motion to abate its fuel refund proceeding to assess how the February 2021 winter storm impacted Entergy Texasās fuel over-recovery position. In March 2021, Entergy Texas withdrew its application to implement the fuel refund. Entergy Texas is continuing to evaluate its fuel balance and will file a subsequent refund or surcharge application consistent with the requirements of the PUCTās rules. 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) Retail Rates 2020 Formula Rate Plan Filing As discussed in the Form 10-K, in December 2020, Entergy Arkansas filed a petition for rehearing of the APSCās decision in the 2020 formula rate plan proceeding regarding the 2019 netting adjustment, and in January 2021 the APSC granted further consideration of Entergy Arkansasās petition. Based on the progress of the proceeding to date, in December 2020, Entergy Arkansas recorded a regulatory liability of $43.5 million to reflect the netting adjustment for 2019, as included in the APSCās December 2020 order, which would be returned to customers in 2021. Entergy Arkansas also requested an extension of the formula rate plan rider for a second five-year term. In March 2021 the Arkansas Governor signed HB1662 into law (Act 404). Act 404 clarified aspects of the original formula rate plan legislation enacted in 2015, including with respect to the extension of a formula rate plan, the methodology for the netting adjustment, and debt and equity levels; it also reaffirmed the customer protections of the original formula rate plan legislation, including the cap on annual formula rate plan rate changes. Pursuant to Act 404, Entergy Arkansasās formula rate plan rider is extended for a second five-year term. Entergy Arkansas filed a compliance tariff in its formula rate plan docket in April 2021 to effectuate the netting provisions of Act 404, which reflected a net change in required formula rate plan rider revenue of $39.8 million, effective with the first billing cycle of May 2021. In April 2021 the APSC issued an order approving the compliance tariff and recognizing the formula rate plan extension. Also in April 2021, Entergy Arkansas filed for approval of modifications to the formula rate plan tariff incorporating the provisions in Act 404, and the APSC approved the tariff modifications in April 2021. Given the APSC general staffās support for the expedited approval of these filings by the APSC, Entergy Arkansas supported an amendment to Act 404 to achieve a reduced return on equity from 9.75% to 9.65% to apply for years applicable to the extension term; that amendment was signed by the Arkansas Governor in April 2021 and is now Act 894. Based on the APSCās order issued in April 2021, in the first quarter 2021 Entergy Arkansas reversed the remaining regulatory liability for the netting adjustment for 2019. COVID-19 Orders See the Form 10-K for discussion of APSC orders issued in light of the COVID-19 pandemic. In March 2021 the APSC issued an order confirming the lifting of the moratorium on service disconnects effective in May 2021. As of March 31, 2021, Entergy Arkansas recorded a regulatory asset of $11.4 million for costs associated with the COVID-19 pandemic. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2017 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2019, Entergy Louisiana filed an update to its 2017 formula rate plan evaluation report to include the estimated first-year revenue requirement of $109.5 million associated with the J. Wayne Leonard Power Station (formerly St. Charles Power Station). In February 2021, LPSC staff filed testimony that substantially all the costs to construct J. Wayne Leonard Power Station were prudently incurred and eligible for recovery from customers. LPSC s taff further recommended that the LPSC consider monitoring the remaining $3.1 million that was estimated to be incurred for completion of the project in the event the final costs exceed the estimated amounts. Settlement discussions are in progress . Request for Extension and Modification of Formula Rate Plan As discussed in the Form 10-K, in May 2020, Entergy Louisiana filed with the LPSC its application for authority to extend its formula rate plan. The parties reached a settlement in April 2021 regarding Entergy Louisianaās proposed FRP extension. Entergy Louisiana and the LPSC staff filed a joint motion asking the LPSC to consider and approve the uncontested settlement at the May 2021 LPSC meeting. Key terms of the settlement include: a three year term (test years 2020, 2021, and 2022) covering a rate-effective period of September 2021 through August 2024; a 9.50% return on equity, with a smaller, 50 basis point deadband above and below (9.0%-10.0%); elimination of sharing if earnings are outside the deadband; a $63 million rate increase for test year 2020 (exclusive of riders); continuation of existing riders (transmission, additional capacity, etc.); addition of a distribution recovery mechanism permitting $225 million per year of distribution investment above a baseline level to be recovered dollar for dollar; modification of the tax mechanism to allow timely rate changes in the event the federal corporate income tax rate is changed from 21%; a cumulative rate increase limit of $70 million (exclusive of riders) for test years 2021 and 2022; and deferral of up to $7 million per year in 2021 and 2022 of expenditures on vegetation management for outside of right of way hazard trees. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the LPSC issued an order authorizing utilities to record as a regulatory asset expenses incurred from the suspension of disconnections and collection of late fees imposed by LPSC orders associated with the COVID-19 pandemic. In addition, utilities may seek future recovery, subject to LPSC review and approval, of losses and expenses incurred due to compliance with the LPSCās COVID-19 orders. The suspension of late fees and disconnects for non-payment was extended until the first billing cycle after July 16, 2020. In January 2021, Entergy Louisiana resumed disconnections for customers in all customer classes with past-due balances that have not made payment arrangements. Utilities seeking to recover the regulatory asset must formally petition the LPSC to do so, identifying the direct and indirect costs for which recovery is sought. Any such request is subject to LPSC review and approval. As of March 31, 2021, Entergy Louisiana recorded a regulatory asset of $47.8 million for costs associated with the COVID-19 pandemic. Filings with the MPSC (Entergy Mississippi) 2021 Formula Rate Plan Filing In March 2021, Entergy Mississippi submitted its formula rate plan 2021 test year filing and 2020 look-back filing showing Entergy Mississippiās earned return for the historical 2020 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2021 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $95.4 million rate increase is necessary to reset Entergy Mississippiās earned return on common equity to the specified point of adjustment of 6.69% return on rate base, within the formula rate plan bandwidth. The change in formula rate plan revenues, however, is capped at 4% of retail revenues, which equates to a revenue change of $44.3 million. The 2021 evaluation report also includes $3.9 million in demand side management costs for which the MPSC approved realignment of recovery from the energy efficiency rider to the formula rate plan. These costs are not subject to the 4% cap and result in a total change in formula rate plan revenues of $48.2 million. The 2020 look-back filing compares actual 2020 results to the approved benchmark return on rate base and reflects the need for a $16.8 million interim increase in formula rate plan revenues. In addition, the 2020 look-back filing includes an interim capacity adjustment true-up for the Choctaw Generating Station, which increases the look-back interim rate adjustment by $1.7 million. T hese interim rate adjustments total $18.5 million. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $22.1 million interim rate increase, reflecting a cap equal to 2% of 2020 retail revenues, effective with the April 2021 billing cycle, subject to refund, pending a final MPSC order. The $3.9 million of demand side management costs and the Choctaw Generating Station true-up of $1.7 million, which are not subject to the 2% cap of 2020 retail revenues, were included in the April 2021 rate adjustments. A final order is expected in the second quarter 2021, with the resulting final rates, including amounts above the 2% cap of 2020 retail revenues, effective July 2021. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the MPSC issued an order authorizing utilities to defer incremental costs and expenses associated with COVID-19 compliance and to seek future recovery through rates of the prudently incurred incremental costs and expenses. In December 2020, Entergy Mississippi resumed disconnections for commercial, industrial, and governmental customers with past-due balances that have not made payment arrangements. In January 2021, Entergy Mississippi resumed disconnecting service for residential customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Mississippi recorded a regulatory asset of $16.3 million for costs associated with the COVID-19 pandemic. Filings with the City Council (Entergy New Orleans) COVID-19 Orders As discussed in the Form 10-K, in June 2020 the City Council established the City Council Cares Program and directed Entergy New Orleans to use the approximately $7 million refund received from the Entergy Arkansas opportunity sales FERC proceeding, currently being held in escrow, and approximately $15 million of non-securitized storm reserves to fund this program, which was intended to provide temporary bill relief to customers who became unemployed during the COVID-19 pandemic. The program became effective July 1, 2020 and offered qualifying residential customers bill credits of $100 per month for up to four months, for a maximum of $400 in residential customer bill credits. As of March 31, 2021 the program expired and credits of $4.3 million have been applied to customer bills under the City Council Cares Program. Additionally, as discussed in the Form 10-K, in February 2021 the City Council adopted a resolution suspending residential customer disconnections for non-payment of utility bills and suspending the assessment and accumulation of late fees on residential customers with past-due balances through May 15, 2021. As of March 31, 2021, Entergy New Orleans recorded a regulatory asset of $14.8 million for costs associated with the COVID-19 pandemic. Filings with the PUCT and Texas Cities (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $26.3 million annually, or $6.8 million in incremental annual revenues beyond Entergy Texasās currently effective DCRF rider based on its capital invested in distribution between January 1, 2020 and August 31, 2020. In February 2021 the administrative law judge with the State Office of Administrative Hearings approved Entergy Texasās agreed motion for interim rates, which went into effect in March 2021. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested DCRF revenue requirement and resolving all issues in the proceeding. This case has been remanded to the PUCT for consideration of a final order at a future open meeting. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $51 million annually, or $31.6 million in incremental annual revenues beyond Entergy Texasās currently effective TCRF rider based on its capital invested in transmission between July 1, 2019 and August 31, 2020. A procedural schedule was established with a hearing scheduled in March 2021. In February 2021, Entergy Texas filed an agreed motion to abate the procedural schedule, noting that the parties had reached a settlement in principle, and the administrative law judge granted the motion to abate. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested TCRF revenue requirement with interim rates effective March 2021 and resolving all issues in the proceeding. In March 2021 the administrative law judge granted the motion for interim rates, admitted evidence, and remanded this case to the PUCT for consideration of a final order at a future open meeting. COVID-19 Orders As discussed in the Form 10-K, in March 2020 the PUCT authorized electric utilities to record as a regulatory asset expenses resulting from the effects of the COVID-19 pandemic. In future proceedings the PUCT will consider whether each utility's request for recovery of these regulatory assets is reasonable and necessary, the appropriate period of recovery, and any amount of carrying costs thereon. In March 2020 the PUCT ordered a moratorium on disconnections for nonpayment for all customer classes, but, in April 2020, revised the disconnect moratorium to apply only to residential customers. The PUCT allowed the moratorium to expire on June 13, 2020, but on July 17, 2020, the PUCT re-established the disconnect moratorium for residential customers until August 31, 2020. In January 2021, Entergy Texas resumed disconnections for customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Texas recorded a regulatory asset of $10.7 million for costs associated with the COVID-19 pandemic. Generation Cost Recovery Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed an application to establish a generation cost recovery rider with an initial annual revenue requirement of approximately $91 million to begin recovering a return of and on its capital investment in the Montgomery County Power Station through August 31, 2020. In December 2020, Entergy Texas filed an unopposed settlement supporting a generation cost recovery rider with an annual revenue requirement of approximately $86 million. On January 14, 2021, the PUCT approved the generation cost recovery rider settlement rates on an interim basis and abated the proceeding. In March 2021, Entergy Texas filed to update its generation cost recovery rider to include investment in Montgomery County Power Station after August 31, 2020. In April 2021 the ALJ issued an order unabating the proceeding to consider Entergy Texasās updated application and establishing a procedural schedule that will result in administrative approval of Entergy Texasās application in June 2021 if it is unopposed by parties to the proceeding. In December 2020, Entergy Texas also filed an application to amend its generation cost recovery rider to reflect its acquisition of the Hardin County Peaking Facility, which is expected to close in June 2021. The initial generation cost recovery rider rates proposed in the application represent no change from the generation cost recovery rider rates to be established in Entergy Texasās previous generation cost recovery rider proceeding. Once Entergy Texas has acquired the Hardin County Peaking Facility, its investment in the facility will be reflected in an updated filing to Entergy Texasās application, which will be made within 60 days of the acquisitionās closing. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application and supporting testimony with the APSC requesting approval of a special rider tariff to recover from its retail customers the costs of the opportunity sales payments made to the other Utility operating companies, and in July 2020 the APSC issued a decision finding that Entergy Arkansasās application is not in the public interest. In September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSCās order denying Entergy Arkansasās request to recover the costs of these payments. The court held a hearing in February 2021 regarding issues addressed in the pre-trial conference report, and the parties await further instructions from the court. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in May 2020 the FERC issued an order on rehearing of Opinion No. 569 (Opinion No. 569-A). In June 2020 the procedural schedule in the System Energy proceeding was further revised in order to allow parties to address the Opinion No. 569-A methodology. The parties and FERC trial staff filed final rounds of testimony in August 2020. The hearing before a FERC ALJ occurred in late-September through early-October 2020, post-hearing briefing took place in November and December 2020. In March 2021 the FERC ALJ issued an initial decision. With regard to System Energyās authorized return on equity, the ALJ determined that the existing return on equity of 10.94% is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the Opinion No. 569-A methodology, should be 9.32%. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energyās capital structure, the ALJ determined that System Energyās actual equity ratio is excessive and that the just and reasonable equity ratio is 48.15% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the 48.15% equity ratio. If the ALJās initial decision is upheld, the estimated refund for this proceeding is approximately $59 million, which includes interest through March 31, 2021, and the estimated resulting annual rate reduction would be approximate ly $46 million. The estimated refund will continue to accrue interest until a final FERC decision is issued. Based on the course of the proceeding to date, System Energy has recorded a provision of $36 million, including interest, as of March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process , and an ALJās determinations made in an initial decision are not controlling on the FERC . In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decisionās findings on both the return on equity and capital structure issues. Also in April 2021, the LPSC, APSC, MPSC, City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions are due in May 2021. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energyās renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energyās recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million. The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and that System Energyās rate base should have been reduced for those liabilities. If the ALJās initial decision is upheld, the estimated refund for this issue through March 31, 2021, is approximately $422 million, plus interest, which is approximately $115 million through March 31, 2021. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $19 million, which includes interest through March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJās determinations made in an initial decision are not controlling on the FERC. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. The case is pending before the FERC, which will review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJās initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Also as discussed in the Form 10-K, in November 2020 the IRS issued a Revenue Agentās Report (RAR) for the 2014/2015 tax year and in December 2020 Entergy executed it. The RAR contained an adjustment to System Energyās uncertain nuclear decommissioning tax position. As a result of the RAR, in December 2020, System Energy filed amendments to its new Federal Power Act section 205 filings to establish an ongoing rate base credit for the accumulated deferred income taxes resulting from the decommissioning uncertain tax position and to credit excess accumulated deferred income taxes arising from the successful portion of the decommissioning uncertain tax position. The amendments both propose the inclusion of the RAR as support for the filings. In December 2020 the LPSC, APSC, and City Council filed a protest in response to the amendments, reiterating their prior objections to the filings. In February 2021 the FERC issued an order accepting System Energyās Federal Power Act section 205 filings subject to refund, setting them for hearing, and holding the hearing in abeyance. In December 2020, System Energy filed a new Federal Power Act section 205 filing to provide a one-time, historical credit to customers of $25.2 million for the accumulated deferred income taxes that would have been created by the decommissioning uncertain tax position if the IRSās decision had been known in 2016. In January 2021 the LPSC, APSC, MPSC, and City Council filed a protest to the filing. In February 2021, the FERC issued an order accepting System Energyās Federal Power Act section 205 filing subject to refund, setting it for hearing, and holding the hearing in abeyance. The one-time credit was made during the first quarter 2021. LPSC Authorization of Additional Complaints As discussed in the Form 10-K, in May 2020 the LPSC authorized its staff to file additional complaints at FERC related to the rates charged by System Energy for Grand Gulf energy and capacity supplied to Entergy Louisiana under the Unit Power Sales Agreement, and the first of the additional complaints was filed by the LPSC, the APSC, the MPSC and the City Council in September 2020. The second of the additional complaints was filed at the FERC in March 2021 by the LPSC, the APSC, and the City Council against System Energy, Entergy Services, Entergy Operations, and Entergy Corporation. The second complaint contains two primary allegations. First, it alleges that, based on the plantās capacity factor and alleged safety performance, System Energy and the other respondents imprudently operated Grand Gulf during the period 2016-2020, and it seeks refunds of at least $360 million in alleged replacement energy costs, in addition to other costs, including those that can only be identified upon further investigation. Second, it alleges that the performance and/or management of the 2012 extended power uprate of Grand Gulf was imprudent, and it seeks refunds of all costs of the 2012 uprate that are determined to result from imprudent planning or management of the project. In addition to the requested refunds, the complaint asks that the FERC modify the Unit Power Sales Agreement to provide for full cost recovery only if certain performance indicators are met and to require pre-authorization of capital improvement projects in excess of $125 million before related costs may be passed through to customers in rates. In April 2021, System Energy and the other respondents filed their motion to dismiss and answer to the complaint. System Energy requested that the FERC dismiss the claims within the complaint. With respect to the claim concerning operations, System Energy argues that the complaint does not meet its legal burden because, among other reasons, it fails to allege any specific imprudent conduct. With respect to the claim concerning the uprate, System Energy argues that the complaint fails because, among other reasons, the complainantsā own conduct prevents them from raising a serious doubt as to the prudence of the uprate. System Energy also requests that the FERC dismiss other elements of the complaint, including the proposed modifications to the Unit Power Sales Agreement, because they are not warranted. Storm Cost Recovery Filings with Retail Regulators Entergy Louisiana Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri In August 2020 and October 2020, Hurricane Laura, Hurricane Delta, and Hurricane Zeta caused significant damage to portions of Entergy Louisianaās service area. The storms resulted in widespread outages, significant damage to distribution and transmission infrastructure, and the loss of sales during the outages. Additionally, as a result of Hurricane Lauraās extensive damage to the grid infrastructure serving the impacted area, large portions of the underlying transmission system required nearly a complete rebuild. In October 2020, Entergy Louisiana filed an application at the LPSC seeking approval of certain ratemaking adjustments to facilitate issuance of shorter-term bonds to provide interim financing for restoration costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta. Subsequently, Entergy Louisiana and the LPSC staff filed a joint motion seeking approval to exclude from the derivation of Entergy Louisianaās capital structure and cost rate of debt for ratemaking purposes, including the allowance for funds used during construction, shorter-term debt up to $1.1 billion issued by Entergy Louisiana to fund costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta costs on an interim basis. In November 2020 the LPSC issued an order approving the joint motion, and Entergy Louisiana issued $1.1 billion of 0.62% Series mortgage bonds due November 2023. Also in November 2020, Entergy Louisiana drew $257 million from its funded storm reserves. In February 2021, two winter storms (collectively, Winter Storm Uri) brought freezing rain and ice to Louisiana. Ice accumulation sagged or downed trees, limbs and power lines, causing damage to Entergy Louisianaās transmission and distribution systems. The additional weight of ice caused trees and limbs to fall into power lines and other electric equipment. When the ice melted, it affected vegetation and electrical equipment, causing incremental outages. As discussed above in ā Fuel and purchased power recovery ,ā Entergy Louisiana is recovering the incremental fuel costs associated with Winter Storm Uri over a five-month period from April 2021 through August 2021. In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisianaās electric facilities damaged by the storms are currently estimated to be approximately $2.05 billion, including approximately $1.74 billion in capital costs and approximately $310 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana is seeking an LPSC determination that $2.10 billion was prudently incurred and, therefore, is eligible for recovery from customers. Additionally, Ente |
Entergy Arkansas [Member] | |
Rate and Regulatory Matters | NOTE 2. 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 2021, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01052 per kWh to $0.00959 per kWh. The redetermined rate calculation also included an adjustment to account for a portion of the increased fuel costs resulting from the February 2021 winter storms. The redetermined rate became effective with the first billing cycle in April 2021 through the normal operation of the tariff. Entergy Louisiana In February 2021, Entergy Louisiana incurred extraordinary fuel costs associated with the February 2021 winter storms. To mitigate the effect of these costs on customer bills, in March 2021 Entergy Louisiana requested and the LPSC approved the deferral and recovery of $166 million in incremental fuel costs over 5 months beginning in April 2021. The incremental fuel costs remain subject to review for reasonableness and eligibility for recovery through the fuel adjustment clause mechanism. At its April 2021 meeting, the LPSC authorized its staff to review the prudence of the February 2021 fuel costs incurred by all LPSC jurisdictional utilities. In March 2021 the LPSC staff provided notice of an audit of Entergy Louisianaās purchased gas adjustment clause filings covering the period January 2018 through December 2020. The audit includes a review of the reasonableness of charges flowed through Entergy Louisianaās purchased gas adjustment clause for that period. No audit report has been filed. Entergy Texas In February 2021, Entergy Texas filed an application to implement a fuel refund for a cumulative over-recovery of approximately $75 million that is primarily attributable to settlements received by Entergy Texas from MISO related to Hurricane Laura. Entergy Texas planned to issue the refund over the period of March through August 2021. On February 22, 2021, Entergy Texas filed a motion to abate its fuel refund proceeding to assess how the February 2021 winter storm impacted Entergy Texasās fuel over-recovery position. In March 2021, Entergy Texas withdrew its application to implement the fuel refund. Entergy Texas is continuing to evaluate its fuel balance and will file a subsequent refund or surcharge application consistent with the requirements of the PUCTās rules. 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) Retail Rates 2020 Formula Rate Plan Filing As discussed in the Form 10-K, in December 2020, Entergy Arkansas filed a petition for rehearing of the APSCās decision in the 2020 formula rate plan proceeding regarding the 2019 netting adjustment, and in January 2021 the APSC granted further consideration of Entergy Arkansasās petition. Based on the progress of the proceeding to date, in December 2020, Entergy Arkansas recorded a regulatory liability of $43.5 million to reflect the netting adjustment for 2019, as included in the APSCās December 2020 order, which would be returned to customers in 2021. Entergy Arkansas also requested an extension of the formula rate plan rider for a second five-year term. In March 2021 the Arkansas Governor signed HB1662 into law (Act 404). Act 404 clarified aspects of the original formula rate plan legislation enacted in 2015, including with respect to the extension of a formula rate plan, the methodology for the netting adjustment, and debt and equity levels; it also reaffirmed the customer protections of the original formula rate plan legislation, including the cap on annual formula rate plan rate changes. Pursuant to Act 404, Entergy Arkansasās formula rate plan rider is extended for a second five-year term. Entergy Arkansas filed a compliance tariff in its formula rate plan docket in April 2021 to effectuate the netting provisions of Act 404, which reflected a net change in required formula rate plan rider revenue of $39.8 million, effective with the first billing cycle of May 2021. In April 2021 the APSC issued an order approving the compliance tariff and recognizing the formula rate plan extension. Also in April 2021, Entergy Arkansas filed for approval of modifications to the formula rate plan tariff incorporating the provisions in Act 404, and the APSC approved the tariff modifications in April 2021. Given the APSC general staffās support for the expedited approval of these filings by the APSC, Entergy Arkansas supported an amendment to Act 404 to achieve a reduced return on equity from 9.75% to 9.65% to apply for years applicable to the extension term; that amendment was signed by the Arkansas Governor in April 2021 and is now Act 894. Based on the APSCās order issued in April 2021, in the first quarter 2021 Entergy Arkansas reversed the remaining regulatory liability for the netting adjustment for 2019. COVID-19 Orders See the Form 10-K for discussion of APSC orders issued in light of the COVID-19 pandemic. In March 2021 the APSC issued an order confirming the lifting of the moratorium on service disconnects effective in May 2021. As of March 31, 2021, Entergy Arkansas recorded a regulatory asset of $11.4 million for costs associated with the COVID-19 pandemic. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2017 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2019, Entergy Louisiana filed an update to its 2017 formula rate plan evaluation report to include the estimated first-year revenue requirement of $109.5 million associated with the J. Wayne Leonard Power Station (formerly St. Charles Power Station). In February 2021, LPSC staff filed testimony that substantially all the costs to construct J. Wayne Leonard Power Station were prudently incurred and eligible for recovery from customers. LPSC s taff further recommended that the LPSC consider monitoring the remaining $3.1 million that was estimated to be incurred for completion of the project in the event the final costs exceed the estimated amounts. Settlement discussions are in progress . Request for Extension and Modification of Formula Rate Plan As discussed in the Form 10-K, in May 2020, Entergy Louisiana filed with the LPSC its application for authority to extend its formula rate plan. The parties reached a settlement in April 2021 regarding Entergy Louisianaās proposed FRP extension. Entergy Louisiana and the LPSC staff filed a joint motion asking the LPSC to consider and approve the uncontested settlement at the May 2021 LPSC meeting. Key terms of the settlement include: a three year term (test years 2020, 2021, and 2022) covering a rate-effective period of September 2021 through August 2024; a 9.50% return on equity, with a smaller, 50 basis point deadband above and below (9.0%-10.0%); elimination of sharing if earnings are outside the deadband; a $63 million rate increase for test year 2020 (exclusive of riders); continuation of existing riders (transmission, additional capacity, etc.); addition of a distribution recovery mechanism permitting $225 million per year of distribution investment above a baseline level to be recovered dollar for dollar; modification of the tax mechanism to allow timely rate changes in the event the federal corporate income tax rate is changed from 21%; a cumulative rate increase limit of $70 million (exclusive of riders) for test years 2021 and 2022; and deferral of up to $7 million per year in 2021 and 2022 of expenditures on vegetation management for outside of right of way hazard trees. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the LPSC issued an order authorizing utilities to record as a regulatory asset expenses incurred from the suspension of disconnections and collection of late fees imposed by LPSC orders associated with the COVID-19 pandemic. In addition, utilities may seek future recovery, subject to LPSC review and approval, of losses and expenses incurred due to compliance with the LPSCās COVID-19 orders. The suspension of late fees and disconnects for non-payment was extended until the first billing cycle after July 16, 2020. In January 2021, Entergy Louisiana resumed disconnections for customers in all customer classes with past-due balances that have not made payment arrangements. Utilities seeking to recover the regulatory asset must formally petition the LPSC to do so, identifying the direct and indirect costs for which recovery is sought. Any such request is subject to LPSC review and approval. As of March 31, 2021, Entergy Louisiana recorded a regulatory asset of $47.8 million for costs associated with the COVID-19 pandemic. Filings with the MPSC (Entergy Mississippi) 2021 Formula Rate Plan Filing In March 2021, Entergy Mississippi submitted its formula rate plan 2021 test year filing and 2020 look-back filing showing Entergy Mississippiās earned return for the historical 2020 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2021 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $95.4 million rate increase is necessary to reset Entergy Mississippiās earned return on common equity to the specified point of adjustment of 6.69% return on rate base, within the formula rate plan bandwidth. The change in formula rate plan revenues, however, is capped at 4% of retail revenues, which equates to a revenue change of $44.3 million. The 2021 evaluation report also includes $3.9 million in demand side management costs for which the MPSC approved realignment of recovery from the energy efficiency rider to the formula rate plan. These costs are not subject to the 4% cap and result in a total change in formula rate plan revenues of $48.2 million. The 2020 look-back filing compares actual 2020 results to the approved benchmark return on rate base and reflects the need for a $16.8 million interim increase in formula rate plan revenues. In addition, the 2020 look-back filing includes an interim capacity adjustment true-up for the Choctaw Generating Station, which increases the look-back interim rate adjustment by $1.7 million. T hese interim rate adjustments total $18.5 million. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $22.1 million interim rate increase, reflecting a cap equal to 2% of 2020 retail revenues, effective with the April 2021 billing cycle, subject to refund, pending a final MPSC order. The $3.9 million of demand side management costs and the Choctaw Generating Station true-up of $1.7 million, which are not subject to the 2% cap of 2020 retail revenues, were included in the April 2021 rate adjustments. A final order is expected in the second quarter 2021, with the resulting final rates, including amounts above the 2% cap of 2020 retail revenues, effective July 2021. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the MPSC issued an order authorizing utilities to defer incremental costs and expenses associated with COVID-19 compliance and to seek future recovery through rates of the prudently incurred incremental costs and expenses. In December 2020, Entergy Mississippi resumed disconnections for commercial, industrial, and governmental customers with past-due balances that have not made payment arrangements. In January 2021, Entergy Mississippi resumed disconnecting service for residential customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Mississippi recorded a regulatory asset of $16.3 million for costs associated with the COVID-19 pandemic. Filings with the City Council (Entergy New Orleans) COVID-19 Orders As discussed in the Form 10-K, in June 2020 the City Council established the City Council Cares Program and directed Entergy New Orleans to use the approximately $7 million refund received from the Entergy Arkansas opportunity sales FERC proceeding, currently being held in escrow, and approximately $15 million of non-securitized storm reserves to fund this program, which was intended to provide temporary bill relief to customers who became unemployed during the COVID-19 pandemic. The program became effective July 1, 2020 and offered qualifying residential customers bill credits of $100 per month for up to four months, for a maximum of $400 in residential customer bill credits. As of March 31, 2021 the program expired and credits of $4.3 million have been applied to customer bills under the City Council Cares Program. Additionally, as discussed in the Form 10-K, in February 2021 the City Council adopted a resolution suspending residential customer disconnections for non-payment of utility bills and suspending the assessment and accumulation of late fees on residential customers with past-due balances through May 15, 2021. As of March 31, 2021, Entergy New Orleans recorded a regulatory asset of $14.8 million for costs associated with the COVID-19 pandemic. Filings with the PUCT and Texas Cities (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $26.3 million annually, or $6.8 million in incremental annual revenues beyond Entergy Texasās currently effective DCRF rider based on its capital invested in distribution between January 1, 2020 and August 31, 2020. In February 2021 the administrative law judge with the State Office of Administrative Hearings approved Entergy Texasās agreed motion for interim rates, which went into effect in March 2021. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested DCRF revenue requirement and resolving all issues in the proceeding. This case has been remanded to the PUCT for consideration of a final order at a future open meeting. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $51 million annually, or $31.6 million in incremental annual revenues beyond Entergy Texasās currently effective TCRF rider based on its capital invested in transmission between July 1, 2019 and August 31, 2020. A procedural schedule was established with a hearing scheduled in March 2021. In February 2021, Entergy Texas filed an agreed motion to abate the procedural schedule, noting that the parties had reached a settlement in principle, and the administrative law judge granted the motion to abate. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested TCRF revenue requirement with interim rates effective March 2021 and resolving all issues in the proceeding. In March 2021 the administrative law judge granted the motion for interim rates, admitted evidence, and remanded this case to the PUCT for consideration of a final order at a future open meeting. COVID-19 Orders As discussed in the Form 10-K, in March 2020 the PUCT authorized electric utilities to record as a regulatory asset expenses resulting from the effects of the COVID-19 pandemic. In future proceedings the PUCT will consider whether each utility's request for recovery of these regulatory assets is reasonable and necessary, the appropriate period of recovery, and any amount of carrying costs thereon. In March 2020 the PUCT ordered a moratorium on disconnections for nonpayment for all customer classes, but, in April 2020, revised the disconnect moratorium to apply only to residential customers. The PUCT allowed the moratorium to expire on June 13, 2020, but on July 17, 2020, the PUCT re-established the disconnect moratorium for residential customers until August 31, 2020. In January 2021, Entergy Texas resumed disconnections for customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Texas recorded a regulatory asset of $10.7 million for costs associated with the COVID-19 pandemic. Generation Cost Recovery Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed an application to establish a generation cost recovery rider with an initial annual revenue requirement of approximately $91 million to begin recovering a return of and on its capital investment in the Montgomery County Power Station through August 31, 2020. In December 2020, Entergy Texas filed an unopposed settlement supporting a generation cost recovery rider with an annual revenue requirement of approximately $86 million. On January 14, 2021, the PUCT approved the generation cost recovery rider settlement rates on an interim basis and abated the proceeding. In March 2021, Entergy Texas filed to update its generation cost recovery rider to include investment in Montgomery County Power Station after August 31, 2020. In April 2021 the ALJ issued an order unabating the proceeding to consider Entergy Texasās updated application and establishing a procedural schedule that will result in administrative approval of Entergy Texasās application in June 2021 if it is unopposed by parties to the proceeding. In December 2020, Entergy Texas also filed an application to amend its generation cost recovery rider to reflect its acquisition of the Hardin County Peaking Facility, which is expected to close in June 2021. The initial generation cost recovery rider rates proposed in the application represent no change from the generation cost recovery rider rates to be established in Entergy Texasās previous generation cost recovery rider proceeding. Once Entergy Texas has acquired the Hardin County Peaking Facility, its investment in the facility will be reflected in an updated filing to Entergy Texasās application, which will be made within 60 days of the acquisitionās closing. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application and supporting testimony with the APSC requesting approval of a special rider tariff to recover from its retail customers the costs of the opportunity sales payments made to the other Utility operating companies, and in July 2020 the APSC issued a decision finding that Entergy Arkansasās application is not in the public interest. In September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSCās order denying Entergy Arkansasās request to recover the costs of these payments. The court held a hearing in February 2021 regarding issues addressed in the pre-trial conference report, and the parties await further instructions from the court. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in May 2020 the FERC issued an order on rehearing of Opinion No. 569 (Opinion No. 569-A). In June 2020 the procedural schedule in the System Energy proceeding was further revised in order to allow parties to address the Opinion No. 569-A methodology. The parties and FERC trial staff filed final rounds of testimony in August 2020. The hearing before a FERC ALJ occurred in late-September through early-October 2020, post-hearing briefing took place in November and December 2020. In March 2021 the FERC ALJ issued an initial decision. With regard to System Energyās authorized return on equity, the ALJ determined that the existing return on equity of 10.94% is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the Opinion No. 569-A methodology, should be 9.32%. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energyās capital structure, the ALJ determined that System Energyās actual equity ratio is excessive and that the just and reasonable equity ratio is 48.15% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the 48.15% equity ratio. If the ALJās initial decision is upheld, the estimated refund for this proceeding is approximately $59 million, which includes interest through March 31, 2021, and the estimated resulting annual rate reduction would be approximate ly $46 million. The estimated refund will continue to accrue interest until a final FERC decision is issued. Based on the course of the proceeding to date, System Energy has recorded a provision of $36 million, including interest, as of March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process , and an ALJās determinations made in an initial decision are not controlling on the FERC . In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decisionās findings on both the return on equity and capital structure issues. Also in April 2021, the LPSC, APSC, MPSC, City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions are due in May 2021. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energyās renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energyās recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million. The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and that System Energyās rate base should have been reduced for those liabilities. If the ALJās initial decision is upheld, the estimated refund for this issue through March 31, 2021, is approximately $422 million, plus interest, which is approximately $115 million through March 31, 2021. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $19 million, which includes interest through March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJās determinations made in an initial decision are not controlling on the FERC. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. The case is pending before the FERC, which will review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJās initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Also as discussed in the Form 10-K, in November 2020 the IRS issued a Revenue Agentās Report (RAR) for the 2014/2015 tax year and in December 2020 Entergy executed it. The RAR contained an adjustment to System Energyās uncertain nuclear decommissioning tax position. As a result of the RAR, in December 2020, System Energy filed amendments to its new Federal Power Act section 205 filings to establish an ongoing rate base credit for the accumulated deferred income taxes resulting from the decommissioning uncertain tax position and to credit excess accumulated deferred income taxes arising from the successful portion of the decommissioning uncertain tax position. The amendments both propose the inclusion of the RAR as support for the filings. In December 2020 the LPSC, APSC, and City Council filed a protest in response to the amendments, reiterating their prior objections to the filings. In February 2021 the FERC issued an order accepting System Energyās Federal Power Act section 205 filings subject to refund, setting them for hearing, and holding the hearing in abeyance. In December 2020, System Energy filed a new Federal Power Act section 205 filing to provide a one-time, historical credit to customers of $25.2 million for the accumulated deferred income taxes that would have been created by the decommissioning uncertain tax position if the IRSās decision had been known in 2016. In January 2021 the LPSC, APSC, MPSC, and City Council filed a protest to the filing. In February 2021, the FERC issued an order accepting System Energyās Federal Power Act section 205 filing subject to refund, setting it for hearing, and holding the hearing in abeyance. The one-time credit was made during the first quarter 2021. LPSC Authorization of Additional Complaints As discussed in the Form 10-K, in May 2020 the LPSC authorized its staff to file additional complaints at FERC related to the rates charged by System Energy for Grand Gulf energy and capacity supplied to Entergy Louisiana under the Unit Power Sales Agreement, and the first of the additional complaints was filed by the LPSC, the APSC, the MPSC and the City Council in September 2020. The second of the additional complaints was filed at the FERC in March 2021 by the LPSC, the APSC, and the City Council against System Energy, Entergy Services, Entergy Operations, and Entergy Corporation. The second complaint contains two primary allegations. First, it alleges that, based on the plantās capacity factor and alleged safety performance, System Energy and the other respondents imprudently operated Grand Gulf during the period 2016-2020, and it seeks refunds of at least $360 million in alleged replacement energy costs, in addition to other costs, including those that can only be identified upon further investigation. Second, it alleges that the performance and/or management of the 2012 extended power uprate of Grand Gulf was imprudent, and it seeks refunds of all costs of the 2012 uprate that are determined to result from imprudent planning or management of the project. In addition to the requested refunds, the complaint asks that the FERC modify the Unit Power Sales Agreement to provide for full cost recovery only if certain performance indicators are met and to require pre-authorization of capital improvement projects in excess of $125 million before related costs may be passed through to customers in rates. In April 2021, System Energy and the other respondents filed their motion to dismiss and answer to the complaint. System Energy requested that the FERC dismiss the claims within the complaint. With respect to the claim concerning operations, System Energy argues that the complaint does not meet its legal burden because, among other reasons, it fails to allege any specific imprudent conduct. With respect to the claim concerning the uprate, System Energy argues that the complaint fails because, among other reasons, the complainantsā own conduct prevents them from raising a serious doubt as to the prudence of the uprate. System Energy also requests that the FERC dismiss other elements of the complaint, including the proposed modifications to the Unit Power Sales Agreement, because they are not warranted. Storm Cost Recovery Filings with Retail Regulators Entergy Louisiana Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri In August 2020 and October 2020, Hurricane Laura, Hurricane Delta, and Hurricane Zeta caused significant damage to portions of Entergy Louisianaās service area. The storms resulted in widespread outages, significant damage to distribution and transmission infrastructure, and the loss of sales during the outages. Additionally, as a result of Hurricane Lauraās extensive damage to the grid infrastructure serving the impacted area, large portions of the underlying transmission system required nearly a complete rebuild. In October 2020, Entergy Louisiana filed an application at the LPSC seeking approval of certain ratemaking adjustments to facilitate issuance of shorter-term bonds to provide interim financing for restoration costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta. Subsequently, Entergy Louisiana and the LPSC staff filed a joint motion seeking approval to exclude from the derivation of Entergy Louisianaās capital structure and cost rate of debt for ratemaking purposes, including the allowance for funds used during construction, shorter-term debt up to $1.1 billion issued by Entergy Louisiana to fund costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta costs on an interim basis. In November 2020 the LPSC issued an order approving the joint motion, and Entergy Louisiana issued $1.1 billion of 0.62% Series mortgage bonds due November 2023. Also in November 2020, Entergy Louisiana drew $257 million from its funded storm reserves. In February 2021, two winter storms (collectively, Winter Storm Uri) brought freezing rain and ice to Louisiana. Ice accumulation sagged or downed trees, limbs and power lines, causing damage to Entergy Louisianaās transmission and distribution systems. The additional weight of ice caused trees and limbs to fall into power lines and other electric equipment. When the ice melted, it affected vegetation and electrical equipment, causing incremental outages. As discussed above in ā Fuel and purchased power recovery ,ā Entergy Louisiana is recovering the incremental fuel costs associated with Winter Storm Uri over a five-month period from April 2021 through August 2021. In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisianaās electric facilities damaged by the storms are currently estimated to be approximately $2.05 billion, including approximately $1.74 billion in capital costs and approximately $310 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana is seeking an LPSC determination that $2.10 billion was prudently incurred and, therefore, is eligible for recovery from customers. Additionally, Ente |
Entergy Louisiana [Member] | |
Rate and Regulatory Matters | NOTE 2. 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 2021, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01052 per kWh to $0.00959 per kWh. The redetermined rate calculation also included an adjustment to account for a portion of the increased fuel costs resulting from the February 2021 winter storms. The redetermined rate became effective with the first billing cycle in April 2021 through the normal operation of the tariff. Entergy Louisiana In February 2021, Entergy Louisiana incurred extraordinary fuel costs associated with the February 2021 winter storms. To mitigate the effect of these costs on customer bills, in March 2021 Entergy Louisiana requested and the LPSC approved the deferral and recovery of $166 million in incremental fuel costs over 5 months beginning in April 2021. The incremental fuel costs remain subject to review for reasonableness and eligibility for recovery through the fuel adjustment clause mechanism. At its April 2021 meeting, the LPSC authorized its staff to review the prudence of the February 2021 fuel costs incurred by all LPSC jurisdictional utilities. In March 2021 the LPSC staff provided notice of an audit of Entergy Louisianaās purchased gas adjustment clause filings covering the period January 2018 through December 2020. The audit includes a review of the reasonableness of charges flowed through Entergy Louisianaās purchased gas adjustment clause for that period. No audit report has been filed. Entergy Texas In February 2021, Entergy Texas filed an application to implement a fuel refund for a cumulative over-recovery of approximately $75 million that is primarily attributable to settlements received by Entergy Texas from MISO related to Hurricane Laura. Entergy Texas planned to issue the refund over the period of March through August 2021. On February 22, 2021, Entergy Texas filed a motion to abate its fuel refund proceeding to assess how the February 2021 winter storm impacted Entergy Texasās fuel over-recovery position. In March 2021, Entergy Texas withdrew its application to implement the fuel refund. Entergy Texas is continuing to evaluate its fuel balance and will file a subsequent refund or surcharge application consistent with the requirements of the PUCTās rules. 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) Retail Rates 2020 Formula Rate Plan Filing As discussed in the Form 10-K, in December 2020, Entergy Arkansas filed a petition for rehearing of the APSCās decision in the 2020 formula rate plan proceeding regarding the 2019 netting adjustment, and in January 2021 the APSC granted further consideration of Entergy Arkansasās petition. Based on the progress of the proceeding to date, in December 2020, Entergy Arkansas recorded a regulatory liability of $43.5 million to reflect the netting adjustment for 2019, as included in the APSCās December 2020 order, which would be returned to customers in 2021. Entergy Arkansas also requested an extension of the formula rate plan rider for a second five-year term. In March 2021 the Arkansas Governor signed HB1662 into law (Act 404). Act 404 clarified aspects of the original formula rate plan legislation enacted in 2015, including with respect to the extension of a formula rate plan, the methodology for the netting adjustment, and debt and equity levels; it also reaffirmed the customer protections of the original formula rate plan legislation, including the cap on annual formula rate plan rate changes. Pursuant to Act 404, Entergy Arkansasās formula rate plan rider is extended for a second five-year term. Entergy Arkansas filed a compliance tariff in its formula rate plan docket in April 2021 to effectuate the netting provisions of Act 404, which reflected a net change in required formula rate plan rider revenue of $39.8 million, effective with the first billing cycle of May 2021. In April 2021 the APSC issued an order approving the compliance tariff and recognizing the formula rate plan extension. Also in April 2021, Entergy Arkansas filed for approval of modifications to the formula rate plan tariff incorporating the provisions in Act 404, and the APSC approved the tariff modifications in April 2021. Given the APSC general staffās support for the expedited approval of these filings by the APSC, Entergy Arkansas supported an amendment to Act 404 to achieve a reduced return on equity from 9.75% to 9.65% to apply for years applicable to the extension term; that amendment was signed by the Arkansas Governor in April 2021 and is now Act 894. Based on the APSCās order issued in April 2021, in the first quarter 2021 Entergy Arkansas reversed the remaining regulatory liability for the netting adjustment for 2019. COVID-19 Orders See the Form 10-K for discussion of APSC orders issued in light of the COVID-19 pandemic. In March 2021 the APSC issued an order confirming the lifting of the moratorium on service disconnects effective in May 2021. As of March 31, 2021, Entergy Arkansas recorded a regulatory asset of $11.4 million for costs associated with the COVID-19 pandemic. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2017 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2019, Entergy Louisiana filed an update to its 2017 formula rate plan evaluation report to include the estimated first-year revenue requirement of $109.5 million associated with the J. Wayne Leonard Power Station (formerly St. Charles Power Station). In February 2021, LPSC staff filed testimony that substantially all the costs to construct J. Wayne Leonard Power Station were prudently incurred and eligible for recovery from customers. LPSC s taff further recommended that the LPSC consider monitoring the remaining $3.1 million that was estimated to be incurred for completion of the project in the event the final costs exceed the estimated amounts. Settlement discussions are in progress . Request for Extension and Modification of Formula Rate Plan As discussed in the Form 10-K, in May 2020, Entergy Louisiana filed with the LPSC its application for authority to extend its formula rate plan. The parties reached a settlement in April 2021 regarding Entergy Louisianaās proposed FRP extension. Entergy Louisiana and the LPSC staff filed a joint motion asking the LPSC to consider and approve the uncontested settlement at the May 2021 LPSC meeting. Key terms of the settlement include: a three year term (test years 2020, 2021, and 2022) covering a rate-effective period of September 2021 through August 2024; a 9.50% return on equity, with a smaller, 50 basis point deadband above and below (9.0%-10.0%); elimination of sharing if earnings are outside the deadband; a $63 million rate increase for test year 2020 (exclusive of riders); continuation of existing riders (transmission, additional capacity, etc.); addition of a distribution recovery mechanism permitting $225 million per year of distribution investment above a baseline level to be recovered dollar for dollar; modification of the tax mechanism to allow timely rate changes in the event the federal corporate income tax rate is changed from 21%; a cumulative rate increase limit of $70 million (exclusive of riders) for test years 2021 and 2022; and deferral of up to $7 million per year in 2021 and 2022 of expenditures on vegetation management for outside of right of way hazard trees. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the LPSC issued an order authorizing utilities to record as a regulatory asset expenses incurred from the suspension of disconnections and collection of late fees imposed by LPSC orders associated with the COVID-19 pandemic. In addition, utilities may seek future recovery, subject to LPSC review and approval, of losses and expenses incurred due to compliance with the LPSCās COVID-19 orders. The suspension of late fees and disconnects for non-payment was extended until the first billing cycle after July 16, 2020. In January 2021, Entergy Louisiana resumed disconnections for customers in all customer classes with past-due balances that have not made payment arrangements. Utilities seeking to recover the regulatory asset must formally petition the LPSC to do so, identifying the direct and indirect costs for which recovery is sought. Any such request is subject to LPSC review and approval. As of March 31, 2021, Entergy Louisiana recorded a regulatory asset of $47.8 million for costs associated with the COVID-19 pandemic. Filings with the MPSC (Entergy Mississippi) 2021 Formula Rate Plan Filing In March 2021, Entergy Mississippi submitted its formula rate plan 2021 test year filing and 2020 look-back filing showing Entergy Mississippiās earned return for the historical 2020 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2021 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $95.4 million rate increase is necessary to reset Entergy Mississippiās earned return on common equity to the specified point of adjustment of 6.69% return on rate base, within the formula rate plan bandwidth. The change in formula rate plan revenues, however, is capped at 4% of retail revenues, which equates to a revenue change of $44.3 million. The 2021 evaluation report also includes $3.9 million in demand side management costs for which the MPSC approved realignment of recovery from the energy efficiency rider to the formula rate plan. These costs are not subject to the 4% cap and result in a total change in formula rate plan revenues of $48.2 million. The 2020 look-back filing compares actual 2020 results to the approved benchmark return on rate base and reflects the need for a $16.8 million interim increase in formula rate plan revenues. In addition, the 2020 look-back filing includes an interim capacity adjustment true-up for the Choctaw Generating Station, which increases the look-back interim rate adjustment by $1.7 million. T hese interim rate adjustments total $18.5 million. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $22.1 million interim rate increase, reflecting a cap equal to 2% of 2020 retail revenues, effective with the April 2021 billing cycle, subject to refund, pending a final MPSC order. The $3.9 million of demand side management costs and the Choctaw Generating Station true-up of $1.7 million, which are not subject to the 2% cap of 2020 retail revenues, were included in the April 2021 rate adjustments. A final order is expected in the second quarter 2021, with the resulting final rates, including amounts above the 2% cap of 2020 retail revenues, effective July 2021. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the MPSC issued an order authorizing utilities to defer incremental costs and expenses associated with COVID-19 compliance and to seek future recovery through rates of the prudently incurred incremental costs and expenses. In December 2020, Entergy Mississippi resumed disconnections for commercial, industrial, and governmental customers with past-due balances that have not made payment arrangements. In January 2021, Entergy Mississippi resumed disconnecting service for residential customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Mississippi recorded a regulatory asset of $16.3 million for costs associated with the COVID-19 pandemic. Filings with the City Council (Entergy New Orleans) COVID-19 Orders As discussed in the Form 10-K, in June 2020 the City Council established the City Council Cares Program and directed Entergy New Orleans to use the approximately $7 million refund received from the Entergy Arkansas opportunity sales FERC proceeding, currently being held in escrow, and approximately $15 million of non-securitized storm reserves to fund this program, which was intended to provide temporary bill relief to customers who became unemployed during the COVID-19 pandemic. The program became effective July 1, 2020 and offered qualifying residential customers bill credits of $100 per month for up to four months, for a maximum of $400 in residential customer bill credits. As of March 31, 2021 the program expired and credits of $4.3 million have been applied to customer bills under the City Council Cares Program. Additionally, as discussed in the Form 10-K, in February 2021 the City Council adopted a resolution suspending residential customer disconnections for non-payment of utility bills and suspending the assessment and accumulation of late fees on residential customers with past-due balances through May 15, 2021. As of March 31, 2021, Entergy New Orleans recorded a regulatory asset of $14.8 million for costs associated with the COVID-19 pandemic. Filings with the PUCT and Texas Cities (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $26.3 million annually, or $6.8 million in incremental annual revenues beyond Entergy Texasās currently effective DCRF rider based on its capital invested in distribution between January 1, 2020 and August 31, 2020. In February 2021 the administrative law judge with the State Office of Administrative Hearings approved Entergy Texasās agreed motion for interim rates, which went into effect in March 2021. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested DCRF revenue requirement and resolving all issues in the proceeding. This case has been remanded to the PUCT for consideration of a final order at a future open meeting. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $51 million annually, or $31.6 million in incremental annual revenues beyond Entergy Texasās currently effective TCRF rider based on its capital invested in transmission between July 1, 2019 and August 31, 2020. A procedural schedule was established with a hearing scheduled in March 2021. In February 2021, Entergy Texas filed an agreed motion to abate the procedural schedule, noting that the parties had reached a settlement in principle, and the administrative law judge granted the motion to abate. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested TCRF revenue requirement with interim rates effective March 2021 and resolving all issues in the proceeding. In March 2021 the administrative law judge granted the motion for interim rates, admitted evidence, and remanded this case to the PUCT for consideration of a final order at a future open meeting. COVID-19 Orders As discussed in the Form 10-K, in March 2020 the PUCT authorized electric utilities to record as a regulatory asset expenses resulting from the effects of the COVID-19 pandemic. In future proceedings the PUCT will consider whether each utility's request for recovery of these regulatory assets is reasonable and necessary, the appropriate period of recovery, and any amount of carrying costs thereon. In March 2020 the PUCT ordered a moratorium on disconnections for nonpayment for all customer classes, but, in April 2020, revised the disconnect moratorium to apply only to residential customers. The PUCT allowed the moratorium to expire on June 13, 2020, but on July 17, 2020, the PUCT re-established the disconnect moratorium for residential customers until August 31, 2020. In January 2021, Entergy Texas resumed disconnections for customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Texas recorded a regulatory asset of $10.7 million for costs associated with the COVID-19 pandemic. Generation Cost Recovery Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed an application to establish a generation cost recovery rider with an initial annual revenue requirement of approximately $91 million to begin recovering a return of and on its capital investment in the Montgomery County Power Station through August 31, 2020. In December 2020, Entergy Texas filed an unopposed settlement supporting a generation cost recovery rider with an annual revenue requirement of approximately $86 million. On January 14, 2021, the PUCT approved the generation cost recovery rider settlement rates on an interim basis and abated the proceeding. In March 2021, Entergy Texas filed to update its generation cost recovery rider to include investment in Montgomery County Power Station after August 31, 2020. In April 2021 the ALJ issued an order unabating the proceeding to consider Entergy Texasās updated application and establishing a procedural schedule that will result in administrative approval of Entergy Texasās application in June 2021 if it is unopposed by parties to the proceeding. In December 2020, Entergy Texas also filed an application to amend its generation cost recovery rider to reflect its acquisition of the Hardin County Peaking Facility, which is expected to close in June 2021. The initial generation cost recovery rider rates proposed in the application represent no change from the generation cost recovery rider rates to be established in Entergy Texasās previous generation cost recovery rider proceeding. Once Entergy Texas has acquired the Hardin County Peaking Facility, its investment in the facility will be reflected in an updated filing to Entergy Texasās application, which will be made within 60 days of the acquisitionās closing. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application and supporting testimony with the APSC requesting approval of a special rider tariff to recover from its retail customers the costs of the opportunity sales payments made to the other Utility operating companies, and in July 2020 the APSC issued a decision finding that Entergy Arkansasās application is not in the public interest. In September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSCās order denying Entergy Arkansasās request to recover the costs of these payments. The court held a hearing in February 2021 regarding issues addressed in the pre-trial conference report, and the parties await further instructions from the court. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in May 2020 the FERC issued an order on rehearing of Opinion No. 569 (Opinion No. 569-A). In June 2020 the procedural schedule in the System Energy proceeding was further revised in order to allow parties to address the Opinion No. 569-A methodology. The parties and FERC trial staff filed final rounds of testimony in August 2020. The hearing before a FERC ALJ occurred in late-September through early-October 2020, post-hearing briefing took place in November and December 2020. In March 2021 the FERC ALJ issued an initial decision. With regard to System Energyās authorized return on equity, the ALJ determined that the existing return on equity of 10.94% is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the Opinion No. 569-A methodology, should be 9.32%. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energyās capital structure, the ALJ determined that System Energyās actual equity ratio is excessive and that the just and reasonable equity ratio is 48.15% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the 48.15% equity ratio. If the ALJās initial decision is upheld, the estimated refund for this proceeding is approximately $59 million, which includes interest through March 31, 2021, and the estimated resulting annual rate reduction would be approximate ly $46 million. The estimated refund will continue to accrue interest until a final FERC decision is issued. Based on the course of the proceeding to date, System Energy has recorded a provision of $36 million, including interest, as of March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process , and an ALJās determinations made in an initial decision are not controlling on the FERC . In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decisionās findings on both the return on equity and capital structure issues. Also in April 2021, the LPSC, APSC, MPSC, City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions are due in May 2021. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energyās renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energyās recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million. The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and that System Energyās rate base should have been reduced for those liabilities. If the ALJās initial decision is upheld, the estimated refund for this issue through March 31, 2021, is approximately $422 million, plus interest, which is approximately $115 million through March 31, 2021. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $19 million, which includes interest through March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJās determinations made in an initial decision are not controlling on the FERC. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. The case is pending before the FERC, which will review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJās initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Also as discussed in the Form 10-K, in November 2020 the IRS issued a Revenue Agentās Report (RAR) for the 2014/2015 tax year and in December 2020 Entergy executed it. The RAR contained an adjustment to System Energyās uncertain nuclear decommissioning tax position. As a result of the RAR, in December 2020, System Energy filed amendments to its new Federal Power Act section 205 filings to establish an ongoing rate base credit for the accumulated deferred income taxes resulting from the decommissioning uncertain tax position and to credit excess accumulated deferred income taxes arising from the successful portion of the decommissioning uncertain tax position. The amendments both propose the inclusion of the RAR as support for the filings. In December 2020 the LPSC, APSC, and City Council filed a protest in response to the amendments, reiterating their prior objections to the filings. In February 2021 the FERC issued an order accepting System Energyās Federal Power Act section 205 filings subject to refund, setting them for hearing, and holding the hearing in abeyance. In December 2020, System Energy filed a new Federal Power Act section 205 filing to provide a one-time, historical credit to customers of $25.2 million for the accumulated deferred income taxes that would have been created by the decommissioning uncertain tax position if the IRSās decision had been known in 2016. In January 2021 the LPSC, APSC, MPSC, and City Council filed a protest to the filing. In February 2021, the FERC issued an order accepting System Energyās Federal Power Act section 205 filing subject to refund, setting it for hearing, and holding the hearing in abeyance. The one-time credit was made during the first quarter 2021. LPSC Authorization of Additional Complaints As discussed in the Form 10-K, in May 2020 the LPSC authorized its staff to file additional complaints at FERC related to the rates charged by System Energy for Grand Gulf energy and capacity supplied to Entergy Louisiana under the Unit Power Sales Agreement, and the first of the additional complaints was filed by the LPSC, the APSC, the MPSC and the City Council in September 2020. The second of the additional complaints was filed at the FERC in March 2021 by the LPSC, the APSC, and the City Council against System Energy, Entergy Services, Entergy Operations, and Entergy Corporation. The second complaint contains two primary allegations. First, it alleges that, based on the plantās capacity factor and alleged safety performance, System Energy and the other respondents imprudently operated Grand Gulf during the period 2016-2020, and it seeks refunds of at least $360 million in alleged replacement energy costs, in addition to other costs, including those that can only be identified upon further investigation. Second, it alleges that the performance and/or management of the 2012 extended power uprate of Grand Gulf was imprudent, and it seeks refunds of all costs of the 2012 uprate that are determined to result from imprudent planning or management of the project. In addition to the requested refunds, the complaint asks that the FERC modify the Unit Power Sales Agreement to provide for full cost recovery only if certain performance indicators are met and to require pre-authorization of capital improvement projects in excess of $125 million before related costs may be passed through to customers in rates. In April 2021, System Energy and the other respondents filed their motion to dismiss and answer to the complaint. System Energy requested that the FERC dismiss the claims within the complaint. With respect to the claim concerning operations, System Energy argues that the complaint does not meet its legal burden because, among other reasons, it fails to allege any specific imprudent conduct. With respect to the claim concerning the uprate, System Energy argues that the complaint fails because, among other reasons, the complainantsā own conduct prevents them from raising a serious doubt as to the prudence of the uprate. System Energy also requests that the FERC dismiss other elements of the complaint, including the proposed modifications to the Unit Power Sales Agreement, because they are not warranted. Storm Cost Recovery Filings with Retail Regulators Entergy Louisiana Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri In August 2020 and October 2020, Hurricane Laura, Hurricane Delta, and Hurricane Zeta caused significant damage to portions of Entergy Louisianaās service area. The storms resulted in widespread outages, significant damage to distribution and transmission infrastructure, and the loss of sales during the outages. Additionally, as a result of Hurricane Lauraās extensive damage to the grid infrastructure serving the impacted area, large portions of the underlying transmission system required nearly a complete rebuild. In October 2020, Entergy Louisiana filed an application at the LPSC seeking approval of certain ratemaking adjustments to facilitate issuance of shorter-term bonds to provide interim financing for restoration costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta. Subsequently, Entergy Louisiana and the LPSC staff filed a joint motion seeking approval to exclude from the derivation of Entergy Louisianaās capital structure and cost rate of debt for ratemaking purposes, including the allowance for funds used during construction, shorter-term debt up to $1.1 billion issued by Entergy Louisiana to fund costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta costs on an interim basis. In November 2020 the LPSC issued an order approving the joint motion, and Entergy Louisiana issued $1.1 billion of 0.62% Series mortgage bonds due November 2023. Also in November 2020, Entergy Louisiana drew $257 million from its funded storm reserves. In February 2021, two winter storms (collectively, Winter Storm Uri) brought freezing rain and ice to Louisiana. Ice accumulation sagged or downed trees, limbs and power lines, causing damage to Entergy Louisianaās transmission and distribution systems. The additional weight of ice caused trees and limbs to fall into power lines and other electric equipment. When the ice melted, it affected vegetation and electrical equipment, causing incremental outages. As discussed above in ā Fuel and purchased power recovery ,ā Entergy Louisiana is recovering the incremental fuel costs associated with Winter Storm Uri over a five-month period from April 2021 through August 2021. In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisianaās electric facilities damaged by the storms are currently estimated to be approximately $2.05 billion, including approximately $1.74 billion in capital costs and approximately $310 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana is seeking an LPSC determination that $2.10 billion was prudently incurred and, therefore, is eligible for recovery from customers. Additionally, Ente |
Entergy Mississippi [Member] | |
Rate and Regulatory Matters | NOTE 2. 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 2021, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01052 per kWh to $0.00959 per kWh. The redetermined rate calculation also included an adjustment to account for a portion of the increased fuel costs resulting from the February 2021 winter storms. The redetermined rate became effective with the first billing cycle in April 2021 through the normal operation of the tariff. Entergy Louisiana In February 2021, Entergy Louisiana incurred extraordinary fuel costs associated with the February 2021 winter storms. To mitigate the effect of these costs on customer bills, in March 2021 Entergy Louisiana requested and the LPSC approved the deferral and recovery of $166 million in incremental fuel costs over 5 months beginning in April 2021. The incremental fuel costs remain subject to review for reasonableness and eligibility for recovery through the fuel adjustment clause mechanism. At its April 2021 meeting, the LPSC authorized its staff to review the prudence of the February 2021 fuel costs incurred by all LPSC jurisdictional utilities. In March 2021 the LPSC staff provided notice of an audit of Entergy Louisianaās purchased gas adjustment clause filings covering the period January 2018 through December 2020. The audit includes a review of the reasonableness of charges flowed through Entergy Louisianaās purchased gas adjustment clause for that period. No audit report has been filed. Entergy Texas In February 2021, Entergy Texas filed an application to implement a fuel refund for a cumulative over-recovery of approximately $75 million that is primarily attributable to settlements received by Entergy Texas from MISO related to Hurricane Laura. Entergy Texas planned to issue the refund over the period of March through August 2021. On February 22, 2021, Entergy Texas filed a motion to abate its fuel refund proceeding to assess how the February 2021 winter storm impacted Entergy Texasās fuel over-recovery position. In March 2021, Entergy Texas withdrew its application to implement the fuel refund. Entergy Texas is continuing to evaluate its fuel balance and will file a subsequent refund or surcharge application consistent with the requirements of the PUCTās rules. 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) Retail Rates 2020 Formula Rate Plan Filing As discussed in the Form 10-K, in December 2020, Entergy Arkansas filed a petition for rehearing of the APSCās decision in the 2020 formula rate plan proceeding regarding the 2019 netting adjustment, and in January 2021 the APSC granted further consideration of Entergy Arkansasās petition. Based on the progress of the proceeding to date, in December 2020, Entergy Arkansas recorded a regulatory liability of $43.5 million to reflect the netting adjustment for 2019, as included in the APSCās December 2020 order, which would be returned to customers in 2021. Entergy Arkansas also requested an extension of the formula rate plan rider for a second five-year term. In March 2021 the Arkansas Governor signed HB1662 into law (Act 404). Act 404 clarified aspects of the original formula rate plan legislation enacted in 2015, including with respect to the extension of a formula rate plan, the methodology for the netting adjustment, and debt and equity levels; it also reaffirmed the customer protections of the original formula rate plan legislation, including the cap on annual formula rate plan rate changes. Pursuant to Act 404, Entergy Arkansasās formula rate plan rider is extended for a second five-year term. Entergy Arkansas filed a compliance tariff in its formula rate plan docket in April 2021 to effectuate the netting provisions of Act 404, which reflected a net change in required formula rate plan rider revenue of $39.8 million, effective with the first billing cycle of May 2021. In April 2021 the APSC issued an order approving the compliance tariff and recognizing the formula rate plan extension. Also in April 2021, Entergy Arkansas filed for approval of modifications to the formula rate plan tariff incorporating the provisions in Act 404, and the APSC approved the tariff modifications in April 2021. Given the APSC general staffās support for the expedited approval of these filings by the APSC, Entergy Arkansas supported an amendment to Act 404 to achieve a reduced return on equity from 9.75% to 9.65% to apply for years applicable to the extension term; that amendment was signed by the Arkansas Governor in April 2021 and is now Act 894. Based on the APSCās order issued in April 2021, in the first quarter 2021 Entergy Arkansas reversed the remaining regulatory liability for the netting adjustment for 2019. COVID-19 Orders See the Form 10-K for discussion of APSC orders issued in light of the COVID-19 pandemic. In March 2021 the APSC issued an order confirming the lifting of the moratorium on service disconnects effective in May 2021. As of March 31, 2021, Entergy Arkansas recorded a regulatory asset of $11.4 million for costs associated with the COVID-19 pandemic. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2017 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2019, Entergy Louisiana filed an update to its 2017 formula rate plan evaluation report to include the estimated first-year revenue requirement of $109.5 million associated with the J. Wayne Leonard Power Station (formerly St. Charles Power Station). In February 2021, LPSC staff filed testimony that substantially all the costs to construct J. Wayne Leonard Power Station were prudently incurred and eligible for recovery from customers. LPSC s taff further recommended that the LPSC consider monitoring the remaining $3.1 million that was estimated to be incurred for completion of the project in the event the final costs exceed the estimated amounts. Settlement discussions are in progress . Request for Extension and Modification of Formula Rate Plan As discussed in the Form 10-K, in May 2020, Entergy Louisiana filed with the LPSC its application for authority to extend its formula rate plan. The parties reached a settlement in April 2021 regarding Entergy Louisianaās proposed FRP extension. Entergy Louisiana and the LPSC staff filed a joint motion asking the LPSC to consider and approve the uncontested settlement at the May 2021 LPSC meeting. Key terms of the settlement include: a three year term (test years 2020, 2021, and 2022) covering a rate-effective period of September 2021 through August 2024; a 9.50% return on equity, with a smaller, 50 basis point deadband above and below (9.0%-10.0%); elimination of sharing if earnings are outside the deadband; a $63 million rate increase for test year 2020 (exclusive of riders); continuation of existing riders (transmission, additional capacity, etc.); addition of a distribution recovery mechanism permitting $225 million per year of distribution investment above a baseline level to be recovered dollar for dollar; modification of the tax mechanism to allow timely rate changes in the event the federal corporate income tax rate is changed from 21%; a cumulative rate increase limit of $70 million (exclusive of riders) for test years 2021 and 2022; and deferral of up to $7 million per year in 2021 and 2022 of expenditures on vegetation management for outside of right of way hazard trees. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the LPSC issued an order authorizing utilities to record as a regulatory asset expenses incurred from the suspension of disconnections and collection of late fees imposed by LPSC orders associated with the COVID-19 pandemic. In addition, utilities may seek future recovery, subject to LPSC review and approval, of losses and expenses incurred due to compliance with the LPSCās COVID-19 orders. The suspension of late fees and disconnects for non-payment was extended until the first billing cycle after July 16, 2020. In January 2021, Entergy Louisiana resumed disconnections for customers in all customer classes with past-due balances that have not made payment arrangements. Utilities seeking to recover the regulatory asset must formally petition the LPSC to do so, identifying the direct and indirect costs for which recovery is sought. Any such request is subject to LPSC review and approval. As of March 31, 2021, Entergy Louisiana recorded a regulatory asset of $47.8 million for costs associated with the COVID-19 pandemic. Filings with the MPSC (Entergy Mississippi) 2021 Formula Rate Plan Filing In March 2021, Entergy Mississippi submitted its formula rate plan 2021 test year filing and 2020 look-back filing showing Entergy Mississippiās earned return for the historical 2020 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2021 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $95.4 million rate increase is necessary to reset Entergy Mississippiās earned return on common equity to the specified point of adjustment of 6.69% return on rate base, within the formula rate plan bandwidth. The change in formula rate plan revenues, however, is capped at 4% of retail revenues, which equates to a revenue change of $44.3 million. The 2021 evaluation report also includes $3.9 million in demand side management costs for which the MPSC approved realignment of recovery from the energy efficiency rider to the formula rate plan. These costs are not subject to the 4% cap and result in a total change in formula rate plan revenues of $48.2 million. The 2020 look-back filing compares actual 2020 results to the approved benchmark return on rate base and reflects the need for a $16.8 million interim increase in formula rate plan revenues. In addition, the 2020 look-back filing includes an interim capacity adjustment true-up for the Choctaw Generating Station, which increases the look-back interim rate adjustment by $1.7 million. T hese interim rate adjustments total $18.5 million. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $22.1 million interim rate increase, reflecting a cap equal to 2% of 2020 retail revenues, effective with the April 2021 billing cycle, subject to refund, pending a final MPSC order. The $3.9 million of demand side management costs and the Choctaw Generating Station true-up of $1.7 million, which are not subject to the 2% cap of 2020 retail revenues, were included in the April 2021 rate adjustments. A final order is expected in the second quarter 2021, with the resulting final rates, including amounts above the 2% cap of 2020 retail revenues, effective July 2021. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the MPSC issued an order authorizing utilities to defer incremental costs and expenses associated with COVID-19 compliance and to seek future recovery through rates of the prudently incurred incremental costs and expenses. In December 2020, Entergy Mississippi resumed disconnections for commercial, industrial, and governmental customers with past-due balances that have not made payment arrangements. In January 2021, Entergy Mississippi resumed disconnecting service for residential customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Mississippi recorded a regulatory asset of $16.3 million for costs associated with the COVID-19 pandemic. Filings with the City Council (Entergy New Orleans) COVID-19 Orders As discussed in the Form 10-K, in June 2020 the City Council established the City Council Cares Program and directed Entergy New Orleans to use the approximately $7 million refund received from the Entergy Arkansas opportunity sales FERC proceeding, currently being held in escrow, and approximately $15 million of non-securitized storm reserves to fund this program, which was intended to provide temporary bill relief to customers who became unemployed during the COVID-19 pandemic. The program became effective July 1, 2020 and offered qualifying residential customers bill credits of $100 per month for up to four months, for a maximum of $400 in residential customer bill credits. As of March 31, 2021 the program expired and credits of $4.3 million have been applied to customer bills under the City Council Cares Program. Additionally, as discussed in the Form 10-K, in February 2021 the City Council adopted a resolution suspending residential customer disconnections for non-payment of utility bills and suspending the assessment and accumulation of late fees on residential customers with past-due balances through May 15, 2021. As of March 31, 2021, Entergy New Orleans recorded a regulatory asset of $14.8 million for costs associated with the COVID-19 pandemic. Filings with the PUCT and Texas Cities (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $26.3 million annually, or $6.8 million in incremental annual revenues beyond Entergy Texasās currently effective DCRF rider based on its capital invested in distribution between January 1, 2020 and August 31, 2020. In February 2021 the administrative law judge with the State Office of Administrative Hearings approved Entergy Texasās agreed motion for interim rates, which went into effect in March 2021. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested DCRF revenue requirement and resolving all issues in the proceeding. This case has been remanded to the PUCT for consideration of a final order at a future open meeting. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $51 million annually, or $31.6 million in incremental annual revenues beyond Entergy Texasās currently effective TCRF rider based on its capital invested in transmission between July 1, 2019 and August 31, 2020. A procedural schedule was established with a hearing scheduled in March 2021. In February 2021, Entergy Texas filed an agreed motion to abate the procedural schedule, noting that the parties had reached a settlement in principle, and the administrative law judge granted the motion to abate. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested TCRF revenue requirement with interim rates effective March 2021 and resolving all issues in the proceeding. In March 2021 the administrative law judge granted the motion for interim rates, admitted evidence, and remanded this case to the PUCT for consideration of a final order at a future open meeting. COVID-19 Orders As discussed in the Form 10-K, in March 2020 the PUCT authorized electric utilities to record as a regulatory asset expenses resulting from the effects of the COVID-19 pandemic. In future proceedings the PUCT will consider whether each utility's request for recovery of these regulatory assets is reasonable and necessary, the appropriate period of recovery, and any amount of carrying costs thereon. In March 2020 the PUCT ordered a moratorium on disconnections for nonpayment for all customer classes, but, in April 2020, revised the disconnect moratorium to apply only to residential customers. The PUCT allowed the moratorium to expire on June 13, 2020, but on July 17, 2020, the PUCT re-established the disconnect moratorium for residential customers until August 31, 2020. In January 2021, Entergy Texas resumed disconnections for customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Texas recorded a regulatory asset of $10.7 million for costs associated with the COVID-19 pandemic. Generation Cost Recovery Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed an application to establish a generation cost recovery rider with an initial annual revenue requirement of approximately $91 million to begin recovering a return of and on its capital investment in the Montgomery County Power Station through August 31, 2020. In December 2020, Entergy Texas filed an unopposed settlement supporting a generation cost recovery rider with an annual revenue requirement of approximately $86 million. On January 14, 2021, the PUCT approved the generation cost recovery rider settlement rates on an interim basis and abated the proceeding. In March 2021, Entergy Texas filed to update its generation cost recovery rider to include investment in Montgomery County Power Station after August 31, 2020. In April 2021 the ALJ issued an order unabating the proceeding to consider Entergy Texasās updated application and establishing a procedural schedule that will result in administrative approval of Entergy Texasās application in June 2021 if it is unopposed by parties to the proceeding. In December 2020, Entergy Texas also filed an application to amend its generation cost recovery rider to reflect its acquisition of the Hardin County Peaking Facility, which is expected to close in June 2021. The initial generation cost recovery rider rates proposed in the application represent no change from the generation cost recovery rider rates to be established in Entergy Texasās previous generation cost recovery rider proceeding. Once Entergy Texas has acquired the Hardin County Peaking Facility, its investment in the facility will be reflected in an updated filing to Entergy Texasās application, which will be made within 60 days of the acquisitionās closing. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application and supporting testimony with the APSC requesting approval of a special rider tariff to recover from its retail customers the costs of the opportunity sales payments made to the other Utility operating companies, and in July 2020 the APSC issued a decision finding that Entergy Arkansasās application is not in the public interest. In September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSCās order denying Entergy Arkansasās request to recover the costs of these payments. The court held a hearing in February 2021 regarding issues addressed in the pre-trial conference report, and the parties await further instructions from the court. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in May 2020 the FERC issued an order on rehearing of Opinion No. 569 (Opinion No. 569-A). In June 2020 the procedural schedule in the System Energy proceeding was further revised in order to allow parties to address the Opinion No. 569-A methodology. The parties and FERC trial staff filed final rounds of testimony in August 2020. The hearing before a FERC ALJ occurred in late-September through early-October 2020, post-hearing briefing took place in November and December 2020. In March 2021 the FERC ALJ issued an initial decision. With regard to System Energyās authorized return on equity, the ALJ determined that the existing return on equity of 10.94% is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the Opinion No. 569-A methodology, should be 9.32%. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energyās capital structure, the ALJ determined that System Energyās actual equity ratio is excessive and that the just and reasonable equity ratio is 48.15% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the 48.15% equity ratio. If the ALJās initial decision is upheld, the estimated refund for this proceeding is approximately $59 million, which includes interest through March 31, 2021, and the estimated resulting annual rate reduction would be approximate ly $46 million. The estimated refund will continue to accrue interest until a final FERC decision is issued. Based on the course of the proceeding to date, System Energy has recorded a provision of $36 million, including interest, as of March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process , and an ALJās determinations made in an initial decision are not controlling on the FERC . In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decisionās findings on both the return on equity and capital structure issues. Also in April 2021, the LPSC, APSC, MPSC, City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions are due in May 2021. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energyās renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energyās recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million. The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and that System Energyās rate base should have been reduced for those liabilities. If the ALJās initial decision is upheld, the estimated refund for this issue through March 31, 2021, is approximately $422 million, plus interest, which is approximately $115 million through March 31, 2021. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $19 million, which includes interest through March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJās determinations made in an initial decision are not controlling on the FERC. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. The case is pending before the FERC, which will review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJās initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Also as discussed in the Form 10-K, in November 2020 the IRS issued a Revenue Agentās Report (RAR) for the 2014/2015 tax year and in December 2020 Entergy executed it. The RAR contained an adjustment to System Energyās uncertain nuclear decommissioning tax position. As a result of the RAR, in December 2020, System Energy filed amendments to its new Federal Power Act section 205 filings to establish an ongoing rate base credit for the accumulated deferred income taxes resulting from the decommissioning uncertain tax position and to credit excess accumulated deferred income taxes arising from the successful portion of the decommissioning uncertain tax position. The amendments both propose the inclusion of the RAR as support for the filings. In December 2020 the LPSC, APSC, and City Council filed a protest in response to the amendments, reiterating their prior objections to the filings. In February 2021 the FERC issued an order accepting System Energyās Federal Power Act section 205 filings subject to refund, setting them for hearing, and holding the hearing in abeyance. In December 2020, System Energy filed a new Federal Power Act section 205 filing to provide a one-time, historical credit to customers of $25.2 million for the accumulated deferred income taxes that would have been created by the decommissioning uncertain tax position if the IRSās decision had been known in 2016. In January 2021 the LPSC, APSC, MPSC, and City Council filed a protest to the filing. In February 2021, the FERC issued an order accepting System Energyās Federal Power Act section 205 filing subject to refund, setting it for hearing, and holding the hearing in abeyance. The one-time credit was made during the first quarter 2021. LPSC Authorization of Additional Complaints As discussed in the Form 10-K, in May 2020 the LPSC authorized its staff to file additional complaints at FERC related to the rates charged by System Energy for Grand Gulf energy and capacity supplied to Entergy Louisiana under the Unit Power Sales Agreement, and the first of the additional complaints was filed by the LPSC, the APSC, the MPSC and the City Council in September 2020. The second of the additional complaints was filed at the FERC in March 2021 by the LPSC, the APSC, and the City Council against System Energy, Entergy Services, Entergy Operations, and Entergy Corporation. The second complaint contains two primary allegations. First, it alleges that, based on the plantās capacity factor and alleged safety performance, System Energy and the other respondents imprudently operated Grand Gulf during the period 2016-2020, and it seeks refunds of at least $360 million in alleged replacement energy costs, in addition to other costs, including those that can only be identified upon further investigation. Second, it alleges that the performance and/or management of the 2012 extended power uprate of Grand Gulf was imprudent, and it seeks refunds of all costs of the 2012 uprate that are determined to result from imprudent planning or management of the project. In addition to the requested refunds, the complaint asks that the FERC modify the Unit Power Sales Agreement to provide for full cost recovery only if certain performance indicators are met and to require pre-authorization of capital improvement projects in excess of $125 million before related costs may be passed through to customers in rates. In April 2021, System Energy and the other respondents filed their motion to dismiss and answer to the complaint. System Energy requested that the FERC dismiss the claims within the complaint. With respect to the claim concerning operations, System Energy argues that the complaint does not meet its legal burden because, among other reasons, it fails to allege any specific imprudent conduct. With respect to the claim concerning the uprate, System Energy argues that the complaint fails because, among other reasons, the complainantsā own conduct prevents them from raising a serious doubt as to the prudence of the uprate. System Energy also requests that the FERC dismiss other elements of the complaint, including the proposed modifications to the Unit Power Sales Agreement, because they are not warranted. Storm Cost Recovery Filings with Retail Regulators Entergy Louisiana Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri In August 2020 and October 2020, Hurricane Laura, Hurricane Delta, and Hurricane Zeta caused significant damage to portions of Entergy Louisianaās service area. The storms resulted in widespread outages, significant damage to distribution and transmission infrastructure, and the loss of sales during the outages. Additionally, as a result of Hurricane Lauraās extensive damage to the grid infrastructure serving the impacted area, large portions of the underlying transmission system required nearly a complete rebuild. In October 2020, Entergy Louisiana filed an application at the LPSC seeking approval of certain ratemaking adjustments to facilitate issuance of shorter-term bonds to provide interim financing for restoration costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta. Subsequently, Entergy Louisiana and the LPSC staff filed a joint motion seeking approval to exclude from the derivation of Entergy Louisianaās capital structure and cost rate of debt for ratemaking purposes, including the allowance for funds used during construction, shorter-term debt up to $1.1 billion issued by Entergy Louisiana to fund costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta costs on an interim basis. In November 2020 the LPSC issued an order approving the joint motion, and Entergy Louisiana issued $1.1 billion of 0.62% Series mortgage bonds due November 2023. Also in November 2020, Entergy Louisiana drew $257 million from its funded storm reserves. In February 2021, two winter storms (collectively, Winter Storm Uri) brought freezing rain and ice to Louisiana. Ice accumulation sagged or downed trees, limbs and power lines, causing damage to Entergy Louisianaās transmission and distribution systems. The additional weight of ice caused trees and limbs to fall into power lines and other electric equipment. When the ice melted, it affected vegetation and electrical equipment, causing incremental outages. As discussed above in ā Fuel and purchased power recovery ,ā Entergy Louisiana is recovering the incremental fuel costs associated with Winter Storm Uri over a five-month period from April 2021 through August 2021. In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisianaās electric facilities damaged by the storms are currently estimated to be approximately $2.05 billion, including approximately $1.74 billion in capital costs and approximately $310 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana is seeking an LPSC determination that $2.10 billion was prudently incurred and, therefore, is eligible for recovery from customers. Additionally, Ente |
Entergy New Orleans [Member] | |
Rate and Regulatory Matters | NOTE 2. 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 2021, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01052 per kWh to $0.00959 per kWh. The redetermined rate calculation also included an adjustment to account for a portion of the increased fuel costs resulting from the February 2021 winter storms. The redetermined rate became effective with the first billing cycle in April 2021 through the normal operation of the tariff. Entergy Louisiana In February 2021, Entergy Louisiana incurred extraordinary fuel costs associated with the February 2021 winter storms. To mitigate the effect of these costs on customer bills, in March 2021 Entergy Louisiana requested and the LPSC approved the deferral and recovery of $166 million in incremental fuel costs over 5 months beginning in April 2021. The incremental fuel costs remain subject to review for reasonableness and eligibility for recovery through the fuel adjustment clause mechanism. At its April 2021 meeting, the LPSC authorized its staff to review the prudence of the February 2021 fuel costs incurred by all LPSC jurisdictional utilities. In March 2021 the LPSC staff provided notice of an audit of Entergy Louisianaās purchased gas adjustment clause filings covering the period January 2018 through December 2020. The audit includes a review of the reasonableness of charges flowed through Entergy Louisianaās purchased gas adjustment clause for that period. No audit report has been filed. Entergy Texas In February 2021, Entergy Texas filed an application to implement a fuel refund for a cumulative over-recovery of approximately $75 million that is primarily attributable to settlements received by Entergy Texas from MISO related to Hurricane Laura. Entergy Texas planned to issue the refund over the period of March through August 2021. On February 22, 2021, Entergy Texas filed a motion to abate its fuel refund proceeding to assess how the February 2021 winter storm impacted Entergy Texasās fuel over-recovery position. In March 2021, Entergy Texas withdrew its application to implement the fuel refund. Entergy Texas is continuing to evaluate its fuel balance and will file a subsequent refund or surcharge application consistent with the requirements of the PUCTās rules. 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) Retail Rates 2020 Formula Rate Plan Filing As discussed in the Form 10-K, in December 2020, Entergy Arkansas filed a petition for rehearing of the APSCās decision in the 2020 formula rate plan proceeding regarding the 2019 netting adjustment, and in January 2021 the APSC granted further consideration of Entergy Arkansasās petition. Based on the progress of the proceeding to date, in December 2020, Entergy Arkansas recorded a regulatory liability of $43.5 million to reflect the netting adjustment for 2019, as included in the APSCās December 2020 order, which would be returned to customers in 2021. Entergy Arkansas also requested an extension of the formula rate plan rider for a second five-year term. In March 2021 the Arkansas Governor signed HB1662 into law (Act 404). Act 404 clarified aspects of the original formula rate plan legislation enacted in 2015, including with respect to the extension of a formula rate plan, the methodology for the netting adjustment, and debt and equity levels; it also reaffirmed the customer protections of the original formula rate plan legislation, including the cap on annual formula rate plan rate changes. Pursuant to Act 404, Entergy Arkansasās formula rate plan rider is extended for a second five-year term. Entergy Arkansas filed a compliance tariff in its formula rate plan docket in April 2021 to effectuate the netting provisions of Act 404, which reflected a net change in required formula rate plan rider revenue of $39.8 million, effective with the first billing cycle of May 2021. In April 2021 the APSC issued an order approving the compliance tariff and recognizing the formula rate plan extension. Also in April 2021, Entergy Arkansas filed for approval of modifications to the formula rate plan tariff incorporating the provisions in Act 404, and the APSC approved the tariff modifications in April 2021. Given the APSC general staffās support for the expedited approval of these filings by the APSC, Entergy Arkansas supported an amendment to Act 404 to achieve a reduced return on equity from 9.75% to 9.65% to apply for years applicable to the extension term; that amendment was signed by the Arkansas Governor in April 2021 and is now Act 894. Based on the APSCās order issued in April 2021, in the first quarter 2021 Entergy Arkansas reversed the remaining regulatory liability for the netting adjustment for 2019. COVID-19 Orders See the Form 10-K for discussion of APSC orders issued in light of the COVID-19 pandemic. In March 2021 the APSC issued an order confirming the lifting of the moratorium on service disconnects effective in May 2021. As of March 31, 2021, Entergy Arkansas recorded a regulatory asset of $11.4 million for costs associated with the COVID-19 pandemic. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2017 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2019, Entergy Louisiana filed an update to its 2017 formula rate plan evaluation report to include the estimated first-year revenue requirement of $109.5 million associated with the J. Wayne Leonard Power Station (formerly St. Charles Power Station). In February 2021, LPSC staff filed testimony that substantially all the costs to construct J. Wayne Leonard Power Station were prudently incurred and eligible for recovery from customers. LPSC s taff further recommended that the LPSC consider monitoring the remaining $3.1 million that was estimated to be incurred for completion of the project in the event the final costs exceed the estimated amounts. Settlement discussions are in progress . Request for Extension and Modification of Formula Rate Plan As discussed in the Form 10-K, in May 2020, Entergy Louisiana filed with the LPSC its application for authority to extend its formula rate plan. The parties reached a settlement in April 2021 regarding Entergy Louisianaās proposed FRP extension. Entergy Louisiana and the LPSC staff filed a joint motion asking the LPSC to consider and approve the uncontested settlement at the May 2021 LPSC meeting. Key terms of the settlement include: a three year term (test years 2020, 2021, and 2022) covering a rate-effective period of September 2021 through August 2024; a 9.50% return on equity, with a smaller, 50 basis point deadband above and below (9.0%-10.0%); elimination of sharing if earnings are outside the deadband; a $63 million rate increase for test year 2020 (exclusive of riders); continuation of existing riders (transmission, additional capacity, etc.); addition of a distribution recovery mechanism permitting $225 million per year of distribution investment above a baseline level to be recovered dollar for dollar; modification of the tax mechanism to allow timely rate changes in the event the federal corporate income tax rate is changed from 21%; a cumulative rate increase limit of $70 million (exclusive of riders) for test years 2021 and 2022; and deferral of up to $7 million per year in 2021 and 2022 of expenditures on vegetation management for outside of right of way hazard trees. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the LPSC issued an order authorizing utilities to record as a regulatory asset expenses incurred from the suspension of disconnections and collection of late fees imposed by LPSC orders associated with the COVID-19 pandemic. In addition, utilities may seek future recovery, subject to LPSC review and approval, of losses and expenses incurred due to compliance with the LPSCās COVID-19 orders. The suspension of late fees and disconnects for non-payment was extended until the first billing cycle after July 16, 2020. In January 2021, Entergy Louisiana resumed disconnections for customers in all customer classes with past-due balances that have not made payment arrangements. Utilities seeking to recover the regulatory asset must formally petition the LPSC to do so, identifying the direct and indirect costs for which recovery is sought. Any such request is subject to LPSC review and approval. As of March 31, 2021, Entergy Louisiana recorded a regulatory asset of $47.8 million for costs associated with the COVID-19 pandemic. Filings with the MPSC (Entergy Mississippi) 2021 Formula Rate Plan Filing In March 2021, Entergy Mississippi submitted its formula rate plan 2021 test year filing and 2020 look-back filing showing Entergy Mississippiās earned return for the historical 2020 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2021 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $95.4 million rate increase is necessary to reset Entergy Mississippiās earned return on common equity to the specified point of adjustment of 6.69% return on rate base, within the formula rate plan bandwidth. The change in formula rate plan revenues, however, is capped at 4% of retail revenues, which equates to a revenue change of $44.3 million. The 2021 evaluation report also includes $3.9 million in demand side management costs for which the MPSC approved realignment of recovery from the energy efficiency rider to the formula rate plan. These costs are not subject to the 4% cap and result in a total change in formula rate plan revenues of $48.2 million. The 2020 look-back filing compares actual 2020 results to the approved benchmark return on rate base and reflects the need for a $16.8 million interim increase in formula rate plan revenues. In addition, the 2020 look-back filing includes an interim capacity adjustment true-up for the Choctaw Generating Station, which increases the look-back interim rate adjustment by $1.7 million. T hese interim rate adjustments total $18.5 million. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $22.1 million interim rate increase, reflecting a cap equal to 2% of 2020 retail revenues, effective with the April 2021 billing cycle, subject to refund, pending a final MPSC order. The $3.9 million of demand side management costs and the Choctaw Generating Station true-up of $1.7 million, which are not subject to the 2% cap of 2020 retail revenues, were included in the April 2021 rate adjustments. A final order is expected in the second quarter 2021, with the resulting final rates, including amounts above the 2% cap of 2020 retail revenues, effective July 2021. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the MPSC issued an order authorizing utilities to defer incremental costs and expenses associated with COVID-19 compliance and to seek future recovery through rates of the prudently incurred incremental costs and expenses. In December 2020, Entergy Mississippi resumed disconnections for commercial, industrial, and governmental customers with past-due balances that have not made payment arrangements. In January 2021, Entergy Mississippi resumed disconnecting service for residential customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Mississippi recorded a regulatory asset of $16.3 million for costs associated with the COVID-19 pandemic. Filings with the City Council (Entergy New Orleans) COVID-19 Orders As discussed in the Form 10-K, in June 2020 the City Council established the City Council Cares Program and directed Entergy New Orleans to use the approximately $7 million refund received from the Entergy Arkansas opportunity sales FERC proceeding, currently being held in escrow, and approximately $15 million of non-securitized storm reserves to fund this program, which was intended to provide temporary bill relief to customers who became unemployed during the COVID-19 pandemic. The program became effective July 1, 2020 and offered qualifying residential customers bill credits of $100 per month for up to four months, for a maximum of $400 in residential customer bill credits. As of March 31, 2021 the program expired and credits of $4.3 million have been applied to customer bills under the City Council Cares Program. Additionally, as discussed in the Form 10-K, in February 2021 the City Council adopted a resolution suspending residential customer disconnections for non-payment of utility bills and suspending the assessment and accumulation of late fees on residential customers with past-due balances through May 15, 2021. As of March 31, 2021, Entergy New Orleans recorded a regulatory asset of $14.8 million for costs associated with the COVID-19 pandemic. Filings with the PUCT and Texas Cities (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $26.3 million annually, or $6.8 million in incremental annual revenues beyond Entergy Texasās currently effective DCRF rider based on its capital invested in distribution between January 1, 2020 and August 31, 2020. In February 2021 the administrative law judge with the State Office of Administrative Hearings approved Entergy Texasās agreed motion for interim rates, which went into effect in March 2021. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested DCRF revenue requirement and resolving all issues in the proceeding. This case has been remanded to the PUCT for consideration of a final order at a future open meeting. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $51 million annually, or $31.6 million in incremental annual revenues beyond Entergy Texasās currently effective TCRF rider based on its capital invested in transmission between July 1, 2019 and August 31, 2020. A procedural schedule was established with a hearing scheduled in March 2021. In February 2021, Entergy Texas filed an agreed motion to abate the procedural schedule, noting that the parties had reached a settlement in principle, and the administrative law judge granted the motion to abate. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested TCRF revenue requirement with interim rates effective March 2021 and resolving all issues in the proceeding. In March 2021 the administrative law judge granted the motion for interim rates, admitted evidence, and remanded this case to the PUCT for consideration of a final order at a future open meeting. COVID-19 Orders As discussed in the Form 10-K, in March 2020 the PUCT authorized electric utilities to record as a regulatory asset expenses resulting from the effects of the COVID-19 pandemic. In future proceedings the PUCT will consider whether each utility's request for recovery of these regulatory assets is reasonable and necessary, the appropriate period of recovery, and any amount of carrying costs thereon. In March 2020 the PUCT ordered a moratorium on disconnections for nonpayment for all customer classes, but, in April 2020, revised the disconnect moratorium to apply only to residential customers. The PUCT allowed the moratorium to expire on June 13, 2020, but on July 17, 2020, the PUCT re-established the disconnect moratorium for residential customers until August 31, 2020. In January 2021, Entergy Texas resumed disconnections for customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Texas recorded a regulatory asset of $10.7 million for costs associated with the COVID-19 pandemic. Generation Cost Recovery Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed an application to establish a generation cost recovery rider with an initial annual revenue requirement of approximately $91 million to begin recovering a return of and on its capital investment in the Montgomery County Power Station through August 31, 2020. In December 2020, Entergy Texas filed an unopposed settlement supporting a generation cost recovery rider with an annual revenue requirement of approximately $86 million. On January 14, 2021, the PUCT approved the generation cost recovery rider settlement rates on an interim basis and abated the proceeding. In March 2021, Entergy Texas filed to update its generation cost recovery rider to include investment in Montgomery County Power Station after August 31, 2020. In April 2021 the ALJ issued an order unabating the proceeding to consider Entergy Texasās updated application and establishing a procedural schedule that will result in administrative approval of Entergy Texasās application in June 2021 if it is unopposed by parties to the proceeding. In December 2020, Entergy Texas also filed an application to amend its generation cost recovery rider to reflect its acquisition of the Hardin County Peaking Facility, which is expected to close in June 2021. The initial generation cost recovery rider rates proposed in the application represent no change from the generation cost recovery rider rates to be established in Entergy Texasās previous generation cost recovery rider proceeding. Once Entergy Texas has acquired the Hardin County Peaking Facility, its investment in the facility will be reflected in an updated filing to Entergy Texasās application, which will be made within 60 days of the acquisitionās closing. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application and supporting testimony with the APSC requesting approval of a special rider tariff to recover from its retail customers the costs of the opportunity sales payments made to the other Utility operating companies, and in July 2020 the APSC issued a decision finding that Entergy Arkansasās application is not in the public interest. In September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSCās order denying Entergy Arkansasās request to recover the costs of these payments. The court held a hearing in February 2021 regarding issues addressed in the pre-trial conference report, and the parties await further instructions from the court. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in May 2020 the FERC issued an order on rehearing of Opinion No. 569 (Opinion No. 569-A). In June 2020 the procedural schedule in the System Energy proceeding was further revised in order to allow parties to address the Opinion No. 569-A methodology. The parties and FERC trial staff filed final rounds of testimony in August 2020. The hearing before a FERC ALJ occurred in late-September through early-October 2020, post-hearing briefing took place in November and December 2020. In March 2021 the FERC ALJ issued an initial decision. With regard to System Energyās authorized return on equity, the ALJ determined that the existing return on equity of 10.94% is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the Opinion No. 569-A methodology, should be 9.32%. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energyās capital structure, the ALJ determined that System Energyās actual equity ratio is excessive and that the just and reasonable equity ratio is 48.15% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the 48.15% equity ratio. If the ALJās initial decision is upheld, the estimated refund for this proceeding is approximately $59 million, which includes interest through March 31, 2021, and the estimated resulting annual rate reduction would be approximate ly $46 million. The estimated refund will continue to accrue interest until a final FERC decision is issued. Based on the course of the proceeding to date, System Energy has recorded a provision of $36 million, including interest, as of March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process , and an ALJās determinations made in an initial decision are not controlling on the FERC . In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decisionās findings on both the return on equity and capital structure issues. Also in April 2021, the LPSC, APSC, MPSC, City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions are due in May 2021. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energyās renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energyās recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million. The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and that System Energyās rate base should have been reduced for those liabilities. If the ALJās initial decision is upheld, the estimated refund for this issue through March 31, 2021, is approximately $422 million, plus interest, which is approximately $115 million through March 31, 2021. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $19 million, which includes interest through March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJās determinations made in an initial decision are not controlling on the FERC. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. The case is pending before the FERC, which will review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJās initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Also as discussed in the Form 10-K, in November 2020 the IRS issued a Revenue Agentās Report (RAR) for the 2014/2015 tax year and in December 2020 Entergy executed it. The RAR contained an adjustment to System Energyās uncertain nuclear decommissioning tax position. As a result of the RAR, in December 2020, System Energy filed amendments to its new Federal Power Act section 205 filings to establish an ongoing rate base credit for the accumulated deferred income taxes resulting from the decommissioning uncertain tax position and to credit excess accumulated deferred income taxes arising from the successful portion of the decommissioning uncertain tax position. The amendments both propose the inclusion of the RAR as support for the filings. In December 2020 the LPSC, APSC, and City Council filed a protest in response to the amendments, reiterating their prior objections to the filings. In February 2021 the FERC issued an order accepting System Energyās Federal Power Act section 205 filings subject to refund, setting them for hearing, and holding the hearing in abeyance. In December 2020, System Energy filed a new Federal Power Act section 205 filing to provide a one-time, historical credit to customers of $25.2 million for the accumulated deferred income taxes that would have been created by the decommissioning uncertain tax position if the IRSās decision had been known in 2016. In January 2021 the LPSC, APSC, MPSC, and City Council filed a protest to the filing. In February 2021, the FERC issued an order accepting System Energyās Federal Power Act section 205 filing subject to refund, setting it for hearing, and holding the hearing in abeyance. The one-time credit was made during the first quarter 2021. LPSC Authorization of Additional Complaints As discussed in the Form 10-K, in May 2020 the LPSC authorized its staff to file additional complaints at FERC related to the rates charged by System Energy for Grand Gulf energy and capacity supplied to Entergy Louisiana under the Unit Power Sales Agreement, and the first of the additional complaints was filed by the LPSC, the APSC, the MPSC and the City Council in September 2020. The second of the additional complaints was filed at the FERC in March 2021 by the LPSC, the APSC, and the City Council against System Energy, Entergy Services, Entergy Operations, and Entergy Corporation. The second complaint contains two primary allegations. First, it alleges that, based on the plantās capacity factor and alleged safety performance, System Energy and the other respondents imprudently operated Grand Gulf during the period 2016-2020, and it seeks refunds of at least $360 million in alleged replacement energy costs, in addition to other costs, including those that can only be identified upon further investigation. Second, it alleges that the performance and/or management of the 2012 extended power uprate of Grand Gulf was imprudent, and it seeks refunds of all costs of the 2012 uprate that are determined to result from imprudent planning or management of the project. In addition to the requested refunds, the complaint asks that the FERC modify the Unit Power Sales Agreement to provide for full cost recovery only if certain performance indicators are met and to require pre-authorization of capital improvement projects in excess of $125 million before related costs may be passed through to customers in rates. In April 2021, System Energy and the other respondents filed their motion to dismiss and answer to the complaint. System Energy requested that the FERC dismiss the claims within the complaint. With respect to the claim concerning operations, System Energy argues that the complaint does not meet its legal burden because, among other reasons, it fails to allege any specific imprudent conduct. With respect to the claim concerning the uprate, System Energy argues that the complaint fails because, among other reasons, the complainantsā own conduct prevents them from raising a serious doubt as to the prudence of the uprate. System Energy also requests that the FERC dismiss other elements of the complaint, including the proposed modifications to the Unit Power Sales Agreement, because they are not warranted. Storm Cost Recovery Filings with Retail Regulators Entergy Louisiana Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri In August 2020 and October 2020, Hurricane Laura, Hurricane Delta, and Hurricane Zeta caused significant damage to portions of Entergy Louisianaās service area. The storms resulted in widespread outages, significant damage to distribution and transmission infrastructure, and the loss of sales during the outages. Additionally, as a result of Hurricane Lauraās extensive damage to the grid infrastructure serving the impacted area, large portions of the underlying transmission system required nearly a complete rebuild. In October 2020, Entergy Louisiana filed an application at the LPSC seeking approval of certain ratemaking adjustments to facilitate issuance of shorter-term bonds to provide interim financing for restoration costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta. Subsequently, Entergy Louisiana and the LPSC staff filed a joint motion seeking approval to exclude from the derivation of Entergy Louisianaās capital structure and cost rate of debt for ratemaking purposes, including the allowance for funds used during construction, shorter-term debt up to $1.1 billion issued by Entergy Louisiana to fund costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta costs on an interim basis. In November 2020 the LPSC issued an order approving the joint motion, and Entergy Louisiana issued $1.1 billion of 0.62% Series mortgage bonds due November 2023. Also in November 2020, Entergy Louisiana drew $257 million from its funded storm reserves. In February 2021, two winter storms (collectively, Winter Storm Uri) brought freezing rain and ice to Louisiana. Ice accumulation sagged or downed trees, limbs and power lines, causing damage to Entergy Louisianaās transmission and distribution systems. The additional weight of ice caused trees and limbs to fall into power lines and other electric equipment. When the ice melted, it affected vegetation and electrical equipment, causing incremental outages. As discussed above in ā Fuel and purchased power recovery ,ā Entergy Louisiana is recovering the incremental fuel costs associated with Winter Storm Uri over a five-month period from April 2021 through August 2021. In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisianaās electric facilities damaged by the storms are currently estimated to be approximately $2.05 billion, including approximately $1.74 billion in capital costs and approximately $310 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana is seeking an LPSC determination that $2.10 billion was prudently incurred and, therefore, is eligible for recovery from customers. Additionally, Ente |
Entergy Texas [Member] | |
Rate and Regulatory Matters | NOTE 2. 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 2021, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01052 per kWh to $0.00959 per kWh. The redetermined rate calculation also included an adjustment to account for a portion of the increased fuel costs resulting from the February 2021 winter storms. The redetermined rate became effective with the first billing cycle in April 2021 through the normal operation of the tariff. Entergy Louisiana In February 2021, Entergy Louisiana incurred extraordinary fuel costs associated with the February 2021 winter storms. To mitigate the effect of these costs on customer bills, in March 2021 Entergy Louisiana requested and the LPSC approved the deferral and recovery of $166 million in incremental fuel costs over 5 months beginning in April 2021. The incremental fuel costs remain subject to review for reasonableness and eligibility for recovery through the fuel adjustment clause mechanism. At its April 2021 meeting, the LPSC authorized its staff to review the prudence of the February 2021 fuel costs incurred by all LPSC jurisdictional utilities. In March 2021 the LPSC staff provided notice of an audit of Entergy Louisianaās purchased gas adjustment clause filings covering the period January 2018 through December 2020. The audit includes a review of the reasonableness of charges flowed through Entergy Louisianaās purchased gas adjustment clause for that period. No audit report has been filed. Entergy Texas In February 2021, Entergy Texas filed an application to implement a fuel refund for a cumulative over-recovery of approximately $75 million that is primarily attributable to settlements received by Entergy Texas from MISO related to Hurricane Laura. Entergy Texas planned to issue the refund over the period of March through August 2021. On February 22, 2021, Entergy Texas filed a motion to abate its fuel refund proceeding to assess how the February 2021 winter storm impacted Entergy Texasās fuel over-recovery position. In March 2021, Entergy Texas withdrew its application to implement the fuel refund. Entergy Texas is continuing to evaluate its fuel balance and will file a subsequent refund or surcharge application consistent with the requirements of the PUCTās rules. 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) Retail Rates 2020 Formula Rate Plan Filing As discussed in the Form 10-K, in December 2020, Entergy Arkansas filed a petition for rehearing of the APSCās decision in the 2020 formula rate plan proceeding regarding the 2019 netting adjustment, and in January 2021 the APSC granted further consideration of Entergy Arkansasās petition. Based on the progress of the proceeding to date, in December 2020, Entergy Arkansas recorded a regulatory liability of $43.5 million to reflect the netting adjustment for 2019, as included in the APSCās December 2020 order, which would be returned to customers in 2021. Entergy Arkansas also requested an extension of the formula rate plan rider for a second five-year term. In March 2021 the Arkansas Governor signed HB1662 into law (Act 404). Act 404 clarified aspects of the original formula rate plan legislation enacted in 2015, including with respect to the extension of a formula rate plan, the methodology for the netting adjustment, and debt and equity levels; it also reaffirmed the customer protections of the original formula rate plan legislation, including the cap on annual formula rate plan rate changes. Pursuant to Act 404, Entergy Arkansasās formula rate plan rider is extended for a second five-year term. Entergy Arkansas filed a compliance tariff in its formula rate plan docket in April 2021 to effectuate the netting provisions of Act 404, which reflected a net change in required formula rate plan rider revenue of $39.8 million, effective with the first billing cycle of May 2021. In April 2021 the APSC issued an order approving the compliance tariff and recognizing the formula rate plan extension. Also in April 2021, Entergy Arkansas filed for approval of modifications to the formula rate plan tariff incorporating the provisions in Act 404, and the APSC approved the tariff modifications in April 2021. Given the APSC general staffās support for the expedited approval of these filings by the APSC, Entergy Arkansas supported an amendment to Act 404 to achieve a reduced return on equity from 9.75% to 9.65% to apply for years applicable to the extension term; that amendment was signed by the Arkansas Governor in April 2021 and is now Act 894. Based on the APSCās order issued in April 2021, in the first quarter 2021 Entergy Arkansas reversed the remaining regulatory liability for the netting adjustment for 2019. COVID-19 Orders See the Form 10-K for discussion of APSC orders issued in light of the COVID-19 pandemic. In March 2021 the APSC issued an order confirming the lifting of the moratorium on service disconnects effective in May 2021. As of March 31, 2021, Entergy Arkansas recorded a regulatory asset of $11.4 million for costs associated with the COVID-19 pandemic. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2017 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2019, Entergy Louisiana filed an update to its 2017 formula rate plan evaluation report to include the estimated first-year revenue requirement of $109.5 million associated with the J. Wayne Leonard Power Station (formerly St. Charles Power Station). In February 2021, LPSC staff filed testimony that substantially all the costs to construct J. Wayne Leonard Power Station were prudently incurred and eligible for recovery from customers. LPSC s taff further recommended that the LPSC consider monitoring the remaining $3.1 million that was estimated to be incurred for completion of the project in the event the final costs exceed the estimated amounts. Settlement discussions are in progress . Request for Extension and Modification of Formula Rate Plan As discussed in the Form 10-K, in May 2020, Entergy Louisiana filed with the LPSC its application for authority to extend its formula rate plan. The parties reached a settlement in April 2021 regarding Entergy Louisianaās proposed FRP extension. Entergy Louisiana and the LPSC staff filed a joint motion asking the LPSC to consider and approve the uncontested settlement at the May 2021 LPSC meeting. Key terms of the settlement include: a three year term (test years 2020, 2021, and 2022) covering a rate-effective period of September 2021 through August 2024; a 9.50% return on equity, with a smaller, 50 basis point deadband above and below (9.0%-10.0%); elimination of sharing if earnings are outside the deadband; a $63 million rate increase for test year 2020 (exclusive of riders); continuation of existing riders (transmission, additional capacity, etc.); addition of a distribution recovery mechanism permitting $225 million per year of distribution investment above a baseline level to be recovered dollar for dollar; modification of the tax mechanism to allow timely rate changes in the event the federal corporate income tax rate is changed from 21%; a cumulative rate increase limit of $70 million (exclusive of riders) for test years 2021 and 2022; and deferral of up to $7 million per year in 2021 and 2022 of expenditures on vegetation management for outside of right of way hazard trees. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the LPSC issued an order authorizing utilities to record as a regulatory asset expenses incurred from the suspension of disconnections and collection of late fees imposed by LPSC orders associated with the COVID-19 pandemic. In addition, utilities may seek future recovery, subject to LPSC review and approval, of losses and expenses incurred due to compliance with the LPSCās COVID-19 orders. The suspension of late fees and disconnects for non-payment was extended until the first billing cycle after July 16, 2020. In January 2021, Entergy Louisiana resumed disconnections for customers in all customer classes with past-due balances that have not made payment arrangements. Utilities seeking to recover the regulatory asset must formally petition the LPSC to do so, identifying the direct and indirect costs for which recovery is sought. Any such request is subject to LPSC review and approval. As of March 31, 2021, Entergy Louisiana recorded a regulatory asset of $47.8 million for costs associated with the COVID-19 pandemic. Filings with the MPSC (Entergy Mississippi) 2021 Formula Rate Plan Filing In March 2021, Entergy Mississippi submitted its formula rate plan 2021 test year filing and 2020 look-back filing showing Entergy Mississippiās earned return for the historical 2020 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2021 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $95.4 million rate increase is necessary to reset Entergy Mississippiās earned return on common equity to the specified point of adjustment of 6.69% return on rate base, within the formula rate plan bandwidth. The change in formula rate plan revenues, however, is capped at 4% of retail revenues, which equates to a revenue change of $44.3 million. The 2021 evaluation report also includes $3.9 million in demand side management costs for which the MPSC approved realignment of recovery from the energy efficiency rider to the formula rate plan. These costs are not subject to the 4% cap and result in a total change in formula rate plan revenues of $48.2 million. The 2020 look-back filing compares actual 2020 results to the approved benchmark return on rate base and reflects the need for a $16.8 million interim increase in formula rate plan revenues. In addition, the 2020 look-back filing includes an interim capacity adjustment true-up for the Choctaw Generating Station, which increases the look-back interim rate adjustment by $1.7 million. T hese interim rate adjustments total $18.5 million. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $22.1 million interim rate increase, reflecting a cap equal to 2% of 2020 retail revenues, effective with the April 2021 billing cycle, subject to refund, pending a final MPSC order. The $3.9 million of demand side management costs and the Choctaw Generating Station true-up of $1.7 million, which are not subject to the 2% cap of 2020 retail revenues, were included in the April 2021 rate adjustments. A final order is expected in the second quarter 2021, with the resulting final rates, including amounts above the 2% cap of 2020 retail revenues, effective July 2021. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the MPSC issued an order authorizing utilities to defer incremental costs and expenses associated with COVID-19 compliance and to seek future recovery through rates of the prudently incurred incremental costs and expenses. In December 2020, Entergy Mississippi resumed disconnections for commercial, industrial, and governmental customers with past-due balances that have not made payment arrangements. In January 2021, Entergy Mississippi resumed disconnecting service for residential customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Mississippi recorded a regulatory asset of $16.3 million for costs associated with the COVID-19 pandemic. Filings with the City Council (Entergy New Orleans) COVID-19 Orders As discussed in the Form 10-K, in June 2020 the City Council established the City Council Cares Program and directed Entergy New Orleans to use the approximately $7 million refund received from the Entergy Arkansas opportunity sales FERC proceeding, currently being held in escrow, and approximately $15 million of non-securitized storm reserves to fund this program, which was intended to provide temporary bill relief to customers who became unemployed during the COVID-19 pandemic. The program became effective July 1, 2020 and offered qualifying residential customers bill credits of $100 per month for up to four months, for a maximum of $400 in residential customer bill credits. As of March 31, 2021 the program expired and credits of $4.3 million have been applied to customer bills under the City Council Cares Program. Additionally, as discussed in the Form 10-K, in February 2021 the City Council adopted a resolution suspending residential customer disconnections for non-payment of utility bills and suspending the assessment and accumulation of late fees on residential customers with past-due balances through May 15, 2021. As of March 31, 2021, Entergy New Orleans recorded a regulatory asset of $14.8 million for costs associated with the COVID-19 pandemic. Filings with the PUCT and Texas Cities (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $26.3 million annually, or $6.8 million in incremental annual revenues beyond Entergy Texasās currently effective DCRF rider based on its capital invested in distribution between January 1, 2020 and August 31, 2020. In February 2021 the administrative law judge with the State Office of Administrative Hearings approved Entergy Texasās agreed motion for interim rates, which went into effect in March 2021. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested DCRF revenue requirement and resolving all issues in the proceeding. This case has been remanded to the PUCT for consideration of a final order at a future open meeting. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $51 million annually, or $31.6 million in incremental annual revenues beyond Entergy Texasās currently effective TCRF rider based on its capital invested in transmission between July 1, 2019 and August 31, 2020. A procedural schedule was established with a hearing scheduled in March 2021. In February 2021, Entergy Texas filed an agreed motion to abate the procedural schedule, noting that the parties had reached a settlement in principle, and the administrative law judge granted the motion to abate. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested TCRF revenue requirement with interim rates effective March 2021 and resolving all issues in the proceeding. In March 2021 the administrative law judge granted the motion for interim rates, admitted evidence, and remanded this case to the PUCT for consideration of a final order at a future open meeting. COVID-19 Orders As discussed in the Form 10-K, in March 2020 the PUCT authorized electric utilities to record as a regulatory asset expenses resulting from the effects of the COVID-19 pandemic. In future proceedings the PUCT will consider whether each utility's request for recovery of these regulatory assets is reasonable and necessary, the appropriate period of recovery, and any amount of carrying costs thereon. In March 2020 the PUCT ordered a moratorium on disconnections for nonpayment for all customer classes, but, in April 2020, revised the disconnect moratorium to apply only to residential customers. The PUCT allowed the moratorium to expire on June 13, 2020, but on July 17, 2020, the PUCT re-established the disconnect moratorium for residential customers until August 31, 2020. In January 2021, Entergy Texas resumed disconnections for customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Texas recorded a regulatory asset of $10.7 million for costs associated with the COVID-19 pandemic. Generation Cost Recovery Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed an application to establish a generation cost recovery rider with an initial annual revenue requirement of approximately $91 million to begin recovering a return of and on its capital investment in the Montgomery County Power Station through August 31, 2020. In December 2020, Entergy Texas filed an unopposed settlement supporting a generation cost recovery rider with an annual revenue requirement of approximately $86 million. On January 14, 2021, the PUCT approved the generation cost recovery rider settlement rates on an interim basis and abated the proceeding. In March 2021, Entergy Texas filed to update its generation cost recovery rider to include investment in Montgomery County Power Station after August 31, 2020. In April 2021 the ALJ issued an order unabating the proceeding to consider Entergy Texasās updated application and establishing a procedural schedule that will result in administrative approval of Entergy Texasās application in June 2021 if it is unopposed by parties to the proceeding. In December 2020, Entergy Texas also filed an application to amend its generation cost recovery rider to reflect its acquisition of the Hardin County Peaking Facility, which is expected to close in June 2021. The initial generation cost recovery rider rates proposed in the application represent no change from the generation cost recovery rider rates to be established in Entergy Texasās previous generation cost recovery rider proceeding. Once Entergy Texas has acquired the Hardin County Peaking Facility, its investment in the facility will be reflected in an updated filing to Entergy Texasās application, which will be made within 60 days of the acquisitionās closing. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application and supporting testimony with the APSC requesting approval of a special rider tariff to recover from its retail customers the costs of the opportunity sales payments made to the other Utility operating companies, and in July 2020 the APSC issued a decision finding that Entergy Arkansasās application is not in the public interest. In September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSCās order denying Entergy Arkansasās request to recover the costs of these payments. The court held a hearing in February 2021 regarding issues addressed in the pre-trial conference report, and the parties await further instructions from the court. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in May 2020 the FERC issued an order on rehearing of Opinion No. 569 (Opinion No. 569-A). In June 2020 the procedural schedule in the System Energy proceeding was further revised in order to allow parties to address the Opinion No. 569-A methodology. The parties and FERC trial staff filed final rounds of testimony in August 2020. The hearing before a FERC ALJ occurred in late-September through early-October 2020, post-hearing briefing took place in November and December 2020. In March 2021 the FERC ALJ issued an initial decision. With regard to System Energyās authorized return on equity, the ALJ determined that the existing return on equity of 10.94% is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the Opinion No. 569-A methodology, should be 9.32%. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energyās capital structure, the ALJ determined that System Energyās actual equity ratio is excessive and that the just and reasonable equity ratio is 48.15% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the 48.15% equity ratio. If the ALJās initial decision is upheld, the estimated refund for this proceeding is approximately $59 million, which includes interest through March 31, 2021, and the estimated resulting annual rate reduction would be approximate ly $46 million. The estimated refund will continue to accrue interest until a final FERC decision is issued. Based on the course of the proceeding to date, System Energy has recorded a provision of $36 million, including interest, as of March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process , and an ALJās determinations made in an initial decision are not controlling on the FERC . In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decisionās findings on both the return on equity and capital structure issues. Also in April 2021, the LPSC, APSC, MPSC, City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions are due in May 2021. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energyās renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energyās recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million. The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and that System Energyās rate base should have been reduced for those liabilities. If the ALJās initial decision is upheld, the estimated refund for this issue through March 31, 2021, is approximately $422 million, plus interest, which is approximately $115 million through March 31, 2021. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $19 million, which includes interest through March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJās determinations made in an initial decision are not controlling on the FERC. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. The case is pending before the FERC, which will review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJās initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Also as discussed in the Form 10-K, in November 2020 the IRS issued a Revenue Agentās Report (RAR) for the 2014/2015 tax year and in December 2020 Entergy executed it. The RAR contained an adjustment to System Energyās uncertain nuclear decommissioning tax position. As a result of the RAR, in December 2020, System Energy filed amendments to its new Federal Power Act section 205 filings to establish an ongoing rate base credit for the accumulated deferred income taxes resulting from the decommissioning uncertain tax position and to credit excess accumulated deferred income taxes arising from the successful portion of the decommissioning uncertain tax position. The amendments both propose the inclusion of the RAR as support for the filings. In December 2020 the LPSC, APSC, and City Council filed a protest in response to the amendments, reiterating their prior objections to the filings. In February 2021 the FERC issued an order accepting System Energyās Federal Power Act section 205 filings subject to refund, setting them for hearing, and holding the hearing in abeyance. In December 2020, System Energy filed a new Federal Power Act section 205 filing to provide a one-time, historical credit to customers of $25.2 million for the accumulated deferred income taxes that would have been created by the decommissioning uncertain tax position if the IRSās decision had been known in 2016. In January 2021 the LPSC, APSC, MPSC, and City Council filed a protest to the filing. In February 2021, the FERC issued an order accepting System Energyās Federal Power Act section 205 filing subject to refund, setting it for hearing, and holding the hearing in abeyance. The one-time credit was made during the first quarter 2021. LPSC Authorization of Additional Complaints As discussed in the Form 10-K, in May 2020 the LPSC authorized its staff to file additional complaints at FERC related to the rates charged by System Energy for Grand Gulf energy and capacity supplied to Entergy Louisiana under the Unit Power Sales Agreement, and the first of the additional complaints was filed by the LPSC, the APSC, the MPSC and the City Council in September 2020. The second of the additional complaints was filed at the FERC in March 2021 by the LPSC, the APSC, and the City Council against System Energy, Entergy Services, Entergy Operations, and Entergy Corporation. The second complaint contains two primary allegations. First, it alleges that, based on the plantās capacity factor and alleged safety performance, System Energy and the other respondents imprudently operated Grand Gulf during the period 2016-2020, and it seeks refunds of at least $360 million in alleged replacement energy costs, in addition to other costs, including those that can only be identified upon further investigation. Second, it alleges that the performance and/or management of the 2012 extended power uprate of Grand Gulf was imprudent, and it seeks refunds of all costs of the 2012 uprate that are determined to result from imprudent planning or management of the project. In addition to the requested refunds, the complaint asks that the FERC modify the Unit Power Sales Agreement to provide for full cost recovery only if certain performance indicators are met and to require pre-authorization of capital improvement projects in excess of $125 million before related costs may be passed through to customers in rates. In April 2021, System Energy and the other respondents filed their motion to dismiss and answer to the complaint. System Energy requested that the FERC dismiss the claims within the complaint. With respect to the claim concerning operations, System Energy argues that the complaint does not meet its legal burden because, among other reasons, it fails to allege any specific imprudent conduct. With respect to the claim concerning the uprate, System Energy argues that the complaint fails because, among other reasons, the complainantsā own conduct prevents them from raising a serious doubt as to the prudence of the uprate. System Energy also requests that the FERC dismiss other elements of the complaint, including the proposed modifications to the Unit Power Sales Agreement, because they are not warranted. Storm Cost Recovery Filings with Retail Regulators Entergy Louisiana Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri In August 2020 and October 2020, Hurricane Laura, Hurricane Delta, and Hurricane Zeta caused significant damage to portions of Entergy Louisianaās service area. The storms resulted in widespread outages, significant damage to distribution and transmission infrastructure, and the loss of sales during the outages. Additionally, as a result of Hurricane Lauraās extensive damage to the grid infrastructure serving the impacted area, large portions of the underlying transmission system required nearly a complete rebuild. In October 2020, Entergy Louisiana filed an application at the LPSC seeking approval of certain ratemaking adjustments to facilitate issuance of shorter-term bonds to provide interim financing for restoration costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta. Subsequently, Entergy Louisiana and the LPSC staff filed a joint motion seeking approval to exclude from the derivation of Entergy Louisianaās capital structure and cost rate of debt for ratemaking purposes, including the allowance for funds used during construction, shorter-term debt up to $1.1 billion issued by Entergy Louisiana to fund costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta costs on an interim basis. In November 2020 the LPSC issued an order approving the joint motion, and Entergy Louisiana issued $1.1 billion of 0.62% Series mortgage bonds due November 2023. Also in November 2020, Entergy Louisiana drew $257 million from its funded storm reserves. In February 2021, two winter storms (collectively, Winter Storm Uri) brought freezing rain and ice to Louisiana. Ice accumulation sagged or downed trees, limbs and power lines, causing damage to Entergy Louisianaās transmission and distribution systems. The additional weight of ice caused trees and limbs to fall into power lines and other electric equipment. When the ice melted, it affected vegetation and electrical equipment, causing incremental outages. As discussed above in ā Fuel and purchased power recovery ,ā Entergy Louisiana is recovering the incremental fuel costs associated with Winter Storm Uri over a five-month period from April 2021 through August 2021. In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisianaās electric facilities damaged by the storms are currently estimated to be approximately $2.05 billion, including approximately $1.74 billion in capital costs and approximately $310 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana is seeking an LPSC determination that $2.10 billion was prudently incurred and, therefore, is eligible for recovery from customers. Additionally, Ente |
System Energy [Member] | |
Rate and Regulatory Matters | NOTE 2. 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 2021, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected a decrease from $0.01052 per kWh to $0.00959 per kWh. The redetermined rate calculation also included an adjustment to account for a portion of the increased fuel costs resulting from the February 2021 winter storms. The redetermined rate became effective with the first billing cycle in April 2021 through the normal operation of the tariff. Entergy Louisiana In February 2021, Entergy Louisiana incurred extraordinary fuel costs associated with the February 2021 winter storms. To mitigate the effect of these costs on customer bills, in March 2021 Entergy Louisiana requested and the LPSC approved the deferral and recovery of $166 million in incremental fuel costs over 5 months beginning in April 2021. The incremental fuel costs remain subject to review for reasonableness and eligibility for recovery through the fuel adjustment clause mechanism. At its April 2021 meeting, the LPSC authorized its staff to review the prudence of the February 2021 fuel costs incurred by all LPSC jurisdictional utilities. In March 2021 the LPSC staff provided notice of an audit of Entergy Louisianaās purchased gas adjustment clause filings covering the period January 2018 through December 2020. The audit includes a review of the reasonableness of charges flowed through Entergy Louisianaās purchased gas adjustment clause for that period. No audit report has been filed. Entergy Texas In February 2021, Entergy Texas filed an application to implement a fuel refund for a cumulative over-recovery of approximately $75 million that is primarily attributable to settlements received by Entergy Texas from MISO related to Hurricane Laura. Entergy Texas planned to issue the refund over the period of March through August 2021. On February 22, 2021, Entergy Texas filed a motion to abate its fuel refund proceeding to assess how the February 2021 winter storm impacted Entergy Texasās fuel over-recovery position. In March 2021, Entergy Texas withdrew its application to implement the fuel refund. Entergy Texas is continuing to evaluate its fuel balance and will file a subsequent refund or surcharge application consistent with the requirements of the PUCTās rules. 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) Retail Rates 2020 Formula Rate Plan Filing As discussed in the Form 10-K, in December 2020, Entergy Arkansas filed a petition for rehearing of the APSCās decision in the 2020 formula rate plan proceeding regarding the 2019 netting adjustment, and in January 2021 the APSC granted further consideration of Entergy Arkansasās petition. Based on the progress of the proceeding to date, in December 2020, Entergy Arkansas recorded a regulatory liability of $43.5 million to reflect the netting adjustment for 2019, as included in the APSCās December 2020 order, which would be returned to customers in 2021. Entergy Arkansas also requested an extension of the formula rate plan rider for a second five-year term. In March 2021 the Arkansas Governor signed HB1662 into law (Act 404). Act 404 clarified aspects of the original formula rate plan legislation enacted in 2015, including with respect to the extension of a formula rate plan, the methodology for the netting adjustment, and debt and equity levels; it also reaffirmed the customer protections of the original formula rate plan legislation, including the cap on annual formula rate plan rate changes. Pursuant to Act 404, Entergy Arkansasās formula rate plan rider is extended for a second five-year term. Entergy Arkansas filed a compliance tariff in its formula rate plan docket in April 2021 to effectuate the netting provisions of Act 404, which reflected a net change in required formula rate plan rider revenue of $39.8 million, effective with the first billing cycle of May 2021. In April 2021 the APSC issued an order approving the compliance tariff and recognizing the formula rate plan extension. Also in April 2021, Entergy Arkansas filed for approval of modifications to the formula rate plan tariff incorporating the provisions in Act 404, and the APSC approved the tariff modifications in April 2021. Given the APSC general staffās support for the expedited approval of these filings by the APSC, Entergy Arkansas supported an amendment to Act 404 to achieve a reduced return on equity from 9.75% to 9.65% to apply for years applicable to the extension term; that amendment was signed by the Arkansas Governor in April 2021 and is now Act 894. Based on the APSCās order issued in April 2021, in the first quarter 2021 Entergy Arkansas reversed the remaining regulatory liability for the netting adjustment for 2019. COVID-19 Orders See the Form 10-K for discussion of APSC orders issued in light of the COVID-19 pandemic. In March 2021 the APSC issued an order confirming the lifting of the moratorium on service disconnects effective in May 2021. As of March 31, 2021, Entergy Arkansas recorded a regulatory asset of $11.4 million for costs associated with the COVID-19 pandemic. Filings with the LPSC (Entergy Louisiana) Retail Rates - Electric 2017 Formula Rate Plan Filing As discussed in the Form 10-K, in May 2019, Entergy Louisiana filed an update to its 2017 formula rate plan evaluation report to include the estimated first-year revenue requirement of $109.5 million associated with the J. Wayne Leonard Power Station (formerly St. Charles Power Station). In February 2021, LPSC staff filed testimony that substantially all the costs to construct J. Wayne Leonard Power Station were prudently incurred and eligible for recovery from customers. LPSC s taff further recommended that the LPSC consider monitoring the remaining $3.1 million that was estimated to be incurred for completion of the project in the event the final costs exceed the estimated amounts. Settlement discussions are in progress . Request for Extension and Modification of Formula Rate Plan As discussed in the Form 10-K, in May 2020, Entergy Louisiana filed with the LPSC its application for authority to extend its formula rate plan. The parties reached a settlement in April 2021 regarding Entergy Louisianaās proposed FRP extension. Entergy Louisiana and the LPSC staff filed a joint motion asking the LPSC to consider and approve the uncontested settlement at the May 2021 LPSC meeting. Key terms of the settlement include: a three year term (test years 2020, 2021, and 2022) covering a rate-effective period of September 2021 through August 2024; a 9.50% return on equity, with a smaller, 50 basis point deadband above and below (9.0%-10.0%); elimination of sharing if earnings are outside the deadband; a $63 million rate increase for test year 2020 (exclusive of riders); continuation of existing riders (transmission, additional capacity, etc.); addition of a distribution recovery mechanism permitting $225 million per year of distribution investment above a baseline level to be recovered dollar for dollar; modification of the tax mechanism to allow timely rate changes in the event the federal corporate income tax rate is changed from 21%; a cumulative rate increase limit of $70 million (exclusive of riders) for test years 2021 and 2022; and deferral of up to $7 million per year in 2021 and 2022 of expenditures on vegetation management for outside of right of way hazard trees. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the LPSC issued an order authorizing utilities to record as a regulatory asset expenses incurred from the suspension of disconnections and collection of late fees imposed by LPSC orders associated with the COVID-19 pandemic. In addition, utilities may seek future recovery, subject to LPSC review and approval, of losses and expenses incurred due to compliance with the LPSCās COVID-19 orders. The suspension of late fees and disconnects for non-payment was extended until the first billing cycle after July 16, 2020. In January 2021, Entergy Louisiana resumed disconnections for customers in all customer classes with past-due balances that have not made payment arrangements. Utilities seeking to recover the regulatory asset must formally petition the LPSC to do so, identifying the direct and indirect costs for which recovery is sought. Any such request is subject to LPSC review and approval. As of March 31, 2021, Entergy Louisiana recorded a regulatory asset of $47.8 million for costs associated with the COVID-19 pandemic. Filings with the MPSC (Entergy Mississippi) 2021 Formula Rate Plan Filing In March 2021, Entergy Mississippi submitted its formula rate plan 2021 test year filing and 2020 look-back filing showing Entergy Mississippiās earned return for the historical 2020 calendar year to be below the formula rate plan bandwidth and projected earned return for the 2021 calendar year to be below the formula rate plan bandwidth. The 2020 test year filing shows a $95.4 million rate increase is necessary to reset Entergy Mississippiās earned return on common equity to the specified point of adjustment of 6.69% return on rate base, within the formula rate plan bandwidth. The change in formula rate plan revenues, however, is capped at 4% of retail revenues, which equates to a revenue change of $44.3 million. The 2021 evaluation report also includes $3.9 million in demand side management costs for which the MPSC approved realignment of recovery from the energy efficiency rider to the formula rate plan. These costs are not subject to the 4% cap and result in a total change in formula rate plan revenues of $48.2 million. The 2020 look-back filing compares actual 2020 results to the approved benchmark return on rate base and reflects the need for a $16.8 million interim increase in formula rate plan revenues. In addition, the 2020 look-back filing includes an interim capacity adjustment true-up for the Choctaw Generating Station, which increases the look-back interim rate adjustment by $1.7 million. T hese interim rate adjustments total $18.5 million. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $22.1 million interim rate increase, reflecting a cap equal to 2% of 2020 retail revenues, effective with the April 2021 billing cycle, subject to refund, pending a final MPSC order. The $3.9 million of demand side management costs and the Choctaw Generating Station true-up of $1.7 million, which are not subject to the 2% cap of 2020 retail revenues, were included in the April 2021 rate adjustments. A final order is expected in the second quarter 2021, with the resulting final rates, including amounts above the 2% cap of 2020 retail revenues, effective July 2021. COVID-19 Orders As discussed in the Form 10-K, in April 2020 the MPSC issued an order authorizing utilities to defer incremental costs and expenses associated with COVID-19 compliance and to seek future recovery through rates of the prudently incurred incremental costs and expenses. In December 2020, Entergy Mississippi resumed disconnections for commercial, industrial, and governmental customers with past-due balances that have not made payment arrangements. In January 2021, Entergy Mississippi resumed disconnecting service for residential customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Mississippi recorded a regulatory asset of $16.3 million for costs associated with the COVID-19 pandemic. Filings with the City Council (Entergy New Orleans) COVID-19 Orders As discussed in the Form 10-K, in June 2020 the City Council established the City Council Cares Program and directed Entergy New Orleans to use the approximately $7 million refund received from the Entergy Arkansas opportunity sales FERC proceeding, currently being held in escrow, and approximately $15 million of non-securitized storm reserves to fund this program, which was intended to provide temporary bill relief to customers who became unemployed during the COVID-19 pandemic. The program became effective July 1, 2020 and offered qualifying residential customers bill credits of $100 per month for up to four months, for a maximum of $400 in residential customer bill credits. As of March 31, 2021 the program expired and credits of $4.3 million have been applied to customer bills under the City Council Cares Program. Additionally, as discussed in the Form 10-K, in February 2021 the City Council adopted a resolution suspending residential customer disconnections for non-payment of utility bills and suspending the assessment and accumulation of late fees on residential customers with past-due balances through May 15, 2021. As of March 31, 2021, Entergy New Orleans recorded a regulatory asset of $14.8 million for costs associated with the COVID-19 pandemic. Filings with the PUCT and Texas Cities (Entergy Texas) Distribution Cost Recovery Factor (DCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $26.3 million annually, or $6.8 million in incremental annual revenues beyond Entergy Texasās currently effective DCRF rider based on its capital invested in distribution between January 1, 2020 and August 31, 2020. In February 2021 the administrative law judge with the State Office of Administrative Hearings approved Entergy Texasās agreed motion for interim rates, which went into effect in March 2021. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested DCRF revenue requirement and resolving all issues in the proceeding. This case has been remanded to the PUCT for consideration of a final order at a future open meeting. Transmission Cost Recovery Factor (TCRF) Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The proposed rider is designed to collect from Entergy Texasās retail customers approximately $51 million annually, or $31.6 million in incremental annual revenues beyond Entergy Texasās currently effective TCRF rider based on its capital invested in transmission between July 1, 2019 and August 31, 2020. A procedural schedule was established with a hearing scheduled in March 2021. In February 2021, Entergy Texas filed an agreed motion to abate the procedural schedule, noting that the parties had reached a settlement in principle, and the administrative law judge granted the motion to abate. In March 2021 the parties filed an unopposed settlement recommending that Entergy Texas be allowed to collect its full requested TCRF revenue requirement with interim rates effective March 2021 and resolving all issues in the proceeding. In March 2021 the administrative law judge granted the motion for interim rates, admitted evidence, and remanded this case to the PUCT for consideration of a final order at a future open meeting. COVID-19 Orders As discussed in the Form 10-K, in March 2020 the PUCT authorized electric utilities to record as a regulatory asset expenses resulting from the effects of the COVID-19 pandemic. In future proceedings the PUCT will consider whether each utility's request for recovery of these regulatory assets is reasonable and necessary, the appropriate period of recovery, and any amount of carrying costs thereon. In March 2020 the PUCT ordered a moratorium on disconnections for nonpayment for all customer classes, but, in April 2020, revised the disconnect moratorium to apply only to residential customers. The PUCT allowed the moratorium to expire on June 13, 2020, but on July 17, 2020, the PUCT re-established the disconnect moratorium for residential customers until August 31, 2020. In January 2021, Entergy Texas resumed disconnections for customers with past-due balances that have not made payment arrangements. As of March 31, 2021, Entergy Texas recorded a regulatory asset of $10.7 million for costs associated with the COVID-19 pandemic. Generation Cost Recovery Rider As discussed in the Form 10-K, in October 2020, Entergy Texas filed an application to establish a generation cost recovery rider with an initial annual revenue requirement of approximately $91 million to begin recovering a return of and on its capital investment in the Montgomery County Power Station through August 31, 2020. In December 2020, Entergy Texas filed an unopposed settlement supporting a generation cost recovery rider with an annual revenue requirement of approximately $86 million. On January 14, 2021, the PUCT approved the generation cost recovery rider settlement rates on an interim basis and abated the proceeding. In March 2021, Entergy Texas filed to update its generation cost recovery rider to include investment in Montgomery County Power Station after August 31, 2020. In April 2021 the ALJ issued an order unabating the proceeding to consider Entergy Texasās updated application and establishing a procedural schedule that will result in administrative approval of Entergy Texasās application in June 2021 if it is unopposed by parties to the proceeding. In December 2020, Entergy Texas also filed an application to amend its generation cost recovery rider to reflect its acquisition of the Hardin County Peaking Facility, which is expected to close in June 2021. The initial generation cost recovery rider rates proposed in the application represent no change from the generation cost recovery rider rates to be established in Entergy Texasās previous generation cost recovery rider proceeding. Once Entergy Texas has acquired the Hardin County Peaking Facility, its investment in the facility will be reflected in an updated filing to Entergy Texasās application, which will be made within 60 days of the acquisitionās closing. Entergy Arkansas Opportunity Sales Proceeding As discussed in the Form 10-K, in May 2019, Entergy Arkansas filed an application and supporting testimony with the APSC requesting approval of a special rider tariff to recover from its retail customers the costs of the opportunity sales payments made to the other Utility operating companies, and in July 2020 the APSC issued a decision finding that Entergy Arkansasās application is not in the public interest. In September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSCās order denying Entergy Arkansasās request to recover the costs of these payments. The court held a hearing in February 2021 regarding issues addressed in the pre-trial conference report, and the parties await further instructions from the court. Complaints Against System Energy Return on Equity and Capital Structure Complaints As discussed in the Form 10-K, in May 2020 the FERC issued an order on rehearing of Opinion No. 569 (Opinion No. 569-A). In June 2020 the procedural schedule in the System Energy proceeding was further revised in order to allow parties to address the Opinion No. 569-A methodology. The parties and FERC trial staff filed final rounds of testimony in August 2020. The hearing before a FERC ALJ occurred in late-September through early-October 2020, post-hearing briefing took place in November and December 2020. In March 2021 the FERC ALJ issued an initial decision. With regard to System Energyās authorized return on equity, the ALJ determined that the existing return on equity of 10.94% is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the Opinion No. 569-A methodology, should be 9.32%. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energyās capital structure, the ALJ determined that System Energyās actual equity ratio is excessive and that the just and reasonable equity ratio is 48.15% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the 48.15% equity ratio. If the ALJās initial decision is upheld, the estimated refund for this proceeding is approximately $59 million, which includes interest through March 31, 2021, and the estimated resulting annual rate reduction would be approximate ly $46 million. The estimated refund will continue to accrue interest until a final FERC decision is issued. Based on the course of the proceeding to date, System Energy has recorded a provision of $36 million, including interest, as of March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process , and an ALJās determinations made in an initial decision are not controlling on the FERC . In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decisionās findings on both the return on equity and capital structure issues. Also in April 2021, the LPSC, APSC, MPSC, City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions are due in May 2021. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energyās renewal of a sale-leaseback transaction originally entered into in December 1988 for an 11.5% undivided interest in Grand Gulf Unit 1. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision. Among other things, the ALJ determined that refunds were due on three main issues. First, with regard to the lease renewal payments, the ALJ determined that System Energy is recovering an unjust acquisition premium through the lease renewal payments, and that System Energyās recovery from customers through rates should be limited to the cost of service based on the remaining net book value of the leased assets, which is approximately $70 million. The ALJ found that the remedy for this issue should be the refund of lease payments (approximately $17.2 million per year since July 2015) with interest determined at the FERC quarterly interest rate, which would be offset by the addition of the net book value of the leased assets in the cost of service. The ALJ did not calculate a value for the refund expected as a result of this remedy. In addition, System Energy would no longer recover the lease payments in rates prospectively. Second, with regard to the liabilities associated with uncertain tax positions, the ALJ determined that the liabilities are accumulated deferred income taxes and that System Energyās rate base should have been reduced for those liabilities. If the ALJās initial decision is upheld, the estimated refund for this issue through March 31, 2021, is approximately $422 million, plus interest, which is approximately $115 million through March 31, 2021. The ALJ also found that System Energy should include liabilities associated with uncertain tax positions as a rate base reduction going forward. Third, with regard to the depreciation expense adjustments, the ALJ found that System Energy should correct for the error in re-billings retroactively and prospectively, but that System Energy should not be permitted to recover interest on any retroactive return on enhanced rate base resulting from such corrections. If the initial decision is affirmed on this issue, System Energy estimates refunds of approximately $19 million, which includes interest through March 31, 2021. The ALJ initial decision is an interim step in the FERC litigation process, and an ALJās determinations made in an initial decision are not controlling on the FERC. The ALJ in the initial decision acknowledges that these are issues of first impression before the FERC. The case is pending before the FERC, which will review the case and issue an order on the proceeding, and the FERC may accept, reject, or modify the ALJās initial decision in whole or in part. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision. Also as discussed in the Form 10-K, in November 2020 the IRS issued a Revenue Agentās Report (RAR) for the 2014/2015 tax year and in December 2020 Entergy executed it. The RAR contained an adjustment to System Energyās uncertain nuclear decommissioning tax position. As a result of the RAR, in December 2020, System Energy filed amendments to its new Federal Power Act section 205 filings to establish an ongoing rate base credit for the accumulated deferred income taxes resulting from the decommissioning uncertain tax position and to credit excess accumulated deferred income taxes arising from the successful portion of the decommissioning uncertain tax position. The amendments both propose the inclusion of the RAR as support for the filings. In December 2020 the LPSC, APSC, and City Council filed a protest in response to the amendments, reiterating their prior objections to the filings. In February 2021 the FERC issued an order accepting System Energyās Federal Power Act section 205 filings subject to refund, setting them for hearing, and holding the hearing in abeyance. In December 2020, System Energy filed a new Federal Power Act section 205 filing to provide a one-time, historical credit to customers of $25.2 million for the accumulated deferred income taxes that would have been created by the decommissioning uncertain tax position if the IRSās decision had been known in 2016. In January 2021 the LPSC, APSC, MPSC, and City Council filed a protest to the filing. In February 2021, the FERC issued an order accepting System Energyās Federal Power Act section 205 filing subject to refund, setting it for hearing, and holding the hearing in abeyance. The one-time credit was made during the first quarter 2021. LPSC Authorization of Additional Complaints As discussed in the Form 10-K, in May 2020 the LPSC authorized its staff to file additional complaints at FERC related to the rates charged by System Energy for Grand Gulf energy and capacity supplied to Entergy Louisiana under the Unit Power Sales Agreement, and the first of the additional complaints was filed by the LPSC, the APSC, the MPSC and the City Council in September 2020. The second of the additional complaints was filed at the FERC in March 2021 by the LPSC, the APSC, and the City Council against System Energy, Entergy Services, Entergy Operations, and Entergy Corporation. The second complaint contains two primary allegations. First, it alleges that, based on the plantās capacity factor and alleged safety performance, System Energy and the other respondents imprudently operated Grand Gulf during the period 2016-2020, and it seeks refunds of at least $360 million in alleged replacement energy costs, in addition to other costs, including those that can only be identified upon further investigation. Second, it alleges that the performance and/or management of the 2012 extended power uprate of Grand Gulf was imprudent, and it seeks refunds of all costs of the 2012 uprate that are determined to result from imprudent planning or management of the project. In addition to the requested refunds, the complaint asks that the FERC modify the Unit Power Sales Agreement to provide for full cost recovery only if certain performance indicators are met and to require pre-authorization of capital improvement projects in excess of $125 million before related costs may be passed through to customers in rates. In April 2021, System Energy and the other respondents filed their motion to dismiss and answer to the complaint. System Energy requested that the FERC dismiss the claims within the complaint. With respect to the claim concerning operations, System Energy argues that the complaint does not meet its legal burden because, among other reasons, it fails to allege any specific imprudent conduct. With respect to the claim concerning the uprate, System Energy argues that the complaint fails because, among other reasons, the complainantsā own conduct prevents them from raising a serious doubt as to the prudence of the uprate. System Energy also requests that the FERC dismiss other elements of the complaint, including the proposed modifications to the Unit Power Sales Agreement, because they are not warranted. Storm Cost Recovery Filings with Retail Regulators Entergy Louisiana Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri In August 2020 and October 2020, Hurricane Laura, Hurricane Delta, and Hurricane Zeta caused significant damage to portions of Entergy Louisianaās service area. The storms resulted in widespread outages, significant damage to distribution and transmission infrastructure, and the loss of sales during the outages. Additionally, as a result of Hurricane Lauraās extensive damage to the grid infrastructure serving the impacted area, large portions of the underlying transmission system required nearly a complete rebuild. In October 2020, Entergy Louisiana filed an application at the LPSC seeking approval of certain ratemaking adjustments to facilitate issuance of shorter-term bonds to provide interim financing for restoration costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta. Subsequently, Entergy Louisiana and the LPSC staff filed a joint motion seeking approval to exclude from the derivation of Entergy Louisianaās capital structure and cost rate of debt for ratemaking purposes, including the allowance for funds used during construction, shorter-term debt up to $1.1 billion issued by Entergy Louisiana to fund costs associated with Hurricane Laura, Hurricane Delta, and Hurricane Zeta costs on an interim basis. In November 2020 the LPSC issued an order approving the joint motion, and Entergy Louisiana issued $1.1 billion of 0.62% Series mortgage bonds due November 2023. Also in November 2020, Entergy Louisiana drew $257 million from its funded storm reserves. In February 2021, two winter storms (collectively, Winter Storm Uri) brought freezing rain and ice to Louisiana. Ice accumulation sagged or downed trees, limbs and power lines, causing damage to Entergy Louisianaās transmission and distribution systems. The additional weight of ice caused trees and limbs to fall into power lines and other electric equipment. When the ice melted, it affected vegetation and electrical equipment, causing incremental outages. As discussed above in ā Fuel and purchased power recovery ,ā Entergy Louisiana is recovering the incremental fuel costs associated with Winter Storm Uri over a five-month period from April 2021 through August 2021. In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisianaās electric facilities damaged by the storms are currently estimated to be approximately $2.05 billion, including approximately $1.74 billion in capital costs and approximately $310 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana is seeking an LPSC determination that $2.10 billion was prudently incurred and, therefore, is eligible for recovery from customers. Additionally, Ente |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity | EQUITY (Entergy Corporation and Entergy Louisiana) Common Stock Earnings per Share The following table presents Entergyās basic and diluted earnings per share calculations included on the consolidated income statements: For the Three Months Ended March 31, 2021 2020 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $334.6 200.5 $1.67 $118.7 199.8 $0.59 Average dilutive effect of: Stock options 0.4 (0.01) 0.7 ā Other equity plans 0.2 ā 0.4 ā Diluted earnings per share $334.6 201.1 $1.66 $118.7 200.9 $0.59 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 1.0 million for the three months ended March 31, 2021 and approximately 0.5 million for the three months ended March 31, 2020. Entergyās 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 $0.95 for the three months ended March 31, 2021 and $0.93 for the three months ended March 31, 2020. Treasury Stock During the three months ended March 31, 2021, Entergy Corporation issued 388,330 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, 2021. Retained Earnings On April 12, 2021, Entergy Corporationās Board of Directors declared a common stock dividend of $0.95 per share, payable on June 1, 2021, to holders of record as of May 6, 2021. 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, 2021 by component: Cash flow Pension Net Total (In Thousands) Beginning balance, January 1, 2021 $28,719 ($534,576) $56,650 ($449,207) Other comprehensive income (loss) before reclassifications 1,482 ā (45,301) (43,819) Amounts reclassified from accumulated other comprehensive income (loss) (31,062) 22,967 614 (7,481) Net other comprehensive income (loss) for the period (29,580) 22,967 (44,687) (51,300) Ending balance, March 31, 2021 ($861) ($511,609) $11,963 ($500,507) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2020 by component: Cash flow Pension Net Total (In Thousands) Beginning balance, January 1, 2020 $84,206 ($557,072) $25,946 ($446,920) Other comprehensive income (loss) before reclassifications 52,846 34,349 17,713 104,908 Amounts reclassified from accumulated other comprehensive income (loss) (74,556) 19,550 (1,969) (56,975) Net other comprehensive income (loss) for the period (21,710) 53,899 15,744 47,933 Ending balance, March 31, 2020 $62,496 ($503,173) $41,690 ($398,987) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2021 and 2020: Pension and Other 2021 2020 (In Thousands) Beginning balance, January 1, $4,327 $4,562 Other comprehensive income (loss) before reclassifications ā 10,050 Amounts reclassified from accumulated other comprehensive income (loss) (407) (583) Net other comprehensive income (loss) for the period (407) 9,467 Ending balance, March 31, $3,920 $14,029 Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2021 and 2020 were as follows: Amounts reclassified Income Statement Location 2021 2020 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $39,367 $94,423 Competitive business operating revenues Interest rate swaps (48) (48) Miscellaneous - net Total realized gain (loss) on cash flow hedges 39,319 94,375 Income taxes (8,257) (19,819) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $31,062 $74,556 Pension and other postretirement liabilities Amortization of prior-service credit $5,248 $3,719 (a) Amortization of loss (34,529) (27,318) (a) Total amortization (29,281) (23,599) Income taxes 6,314 4,049 Income taxes Total amortization (net of tax) ($22,967) ($19,550) Net unrealized investment gain (loss) Realized gain (loss) ($972) $3,116 Interest and investment income Income taxes 358 (1,147) Income taxes Total realized investment gain (loss) (net of tax) ($614) $1,969 Total reclassifications for the period (net of tax) $7,481 $56,975 (a) These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended March 31, 2021 and 2020 were as follows: Amounts reclassified Income Statement Location 2021 2020 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,230 $1,089 (a) Amortization of loss (679) (301) (a) Total amortization 551 788 Income taxes (144) (205) Income taxes Total amortization (net of tax) 407 583 Total reclassifications for the period (net of tax) $407 $583 (a) These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Entergy Louisiana [Member] | |
Equity | EQUITY (Entergy Corporation and Entergy Louisiana) Common Stock Earnings per Share The following table presents Entergyās basic and diluted earnings per share calculations included on the consolidated income statements: For the Three Months Ended March 31, 2021 2020 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $334.6 200.5 $1.67 $118.7 199.8 $0.59 Average dilutive effect of: Stock options 0.4 (0.01) 0.7 ā Other equity plans 0.2 ā 0.4 ā Diluted earnings per share $334.6 201.1 $1.66 $118.7 200.9 $0.59 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 1.0 million for the three months ended March 31, 2021 and approximately 0.5 million for the three months ended March 31, 2020. Entergyās 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 $0.95 for the three months ended March 31, 2021 and $0.93 for the three months ended March 31, 2020. Treasury Stock During the three months ended March 31, 2021, Entergy Corporation issued 388,330 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, 2021. Retained Earnings On April 12, 2021, Entergy Corporationās Board of Directors declared a common stock dividend of $0.95 per share, payable on June 1, 2021, to holders of record as of May 6, 2021. 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, 2021 by component: Cash flow Pension Net Total (In Thousands) Beginning balance, January 1, 2021 $28,719 ($534,576) $56,650 ($449,207) Other comprehensive income (loss) before reclassifications 1,482 ā (45,301) (43,819) Amounts reclassified from accumulated other comprehensive income (loss) (31,062) 22,967 614 (7,481) Net other comprehensive income (loss) for the period (29,580) 22,967 (44,687) (51,300) Ending balance, March 31, 2021 ($861) ($511,609) $11,963 ($500,507) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2020 by component: Cash flow Pension Net Total (In Thousands) Beginning balance, January 1, 2020 $84,206 ($557,072) $25,946 ($446,920) Other comprehensive income (loss) before reclassifications 52,846 34,349 17,713 104,908 Amounts reclassified from accumulated other comprehensive income (loss) (74,556) 19,550 (1,969) (56,975) Net other comprehensive income (loss) for the period (21,710) 53,899 15,744 47,933 Ending balance, March 31, 2020 $62,496 ($503,173) $41,690 ($398,987) The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2021 and 2020: Pension and Other 2021 2020 (In Thousands) Beginning balance, January 1, $4,327 $4,562 Other comprehensive income (loss) before reclassifications ā 10,050 Amounts reclassified from accumulated other comprehensive income (loss) (407) (583) Net other comprehensive income (loss) for the period (407) 9,467 Ending balance, March 31, $3,920 $14,029 Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2021 and 2020 were as follows: Amounts reclassified Income Statement Location 2021 2020 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $39,367 $94,423 Competitive business operating revenues Interest rate swaps (48) (48) Miscellaneous - net Total realized gain (loss) on cash flow hedges 39,319 94,375 Income taxes (8,257) (19,819) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $31,062 $74,556 Pension and other postretirement liabilities Amortization of prior-service credit $5,248 $3,719 (a) Amortization of loss (34,529) (27,318) (a) Total amortization (29,281) (23,599) Income taxes 6,314 4,049 Income taxes Total amortization (net of tax) ($22,967) ($19,550) Net unrealized investment gain (loss) Realized gain (loss) ($972) $3,116 Interest and investment income Income taxes 358 (1,147) Income taxes Total realized investment gain (loss) (net of tax) ($614) $1,969 Total reclassifications for the period (net of tax) $7,481 $56,975 (a) These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended March 31, 2021 and 2020 were as follows: Amounts reclassified Income Statement Location 2021 2020 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,230 $1,089 (a) Amortization of loss (679) (301) (a) Total amortization 551 788 Income taxes (144) (205) Income taxes Total amortization (net of tax) 407 583 Total reclassifications for the period (net of tax) $407 $583 (a) These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Revolving Credit Facilities, Li
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | NOTE 4. REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2021 was 1.63% 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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 Entergy Corporationās credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $2 billion. As of March 31, 2021, Entergy Corporation had approximately $1,028 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2021 was 0.34%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities primarily 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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy are effective through July 14, 2022. 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 subsidiariesā dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā 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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (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 0.125% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entitiesā credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Entergy Arkansas, Entergy Louisiana, and System Energy each have obtained financing authorizations from the FERC that extend through July 14, 2022 for issuances by its nuclear fuel company variable interest entities. Debt Issuances and Retirements (Entergy Corporation) In March 2021, Entergy Corporation issued $650 million of 1.90% Series senior notes due June 2028 and $650 million of 2.40% Series senior notes due June 2031. Entergy Corporation used the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes. (Entergy Arkansas) In March 2021, Entergy Arkansas issued $400 million of 3.35% Series mortgage bonds due June 2052. Entergy Arkansas expects to use, or has used, the proceeds, together with other funds, to finance in part the purchase of the Searcy Solar Facility, to repay a portion of the debt outstanding under its $150 million long-term revolving credit facility, to repay a portion of the debt outstanding under its $25 million short-term revolving credit facility, and for general corporate purposes. (Entergy Louisiana) In March 2021, Entergy Louisiana issued $500 million of 2.35% Series mortgage bonds due June 2032 and $500 million of 3.10% Series mortgage bonds due June 2041. Entergy Louisiana used the proceeds, together with other funds, to repay on or prior to maturity, its $200 million of 4.80% Series mortgage bonds due May 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and the winter storms of February 2021, and for general corporate purposes. In April 2021, Entergy Louisiana arranged for the issuance by the Louisiana Local Government Environmental Facilities and Community Development Authority of (i) $16.2 million of 2.00% pollution control revenue bonds Series 2021A due June 2030, and (ii) $182.480 million of 2.50% pollution control revenue bonds Series 2021B due April 2036, each of which is evidenced by a separate series of collateral trust mortgage bonds of Entergy Louisiana. A portion of the proceeds were applied in April 2021 to the refunding of $83.680 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. The remainder of the proceeds were held in trust as of April 1, 2021 and are expected to be applied in June 2021 to the refunding of $115 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. (Entergy Mississippi) In March 2021, Entergy Mississippi issued $200 million of 3.50% Series mortgage bonds due June 2051. Entergy Mississippi used the proceeds, together with other funds, to repay a portion of the debt outstanding under its three short-term revolving credit facilities with an aggregate commitment of $82.5 million and for general corporate purposes. (Entergy Texas) In May 2021, Entergy Texas redeemed $125 million of 2.55% Series mortgage bonds due June 2021. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Arkansas [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | NOTE 4. REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2021 was 1.63% 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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 Entergy Corporationās credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $2 billion. As of March 31, 2021, Entergy Corporation had approximately $1,028 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2021 was 0.34%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities primarily 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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy are effective through July 14, 2022. 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 subsidiariesā dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā 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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (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 0.125% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entitiesā credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Entergy Arkansas, Entergy Louisiana, and System Energy each have obtained financing authorizations from the FERC that extend through July 14, 2022 for issuances by its nuclear fuel company variable interest entities. Debt Issuances and Retirements (Entergy Corporation) In March 2021, Entergy Corporation issued $650 million of 1.90% Series senior notes due June 2028 and $650 million of 2.40% Series senior notes due June 2031. Entergy Corporation used the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes. (Entergy Arkansas) In March 2021, Entergy Arkansas issued $400 million of 3.35% Series mortgage bonds due June 2052. Entergy Arkansas expects to use, or has used, the proceeds, together with other funds, to finance in part the purchase of the Searcy Solar Facility, to repay a portion of the debt outstanding under its $150 million long-term revolving credit facility, to repay a portion of the debt outstanding under its $25 million short-term revolving credit facility, and for general corporate purposes. (Entergy Louisiana) In March 2021, Entergy Louisiana issued $500 million of 2.35% Series mortgage bonds due June 2032 and $500 million of 3.10% Series mortgage bonds due June 2041. Entergy Louisiana used the proceeds, together with other funds, to repay on or prior to maturity, its $200 million of 4.80% Series mortgage bonds due May 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and the winter storms of February 2021, and for general corporate purposes. In April 2021, Entergy Louisiana arranged for the issuance by the Louisiana Local Government Environmental Facilities and Community Development Authority of (i) $16.2 million of 2.00% pollution control revenue bonds Series 2021A due June 2030, and (ii) $182.480 million of 2.50% pollution control revenue bonds Series 2021B due April 2036, each of which is evidenced by a separate series of collateral trust mortgage bonds of Entergy Louisiana. A portion of the proceeds were applied in April 2021 to the refunding of $83.680 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. The remainder of the proceeds were held in trust as of April 1, 2021 and are expected to be applied in June 2021 to the refunding of $115 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. (Entergy Mississippi) In March 2021, Entergy Mississippi issued $200 million of 3.50% Series mortgage bonds due June 2051. Entergy Mississippi used the proceeds, together with other funds, to repay a portion of the debt outstanding under its three short-term revolving credit facilities with an aggregate commitment of $82.5 million and for general corporate purposes. (Entergy Texas) In May 2021, Entergy Texas redeemed $125 million of 2.55% Series mortgage bonds due June 2021. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Louisiana [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | NOTE 4. REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2021 was 1.63% 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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 Entergy Corporationās credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $2 billion. As of March 31, 2021, Entergy Corporation had approximately $1,028 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2021 was 0.34%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities primarily 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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy are effective through July 14, 2022. 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 subsidiariesā dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā 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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (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 0.125% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entitiesā credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Entergy Arkansas, Entergy Louisiana, and System Energy each have obtained financing authorizations from the FERC that extend through July 14, 2022 for issuances by its nuclear fuel company variable interest entities. Debt Issuances and Retirements (Entergy Corporation) In March 2021, Entergy Corporation issued $650 million of 1.90% Series senior notes due June 2028 and $650 million of 2.40% Series senior notes due June 2031. Entergy Corporation used the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes. (Entergy Arkansas) In March 2021, Entergy Arkansas issued $400 million of 3.35% Series mortgage bonds due June 2052. Entergy Arkansas expects to use, or has used, the proceeds, together with other funds, to finance in part the purchase of the Searcy Solar Facility, to repay a portion of the debt outstanding under its $150 million long-term revolving credit facility, to repay a portion of the debt outstanding under its $25 million short-term revolving credit facility, and for general corporate purposes. (Entergy Louisiana) In March 2021, Entergy Louisiana issued $500 million of 2.35% Series mortgage bonds due June 2032 and $500 million of 3.10% Series mortgage bonds due June 2041. Entergy Louisiana used the proceeds, together with other funds, to repay on or prior to maturity, its $200 million of 4.80% Series mortgage bonds due May 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and the winter storms of February 2021, and for general corporate purposes. In April 2021, Entergy Louisiana arranged for the issuance by the Louisiana Local Government Environmental Facilities and Community Development Authority of (i) $16.2 million of 2.00% pollution control revenue bonds Series 2021A due June 2030, and (ii) $182.480 million of 2.50% pollution control revenue bonds Series 2021B due April 2036, each of which is evidenced by a separate series of collateral trust mortgage bonds of Entergy Louisiana. A portion of the proceeds were applied in April 2021 to the refunding of $83.680 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. The remainder of the proceeds were held in trust as of April 1, 2021 and are expected to be applied in June 2021 to the refunding of $115 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. (Entergy Mississippi) In March 2021, Entergy Mississippi issued $200 million of 3.50% Series mortgage bonds due June 2051. Entergy Mississippi used the proceeds, together with other funds, to repay a portion of the debt outstanding under its three short-term revolving credit facilities with an aggregate commitment of $82.5 million and for general corporate purposes. (Entergy Texas) In May 2021, Entergy Texas redeemed $125 million of 2.55% Series mortgage bonds due June 2021. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Mississippi [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | NOTE 4. REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2021 was 1.63% 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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 Entergy Corporationās credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $2 billion. As of March 31, 2021, Entergy Corporation had approximately $1,028 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2021 was 0.34%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities primarily 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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy are effective through July 14, 2022. 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 subsidiariesā dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā 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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (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 0.125% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entitiesā credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Entergy Arkansas, Entergy Louisiana, and System Energy each have obtained financing authorizations from the FERC that extend through July 14, 2022 for issuances by its nuclear fuel company variable interest entities. Debt Issuances and Retirements (Entergy Corporation) In March 2021, Entergy Corporation issued $650 million of 1.90% Series senior notes due June 2028 and $650 million of 2.40% Series senior notes due June 2031. Entergy Corporation used the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes. (Entergy Arkansas) In March 2021, Entergy Arkansas issued $400 million of 3.35% Series mortgage bonds due June 2052. Entergy Arkansas expects to use, or has used, the proceeds, together with other funds, to finance in part the purchase of the Searcy Solar Facility, to repay a portion of the debt outstanding under its $150 million long-term revolving credit facility, to repay a portion of the debt outstanding under its $25 million short-term revolving credit facility, and for general corporate purposes. (Entergy Louisiana) In March 2021, Entergy Louisiana issued $500 million of 2.35% Series mortgage bonds due June 2032 and $500 million of 3.10% Series mortgage bonds due June 2041. Entergy Louisiana used the proceeds, together with other funds, to repay on or prior to maturity, its $200 million of 4.80% Series mortgage bonds due May 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and the winter storms of February 2021, and for general corporate purposes. In April 2021, Entergy Louisiana arranged for the issuance by the Louisiana Local Government Environmental Facilities and Community Development Authority of (i) $16.2 million of 2.00% pollution control revenue bonds Series 2021A due June 2030, and (ii) $182.480 million of 2.50% pollution control revenue bonds Series 2021B due April 2036, each of which is evidenced by a separate series of collateral trust mortgage bonds of Entergy Louisiana. A portion of the proceeds were applied in April 2021 to the refunding of $83.680 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. The remainder of the proceeds were held in trust as of April 1, 2021 and are expected to be applied in June 2021 to the refunding of $115 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. (Entergy Mississippi) In March 2021, Entergy Mississippi issued $200 million of 3.50% Series mortgage bonds due June 2051. Entergy Mississippi used the proceeds, together with other funds, to repay a portion of the debt outstanding under its three short-term revolving credit facilities with an aggregate commitment of $82.5 million and for general corporate purposes. (Entergy Texas) In May 2021, Entergy Texas redeemed $125 million of 2.55% Series mortgage bonds due June 2021. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy New Orleans [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | NOTE 4. REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2021 was 1.63% 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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 Entergy Corporationās credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $2 billion. As of March 31, 2021, Entergy Corporation had approximately $1,028 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2021 was 0.34%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities primarily 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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy are effective through July 14, 2022. 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 subsidiariesā dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā 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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (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 0.125% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entitiesā credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Entergy Arkansas, Entergy Louisiana, and System Energy each have obtained financing authorizations from the FERC that extend through July 14, 2022 for issuances by its nuclear fuel company variable interest entities. Debt Issuances and Retirements (Entergy Corporation) In March 2021, Entergy Corporation issued $650 million of 1.90% Series senior notes due June 2028 and $650 million of 2.40% Series senior notes due June 2031. Entergy Corporation used the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes. (Entergy Arkansas) In March 2021, Entergy Arkansas issued $400 million of 3.35% Series mortgage bonds due June 2052. Entergy Arkansas expects to use, or has used, the proceeds, together with other funds, to finance in part the purchase of the Searcy Solar Facility, to repay a portion of the debt outstanding under its $150 million long-term revolving credit facility, to repay a portion of the debt outstanding under its $25 million short-term revolving credit facility, and for general corporate purposes. (Entergy Louisiana) In March 2021, Entergy Louisiana issued $500 million of 2.35% Series mortgage bonds due June 2032 and $500 million of 3.10% Series mortgage bonds due June 2041. Entergy Louisiana used the proceeds, together with other funds, to repay on or prior to maturity, its $200 million of 4.80% Series mortgage bonds due May 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and the winter storms of February 2021, and for general corporate purposes. In April 2021, Entergy Louisiana arranged for the issuance by the Louisiana Local Government Environmental Facilities and Community Development Authority of (i) $16.2 million of 2.00% pollution control revenue bonds Series 2021A due June 2030, and (ii) $182.480 million of 2.50% pollution control revenue bonds Series 2021B due April 2036, each of which is evidenced by a separate series of collateral trust mortgage bonds of Entergy Louisiana. A portion of the proceeds were applied in April 2021 to the refunding of $83.680 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. The remainder of the proceeds were held in trust as of April 1, 2021 and are expected to be applied in June 2021 to the refunding of $115 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. (Entergy Mississippi) In March 2021, Entergy Mississippi issued $200 million of 3.50% Series mortgage bonds due June 2051. Entergy Mississippi used the proceeds, together with other funds, to repay a portion of the debt outstanding under its three short-term revolving credit facilities with an aggregate commitment of $82.5 million and for general corporate purposes. (Entergy Texas) In May 2021, Entergy Texas redeemed $125 million of 2.55% Series mortgage bonds due June 2021. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Texas [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | NOTE 4. REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2021 was 1.63% 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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 Entergy Corporationās credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $2 billion. As of March 31, 2021, Entergy Corporation had approximately $1,028 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2021 was 0.34%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities primarily 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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy are effective through July 14, 2022. 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 subsidiariesā dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā 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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (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 0.125% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entitiesā credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Entergy Arkansas, Entergy Louisiana, and System Energy each have obtained financing authorizations from the FERC that extend through July 14, 2022 for issuances by its nuclear fuel company variable interest entities. Debt Issuances and Retirements (Entergy Corporation) In March 2021, Entergy Corporation issued $650 million of 1.90% Series senior notes due June 2028 and $650 million of 2.40% Series senior notes due June 2031. Entergy Corporation used the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes. (Entergy Arkansas) In March 2021, Entergy Arkansas issued $400 million of 3.35% Series mortgage bonds due June 2052. Entergy Arkansas expects to use, or has used, the proceeds, together with other funds, to finance in part the purchase of the Searcy Solar Facility, to repay a portion of the debt outstanding under its $150 million long-term revolving credit facility, to repay a portion of the debt outstanding under its $25 million short-term revolving credit facility, and for general corporate purposes. (Entergy Louisiana) In March 2021, Entergy Louisiana issued $500 million of 2.35% Series mortgage bonds due June 2032 and $500 million of 3.10% Series mortgage bonds due June 2041. Entergy Louisiana used the proceeds, together with other funds, to repay on or prior to maturity, its $200 million of 4.80% Series mortgage bonds due May 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and the winter storms of February 2021, and for general corporate purposes. In April 2021, Entergy Louisiana arranged for the issuance by the Louisiana Local Government Environmental Facilities and Community Development Authority of (i) $16.2 million of 2.00% pollution control revenue bonds Series 2021A due June 2030, and (ii) $182.480 million of 2.50% pollution control revenue bonds Series 2021B due April 2036, each of which is evidenced by a separate series of collateral trust mortgage bonds of Entergy Louisiana. A portion of the proceeds were applied in April 2021 to the refunding of $83.680 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. The remainder of the proceeds were held in trust as of April 1, 2021 and are expected to be applied in June 2021 to the refunding of $115 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. (Entergy Mississippi) In March 2021, Entergy Mississippi issued $200 million of 3.50% Series mortgage bonds due June 2051. Entergy Mississippi used the proceeds, together with other funds, to repay a portion of the debt outstanding under its three short-term revolving credit facilities with an aggregate commitment of $82.5 million and for general corporate purposes. (Entergy Texas) In May 2021, Entergy Texas redeemed $125 million of 2.55% Series mortgage bonds due June 2021. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
System Energy [Member] | |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | NOTE 4. REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in September 2024. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the three months ended March 31, 2021 was 1.63% 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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 Entergy Corporationās credit facility requires Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $2 billion. As of March 31, 2021, Entergy Corporation had approximately $1,028 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2021 was 0.34%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. The commitment fees on the credit facilities range from 0.075% to 0.225% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into one or more uncommitted standby letter of credit facilities primarily 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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy are effective through July 14, 2022. 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 subsidiariesā dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā 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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (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 0.125% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 million In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entitiesā credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Entergy Arkansas, Entergy Louisiana, and System Energy each have obtained financing authorizations from the FERC that extend through July 14, 2022 for issuances by its nuclear fuel company variable interest entities. Debt Issuances and Retirements (Entergy Corporation) In March 2021, Entergy Corporation issued $650 million of 1.90% Series senior notes due June 2028 and $650 million of 2.40% Series senior notes due June 2031. Entergy Corporation used the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes. (Entergy Arkansas) In March 2021, Entergy Arkansas issued $400 million of 3.35% Series mortgage bonds due June 2052. Entergy Arkansas expects to use, or has used, the proceeds, together with other funds, to finance in part the purchase of the Searcy Solar Facility, to repay a portion of the debt outstanding under its $150 million long-term revolving credit facility, to repay a portion of the debt outstanding under its $25 million short-term revolving credit facility, and for general corporate purposes. (Entergy Louisiana) In March 2021, Entergy Louisiana issued $500 million of 2.35% Series mortgage bonds due June 2032 and $500 million of 3.10% Series mortgage bonds due June 2041. Entergy Louisiana used the proceeds, together with other funds, to repay on or prior to maturity, its $200 million of 4.80% Series mortgage bonds due May 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and the winter storms of February 2021, and for general corporate purposes. In April 2021, Entergy Louisiana arranged for the issuance by the Louisiana Local Government Environmental Facilities and Community Development Authority of (i) $16.2 million of 2.00% pollution control revenue bonds Series 2021A due June 2030, and (ii) $182.480 million of 2.50% pollution control revenue bonds Series 2021B due April 2036, each of which is evidenced by a separate series of collateral trust mortgage bonds of Entergy Louisiana. A portion of the proceeds were applied in April 2021 to the refunding of $83.680 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. The remainder of the proceeds were held in trust as of April 1, 2021 and are expected to be applied in June 2021 to the refunding of $115 million of outstanding pollution control revenue bonds previously issued on behalf of Entergy Louisiana. (Entergy Mississippi) In March 2021, Entergy Mississippi issued $200 million of 3.50% Series mortgage bonds due June 2051. Entergy Mississippi used the proceeds, together with other funds, to repay a portion of the debt outstanding under its three short-term revolving credit facilities with an aggregate commitment of $82.5 million and for general corporate purposes. (Entergy Texas) In May 2021, Entergy Texas redeemed $125 million of 2.55% Series mortgage bonds due June 2021. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Entergy Corporation [Member] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION (Entergy Corporation) Entergy grants stock and stock-based awards, which are described more fully in Note 12 to the financial statements in the Form 10-K. Awards under Entergyās plans generally vest over three years. Stock Options Entergy granted options on 508,704 shares of its common stock under the 2019 Omnibus Incentive Plan during the first quarter 2021 with a fair value of $12.27 per option. As of March 31, 2021, there were options on 2,890,582 shares of common stock outstanding with a weighted-average exercise price of $90.75. 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 Corporationās common stock price as of March 31, 2021. The aggregate intrinsic value of the stock options outstanding as of March 31, 2021 was $41.6 million. The following table includes financial information for outstanding stock options for the three months ended March 31, 2021 and 2020: 2021 2020 (In Millions) Compensation expense included in Entergyās net income $1.0 $1.0 Tax benefit recognized in Entergyās net income $0.3 $0.3 Compensation cost capitalized as part of fixed assets and materials and supplies $0.4 $0.4 Other Equity Awards In January 2021 the Board approved and Entergy granted 392,382 restricted stock awards and 203,983 long-term incentive awards under the 2019 Omnibus Incentive Plan. The restricted stock awards were made effective on January 28, 2021 and were valued at $95.87 per share, which was the closing price of Entergyās common stock on that date. Shares of restricted stock have the same dividend and voting rights as other common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the three-year vesting period. One-third of the restricted stock awards and accrued dividends will vest upon each anniversary of the grant date. In addition, long-term incentive awards were also granted in the form of performance units that represent the value of, and are settled with, one share of Entergy Corporation common stock at the end of the three-year performance period, plus dividends accrued during the performance period on the number of performance units earned. To emphasize the importance of strong cash generation for the long-term health of its business, Entergy Corporation is replacing the cumulative adjusted earnings per share metric with a credit measure ā adjusted funds from operations/debt ratio for the 2021-2023 performance period. Performance will be measured based eighty percent on relative total shareholder return and twenty percent on the credit measure. The performance units were granted on January 28, 2021 and eighty percent were valued at $110.74 per share based on various factors, primarily market conditions; and twenty percent were valued at $95.87 per share, the closing price of Entergyās 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, 2021 and 2020: 2021 2020 (In Millions) Compensation expense included in Entergyās net income $10.8 $9.4 Tax benefit recognized in Entergyās net income $2.7 $2.4 Compensation cost capitalized as part of fixed assets and materials and supplies $4.0 $3.4 |
Retirement And Other Postretire
Retirement And Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
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 Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 Non-Qualified Net Pension Cost Entergy recognized $4.6 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2021 and 2020, respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 Components of Net Other Postretirement Benefit Cost (Income) Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) 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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, āCompensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), are eligible to participate in a new Entergy-sponsored retiree health plan, and are no longer eligible for retiree coverage under the Entergy Corporation Companiesā Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants are eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change were reflected in the March 31, 2020 other postretirement obligation. Employer Contributions Based on current assumptions, Entergy expects to contribute $356 million to its qualified pension plans in 2021. As of March 31, 2021, Entergy had contributed $152.2 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
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 Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 Non-Qualified Net Pension Cost Entergy recognized $4.6 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2021 and 2020, respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 Components of Net Other Postretirement Benefit Cost (Income) Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) 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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, āCompensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), are eligible to participate in a new Entergy-sponsored retiree health plan, and are no longer eligible for retiree coverage under the Entergy Corporation Companiesā Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants are eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change were reflected in the March 31, 2020 other postretirement obligation. Employer Contributions Based on current assumptions, Entergy expects to contribute $356 million to its qualified pension plans in 2021. As of March 31, 2021, Entergy had contributed $152.2 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
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 Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 Non-Qualified Net Pension Cost Entergy recognized $4.6 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2021 and 2020, respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 Components of Net Other Postretirement Benefit Cost (Income) Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) 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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, āCompensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), are eligible to participate in a new Entergy-sponsored retiree health plan, and are no longer eligible for retiree coverage under the Entergy Corporation Companiesā Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants are eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change were reflected in the March 31, 2020 other postretirement obligation. Employer Contributions Based on current assumptions, Entergy expects to contribute $356 million to its qualified pension plans in 2021. As of March 31, 2021, Entergy had contributed $152.2 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
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 Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 Non-Qualified Net Pension Cost Entergy recognized $4.6 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2021 and 2020, respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 Components of Net Other Postretirement Benefit Cost (Income) Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) 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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, āCompensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), are eligible to participate in a new Entergy-sponsored retiree health plan, and are no longer eligible for retiree coverage under the Entergy Corporation Companiesā Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants are eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change were reflected in the March 31, 2020 other postretirement obligation. Employer Contributions Based on current assumptions, Entergy expects to contribute $356 million to its qualified pension plans in 2021. As of March 31, 2021, Entergy had contributed $152.2 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
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 Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 Non-Qualified Net Pension Cost Entergy recognized $4.6 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2021 and 2020, respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 Components of Net Other Postretirement Benefit Cost (Income) Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) 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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, āCompensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), are eligible to participate in a new Entergy-sponsored retiree health plan, and are no longer eligible for retiree coverage under the Entergy Corporation Companiesā Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants are eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change were reflected in the March 31, 2020 other postretirement obligation. Employer Contributions Based on current assumptions, Entergy expects to contribute $356 million to its qualified pension plans in 2021. As of March 31, 2021, Entergy had contributed $152.2 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
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 Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 Non-Qualified Net Pension Cost Entergy recognized $4.6 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2021 and 2020, respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 Components of Net Other Postretirement Benefit Cost (Income) Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) 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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, āCompensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), are eligible to participate in a new Entergy-sponsored retiree health plan, and are no longer eligible for retiree coverage under the Entergy Corporation Companiesā Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants are eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change were reflected in the March 31, 2020 other postretirement obligation. Employer Contributions Based on current assumptions, Entergy expects to contribute $356 million to its qualified pension plans in 2021. As of March 31, 2021, Entergy had contributed $152.2 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
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 Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 Non-Qualified Net Pension Cost Entergy recognized $4.6 million and $4.5 million in pension cost for its non-qualified pension plans in the first quarters of 2021 and 2020, respectively. The Registrant Subsidiaries recognized the following pension cost for their employees for their non-qualified pension plans for the first quarters of 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 Components of Net Other Postretirement Benefit Cost (Income) Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) 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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 Accounting for Pension and Other Postretirement Benefits In accordance with ASU No. 2017-07, āCompensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income. Other Postretirement Benefits In March 2020, Entergy announced changes to its other postretirement benefits. Effective January 1, 2021, certain retired, former non-bargaining employees age 65 and older who are eligible for Entergy-sponsored retiree welfare benefits, and their eligible spouses who are age 65 and older (collectively, Medicare-eligible participants), are eligible to participate in a new Entergy-sponsored retiree health plan, and are no longer eligible for retiree coverage under the Entergy Corporation Companiesā Benefits Plus Medical, Dental and Vision Plans. Under the new Entergy retiree health plan, Medicare-eligible participants are eligible to participate in a health reimbursement arrangement which they may use towards the purchase of various types of qualified insurance offered through a Medicare exchange provider and for other qualified medical expenses. In accordance with accounting standards, the effects of this change were reflected in the March 31, 2020 other postretirement obligation. Employer Contributions Based on current assumptions, Entergy expects to contribute $356 million to its qualified pension plans in 2021. As of March 31, 2021, Entergy had contributed $152.2 million to its pension plans. Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergyās reportable segments as of March 31, 2021 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. āAll Otherā includes the parent company, Entergy Corporation, and other business activity. Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 In addition, Entergy Wholesale Commodities incurred $3 million in the first quarter 2021 and $5 million in the first quarter 2020 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 managementās strategy to exit the merchant power business of approximately $40 million in 2021, of which $13 million has been incurred as of March 31, 2021, and a total of approximately $15 million in 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 Subsidiariesā 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) Entergyās reportable segments as of March 31, 2021 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. āAll Otherā includes the parent company, Entergy Corporation, and other business activity. Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 In addition, Entergy Wholesale Commodities incurred $3 million in the first quarter 2021 and $5 million in the first quarter 2020 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 managementās strategy to exit the merchant power business of approximately $40 million in 2021, of which $13 million has been incurred as of March 31, 2021, and a total of approximately $15 million in 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 Subsidiariesā 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) Entergyās reportable segments as of March 31, 2021 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. āAll Otherā includes the parent company, Entergy Corporation, and other business activity. Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 In addition, Entergy Wholesale Commodities incurred $3 million in the first quarter 2021 and $5 million in the first quarter 2020 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 managementās strategy to exit the merchant power business of approximately $40 million in 2021, of which $13 million has been incurred as of March 31, 2021, and a total of approximately $15 million in 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 Subsidiariesā 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) Entergyās reportable segments as of March 31, 2021 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. āAll Otherā includes the parent company, Entergy Corporation, and other business activity. Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 In addition, Entergy Wholesale Commodities incurred $3 million in the first quarter 2021 and $5 million in the first quarter 2020 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 managementās strategy to exit the merchant power business of approximately $40 million in 2021, of which $13 million has been incurred as of March 31, 2021, and a total of approximately $15 million in 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 Subsidiariesā 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) Entergyās reportable segments as of March 31, 2021 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. āAll Otherā includes the parent company, Entergy Corporation, and other business activity. Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 In addition, Entergy Wholesale Commodities incurred $3 million in the first quarter 2021 and $5 million in the first quarter 2020 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 managementās strategy to exit the merchant power business of approximately $40 million in 2021, of which $13 million has been incurred as of March 31, 2021, and a total of approximately $15 million in 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 Subsidiariesā 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) Entergyās reportable segments as of March 31, 2021 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. āAll Otherā includes the parent company, Entergy Corporation, and other business activity. Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 In addition, Entergy Wholesale Commodities incurred $3 million in the first quarter 2021 and $5 million in the first quarter 2020 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 managementās strategy to exit the merchant power business of approximately $40 million in 2021, of which $13 million has been incurred as of March 31, 2021, and a total of approximately $15 million in 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 Subsidiariesā 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) Entergyās reportable segments as of March 31, 2021 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. āAll Otherā includes the parent company, Entergy Corporation, and other business activity. Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management has undertaken a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which includes taking actions to shut down and sell all of the remaining plants in the merchant nuclear fleet. These decisions and transactions resulted in asset impairments; employee retention and severance expenses and other benefits-related costs; and contracted economic development contributions. Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 In addition, Entergy Wholesale Commodities incurred $3 million in the first quarter 2021 and $5 million in the first quarter 2020 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 managementās strategy to exit the merchant power business of approximately $40 million in 2021, of which $13 million has been incurred as of March 31, 2021, and a total of approximately $15 million in 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 Subsidiariesā 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, 2021 | |
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 Commoditiesā core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities may also use a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergyās 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 optionās 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. Entergyās 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 Entergyās 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. Entergy Wholesale Commodities is hedging the variability in future cash flows with derivatives for forecasted power transactions through April 30, 2021. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2021, of which approximately 12% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2021 is 5.8 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 Entergyās 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, 2021, a derivative contract with one counterparty is in a liability position (approximately $1 million total). In addition to the corporate guarantee, $6 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $7 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2020, there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $5 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $39 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2021 was 3 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2021 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2021 was 41,296,000 MMBtu for Entergy, including 21,920,000 MMBtu for Entergy Louisiana and 19,376,000 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 2020, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2020 through May 31, 2021. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergyās 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, 2021 was 23,009 GWh for Entergy, including 5,765 GWh for Entergy Arkansas, 10,716 GWh for Entergy Louisiana, 2,576 GWh for Entergy Mississippi, 1,055 GWh for Entergy New Orleans, and 2,820 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, 2021 and December 31, 2020. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans as of March 31, 2021 and for Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2020. The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $6 million posted as of March 31, 2021 and $5 million posted as of December 31, 2020. Also excludes letters of credit in the amount of $1 million posted and $7 million held as of March 31, 2021 and $1 million posted and $39 million held as of December 31, 2020. The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively Based on market prices as of March 31, 2021, unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $0.3 million, which are 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 Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 Entergyās 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: ā¢ 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. ā¢ 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: ā quoted prices for similar assets or liabilities in active markets; ā quoted prices for identical assets or liabilities in inactive markets; ā inputs other than quoted prices that are observable for the asset or liability; or ā 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. ā¢ 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 managementās best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commoditiesā commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterpartiesā credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third-party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commoditiesā portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergyās Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas he |
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 Commoditiesā core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities may also use a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergyās 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 optionās 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. Entergyās 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 Entergyās 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. Entergy Wholesale Commodities is hedging the variability in future cash flows with derivatives for forecasted power transactions through April 30, 2021. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2021, of which approximately 12% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2021 is 5.8 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 Entergyās 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, 2021, a derivative contract with one counterparty is in a liability position (approximately $1 million total). In addition to the corporate guarantee, $6 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $7 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2020, there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $5 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $39 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2021 was 3 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2021 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2021 was 41,296,000 MMBtu for Entergy, including 21,920,000 MMBtu for Entergy Louisiana and 19,376,000 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 2020, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2020 through May 31, 2021. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergyās 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, 2021 was 23,009 GWh for Entergy, including 5,765 GWh for Entergy Arkansas, 10,716 GWh for Entergy Louisiana, 2,576 GWh for Entergy Mississippi, 1,055 GWh for Entergy New Orleans, and 2,820 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, 2021 and December 31, 2020. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans as of March 31, 2021 and for Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2020. The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $6 million posted as of March 31, 2021 and $5 million posted as of December 31, 2020. Also excludes letters of credit in the amount of $1 million posted and $7 million held as of March 31, 2021 and $1 million posted and $39 million held as of December 31, 2020. The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively Based on market prices as of March 31, 2021, unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $0.3 million, which are 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 Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 Entergyās 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: ā¢ 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. ā¢ 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: ā quoted prices for similar assets or liabilities in active markets; ā quoted prices for identical assets or liabilities in inactive markets; ā inputs other than quoted prices that are observable for the asset or liability; or ā 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. ā¢ 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 managementās best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commoditiesā commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterpartiesā credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third-party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commoditiesā portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergyās Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas he |
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 Commoditiesā core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities may also use a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergyās 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 optionās 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. Entergyās 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 Entergyās 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. Entergy Wholesale Commodities is hedging the variability in future cash flows with derivatives for forecasted power transactions through April 30, 2021. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2021, of which approximately 12% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2021 is 5.8 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 Entergyās 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, 2021, a derivative contract with one counterparty is in a liability position (approximately $1 million total). In addition to the corporate guarantee, $6 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $7 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2020, there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $5 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $39 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2021 was 3 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2021 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2021 was 41,296,000 MMBtu for Entergy, including 21,920,000 MMBtu for Entergy Louisiana and 19,376,000 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 2020, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2020 through May 31, 2021. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergyās 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, 2021 was 23,009 GWh for Entergy, including 5,765 GWh for Entergy Arkansas, 10,716 GWh for Entergy Louisiana, 2,576 GWh for Entergy Mississippi, 1,055 GWh for Entergy New Orleans, and 2,820 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, 2021 and December 31, 2020. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans as of March 31, 2021 and for Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2020. The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $6 million posted as of March 31, 2021 and $5 million posted as of December 31, 2020. Also excludes letters of credit in the amount of $1 million posted and $7 million held as of March 31, 2021 and $1 million posted and $39 million held as of December 31, 2020. The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively Based on market prices as of March 31, 2021, unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $0.3 million, which are 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 Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 Entergyās 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: ā¢ 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. ā¢ 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: ā quoted prices for similar assets or liabilities in active markets; ā quoted prices for identical assets or liabilities in inactive markets; ā inputs other than quoted prices that are observable for the asset or liability; or ā 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. ā¢ 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 managementās best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commoditiesā commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterpartiesā credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third-party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commoditiesā portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergyās Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas he |
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 Commoditiesā core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities may also use a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergyās 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 optionās 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. Entergyās 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 Entergyās 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. Entergy Wholesale Commodities is hedging the variability in future cash flows with derivatives for forecasted power transactions through April 30, 2021. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2021, of which approximately 12% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2021 is 5.8 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 Entergyās 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, 2021, a derivative contract with one counterparty is in a liability position (approximately $1 million total). In addition to the corporate guarantee, $6 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $7 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2020, there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $5 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $39 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2021 was 3 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2021 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2021 was 41,296,000 MMBtu for Entergy, including 21,920,000 MMBtu for Entergy Louisiana and 19,376,000 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 2020, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2020 through May 31, 2021. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergyās 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, 2021 was 23,009 GWh for Entergy, including 5,765 GWh for Entergy Arkansas, 10,716 GWh for Entergy Louisiana, 2,576 GWh for Entergy Mississippi, 1,055 GWh for Entergy New Orleans, and 2,820 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, 2021 and December 31, 2020. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans as of March 31, 2021 and for Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2020. The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $6 million posted as of March 31, 2021 and $5 million posted as of December 31, 2020. Also excludes letters of credit in the amount of $1 million posted and $7 million held as of March 31, 2021 and $1 million posted and $39 million held as of December 31, 2020. The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively Based on market prices as of March 31, 2021, unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $0.3 million, which are 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 Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 Entergyās 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: ā¢ 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. ā¢ 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: ā quoted prices for similar assets or liabilities in active markets; ā quoted prices for identical assets or liabilities in inactive markets; ā inputs other than quoted prices that are observable for the asset or liability; or ā 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. ā¢ 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 managementās best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commoditiesā commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterpartiesā credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third-party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commoditiesā portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergyās Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas he |
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 Commoditiesā core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities may also use a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergyās 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 optionās 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. Entergyās 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 Entergyās 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. Entergy Wholesale Commodities is hedging the variability in future cash flows with derivatives for forecasted power transactions through April 30, 2021. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2021, of which approximately 12% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2021 is 5.8 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 Entergyās 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, 2021, a derivative contract with one counterparty is in a liability position (approximately $1 million total). In addition to the corporate guarantee, $6 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $7 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2020, there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $5 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $39 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2021 was 3 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2021 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2021 was 41,296,000 MMBtu for Entergy, including 21,920,000 MMBtu for Entergy Louisiana and 19,376,000 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 2020, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2020 through May 31, 2021. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergyās 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, 2021 was 23,009 GWh for Entergy, including 5,765 GWh for Entergy Arkansas, 10,716 GWh for Entergy Louisiana, 2,576 GWh for Entergy Mississippi, 1,055 GWh for Entergy New Orleans, and 2,820 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, 2021 and December 31, 2020. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans as of March 31, 2021 and for Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2020. The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $6 million posted as of March 31, 2021 and $5 million posted as of December 31, 2020. Also excludes letters of credit in the amount of $1 million posted and $7 million held as of March 31, 2021 and $1 million posted and $39 million held as of December 31, 2020. The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively Based on market prices as of March 31, 2021, unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $0.3 million, which are 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 Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 Entergyās 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: ā¢ 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. ā¢ 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: ā quoted prices for similar assets or liabilities in active markets; ā quoted prices for identical assets or liabilities in inactive markets; ā inputs other than quoted prices that are observable for the asset or liability; or ā 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. ā¢ 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 managementās best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commoditiesā commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterpartiesā credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third-party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commoditiesā portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergyās Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas he |
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 Commoditiesā core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities may also use a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergyās 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 optionās 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. Entergyās 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 Entergyās 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. Entergy Wholesale Commodities is hedging the variability in future cash flows with derivatives for forecasted power transactions through April 30, 2021. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2021, of which approximately 12% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2021 is 5.8 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 Entergyās 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, 2021, a derivative contract with one counterparty is in a liability position (approximately $1 million total). In addition to the corporate guarantee, $6 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $7 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2020, there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $5 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $39 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2021 was 3 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2021 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2021 was 41,296,000 MMBtu for Entergy, including 21,920,000 MMBtu for Entergy Louisiana and 19,376,000 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 2020, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2020 through May 31, 2021. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergyās 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, 2021 was 23,009 GWh for Entergy, including 5,765 GWh for Entergy Arkansas, 10,716 GWh for Entergy Louisiana, 2,576 GWh for Entergy Mississippi, 1,055 GWh for Entergy New Orleans, and 2,820 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, 2021 and December 31, 2020. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans as of March 31, 2021 and for Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2020. The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $6 million posted as of March 31, 2021 and $5 million posted as of December 31, 2020. Also excludes letters of credit in the amount of $1 million posted and $7 million held as of March 31, 2021 and $1 million posted and $39 million held as of December 31, 2020. The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively Based on market prices as of March 31, 2021, unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $0.3 million, which are 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 Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 Entergyās 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: ā¢ 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. ā¢ 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: ā quoted prices for similar assets or liabilities in active markets; ā quoted prices for identical assets or liabilities in inactive markets; ā inputs other than quoted prices that are observable for the asset or liability; or ā 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. ā¢ 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 managementās best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commoditiesā commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterpartiesā credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third-party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commoditiesā portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergyās Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas he |
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 Commoditiesā core business is selling energy, measured in MWh, to its customers. Entergy Wholesale Commodities enters into forward contracts with its customers and also sells energy and capacity in the day ahead or spot markets. In addition to its forward physical power and gas contracts, Entergy Wholesale Commodities may also use a combination of financial contracts, including swaps, collars, and options, to mitigate commodity price risk. When the market price falls, the combination of instruments is expected to settle in gains that offset lower revenue from generation, which results in a more predictable cash flow. Entergyās 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 optionās 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. Entergyās 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 Entergyās 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. Entergy Wholesale Commodities is hedging the variability in future cash flows with derivatives for forecasted power transactions through April 30, 2021. Planned generation currently under contract from Entergy Wholesale Commodities nuclear power plants is 98% for the remainder of 2021, of which approximately 12% is sold under financial derivatives and the remainder under normal purchase/normal sale contracts. Total planned generation for the remainder of 2021 is 5.8 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 Entergyās 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, 2021, a derivative contract with one counterparty is in a liability position (approximately $1 million total). In addition to the corporate guarantee, $6 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $7 million in letters of credit were required to be posted by its counterparties to the Entergy subsidiary. As of December 31, 2020, there were no derivative contracts with counterparties in a liability position. In addition to the corporate guarantee, $5 million in cash collateral was required to be posted by the Entergy subsidiary to its counterparties and $39 million in letters of credit were required to be posted by it counterparties to the Entergy subsidiary. If the Entergy Corporation credit rating falls below investment grade, Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date. Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps and options that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps and options are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy had executed natural gas swaps and options as of March 31, 2021 was 3 years for Entergy Louisiana and the maximum length of time over which Entergy had executed natural gas swaps as of March 31, 2021 was 7 months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2021 was 41,296,000 MMBtu for Entergy, including 21,920,000 MMBtu for Entergy Louisiana and 19,376,000 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 2020, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2020 through May 31, 2021. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergyās 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, 2021 was 23,009 GWh for Entergy, including 5,765 GWh for Entergy Arkansas, 10,716 GWh for Entergy Louisiana, 2,576 GWh for Entergy Mississippi, 1,055 GWh for Entergy New Orleans, and 2,820 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, 2021 and December 31, 2020. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans as of March 31, 2021 and for Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2020. The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet (d) Excludes cash collateral in the amount of $6 million posted as of March 31, 2021 and $5 million posted as of December 31, 2020. Also excludes letters of credit in the amount of $1 million posted and $7 million held as of March 31, 2021 and $1 million posted and $39 million held as of December 31, 2020. The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively Based on market prices as of March 31, 2021, unrealized gains (losses) recorded in accumulated other comprehensive income on cash flow hedges relating to power sales totaled $0.3 million, which are 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 Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 Entergyās 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: ā¢ 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. ā¢ 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: ā quoted prices for similar assets or liabilities in active markets; ā quoted prices for identical assets or liabilities in inactive markets; ā inputs other than quoted prices that are observable for the asset or liability; or ā 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. ā¢ 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 managementās best estimate of fair value for the asset or liability. Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates, and unobservable inputs such as implied volatilities, unit contingent discounts, expected basis differences, and credit adjusted counterparty interest rates. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The primary related functions of the Office of Corporate Risk Oversight include: gathering, validating and reporting market data, providing market risk analyses and valuations in support of Entergy Wholesale Commoditiesā commercial transactions, developing and administering protocols for the management of market risks, and implementing and maintaining controls around changes to market data in the energy trading and risk management system. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The differences between the fixed price in the swap contract and these market-related prices multiplied by the volume specified in the contract and discounted at the counterpartiesā credit adjusted risk free rate are recorded as derivative contract assets or liabilities. For contracts that have unit contingent terms, a further discount is applied based on the historical relationship between contract and market prices for similar contract terms. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. Inputs to the valuation include end of day forward market prices for the period when the transactions will settle, implied volatilities based on market volatilities provided by a third-party data aggregator, and U.S. Treasury rates for a risk-free return rate. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Significant differences are analyzed and potentially adjusted based on these other sources of forward market prices or settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. Finally, for all proposed derivative transactions, an analysis is completed to assess the risk of adding the proposed derivative to Entergy Wholesale Commoditiesā portfolio. In particular, the credit and liquidity effects are calculated for this analysis. This analysis is communicated to senior management within Entergy and Entergy Wholesale Commodities. The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices. They are classified as Level 3 assets and liabilities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The values are calculated internally and verified against the data published by MISO. Entergyās Entergy Wholesale Commodities Accounting group review these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas he |
Decommissioning Trust Funds
Decommissioning Trust Funds | 3 Months Ended |
Mar. 31, 2021 | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergyās nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholdersā 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 shareholdersā equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergyās decommissioning trust funds were 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 were 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, 2021 on equity securities still held as of March 31, 2021 were $200 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poorās 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $3,436 $102 $43 2020 Debt Securities $2,617 $197 $3 The unrealized gains/(losses) above are reported before deferred taxes of $5 million as of March 31, 2021 and $31 million as of December 31, 2020 for debt securities. The amortized cost of available-for-sale debt securities was $3,376 million as of March 31, 2021 and $2,423 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.59%, an average duration of approximately 5.98 years, and an average maturity of approximately 8.45 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $1,748 $43 $187 $3 More than 12 months 3 ā 2 ā Total $1,751 $43 $189 $3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($4) 1 year - 5 years 1,027 672 5 years - 10 years 1,257 852 10 years - 15 years 492 377 15 years - 20 years 128 144 20 years+ 532 576 Total $3,436 $2,617 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $524 million and $400 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $11 million and $14 million, respectively, and gross losses of $11 million and $3 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, 2021 were $631 million for Indian Point 1, $760 million for Indian Point 2, $970 million for Indian Point 3, and $545 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2020 were $631 million for Indian Point 1, $794 million for Indian Point 2, $991 million for Indian Point 3, and $554 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiariesā 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $425.9 $13.2 $6.8 2020 Debt Securities $447.9 $27.7 $0.3 The amortized cost of available-for-sale debt securities was $419.5 million as of March 31, 2021 and $420.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.42%, an average duration of approximately 6.40 years, and an average maturity of approximately 7.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $45.2 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $139.1 $6.8 $29.9 $0.3 More than 12 months ā ā ā ā Total $139.1 $6.8 $29.9 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 84.7 113.1 5 years - 10 years 179.2 189.8 10 years - 15 years 100.8 81.4 15 years - 20 years 26.7 28.5 20 years+ 34.5 35.1 Total $425.9 $447.9 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $13.8 million and $48.6 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $0.8 million and $4.5 million, respectively, and gross losses of $0.1 million and $0.2 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $632.8 $31.2 $4.6 2020 Debt Securities $632.2 $51.3 $0.5 The amortized cost of available-for-sale debt securities was $606.3 million as of March 31, 2021 and $581.4 million as of December 31, 2020. As of March 31, 2021, the available-for-sale debt securities had an average coupon rate of approximately 3.25%, an average duration of approximately 6.59 years, and an average maturity of approximately 11.56 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $64.9 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $171.7 $4.6 $36.4 $0.5 More than 12 months 2.3 ā 0.8 ā Total $174.0 $4.6 $37.2 $0.5 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 89.3 117.0 5 years - 10 years 186.0 159.4 10 years - 15 years 113.7 101.2 15 years - 20 years 63.4 66.9 20 years+ 180.4 187.7 Total $632.8 $632.2 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $108.4 million and $67.4 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $3.3 million and $2.9 million, respectively, and gross losses of $3.2 million and $0.6 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $406.4 $14.3 $5.0 2020 Debt Securities $427.7 $30.0 $0.8 The amortized cost of available-for-sale debt securities was $397 million as of March 31, 2021 and $398.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.36%, an average duration of approximately 6.31 years, and an average maturity of approximately 9.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $43.1 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $157.5 $5.0 $28.9 $0.8 More than 12 months ā ā ā ā Total $157.5 $5.0 $28.9 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($1.1) 1 year - 5 years 136.2 134.7 5 years - 10 years 120.4 141.5 10 years - 15 years 35.1 31.5 15 years - 20 years 4.5 5.3 20 years+ 110.2 115.8 Total $406.4 $427.7 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $74.1 million and $92 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $1.2 million and $1.7 million, respectively, and gross losses of $1.6 million and $0.2 million, respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses |
Entergy Arkansas [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergyās nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholdersā 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 shareholdersā equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergyās decommissioning trust funds were 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 were 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, 2021 on equity securities still held as of March 31, 2021 were $200 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poorās 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $3,436 $102 $43 2020 Debt Securities $2,617 $197 $3 The unrealized gains/(losses) above are reported before deferred taxes of $5 million as of March 31, 2021 and $31 million as of December 31, 2020 for debt securities. The amortized cost of available-for-sale debt securities was $3,376 million as of March 31, 2021 and $2,423 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.59%, an average duration of approximately 5.98 years, and an average maturity of approximately 8.45 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $1,748 $43 $187 $3 More than 12 months 3 ā 2 ā Total $1,751 $43 $189 $3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($4) 1 year - 5 years 1,027 672 5 years - 10 years 1,257 852 10 years - 15 years 492 377 15 years - 20 years 128 144 20 years+ 532 576 Total $3,436 $2,617 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $524 million and $400 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $11 million and $14 million, respectively, and gross losses of $11 million and $3 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, 2021 were $631 million for Indian Point 1, $760 million for Indian Point 2, $970 million for Indian Point 3, and $545 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2020 were $631 million for Indian Point 1, $794 million for Indian Point 2, $991 million for Indian Point 3, and $554 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiariesā 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $425.9 $13.2 $6.8 2020 Debt Securities $447.9 $27.7 $0.3 The amortized cost of available-for-sale debt securities was $419.5 million as of March 31, 2021 and $420.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.42%, an average duration of approximately 6.40 years, and an average maturity of approximately 7.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $45.2 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $139.1 $6.8 $29.9 $0.3 More than 12 months ā ā ā ā Total $139.1 $6.8 $29.9 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 84.7 113.1 5 years - 10 years 179.2 189.8 10 years - 15 years 100.8 81.4 15 years - 20 years 26.7 28.5 20 years+ 34.5 35.1 Total $425.9 $447.9 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $13.8 million and $48.6 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $0.8 million and $4.5 million, respectively, and gross losses of $0.1 million and $0.2 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $632.8 $31.2 $4.6 2020 Debt Securities $632.2 $51.3 $0.5 The amortized cost of available-for-sale debt securities was $606.3 million as of March 31, 2021 and $581.4 million as of December 31, 2020. As of March 31, 2021, the available-for-sale debt securities had an average coupon rate of approximately 3.25%, an average duration of approximately 6.59 years, and an average maturity of approximately 11.56 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $64.9 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $171.7 $4.6 $36.4 $0.5 More than 12 months 2.3 ā 0.8 ā Total $174.0 $4.6 $37.2 $0.5 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 89.3 117.0 5 years - 10 years 186.0 159.4 10 years - 15 years 113.7 101.2 15 years - 20 years 63.4 66.9 20 years+ 180.4 187.7 Total $632.8 $632.2 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $108.4 million and $67.4 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $3.3 million and $2.9 million, respectively, and gross losses of $3.2 million and $0.6 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $406.4 $14.3 $5.0 2020 Debt Securities $427.7 $30.0 $0.8 The amortized cost of available-for-sale debt securities was $397 million as of March 31, 2021 and $398.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.36%, an average duration of approximately 6.31 years, and an average maturity of approximately 9.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $43.1 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $157.5 $5.0 $28.9 $0.8 More than 12 months ā ā ā ā Total $157.5 $5.0 $28.9 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($1.1) 1 year - 5 years 136.2 134.7 5 years - 10 years 120.4 141.5 10 years - 15 years 35.1 31.5 15 years - 20 years 4.5 5.3 20 years+ 110.2 115.8 Total $406.4 $427.7 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $74.1 million and $92 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $1.2 million and $1.7 million, respectively, and gross losses of $1.6 million and $0.2 million, respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses |
Entergy Louisiana [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergyās nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholdersā 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 shareholdersā equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergyās decommissioning trust funds were 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 were 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, 2021 on equity securities still held as of March 31, 2021 were $200 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poorās 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $3,436 $102 $43 2020 Debt Securities $2,617 $197 $3 The unrealized gains/(losses) above are reported before deferred taxes of $5 million as of March 31, 2021 and $31 million as of December 31, 2020 for debt securities. The amortized cost of available-for-sale debt securities was $3,376 million as of March 31, 2021 and $2,423 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.59%, an average duration of approximately 5.98 years, and an average maturity of approximately 8.45 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $1,748 $43 $187 $3 More than 12 months 3 ā 2 ā Total $1,751 $43 $189 $3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($4) 1 year - 5 years 1,027 672 5 years - 10 years 1,257 852 10 years - 15 years 492 377 15 years - 20 years 128 144 20 years+ 532 576 Total $3,436 $2,617 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $524 million and $400 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $11 million and $14 million, respectively, and gross losses of $11 million and $3 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, 2021 were $631 million for Indian Point 1, $760 million for Indian Point 2, $970 million for Indian Point 3, and $545 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2020 were $631 million for Indian Point 1, $794 million for Indian Point 2, $991 million for Indian Point 3, and $554 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiariesā 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $425.9 $13.2 $6.8 2020 Debt Securities $447.9 $27.7 $0.3 The amortized cost of available-for-sale debt securities was $419.5 million as of March 31, 2021 and $420.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.42%, an average duration of approximately 6.40 years, and an average maturity of approximately 7.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $45.2 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $139.1 $6.8 $29.9 $0.3 More than 12 months ā ā ā ā Total $139.1 $6.8 $29.9 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 84.7 113.1 5 years - 10 years 179.2 189.8 10 years - 15 years 100.8 81.4 15 years - 20 years 26.7 28.5 20 years+ 34.5 35.1 Total $425.9 $447.9 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $13.8 million and $48.6 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $0.8 million and $4.5 million, respectively, and gross losses of $0.1 million and $0.2 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $632.8 $31.2 $4.6 2020 Debt Securities $632.2 $51.3 $0.5 The amortized cost of available-for-sale debt securities was $606.3 million as of March 31, 2021 and $581.4 million as of December 31, 2020. As of March 31, 2021, the available-for-sale debt securities had an average coupon rate of approximately 3.25%, an average duration of approximately 6.59 years, and an average maturity of approximately 11.56 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $64.9 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $171.7 $4.6 $36.4 $0.5 More than 12 months 2.3 ā 0.8 ā Total $174.0 $4.6 $37.2 $0.5 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 89.3 117.0 5 years - 10 years 186.0 159.4 10 years - 15 years 113.7 101.2 15 years - 20 years 63.4 66.9 20 years+ 180.4 187.7 Total $632.8 $632.2 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $108.4 million and $67.4 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $3.3 million and $2.9 million, respectively, and gross losses of $3.2 million and $0.6 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $406.4 $14.3 $5.0 2020 Debt Securities $427.7 $30.0 $0.8 The amortized cost of available-for-sale debt securities was $397 million as of March 31, 2021 and $398.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.36%, an average duration of approximately 6.31 years, and an average maturity of approximately 9.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $43.1 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $157.5 $5.0 $28.9 $0.8 More than 12 months ā ā ā ā Total $157.5 $5.0 $28.9 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($1.1) 1 year - 5 years 136.2 134.7 5 years - 10 years 120.4 141.5 10 years - 15 years 35.1 31.5 15 years - 20 years 4.5 5.3 20 years+ 110.2 115.8 Total $406.4 $427.7 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $74.1 million and $92 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $1.2 million and $1.7 million, respectively, and gross losses of $1.6 million and $0.2 million, respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses |
System Energy [Member] | |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) The NRC requires Entergy subsidiaries to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Indian Point 1, Indian Point 2, Indian Point 3, and Palisades. Entergyās nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds are recognized in earnings. Unrealized gains recorded on the available-for-sale debt securities in the trust funds are recognized in the accumulated other comprehensive income component of shareholdersā 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 shareholdersā equity unless the unrealized loss is other than temporary and therefore recorded in earnings. A portion of Entergyās decommissioning trust funds were 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 were 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, 2021 on equity securities still held as of March 31, 2021 were $200 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poorās 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $3,436 $102 $43 2020 Debt Securities $2,617 $197 $3 The unrealized gains/(losses) above are reported before deferred taxes of $5 million as of March 31, 2021 and $31 million as of December 31, 2020 for debt securities. The amortized cost of available-for-sale debt securities was $3,376 million as of March 31, 2021 and $2,423 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.59%, an average duration of approximately 5.98 years, and an average maturity of approximately 8.45 years. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $1,748 $43 $187 $3 More than 12 months 3 ā 2 ā Total $1,751 $43 $189 $3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($4) 1 year - 5 years 1,027 672 5 years - 10 years 1,257 852 10 years - 15 years 492 377 15 years - 20 years 128 144 20 years+ 532 576 Total $3,436 $2,617 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $524 million and $400 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $11 million and $14 million, respectively, and gross losses of $11 million and $3 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, 2021 were $631 million for Indian Point 1, $760 million for Indian Point 2, $970 million for Indian Point 3, and $545 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2020 were $631 million for Indian Point 1, $794 million for Indian Point 2, $991 million for Indian Point 3, and $554 million for Palisades. The fair values of the decommissioning trust funds for the Registrant Subsidiariesā 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $425.9 $13.2 $6.8 2020 Debt Securities $447.9 $27.7 $0.3 The amortized cost of available-for-sale debt securities was $419.5 million as of March 31, 2021 and $420.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.42%, an average duration of approximately 6.40 years, and an average maturity of approximately 7.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $45.2 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $139.1 $6.8 $29.9 $0.3 More than 12 months ā ā ā ā Total $139.1 $6.8 $29.9 $0.3 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 84.7 113.1 5 years - 10 years 179.2 189.8 10 years - 15 years 100.8 81.4 15 years - 20 years 26.7 28.5 20 years+ 34.5 35.1 Total $425.9 $447.9 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $13.8 million and $48.6 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $0.8 million and $4.5 million, respectively, and gross losses of $0.1 million and $0.2 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $632.8 $31.2 $4.6 2020 Debt Securities $632.2 $51.3 $0.5 The amortized cost of available-for-sale debt securities was $606.3 million as of March 31, 2021 and $581.4 million as of December 31, 2020. As of March 31, 2021, the available-for-sale debt securities had an average coupon rate of approximately 3.25%, an average duration of approximately 6.59 years, and an average maturity of approximately 11.56 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $64.9 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $171.7 $4.6 $36.4 $0.5 More than 12 months 2.3 ā 0.8 ā Total $174.0 $4.6 $37.2 $0.5 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 89.3 117.0 5 years - 10 years 186.0 159.4 10 years - 15 years 113.7 101.2 15 years - 20 years 63.4 66.9 20 years+ 180.4 187.7 Total $632.8 $632.2 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $108.4 million and $67.4 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $3.3 million and $2.9 million, respectively, and gross losses of $3.2 million and $0.6 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, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $406.4 $14.3 $5.0 2020 Debt Securities $427.7 $30.0 $0.8 The amortized cost of available-for-sale debt securities was $397 million as of March 31, 2021 and $398.4 million as of December 31, 2020. As of March 31, 2021, available-for-sale debt securities had an average coupon rate of approximately 2.36%, an average duration of approximately 6.31 years, and an average maturity of approximately 9.62 years. The unrealized gains/(losses) recognized during the three months ended March 31, 2021 on equity securities still held as of March 31, 2021 was $43.1 million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poorās 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $157.5 $5.0 $28.9 $0.8 More than 12 months ā ā ā ā Total $157.5 $5.0 $28.9 $0.8 The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($1.1) 1 year - 5 years 136.2 134.7 5 years - 10 years 120.4 141.5 10 years - 15 years 35.1 31.5 15 years - 20 years 4.5 5.3 20 years+ 110.2 115.8 Total $406.4 $427.7 During the three months ended March 31, 2021 and 2020, proceeds from the dispositions of available-for-sale securities amounted to $74.1 million and $92 million, respectively. During the three months ended March 31, 2021 and 2020, gross gains of $1.2 million and $1.7 million, respectively, and gross losses of $1.6 million and $0.2 million, respectively, related to available-for-sale securities were reclassified out of other regulatory liabilities/assets into earnings. Allowance for expected credit losses |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See ā Income Tax Audits ā and ā Other Tax Matters ā in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, the Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting affects the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Arkansas [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See ā Income Tax Audits ā and ā Other Tax Matters ā in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, the Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting affects the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Louisiana [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See ā Income Tax Audits ā and ā Other Tax Matters ā in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, the Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting affects the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Mississippi [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See ā Income Tax Audits ā and ā Other Tax Matters ā in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, the Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting affects the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
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 ā Income Tax Audits ā and ā Other Tax Matters ā in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, the Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting affects the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Texas [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See ā Income Tax Audits ā and ā Other Tax Matters ā in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, the Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting affects the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
System Energy [Member] | |
Income Taxes | INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) See ā Income Tax Audits ā and ā Other Tax Matters ā in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. The following are updates to that discussion. Tax Cuts and Jobs Act During the second quarter 2018, the Registrant Subsidiaries began returning unprotected excess accumulated deferred income taxes, associated with the effects of the Tax Cuts and Jobs Act, to their customers through rate riders and other means approved by their respective regulatory commissions. Return of the unprotected excess accumulated deferred income taxes results in a reduction in the regulatory liability for income taxes and a corresponding reduction in income tax expense. This manner of regulatory accounting affects the effective tax rate for the period as compared to the statutory tax rate. The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Property, Plant, And Equipment
Property, Plant, And Equipment | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 were $496.4 million for Entergy, $39.6 million for Entergy Arkansas, $330.4 million for Entergy Louisiana, $24.1 million for Entergy Mississippi, $4 million for Entergy New Orleans, $44.6 million for Entergy Texas, and $17.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2020 were $745 million for Entergy, $59.7 million for Entergy Arkansas, $460.5 million for Entergy Louisiana, $31.4 million for Entergy Mississippi, $9.2 million for Entergy New Orleans, $116.8 million for Entergy Texas, and $17.7 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, 2021 were $496.4 million for Entergy, $39.6 million for Entergy Arkansas, $330.4 million for Entergy Louisiana, $24.1 million for Entergy Mississippi, $4 million for Entergy New Orleans, $44.6 million for Entergy Texas, and $17.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2020 were $745 million for Entergy, $59.7 million for Entergy Arkansas, $460.5 million for Entergy Louisiana, $31.4 million for Entergy Mississippi, $9.2 million for Entergy New Orleans, $116.8 million for Entergy Texas, and $17.7 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, 2021 were $496.4 million for Entergy, $39.6 million for Entergy Arkansas, $330.4 million for Entergy Louisiana, $24.1 million for Entergy Mississippi, $4 million for Entergy New Orleans, $44.6 million for Entergy Texas, and $17.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2020 were $745 million for Entergy, $59.7 million for Entergy Arkansas, $460.5 million for Entergy Louisiana, $31.4 million for Entergy Mississippi, $9.2 million for Entergy New Orleans, $116.8 million for Entergy Texas, and $17.7 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, 2021 were $496.4 million for Entergy, $39.6 million for Entergy Arkansas, $330.4 million for Entergy Louisiana, $24.1 million for Entergy Mississippi, $4 million for Entergy New Orleans, $44.6 million for Entergy Texas, and $17.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2020 were $745 million for Entergy, $59.7 million for Entergy Arkansas, $460.5 million for Entergy Louisiana, $31.4 million for Entergy Mississippi, $9.2 million for Entergy New Orleans, $116.8 million for Entergy Texas, and $17.7 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, 2021 were $496.4 million for Entergy, $39.6 million for Entergy Arkansas, $330.4 million for Entergy Louisiana, $24.1 million for Entergy Mississippi, $4 million for Entergy New Orleans, $44.6 million for Entergy Texas, and $17.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2020 were $745 million for Entergy, $59.7 million for Entergy Arkansas, $460.5 million for Entergy Louisiana, $31.4 million for Entergy Mississippi, $9.2 million for Entergy New Orleans, $116.8 million for Entergy Texas, and $17.7 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, 2021 were $496.4 million for Entergy, $39.6 million for Entergy Arkansas, $330.4 million for Entergy Louisiana, $24.1 million for Entergy Mississippi, $4 million for Entergy New Orleans, $44.6 million for Entergy Texas, and $17.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2020 were $745 million for Entergy, $59.7 million for Entergy Arkansas, $460.5 million for Entergy Louisiana, $31.4 million for Entergy Mississippi, $9.2 million for Entergy New Orleans, $116.8 million for Entergy Texas, and $17.7 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, 2021 were $496.4 million for Entergy, $39.6 million for Entergy Arkansas, $330.4 million for Entergy Louisiana, $24.1 million for Entergy Mississippi, $4 million for Entergy New Orleans, $44.6 million for Entergy Texas, and $17.7 million for System Energy. Construction expenditures included in accounts payable at December 31, 2020 were $745 million for Entergy, $59.7 million for Entergy Arkansas, $460.5 million for Entergy Louisiana, $31.4 million for Entergy Mississippi, $9.2 million for Entergy New Orleans, $116.8 million for Entergy Texas, and $17.7 million for System Energy. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
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 companiesā credit facilities, commercial paper borrowings, and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in the three months ended March 31, 2021 and in the three months ended March 31, 2020. |
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 companiesā credit facilities, commercial paper borrowings, and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in the three months ended March 31, 2021 and in the three months ended March 31, 2020. |
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 companiesā credit facilities, commercial paper borrowings, and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in the three months ended March 31, 2021 and in the three months ended March 31, 2020. |
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 companiesā credit facilities, commercial paper borrowings, and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in the three months ended March 31, 2021 and in the three months ended March 31, 2020. |
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 companiesā credit facilities, commercial paper borrowings, and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in the three months ended March 31, 2021 and in the three months ended March 31, 2020. |
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 companiesā credit facilities, commercial paper borrowings, and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in the three months ended March 31, 2021 and in the three months ended March 31, 2020. |
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 companiesā credit facilities, commercial paper borrowings, and long-term debt. System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest representing approximately 11.5% of the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in the three months ended March 31, 2021 and in the three months ended March 31, 2020. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition | NOTE 13. REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergyās best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables. Due to the effect of the COVID-19 pandemic on customer receivables, however, Entergy recorded increases in its allowance for doubtful accounts in 2020. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Arkansas [Member] | |
Revenue Recognition | NOTE 13. REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergyās best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables. Due to the effect of the COVID-19 pandemic on customer receivables, however, Entergy recorded increases in its allowance for doubtful accounts in 2020. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Louisiana [Member] | |
Revenue Recognition | NOTE 13. REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergyās best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables. Due to the effect of the COVID-19 pandemic on customer receivables, however, Entergy recorded increases in its allowance for doubtful accounts in 2020. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Mississippi [Member] | |
Revenue Recognition | NOTE 13. REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergyās best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables. Due to the effect of the COVID-19 pandemic on customer receivables, however, Entergy recorded increases in its allowance for doubtful accounts in 2020. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy New Orleans [Member] | |
Revenue Recognition | NOTE 13. REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergyās best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables. Due to the effect of the COVID-19 pandemic on customer receivables, however, Entergy recorded increases in its allowance for doubtful accounts in 2020. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Texas [Member] | |
Revenue Recognition | NOTE 13. REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergyās best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables. Due to the effect of the COVID-19 pandemic on customer receivables, however, Entergy recorded increases in its allowance for doubtful accounts in 2020. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
System Energy [Member] | |
Revenue Recognition | NOTE 13. REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Operating Revenues See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition. Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 (a) Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues. (b) Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue. (c) Other revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees. Allowance for doubtful accounts The allowance for doubtful accounts reflects Entergyās best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables. Due to the effect of the COVID-19 pandemic on customer receivables, however, Entergy recorded increases in its allowance for doubtful accounts in 2020. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule Of Earnings Per Share Basic And Diluted | The following table presents Entergyās basic and diluted earnings per share calculations included on the consolidated income statements: For the Three Months Ended March 31, 2021 2020 (In Millions, Except Per Share Data) Income Shares $/share Income Shares $/share Basic earnings per share Net income attributable to Entergy Corporation $334.6 200.5 $1.67 $118.7 199.8 $0.59 Average dilutive effect of: Stock options 0.4 (0.01) 0.7 ā Other equity plans 0.2 ā 0.4 ā Diluted earnings per share $334.6 201.1 $1.66 $118.7 200.9 $0.59 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2021 by component: Cash flow Pension Net Total (In Thousands) Beginning balance, January 1, 2021 $28,719 ($534,576) $56,650 ($449,207) Other comprehensive income (loss) before reclassifications 1,482 ā (45,301) (43,819) Amounts reclassified from accumulated other comprehensive income (loss) (31,062) 22,967 614 (7,481) Net other comprehensive income (loss) for the period (29,580) 22,967 (44,687) (51,300) Ending balance, March 31, 2021 ($861) ($511,609) $11,963 ($500,507) The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2020 by component: Cash flow Pension Net Total (In Thousands) Beginning balance, January 1, 2020 $84,206 ($557,072) $25,946 ($446,920) Other comprehensive income (loss) before reclassifications 52,846 34,349 17,713 104,908 Amounts reclassified from accumulated other comprehensive income (loss) (74,556) 19,550 (1,969) (56,975) Net other comprehensive income (loss) for the period (21,710) 53,899 15,744 47,933 Ending balance, March 31, 2020 $62,496 ($503,173) $41,690 ($398,987) |
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, 2021 and 2020 were as follows: Amounts reclassified Income Statement Location 2021 2020 (In Thousands) Cash flow hedges net unrealized gain (loss) Power contracts $39,367 $94,423 Competitive business operating revenues Interest rate swaps (48) (48) Miscellaneous - net Total realized gain (loss) on cash flow hedges 39,319 94,375 Income taxes (8,257) (19,819) Income taxes Total realized gain (loss) on cash flow hedges (net of tax) $31,062 $74,556 Pension and other postretirement liabilities Amortization of prior-service credit $5,248 $3,719 (a) Amortization of loss (34,529) (27,318) (a) Total amortization (29,281) (23,599) Income taxes 6,314 4,049 Income taxes Total amortization (net of tax) ($22,967) ($19,550) Net unrealized investment gain (loss) Realized gain (loss) ($972) $3,116 Interest and investment income Income taxes 358 (1,147) Income taxes Total realized investment gain (loss) (net of tax) ($614) $1,969 Total reclassifications for the period (net of tax) $7,481 $56,975 (a) These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional |
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, 2021 and 2020: Pension and Other 2021 2020 (In Thousands) Beginning balance, January 1, $4,327 $4,562 Other comprehensive income (loss) before reclassifications ā 10,050 Amounts reclassified from accumulated other comprehensive income (loss) (407) (583) Net other comprehensive income (loss) for the period (407) 9,467 Ending balance, March 31, $3,920 $14,029 |
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, 2021 and 2020 were as follows: Amounts reclassified Income Statement Location 2021 2020 (In Thousands) Pension and other postretirement liabilities Amortization of prior-service credit $1,230 $1,089 (a) Amortization of loss (679) (301) (a) Total amortization 551 788 Income taxes (144) (205) Income taxes Total amortization (net of tax) 407 583 Total reclassifications for the period (net of tax) $407 $583 (a) These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. |
Revolving Credit Facilities, _2
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021. Capacity Borrowings Letters Capacity (In Millions) $3,500 $55 $6 $3,439 |
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, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā |
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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 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, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Arkansas [Member] | |
Summary Of The Borrowings Outstanding And Capacity Available Under The Facility | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā |
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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 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, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Louisiana [Member] | |
Summary Of The Borrowings Outstanding And Capacity Available Under The Facility | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā |
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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 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, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Mississippi [Member] | |
Summary Of The Borrowings Outstanding And Capacity Available Under The Facility | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā |
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, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy New Orleans [Member] | |
Summary Of The Borrowings Outstanding And Capacity Available Under The Facility | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā |
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, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Entergy Texas [Member] | |
Summary Of The Borrowings Outstanding And Capacity Available Under The Facility | Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2021 as follows: Company Expiration Amount of Interest Rate (a) Amount Drawn Letters of Credit Entergy Arkansas April 2022 $25 million (b) 2.75% $ā $ā Entergy Arkansas September 2024 $150 million (c) 1.21% $ā $ā Entergy Louisiana September 2024 $350 million (c) 1.21% $ā $ā Entergy Mississippi April 2022 $37.5 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $35 million (d) 1.58% $ā $ā Entergy Mississippi April 2022 $10 million (d) 1.58% $ā $ā Entergy New Orleans November 2021 $25 million (c) 1.36% $ā $ā Entergy Texas September 2024 $150 million (c) 1.58% $ā $1.3 million (a) The interest rate is the estimated interest rate as of March 31, 2021 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 Arkansasās 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 Mississippiās option. |
Uncommitted Standby Letter of Credit Facilities to Support MISO Obligations [Table Text Block] | Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2021: Company Amount of Letter of Credit Fee MISO Letters of Credit Entergy Arkansas $25 million 0.78% $1 million Entergy Louisiana $125 million 0.78% $12.8 million Entergy Mississippi $65 million 0.78% $1 million Entergy New Orleans $15 million 1.00% $2 million Entergy Texas $50 million 0.70% $30.2 million (a) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. See Note 8 to the financial statements herein for discussion of financial transmission rights. (b) As of March 31, 2021, in addition to the $1 million MISO letter of credit, Entergy Mississippi has $1 million of non-MISO letters of credit outstanding under this facility. |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā |
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, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
System Energy [Member] | |
Short-Term Borrowings And The Outstanding Short-Term Borrowings | The following were the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2021 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries: Authorized Borrowings (In Millions) Entergy Arkansas $250 $ā Entergy Louisiana $450 $ā Entergy Mississippi $175 $ā Entergy New Orleans $150 $25 Entergy Texas $200 $31 System Energy $200 $ā |
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, 2021: Company Expiration Amount Weighted Amount (Dollars in Millions) Entergy Arkansas VIE September 2022 $80 1.26% $4.8 Entergy Louisiana River Bend VIE September 2022 $105 1.24% $70.5 Entergy Louisiana Waterford VIE September 2022 $105 1.25% $73.2 System Energy VIE September 2022 $120 1.23% $63.4 (a) Includes letter of credit fees and bank fronting fees on commercial paper issuances, if any, by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility. |
Notes Payable By Variable Interest Entities | The nuclear fuel company variable interest entities had notes payable that were included in debt on the respective balance sheets as of March 31, 2021 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 2.51% Series V due June 2027 $70 million Entergy Louisiana Waterford VIE 3.22% Series I due December 2023 $20 million System Energy VIE 2.05% Series K due September 2027 $90 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, 2021 were as follows: Book Value Fair Value (In Thousands) Entergy $24,704,475 $25,716,967 Entergy Arkansas $3,958,751 $4,126,514 Entergy Louisiana $10,059,885 $10,681,713 Entergy Mississippi $1,981,429 $2,084,891 Entergy New Orleans $642,412 $584,475 Entergy Texas $2,465,827 $2,545,973 System Energy $768,969 $785,758 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2020 were as follows: Book Value Fair Value (In Thousands) Entergy $22,369,776 $24,813,818 Entergy Arkansas $3,967,507 $4,355,632 Entergy Louisiana $9,027,451 $10,258,294 Entergy Mississippi $1,780,577 $2,021,432 Entergy New Orleans $642,233 $620,634 Entergy Texas $2,493,708 $2,765,193 System Energy $805,274 $840,540 (a) Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) - Entergy Corporation [Member] | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 and 2020: 2021 2020 (In Millions) Compensation expense included in Entergyās net income $1.0 $1.0 Tax benefit recognized in Entergyās net income $0.3 $0.3 Compensation cost capitalized as part of fixed assets and materials and supplies $0.4 $0.4 |
Financial Information For Restricted Stock | The following table includes financial information for other outstanding equity awards for the three months ended March 31, 2021 and 2020: 2021 2020 (In Millions) Compensation expense included in Entergyās net income $10.8 $9.4 Tax benefit recognized in Entergyās net income $2.7 $2.4 Compensation cost capitalized as part of fixed assets and materials and supplies $4.0 $3.4 |
Retirement And Other Postreti_2
Retirement And Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 |
Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | Entergyās qualified pension cost, including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $45,241 $40,379 Interest cost on projected benefit obligation 46,099 60,799 Expected return on assets (105,713) (103,565) Amortization of net loss 104,392 87,259 Net pension costs $90,019 $84,872 |
Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | Entergyās other postretirement benefit cost (income), including amounts capitalized, for the first quarters of 2021 and 2020, included the following components: 2021 2020 (In Thousands) Service cost - benefits earned during the period $6,645 $5,801 Interest cost on accumulated postretirement benefit obligation (APBO) 5,320 7,932 Expected return on assets (10,805) (10,328) Amortization of prior service credit (8,267) (5,922) Amortization of net loss 713 468 Net other postretirement benefit income ($6,394) ($2,049) |
Entergy Arkansas [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
Entergy Arkansas [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) |
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 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 |
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 2021 and 2020: 2021 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $5,288 ($40) $5,248 Amortization of net loss (33,439) (495) (595) (34,529) ($33,439) $4,793 ($635) ($29,281) Entergy Louisiana Amortization of prior service credit $ā $1,230 $ā $1,230 Amortization of net gain (loss) (769) 91 (1) (679) ($769) $1,321 ($1) $551 2020 Qualified Other Non-Qualified Total (In Thousands) Entergy Amortization of prior service (cost) credit $ā $3,776 ($57) $3,719 Amortization of net gain (loss) (26,462) (25) (831) (27,318) ($26,462) $3,751 ($888) ($23,599) Entergy Louisiana Amortization of prior service credit $ā $1,089 $ā $1,089 Amortization of net gain (loss) (499) 199 (1) (301) ($499) $1,288 ($1) $788 |
Entergy Louisiana [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
Entergy Louisiana [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) |
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 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 |
Entergy Mississippi [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
Entergy Mississippi [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) |
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 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 |
Entergy New Orleans [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
Entergy New Orleans [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) |
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 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 |
Entergy Texas [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
Entergy Texas [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) |
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 2021 and 2020: Entergy Entergy Entergy Entergy Entergy (In Thousands) 2021 $90 $44 $96 $8 $115 2020 $83 $37 $90 $8 $117 |
System Energy [Member] | Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā qualified pension cost, including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $7,418 $10,043 $2,364 $796 $1,801 $2,314 Interest cost on projected benefit obligation 8,341 9,562 2,462 1,029 1,949 2,142 Expected return on assets (19,670) (22,538) (5,587) (2,622) (5,237) (4,778) Amortization of net loss 19,303 19,204 5,668 2,270 3,711 5,326 Net pension cost $15,392 $16,271 $4,907 $1,473 $2,224 $5,004 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $6,566 $8,794 $2,023 $663 $1,546 $1,965 Interest cost on projected benefit obligation 11,433 12,841 3,340 1,456 2,782 2,814 Expected return on assets (19,622) (22,402) (5,757) (2,627) (5,486) (4,663) Amortization of net loss 16,897 16,627 4,748 2,005 3,265 4,279 Net pension cost $15,274 $15,860 $4,354 $1,497 $2,107 $4,395 |
Expected Employer Contributions | Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their employees in 2021: Entergy Entergy Entergy Entergy Entergy System (In Thousands) Expected 2021 pension contributions $66,649 $59,882 $13,715 $5,395 $6,955 $18,663 Pension contributions made through March 2021 $21,361 $29,159 $4,799 $2,629 $2,935 $6,675 Remaining estimated pension contributions to be made in 2021 $45,288 $30,723 $8,916 $2,766 $4,020 $11,988 |
System Energy [Member] | Other Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Pension Cost | The Registrant Subsidiariesā other postretirement benefit cost (income), including amounts capitalized, for their employees for the first quarters of 2021 and 2020, included the following components: 2021 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $1,034 $1,544 $362 $109 $346 $335 Interest cost on APBO 932 1,130 278 130 317 220 Expected return on assets (4,505) ā (1,384) (1,438) (2,548) (789) Amortization of prior service credit (280) (1,230) (444) (229) (936) (109) Amortization of net (gain) loss 49 (91) 19 (178) 100 15 Net other postretirement benefit cost (income) ($2,770) $1,353 ($1,169) ($1,606) ($2,721) ($328) 2020 Entergy Entergy Entergy Entergy Entergy System (In Thousands) Service cost - benefits earned during the period $828 $1,423 $351 $105 $303 $294 Interest cost on APBO 1,217 1,723 422 227 582 307 Expected return on assets (4,326) ā (1,307) (1,355) (2,435) (748) Amortization of prior service credit (661) (1,089) (321) (76) (550) (219) Amortization of net (gain) loss 55 (199) 29 (38) 212 20 Net other postretirement benefit cost (income) ($2,887) $1,858 ($826) ($1,137) ($1,888) ($346) |
Business Segment Information (T
Business Segment Information (Tables) - Entergy Corporation [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Segment Financial Information | Entergyās segment financial information for the first quarters of 2021 and 2020 was as follows: Utility Entergy All Other Eliminations Consolidated (In Thousands) 2021 Operating revenues $2,596,616 $248,219 $23 ($20) $2,844,838 Income taxes $59,734 $15,560 ($9,352) $ā $65,942 Consolidated net income (loss) $360,600 $38,124 ($27,680) ($31,899) $339,145 Total assets as of March 31, 2021 $56,086,185 $3,793,754 $867,301 ($2,079,612) $58,667,628 2020 Operating revenues $2,094,629 $332,549 $11 ($10) $2,427,179 Income taxes ($52,949) ($30,540) $12,295 $ā ($71,194) Consolidated net income (loss) $323,849 ($110,428) ($58,228) ($31,899) $123,294 Total assets as of December 31, 2020 $55,940,153 $3,800,378 $552,632 ($2,053,951) $58,239,212 The Entergy Wholesale Commodities business is sometimes referred to as the ācompetitive businesses.ā Eliminations were primarily intersegment activity. Almost all of Entergyās goodwill was related to the Utility segment. |
Restructuring and Related Costs [Table Text Block] | Total restructuring charges for the first quarters of 2021 and 2020 were comprised of the following: 2021 2020 Employee retention and severance Contracted economic development costs Total Employee retention and severance Contracted economic development costs Total (In Millions) Balance as of January 1, $145 $14 $159 $129 $14 $143 Restructuring costs accrued 13 ā 13 21 ā 21 Cash paid out 1 ā 1 ā ā ā Balance as of March 31, $157 $14 $171 $150 $14 $164 |
Risk Management And Fair Valu_2
Risk Management And Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Values Of Derivative Instruments | The fair values of Entergyās derivative instruments in the consolidated balance sheet as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $4 $ā $4 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $2 $ā $2 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $1 Utility The fair values of Entergyās derivative instruments in the consolidated balance sheet as of December 31, 2020 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Business (In Millions) Derivatives designated as hedging instruments Assets: Electricity swaps and options Prepayments and other (current portion) $39 ($1) $38 Entergy Wholesale Commodities Liabilities: Electricity swaps and options Other current liabilities (current portion) $1 ($1) $ā Entergy Wholesale Commodities Derivatives not designated as hedging instruments Assets: Natural gas swaps and options Prepayments and other (current portion) $1 $ā $1 Utility Natural gas swaps and options Other deferred debits and other assets (non-current portion) $1 $ā $1 Utility Financial transmission rights Prepayments and other $9 $ā $9 Utility and Entergy Wholesale Commodities Liabilities: Natural gas swaps and options Other current liabilities (current portion) $6 $ā $6 Utility Natural gas swaps and options Other non-current liabilities (non-current portion) $1 $ā $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 Subsidiariesā Consolidated Balance Sheet |
Derivative Instruments Designated As Cash Flow Hedges On Consolidated Statements Of Income | The effects of Entergyās derivative instruments designated as cash flow hedges on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Amount of gain (loss) Income Statement location Amount of gain (In Millions) (In Millions) 2021 Electricity swaps and options $2 Competitive businesses operating revenues $39 2020 Electricity swaps and options $67 Competitive businesses operating revenues $94 (a) Before taxes of $8 million and $20 million for the three months ended March 31, 2021 and 2020, respectively |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of Entergyās derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Amount of gain (loss) (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale (a) $7 Financial transmission rights Purchased power expense (b) $128 Electricity swaps and options (c) Competitive business operating revenues ($2) 2020 Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale (a) ($7) Financial transmission rights Purchased power expense (b) $13 Electricity swaps and options (c) Competitive business operating revenues $ā (a) Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b) Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c) There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options. |
Assets and liabilities at fair value on a recurring basis | The following tables set forth, by level within the fair value hierarchy, Entergyās assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. 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. 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,675 $ā $ā $1,675 Decommissioning trust funds (a): Equity securities 807 ā ā 807 Debt securities (b) 1,489 1,947 ā 3,436 Common trusts (c) 3,102 Securitization recovery trust account 44 ā ā 44 Escrow accounts 103 ā ā 103 Gas hedge contracts 1 ā ā 1 Financial transmission rights ā ā 4 4 $4,119 $1,947 $4 $9,172 Liabilities: Gas hedge contracts $2 $1 $ā $3 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $1,630 $ā $ā $1,630 Decommissioning trust funds (a): Equity securities 1,533 ā ā 1,533 Debt securities (b) 919 1,698 ā 2,617 Common trusts (c) 3,103 Power contracts ā ā 38 38 Securitization recovery trust account 42 ā ā 42 Escrow accounts 148 ā ā 148 Gas hedge contracts 1 1 ā 2 Financial transmission rights ā ā 9 9 $4,273 $1,699 $47 $9,122 Liabilities: Gas hedge contracts $6 $1 $ā $7 (a) The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios. (b) The decommissioning trust funds fair values presented herein do not include the recognition of a credit loss valuation allowance of $6.4 million as of March 31, 2021 and $0.1 million as of December 31, 2020 on debt securities due to the adoption of ASU 2016-13. See Note 9 to the financial statements herein for additional information on the allowance for expected credit losses. (c) Common trust funds are not publicly quoted and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date . |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2021 and 2020: 2021 2020 Power Contracts Financial transmission rights Power Contracts Financial transmission rights (In Millions) Balance as of January 1, $38 $9 $118 $10 Total gains (losses) for the period (a) Included in earnings (2) 4 (18) ā Included in other comprehensive income 2 ā 67 ā Included as a regulatory liability/asset ā 119 ā 7 Settlements (38) (128) (82) (13) Balance as of March 31, $ā $4 $85 $4 |
Entergy Arkansas [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $123.7 $ā $ā $123.7 Decommissioning trust funds (a): Equity securities 53.3 ā ā 53.3 Debt securities 89.9 336.0 ā 425.9 Common trusts (b) 831.9 Financial transmission rights ā ā 1.4 1.4 $266.9 $336.0 $1.4 $1,436.2 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $168.0 $ā $ā $168.0 Decommissioning trust funds (a): Equity securities 1.3 ā ā 1.3 Debt securities 98.2 349.7 ā 447.9 Common trusts (b) 824.7 Financial transmission rights ā ā 2.7 2.7 $267.5 $349.7 $2.7 $1,444.6 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2021. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $2.7 $4.2 $0.6 $0.1 $1.6 Gains (losses) included as a regulatory liability/asset 24.8 9.3 6.9 1.2 76.8 Settlements (26.1) (12.3) (7.2) (1.2) (77.9) Balance as of March 31, $1.4 $1.2 $0.3 $0.1 $0.5 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2020. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6) 0.1 1.8 Settlements (4.6) (5.3) 0.1 (0.4) (2.4) Balance as of March 31, $1.1 $1.9 $0.3 $ā $0.3 |
Entergy Louisiana [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $601.6 $ā $ā $601.6 Decommissioning trust funds (a): Equity securities 68.8 ā ā 68.8 Debt securities 218.9 413.9 ā 632.8 Common trusts (b) 1,177.7 Securitization recovery trust account 8.8 ā ā 8.8 Gas hedge contracts 1.0 0.4 ā 1.4 Financial transmission rights ā ā 1.2 1.2 $899.1 $414.3 $1.2 $2,492.3 Liabilities: Gas hedge contracts $ā $0.8 $ā $0.8 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $726.7 $ā $ā $726.7 Decommissioning trust funds (a): Equity securities 8.7 ā ā 8.7 Debt securities 172.4 459.8 ā 632.2 Common trusts (b) 1,153.1 Securitization recovery trust account 2.7 ā ā 2.7 Gas hedge contracts 0.8 0.5 ā 1.3 Financial transmission rights ā ā 4.2 4.2 $911.3 $460.3 $4.2 $2,528.9 Liabilities: Gas hedge contracts $0.3 $1.3 $ā $1.6 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2021. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $2.7 $4.2 $0.6 $0.1 $1.6 Gains (losses) included as a regulatory liability/asset 24.8 9.3 6.9 1.2 76.8 Settlements (26.1) (12.3) (7.2) (1.2) (77.9) Balance as of March 31, $1.4 $1.2 $0.3 $0.1 $0.5 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2020. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6) 0.1 1.8 Settlements (4.6) (5.3) 0.1 (0.4) (2.4) Balance as of March 31, $1.1 $1.9 $0.3 $ā $0.3 |
Entergy Mississippi [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $76.7 $ā $ā $76.7 Escrow accounts 64.6 ā ā 64.6 Financial transmission rights ā ā 0.3 0.3 $141.3 $ā $0.3 $141.6 Liabilities: Gas hedge contracts $2.3 $ā $ā $2.3 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Escrow accounts $64.6 $ā $ā $64.6 Financial transmission rights ā ā 0.6 0.6 $64.6 $ā $0.6 $65.2 Liabilities: Gas hedge contracts $5.0 $ā $ā $5.0 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2021. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $2.7 $4.2 $0.6 $0.1 $1.6 Gains (losses) included as a regulatory liability/asset 24.8 9.3 6.9 1.2 76.8 Settlements (26.1) (12.3) (7.2) (1.2) (77.9) Balance as of March 31, $1.4 $1.2 $0.3 $0.1 $0.5 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2020. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6) 0.1 1.8 Settlements (4.6) (5.3) 0.1 (0.4) (2.4) Balance as of March 31, $1.1 $1.9 $0.3 $ā $0.3 |
Entergy New Orleans [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Securitization recovery trust account $6.8 $ā $ā $6.8 Escrow accounts 38.8 ā ā 38.8 Financial transmission rights ā ā 0.1 0.1 $45.6 $ā $0.1 $45.7 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Securitization recovery trust account $3.4 $ā $ā $3.4 Escrow accounts 83.0 ā ā 83.0 Financial transmission rights ā ā 0.1 0.1 $86.4 $ā $0.1 $86.5 Liabilities: Gas hedge contracts $0.3 $ā $ā $0.3 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2021. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $2.7 $4.2 $0.6 $0.1 $1.6 Gains (losses) included as a regulatory liability/asset 24.8 9.3 6.9 1.2 76.8 Settlements (26.1) (12.3) (7.2) (1.2) (77.9) Balance as of March 31, $1.4 $1.2 $0.3 $0.1 $0.5 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2020. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6) 0.1 1.8 Settlements (4.6) (5.3) 0.1 (0.4) (2.4) Balance as of March 31, $1.1 $1.9 $0.3 $ā $0.3 |
Entergy Texas [Member] | |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of March 31, 2021 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging. Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $1.0 $ā $1.0 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets (non-current portion) $0.4 $ā $0.4 Entergy Louisiana Financial transmission rights Prepayments and other $1.5 ($0.1) $1.4 Entergy Arkansas Financial transmission rights Prepayments and other $1.3 ($0.1) $1.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.3 $ā $0.3 Entergy Mississippi Financial transmission rights Prepayments and other $0.1 $ā $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $0.5 $ā $0.5 Entergy Texas Liabilities: Natural gas swaps and options Other non-current liabilities $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps Other current liabilities $2.3 $ā $2.3 Entergy Mississippi The fair values of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2020 were as follows: Instrument Balance Sheet Location Gross Fair Value (a) Offsetting Position (b) Net Fair Value (c) (d) Registrant (In Millions) Assets: Natural gas swaps and options Prepayments and other $0.8 $ā $0.8 Entergy Louisiana Natural gas swaps and options Other deferred debits and other assets $0.5 $ā $0.5 Entergy Louisiana Financial transmission rights Prepayments and other $2.9 ($0.2) $2.7 Entergy Arkansas Financial transmission rights Prepayments and other $4.3 ($0.1) $4.2 Entergy Louisiana Financial transmission rights Prepayments and other $0.6 $ā $0.6 Entergy Mississippi Financial transmission rights Prepayments and other $0.2 ($0.1) $0.1 Entergy New Orleans Financial transmission rights Prepayments and other $1.6 $ā $1.6 Entergy Texas Liabilities: Natural gas swaps and options Other current liabilities $0.3 $ā $0.3 Entergy Louisiana Natural gas swaps and options Other non-current liabilities $1.3 $ā $1.3 Entergy Louisiana Natural gas swaps Other current liabilities $5.0 $ā $5.0 Entergy Mississippi Natural gas swaps Other current liabilities $0.3 $ā $0.3 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 Subsidiariesā balance sheets (d) As of March 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Arkansas, $0.2 million for Entergy Louisiana, $0.4 million for Entergy Mississippi, and $0.1 million for Entergy New Orleans. As of December 31, 2020, letters of credit posted with MISO covered financial transmission rights exposure of $0.3 million for Entergy Louisiana, $0.2 million for Entergy Mississippi, $0.2 million for Entergy New Orleans, and $0.5 million for Entergy Texas. |
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiariesā derivative instruments not designated as hedging instruments on their income statements for the three months ended March 31, 2021 and 2020 were as follows: Instrument Income Statement Location Amount of gain Registrant (In Millions) 2021 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale $1.8 (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale $5.2 (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.1) (a) Entergy New Orleans Financial transmission rights Purchased power expense $26.1 (b) Entergy Arkansas Financial transmission rights Purchased power expense $12.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense $7.2 (b) Entergy Mississippi Financial transmission rights Purchased power expense $1.3 (b) Entergy New Orleans Financial transmission rights Purchased power expense $77.9 (b) Entergy Texas 2020 Natural gas swaps and options Fuel, fuel-related expenses, and gas purchased for resale ($1.3) (a) Entergy Louisiana Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($5.2) (a) Entergy Mississippi Natural gas swaps Fuel, fuel-related expenses, and gas purchased for resale ($0.4) (a) Entergy New Orleans Financial transmission rights Purchased power expense $4.6 (b) Entergy Arkansas Financial transmission rights Purchased power expense $5.3 (b) Entergy Louisiana Financial transmission rights Purchased power expense ($0.1) (b) Entergy Mississippi Financial transmission rights Purchased power expense $0.4 (b) Entergy New Orleans Financial transmission rights Purchased power expense $2.4 (b) Entergy Texas (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 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets : Securitization recovery trust account $28.1 $ā $ā $28.1 Financial transmission rights ā ā 0.5 0.5 $28.1 $ā $0.5 $28.6 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets : Temporary cash investments $248.6 $ā $ā $248.6 Securitization recovery trust account 36.2 ā ā 36.2 Financial transmission rights ā ā 1.6 1.6 $284.8 $ā $1.6 $286.4 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2021. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $2.7 $4.2 $0.6 $0.1 $1.6 Gains (losses) included as a regulatory liability/asset 24.8 9.3 6.9 1.2 76.8 Settlements (26.1) (12.3) (7.2) (1.2) (77.9) Balance as of March 31, $1.4 $1.2 $0.3 $0.1 $0.5 The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2020. Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of January 1, $3.3 $4.5 $0.8 $0.3 $0.9 Gains (losses) included as a regulatory liability/asset 2.4 2.7 (0.6) 0.1 1.8 Settlements (4.6) (5.3) 0.1 (0.4) (2.4) Balance as of March 31, $1.1 $1.9 $0.3 $ā $0.3 |
System Energy [Member] | |
Assets and liabilities at fair value on a recurring basis | System Energy 2021 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $132.1 $ā $ā $132.1 Decommissioning trust funds (a): Equity securities 60.6 ā ā 60.6 Debt Securities 179.4 227.0 ā 406.4 Common trusts (b) 782.8 $372.1 $227.0 $ā $1,381.9 2020 Level 1 Level 2 Level 3 Total (In Millions) Assets: Temporary cash investments $216.4 $ā $ā $216.4 Decommissioning trust funds (a): Equity securities 3.8 ā ā 3.8 Debt securities 177.3 250.4 ā 427.7 Common trusts (b) 784.4 $397.5 $250.4 $ā $1,432.3 |
Decommissioning Trust Funds (Ta
Decommissioning Trust Funds (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Securities Held | The available-for-sale securities held as of March 31, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $3,436 $102 $43 2020 Debt Securities $2,617 $197 $3 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $1,748 $43 $187 $3 More than 12 months 3 ā 2 ā Total $1,751 $43 $189 $3 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($4) 1 year - 5 years 1,027 672 5 years - 10 years 1,257 852 10 years - 15 years 492 377 15 years - 20 years 128 144 20 years+ 532 576 Total $3,436 $2,617 |
Entergy Arkansas [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $425.9 $13.2 $6.8 2020 Debt Securities $447.9 $27.7 $0.3 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $139.1 $6.8 $29.9 $0.3 More than 12 months ā ā ā ā Total $139.1 $6.8 $29.9 $0.3 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 84.7 113.1 5 years - 10 years 179.2 189.8 10 years - 15 years 100.8 81.4 15 years - 20 years 26.7 28.5 20 years+ 34.5 35.1 Total $425.9 $447.9 |
Entergy Louisiana [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $632.8 $31.2 $4.6 2020 Debt Securities $632.2 $51.3 $0.5 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $171.7 $4.6 $36.4 $0.5 More than 12 months 2.3 ā 0.8 ā Total $174.0 $4.6 $37.2 $0.5 |
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, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā $ā 1 year - 5 years 89.3 117.0 5 years - 10 years 186.0 159.4 10 years - 15 years 113.7 101.2 15 years - 20 years 63.4 66.9 20 years+ 180.4 187.7 Total $632.8 $632.2 |
System Energy [Member] | |
Securities Held | The available-for-sale securities held as of March 31, 2021 and December 31, 2020 are summarized as follows: Fair Total Total (In Millions) 2021 Debt Securities $406.4 $14.3 $5.0 2020 Debt Securities $427.7 $30.0 $0.8 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Gross Fair Gross (In Millions) Less than 12 months $157.5 $5.0 $28.9 $0.8 More than 12 months ā ā ā ā Total $157.5 $5.0 $28.9 $0.8 |
Fair Value Of Debt Securities By Contractual Maturities | The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2021 and December 31, 2020 were as follows: 2021 2020 (In Millions) Less than 1 year $ā ($1.1) 1 year - 5 years 136.2 134.7 5 years - 10 years 120.4 141.5 10 years - 15 years 35.1 31.5 15 years - 20 years 4.5 5.3 20 years+ 110.2 115.8 Total $406.4 $427.7 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Arkansas [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Louisiana [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Mississippi [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy New Orleans [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Entergy Texas [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
System Energy [Member] | |
Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT [Table Text Block] | The return of unprotected excess accumulated deferred income taxes reduced Entergyās and the Registrant Subsidiariesā regulatory liability for income taxes as follows: Three Months 2021 2020 (In Millions) Entergy $41 $30 Entergy Arkansas $8 $13 Entergy Louisiana $8 $8 Entergy New Orleans $ā $3 Entergy Texas $7 $6 System Entergy $18 $ā |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disaggregation of Revenue [Table Text Block] | Entergyās total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 2020 (In Thousands) Utility: Residential $966,855 $798,028 Commercial 572,676 538,940 Industrial 597,652 557,515 Governmental 56,798 52,582 Total billed retail 2,193,981 1,947,065 Sales for resale (a) 205,075 53,725 Other electric revenues (b) 80,261 50,166 Revenues from contracts with customers 2,479,317 2,050,956 Other revenues (c) 59,103 (318) Total electric revenues 2,538,420 2,050,638 Natural gas 58,168 43,976 Entergy Wholesale Commodities: Competitive businesses sales from contracts with customers (a) 232,113 216,002 Other revenues (c) 16,137 116,563 Total competitive businesses revenues 248,250 332,565 Total operating revenues $2,844,838 $2,427,179 |
Allowance for Doubtful Accounts | The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Arkansas [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 |
Allowance for Doubtful Accounts | The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Louisiana [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 |
Allowance for Doubtful Accounts | The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Mississippi [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 |
Allowance for Doubtful Accounts | The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy New Orleans [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 |
Allowance for Doubtful Accounts | The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Entergy Texas [Member] | |
Disaggregation of Revenue [Table Text Block] | The Registrant Subsidiariesā total revenues for the three months ended March 31, 2021 and 2020 were as follows: 2021 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $237,182 $335,760 $147,636 $66,427 $179,850 Commercial 106,416 224,649 97,936 47,799 95,876 Industrial 103,412 347,009 33,980 6,789 106,462 Governmental 4,256 18,616 10,543 16,380 7,003 Total billed retail 451,266 926,034 290,095 137,395 389,191 Sales for resale (a) 110,085 80,428 40,311 4,696 74,073 Other electric revenues (b) 19,583 43,910 3,950 (3,359) 17,529 Revenues from contracts with customers 580,934 1,050,372 334,356 138,732 480,793 Other revenues (c) 2,452 29,291 2,263 416 (573) Total electric revenues 583,386 1,079,663 336,619 139,148 480,220 Natural gas ā 27,981 ā 30,187 ā Total operating revenues $583,386 $1,107,644 $336,619 $169,335 $480,220 2020 Entergy Entergy Entergy Entergy Entergy (In Thousands) Residential $219,688 $259,860 $127,102 $50,899 $140,480 Commercial 111,245 202,246 96,798 45,505 83,146 Industrial 101,088 322,342 36,390 7,347 90,348 Governmental 4,030 16,754 10,327 15,851 5,620 Total billed retail 436,051 801,202 270,617 119,602 319,594 Sales for resale (a) 41,140 78,530 14,422 10,170 8,629 Other electric revenues (b) 1,596 32,008 6,443 763 10,702 Revenues from contracts with customers 478,787 911,740 291,482 130,535 338,925 Other revenues (c) 3,125 801 2,440 (7,104) 411 Total electric revenues 481,912 912,541 293,922 123,431 339,336 Natural gas ā 18,106 ā 25,871 ā Total operating revenues $481,912 $930,647 $293,922 $149,302 $339,336 |
Allowance for Doubtful Accounts | The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the three months ended March 31, 2021 and 2020. Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2020 $117.7 $18.3 $45.7 $19.5 $17.4 $16.8 Provisions 3.2 2.4 2.3 (2.2) 1.8 (1.1) Write-offs (3.8) (0.1) (2.1) (0.8) ā (0.8) Recoveries 1.9 0.6 0.7 0.3 0.2 0.1 Balance as of March 31, 2021 $119.0 $21.2 $46.6 $16.8 $19.4 $15.0 Entergy Entergy Entergy Entergy Entergy Entergy (In Millions) Balance as of December 31, 2019 $7.4 $1.2 $1.9 $0.6 $3.2 $0.5 Provisions 6.6 1.2 3.0 0.9 0.8 0.7 Write-offs (8.4) (1.8) (3.5) (1.2) (0.8) (1.1) Recoveries 2.9 0.9 1.1 0.3 0.2 0.5 Balance as of March 31, 2020 $8.5 $1.5 $2.5 $0.6 $3.4 $0.6 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | $ 15,735 | $ 62,162 | |
Entergy Arkansas [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | $ 0 | $ 55,001 | |
Entergy Wholesale Commodities [Member] | Palisades [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount Awarded from Other Party | $ 23,100 | ||
Damages awarded for previously recorded operation and maintenance | 7,100 | ||
Damages awarded for previously capitalized costs | 15,700 | ||
Damages awarded for previously recorded taxes other than income taxes | 300 | ||
Reduction of previously recorded deprecation expense | $ 9,100 |
Rate And Regulatory Matters (Na
Rate And Regulatory Matters (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | 14 Months Ended | 24 Months Ended | 36 Months Ended | ||||||||||||||
Apr. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Oct. 31, 2020 | May 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Feb. 28, 2021 | Aug. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Jun. 30, 2020 | Apr. 30, 2020 | |
Regulatory Assets [Line Items] | |||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 3,278,000 | $ 4,962,000 | |||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | $ 1,311,997,000 | $ 2,012,030,000 | 1,311,997,000 | $ 1,311,997,000 | $ 2,012,030,000 | ||||||||||||||||
Proceeds from the issuance of long-term debt | 3,676,242,000 | 3,195,345,000 | |||||||||||||||||||
Entergy Louisiana [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 109,500,000 | 63,000,000 | |||||||||||||||||||
Regulatory asset related to costs associated with COVID-19 pandemic | 47,800,000 | 47,800,000 | 47,800,000 | ||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 526,575,000 | 667,281,000 | 526,575,000 | 526,575,000 | 667,281,000 | ||||||||||||||||
Proceeds from the issuance of long-term debt | 1,399,245,000 | 1,221,900,000 | |||||||||||||||||||
Amount transfer from restricted escrow account as storm damage reserve | $ 257,000,000 | ||||||||||||||||||||
Estimated remaining costs for completion of J. Wayne Leonard Power Station | 3,100,000 | ||||||||||||||||||||
Entergy Louisiana [Member] | Mortgage Bonds Zero Point Six Two Percent Series Due November 2023 | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Proceeds from the issuance of long-term debt | $ 1,100,000,000 | ||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 0.62% | ||||||||||||||||||||
Entergy Louisiana [Member] | Winter Storm Uri | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Fuel Costs | $ 166,000,000 | ||||||||||||||||||||
Entergy Louisiana [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Distribution recovery mechanism - amount per year | $ 225,000,000 | ||||||||||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||||||||||||||||||
Formula rate plan revenue increase limit - exclusive of riders | $ 70,000,000 | ||||||||||||||||||||
Deferral of expenditures on vegetation management | $ 7,000,000 | ||||||||||||||||||||
Authorized return on common equity | 9.50% | ||||||||||||||||||||
Storm Reserve Escrow Account | $ 290,000,000 | ||||||||||||||||||||
Entergy Louisiana [Member] | Subsequent Event [Member] | Hurricanes Laura, Delta, Zeta, and Winter Storm Uri [Domain] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Total Restoration Costs For Repair and Replacement of Electrical System | 2,050,000,000 | ||||||||||||||||||||
Non-capital storm costs | 310,000,000 | ||||||||||||||||||||
Deferred Storm and Property Reserve Deficiency, Noncurrent | 1,740,000,000 | ||||||||||||||||||||
Total Restoration Costs For Repair and Replacement of Electrical System including carrying costs | 2,100,000,000 | ||||||||||||||||||||
Entergy Louisiana [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Authorized return on common equity | 9.00% | ||||||||||||||||||||
Entergy Louisiana [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Authorized return on common equity | 10.00% | ||||||||||||||||||||
Entergy Mississippi [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 95,400,000 | ||||||||||||||||||||
Rate Increase Included in Formula Rate Plan | 44,300,000 | ||||||||||||||||||||
Regulatory asset related to costs associated with COVID-19 pandemic | 16,300,000 | 16,300,000 | 16,300,000 | ||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | $ 192,649,000 | 134,854,000 | 192,649,000 | 192,649,000 | 134,854,000 | ||||||||||||||||
Proceeds from the issuance of long-term debt | 200,573,000 | 0 | |||||||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 6.69% | ||||||||||||||||||||
Cap on 2020 retail revenues | 2.00% | ||||||||||||||||||||
Demand side management costs | $ 3,900,000 | ||||||||||||||||||||
Interim increase in formula rate plan revenues | 16,800,000 | ||||||||||||||||||||
Interim rate adjustment | 1,700,000 | ||||||||||||||||||||
Total interim rate adjustments | 18,500,000 | ||||||||||||||||||||
Interim increase in formula rate plan revenues due to adjustments | 22,100,000 | ||||||||||||||||||||
Formula rate plan revenue increase including demand side management costs | $ 48,200,000 | ||||||||||||||||||||
Entergy Mississippi [Member] | Maximum [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 4.00% | ||||||||||||||||||||
Entergy New Orleans [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
public utilities proposed customer credits | $ 100 | ||||||||||||||||||||
Regulatory asset related to costs associated with COVID-19 pandemic | $ 14,800,000 | 14,800,000 | 14,800,000 | ||||||||||||||||||
Opportunity Sales Refund to be Redirected to Cares Program | $ 7,000,000 | ||||||||||||||||||||
Non-Securitized Storm Reserves Reallocated to Cares Program | $ 15,000,000 | ||||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 26,927,000 | 12,460,000 | 26,927,000 | 26,927,000 | 12,460,000 | ||||||||||||||||
Credits to customer bills resulting from City Council Cares Program | 4,300,000 | 4,300,000 | 4,300,000 | ||||||||||||||||||
Proceeds from the issuance of long-term debt | 0 | 139,116,000 | |||||||||||||||||||
Storm Reserve Escrow Account | 38,841,000 | 83,038,000 | 38,841,000 | 38,841,000 | 83,038,000 | ||||||||||||||||
Withdrawal from storm reserves | 44,000,000 | ||||||||||||||||||||
Entergy New Orleans [Member] | Maximum [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
public utilities proposed customer credits | $ 400 | ||||||||||||||||||||
Entergy New Orleans [Member] | Subsequent Event [Member] | Hurricane Zeta [Domain] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Total Restoration Costs For Repair and Replacement of Electrical System | 36,000,000 | ||||||||||||||||||||
Non-capital storm costs | 8,000,000 | ||||||||||||||||||||
Deferred Storm and Property Reserve Deficiency, Noncurrent | 28,000,000 | ||||||||||||||||||||
Entergy Texas [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Regulatory asset related to costs associated with COVID-19 pandemic | 10,700,000 | 10,700,000 | 10,700,000 | ||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | 178,917,000 | 879,908,000 | 178,917,000 | 178,917,000 | 879,908,000 | ||||||||||||||||
Proceeds from the issuance of long-term debt | 0 | 194,631,000 | |||||||||||||||||||
Entergy Texas [Member] | Hurricane Laura [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Interim fuel refund for cumulative over-recovery | $ 75,000,000 | ||||||||||||||||||||
Entergy Texas [Member] | Subsequent Event [Member] | Hurricanes Laura and Delta and Winter Storm Uri | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Total Restoration Costs For Repair and Replacement of Electrical System | 250,000,000 | ||||||||||||||||||||
Non-capital storm costs | 50,000,000 | ||||||||||||||||||||
Deferred Storm and Property Reserve Deficiency, Noncurrent | $ 200,000,000 | ||||||||||||||||||||
Entergy Arkansas [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Energy Cost Recovery Rider Rate Per kWh | 0.01052 | ||||||||||||||||||||
Regulatory asset related to costs associated with COVID-19 pandemic | 11,400,000 | 11,400,000 | 11,400,000 | ||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | $ 288,269,000 | 234,213,000 | 288,269,000 | 288,269,000 | 234,213,000 | ||||||||||||||||
Proceeds from the issuance of long-term debt | 604,760,000 | 264,505,000 | |||||||||||||||||||
Provision for rate refund | 43,500,000 | 43,500,000 | |||||||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 9.75% | ||||||||||||||||||||
Entergy Arkansas [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Energy Cost Recovery Rider Rate Per kWh | $ 0.00959 | ||||||||||||||||||||
Net change in required FRP rider revenue | $ 39,800,000 | ||||||||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 9.65% | ||||||||||||||||||||
System Energy [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Refund of Lease Payments | $ 17,200,000 | ||||||||||||||||||||
Rate reduction for ADIT associated with uncertain tax positions resulting from Grand Gulf sale-leaseback | $ 422,000,000 | 422,000,000 | 422,000,000 | ||||||||||||||||||
Interest Portion of rate reduction for ADIT associated with uncertain tax positions resulting from Grand Gulf sale-leaseback | 115,000,000 | 115,000,000 | 115,000,000 | ||||||||||||||||||
Refund related to depreciation expense adjustments | 19,000,000 | 19,000,000 | 19,000,000 | ||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Construction Work in Progress | $ 73,360,000 | 59,831,000 | 73,360,000 | 73,360,000 | $ 59,831,000 | ||||||||||||||||
Proceeds from the issuance of long-term debt | 189,244,000 | $ 243,559,000 | |||||||||||||||||||
Authorized return on common equity | 10.94% | ||||||||||||||||||||
FERC requested authorized return on equity for System Energy in return on equity proceeding, rebuttal | 9.32% | ||||||||||||||||||||
Percent Equity in Proposed Common Equity Ratio | 48.15% | ||||||||||||||||||||
Estimated refund related to FERC proceeding | $ 59,000,000 | 59,000,000 | 59,000,000 | ||||||||||||||||||
Estimated annual rate reduction | 46,000,000 | 46,000,000 | 46,000,000 | ||||||||||||||||||
Provision related to FERC proceeding | 36,000,000 | $ 36,000,000 | $ 36,000,000 | ||||||||||||||||||
One-time accumulated deferred income tax credit | 25,200,000 | ||||||||||||||||||||
Refund related to replacement energy costs | 360,000,000 | ||||||||||||||||||||
Pre-authorization of capital improvement projects | $ 125,000,000 | ||||||||||||||||||||
Sale Leaseback Transaction, Net Book Value | $ 70,000,000 | ||||||||||||||||||||
Grand Gulf [Member] | System Energy [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 11.50% | ||||||||||||||||||||
Distribution Cost Recovery Factor Rider [Member] | Entergy Texas [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 26,300,000 | ||||||||||||||||||||
Revenue increase resulting from incremental revenue | $ 6,800,000 | ||||||||||||||||||||
Transmission Cost Recovery Factor Rider [Member] | Entergy Texas [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 51,000,000 | ||||||||||||||||||||
Revenue increase resulting from incremental revenue | $ 31,600,000 | ||||||||||||||||||||
Generation Cost Recovery Rider | Entergy Texas [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 86,000,000 | $ 91,000,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - $ / shares | Apr. 12, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Equity [Abstract] | |||
Stock Options Excluded From Diluted Common Shares Outstanding Calculation | 1,000,000 | 500,000 | |
Shares, Issued | 388,330 | ||
Common stock dividend (in dollars per share) | $ 0.95 | $ 0.93 | |
Subsequent Event [Member] | |||
Equity [Abstract] | |||
Common stock dividend (in dollars per share) | $ 0.95 |
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, 2021 | Mar. 31, 2020 | |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Stock options, Shares | 400,000 | 700,000 |
Stock options $/share | $ (0.01) | $ 0 |
Restricted stock, Shares | 200,000 | 400,000 |
Restricted stock $/share | $ 0 | $ 0 |
Basic earnings per share | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ 334,565 | $ 118,714 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 334,600 | $ 118,700 |
Net Income Attributable to Entergy Corporation, Shares | 200,525,549 | 199,790,016 |
Net Income Attributable to Entergy Corporation, $/share | $ 1.67 | $ 0.59 |
Diluted earnings per share, Shares | 201,059,665 | 200,901,349 |
Diluted earnings per share $/share | $ 1.66 | $ 0.59 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated other comprehensive loss | $ (500,507) | $ (398,987) | $ (449,207) | $ (446,920) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (43,819) | 104,908 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7,481) | (56,975) | ||
Other comprehensive income (loss) | (51,300) | 47,933 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated other comprehensive loss | 11,963 | 41,690 | 56,650 | 25,946 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (45,301) | 17,713 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 614 | (1,969) | ||
Other comprehensive income (loss) | (44,687) | 15,744 | ||
Accumulated Other Comprehensive Income [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Other comprehensive income (loss) | (51,300) | 47,933 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated other comprehensive loss | (511,609) | (503,173) | (534,576) | (557,072) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 34,349 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 22,967 | 19,550 | ||
Other comprehensive income (loss) | 22,967 | 53,899 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated other comprehensive loss | (861) | 62,496 | 28,719 | 84,206 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,482 | 52,846 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (31,062) | (74,556) | ||
Other comprehensive income (loss) | (29,580) | (21,710) | ||
Entergy Louisiana [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated other comprehensive loss | 3,920 | 4,327 | ||
Other comprehensive income (loss) | (407) | 9,467 | ||
Entergy Louisiana [Member] | Accumulated Other Comprehensive Income [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Other comprehensive income (loss) | (407) | 9,467 | ||
Entergy Louisiana [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated other comprehensive loss | 3,920 | 14,029 | $ 4,327 | $ 4,562 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 10,050 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (407) | (583) | ||
Other comprehensive income (loss) | $ (407) | $ 9,467 |
Equity (Reclassification out of
Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,844,838 | $ 2,427,179 |
Other Nonoperating Income (Expense) | (60,929) | 23,389 |
Income taxes (benefits) | (65,942) | 71,194 |
Consolidated net income | 339,145 | 123,294 |
Competitive Businesses [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 248,250 | 332,565 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Consolidated net income | 7,481 | 56,975 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Nonoperating Income (Expense) | (48) | (48) |
INCOME (LOSS) BEFORE INCOME TAXES | 39,319 | 94,375 |
Income taxes (benefits) | (8,257) | (19,819) |
Consolidated net income | 31,062 | 74,556 |
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 | 39,367 | 94,423 |
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) | (972) | 3,116 |
Income taxes (benefits) | 358 | (1,147) |
Consolidated net income | (614) | 1,969 |
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 | 5,248 | 3,719 |
Amortization of loss | (34,529) | (27,318) |
INCOME (LOSS) BEFORE INCOME TAXES | (29,281) | (23,599) |
Income taxes (benefits) | 6,314 | 4,049 |
Consolidated net income | (22,967) | (19,550) |
Entergy Louisiana [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,107,644 | 930,647 |
Other Nonoperating Income (Expense) | (34,638) | 49,601 |
Income taxes (benefits) | (37,772) | 50,183 |
Consolidated net income | 166,626 | 189,396 |
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 | 1,230 | 1,089 |
Amortization of loss | (679) | (301) |
INCOME (LOSS) BEFORE INCOME TAXES | 551 | 788 |
Income taxes (benefits) | (144) | (205) |
Consolidated net income | $ 407 | $ 583 |
Revolving Credit Facilities, _3
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
May 31, 2021USD ($) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($) | May 01, 2021 | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Amount of Facility | $ 3,500,000 | $ 3,500,000 | ||||
Amount Drawn/ Outstanding | $ 55,000 | $ 55,000 | ||||
Commercial Paper Program [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, weighted average interest rate | 0.34% | 0.34% | ||||
Commercial Paper program limit | $ 2,000,000 | $ 2,000,000 | ||||
Commercial Paper Amount Outstanding | 1,028,000 | 1,028,000 | ||||
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 | 1.63% | |||||
1.90% Series senior notes due June 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 1.90% | 1.90% | ||||
Amount | $ 650,000 | $ 650,000 | ||||
2.40% Series senior notes due June 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.40% | 2.40% | ||||
Amount | $ 650,000 | $ 650,000 | ||||
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 | ||||
Letters of Credit Outstanding, Amount | 400 | 400 | ||||
Entergy Arkansas [Member] | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | 150,000 | 150,000 | ||||
Entergy Arkansas [Member] | Short-term revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | $ 25,000 | $ 25,000 | ||||
Entergy Arkansas [Member] | 3.35% Series mortgage bonds due June 2052 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.35% | 3.35% | ||||
Proceeds from Issuance of Debt | $ 400,000 | |||||
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 | ||||
Letters of Credit Outstanding, Amount | $ 200 | $ 200 | $ 300 | |||
Entergy Louisiana [Member] | 2.35% Series mortgage bonds due June 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.35% | 2.35% | ||||
Proceeds from Issuance of Debt | $ 500,000 | |||||
Entergy Louisiana [Member] | 4.80% Series mortgage bonds due May 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 4.80% | 4.80% | ||||
Repayments of Debt | $ 200,000 | |||||
Entergy Louisiana [Member] | 3.10% Series mortgage bonds due June 2041 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.10% | 3.10% | ||||
Proceeds from Issuance of Debt | $ 500,000 | |||||
Entergy Mississippi [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Authorized Short Term Borrowings | 175,000 | $ 175,000 | ||||
Letters of Credit Outstanding, Amount | 400 | 400 | 200 | |||
Non-MISO letter of credit outstanding | $ 1,000 | $ 1,000 | ||||
Entergy Mississippi [Member] | 3.50% Series mortgage bonds due June 2051 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.50% | 3.50% | ||||
Proceeds from Issuance of Debt | $ 200,000 | |||||
Entergy Mississippi [Member] | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | 82,500 | $ 82,500 | ||||
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 | 500 | |||||
System Energy [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Authorized Short Term Borrowings | 200,000 | 200,000 | ||||
Entergy New Orleans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Authorized Short Term Borrowings | 150,000 | 150,000 | ||||
Amount of total borrowing capacity against which fronting commitments exist | 10,000 | 10,000 | ||||
Letters of Credit Outstanding, Amount | 100 | 100 | $ 200 | |||
System Energy VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount Drawn/ Outstanding | 63,400 | $ 63,400 | ||||
Line of Credit Facility, Interest Rate During Period | 1.23% | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | |||||
Entergy Arkansas VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount Drawn/ Outstanding | $ 4,800 | $ 4,800 | ||||
Line of Credit Facility, Interest Rate During Period | 1.26% | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | |||||
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% | ||||
Amount | $ 90,000 | $ 90,000 | ||||
Entergy Louisiana Waterford VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount Drawn/ Outstanding | 73,200 | $ 73,200 | ||||
Line of Credit Facility, Interest Rate During Period | 1.25% | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | |||||
Entergy Louisiana River Bend VIE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount Drawn/ Outstanding | $ 70,500 | $ 70,500 | ||||
Line of Credit Facility, Interest Rate During Period | 1.24% | |||||
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% | |||||
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 | 0.65 | 0.65 | ||||
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 | 1.21% | |||||
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 | 1.21% | |||||
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 | 1.58% | |||||
Credit Facility Of Thirty Seven Point Five Million [Member] | Entergy Mississippi [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | 37,500 | $ 37,500 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Amount Drawn/ Outstanding | 0 | $ 0 | ||||
Line of Credit Facility, Interest Rate During Period | 1.58% | |||||
Credit Facility Of Thirty Five Million [Member] | Entergy Mississippi [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | 35,000 | $ 35,000 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Amount Drawn/ Outstanding | 0 | $ 0 | ||||
Line of Credit Facility, Interest Rate During Period | 1.58% | |||||
Credit Facility Of Ten Million [Member] | Entergy Mississippi [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | 10,000 | $ 10,000 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Amount Drawn/ Outstanding | 0 | $ 0 | ||||
Line of Credit Facility, Interest Rate During Period | 1.58% | |||||
Credit Facility Of Twenty Five Million [Member] | Entergy Arkansas [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | 25,000 | $ 25,000 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Amount Drawn/ Outstanding | 0 | $ 0 | ||||
Line of Credit Facility, Interest Rate During Period | 2.75% | |||||
Credit Facility Of Twenty Five Million [Member] | Entergy New Orleans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of Facility | 25,000 | $ 25,000 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Amount Drawn/ Outstanding | 0 | $ 0 | ||||
Line of Credit Facility, Interest Rate During Period | 1.36% | |||||
Subsequent Event [Member] | Entergy Louisiana [Member] | 2.00% pollution control refunding revenue bonds due June 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.00% | |||||
Proceeds from Issuance of Debt | $ 16,200 | |||||
Subsequent Event [Member] | Entergy Louisiana [Member] | 2.50% pollution control refunding revenue bonds due April 2036 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.50% | |||||
Proceeds from Issuance of Debt | $ 182,480 | |||||
Subsequent Event [Member] | Entergy Louisiana [Member] | 3.375% Pollution contol refunding revenue bonds due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 83,680 | |||||
Subsequent Event [Member] | Entergy Louisiana [Member] | 3.50% Pollution control refunding revenue bond due 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 115,000 | |||||
Subsequent Event [Member] | Entergy Texas [Member] | 2.55% Series mortgage bonds due June 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.55% | |||||
Repayments of Debt | $ 125,000 | |||||
Credit Facility of Sixty Five Million [Member] | Entergy Mississippi [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 1,000 | $ 1,000 | ||||
Uncommitted Credit Facility | $ 65,000 | $ 65,000 |
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, 2021USD ($) |
Summary of the borrowings outstanding and capacity available under the facility | |
Capacity | $ 3,500 |
Amount Drawn/ Outstanding | 55 |
Letters of Credit | 6 |
Capacity Available | $ 3,439 |
Revolving Credit Facilities, _5
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt (Credit Facilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Amount of Facility | $ 3,500 | |
Amount Drawn/ Outstanding | 55 | |
Entergy Arkansas [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | 5 | |
Letters of Credit Outstanding, Amount | 0.4 | |
Entergy Arkansas [Member] | Credit Facility Of Twenty Five Million [Member] | ||
Amount of Facility | $ 25 | |
Interest Rate | 2.75% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Arkansas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Amount of Facility | $ 150 | |
Interest Rate | 1.21% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Louisiana [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | 15 | |
Letters of Credit Outstanding, Amount | 0.2 | $ 0.3 |
Entergy Louisiana [Member] | Credit Facility Of Three Hundred Fifty Million [Member] | ||
Amount of Facility | $ 350 | |
Interest Rate | 1.21% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | 0.4 | 0.2 |
Entergy Mississippi [Member] | Credit Facility Of Thirty Seven Point Five Million [Member] | ||
Amount of Facility | $ 37.5 | |
Interest Rate | 1.58% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Mississippi [Member] | Credit Facility Of Thirty Five Million [Member] | ||
Amount of Facility | $ 35 | |
Interest Rate | 1.58% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Mississippi [Member] | Credit Facility Of Ten Million [Member] | ||
Amount of Facility | $ 10 | |
Interest Rate | 1.58% | |
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 | |
Letters of Credit Outstanding, Amount | 0.1 | 0.2 |
Entergy New Orleans [Member] | Credit Facility Of Twenty Five Million [Member] | ||
Amount of Facility | $ 25 | |
Interest Rate | 1.36% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | 0 | |
Entergy Texas [Member] | ||
Amount of total borrowing capacity against which fronting commitments exist | 30 | |
Letters of Credit Outstanding, Amount | $ 0.5 | |
Entergy Texas [Member] | Credit Facility Of One Hundred And Fifty Million [Member] | ||
Amount of Facility | $ 150 | |
Interest Rate | 1.58% | |
Amount Drawn/ Outstanding | $ 0 | |
Letters of Credit Outstanding, Amount | $ 1.3 |
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, 2021USD ($) |
Entergy Arkansas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | $ 250 |
Borrowings | 0 |
Entergy Louisiana [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 450 |
Borrowings | 0 |
Entergy Mississippi [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 175 |
Borrowings | 0 |
Entergy New Orleans [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 150 |
Borrowings | 25 |
Entergy Texas [Member] | |
Short-term borrowings and the outstanding short-term borrowings | |
Authorized | 200 |
Borrowings | 31 |
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, 2021USD ($) | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount Drawn/ Outstanding | $ 55 |
Entergy Arkansas VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount of Facility | $ 80 |
Line of Credit Facility, Interest Rate During Period | 1.26% |
Amount Drawn/ Outstanding | $ 4.8 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% |
System Energy VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount of Facility | $ 120 |
Line of Credit Facility, Interest Rate During Period | 1.23% |
Amount Drawn/ Outstanding | $ 63.4 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% |
Entergy Louisiana River Bend VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount of Facility | $ 105 |
Line of Credit Facility, Interest Rate During Period | 1.24% |
Amount Drawn/ Outstanding | $ 70.5 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% |
Entergy Louisiana Waterford VIE [Member] | |
Issuance of commercial paper to finance the acquisition and ownership of nuclear fuel | |
Amount of Facility | $ 105 |
Line of Credit Facility, Interest Rate During Period | 1.25% |
Amount Drawn/ Outstanding | $ 73.2 |
Line of credit facility commitment fee as a percentage of undrawn commitment amount | 0.125% |
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, 2021USD ($) |
Three Point Six Five Percent Series L Notes Due July Two Thousand Twenty One [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.65% |
Amount | $ 90 |
Three Point One Seven Percent Series M Notes Due December Two Thousand Twenty Three [Member] | Entergy Arkansas VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 3.17% |
Amount | $ 40 |
Three Point Two 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 |
Two Point Fifty One Percent Series V Notes Due June 2027 | Entergy Louisiana River Bend VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 2.51% |
Amount | $ 70 |
Two Point Zero Five Percent Series K Notes Due September 2027 | System Energy VIE [Member] | |
Notes payable by variable interest entities | |
Stated interest rate (percentage) | 2.05% |
Amount | $ 90 |
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, 2021 | Dec. 31, 2020 |
Long-term Debt, Fair Value | $ 25,716,967 | $ 24,813,818 |
Long-term Debt, Book Value | 24,704,475 | 22,369,776 |
Entergy Arkansas [Member] | ||
Long-term Debt, Fair Value | 4,126,514 | 4,355,632 |
Long-term Debt, Book Value | 3,958,751 | 3,967,507 |
Entergy Louisiana [Member] | ||
Long-term Debt, Fair Value | 10,681,713 | 10,258,294 |
Long-term Debt, Book Value | 10,059,885 | 9,027,451 |
Entergy Mississippi [Member] | ||
Long-term Debt, Fair Value | 2,084,891 | 2,021,432 |
Long-term Debt, Book Value | 1,981,429 | 1,780,577 |
Entergy New Orleans [Member] | ||
Long-term Debt, Fair Value | 584,475 | 620,634 |
Long-term Debt, Book Value | 642,412 | 642,233 |
Entergy Texas [Member] | ||
Long-term Debt, Fair Value | 2,545,973 | 2,765,193 |
Long-term Debt, Book Value | 2,465,827 | 2,493,708 |
System Energy [Member] | ||
Long-term Debt, Fair Value | 785,758 | 840,540 |
Long-term Debt, Book Value | $ 768,969 | $ 805,274 |
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, 2021 | Dec. 31, 2020 |
Entergy Arkansas [Member] | ||
Letters of Credit Outstanding, Amount | $ 0.4 | |
Entergy Mississippi [Member] | ||
Letters of Credit Outstanding, Amount | 0.4 | $ 0.2 |
Entergy Louisiana [Member] | ||
Letters of Credit Outstanding, Amount | 0.2 | 0.3 |
Entergy New Orleans [Member] | ||
Letters of Credit Outstanding, Amount | 0.1 | 0.2 |
Entergy Texas [Member] | ||
Letters of Credit Outstanding, Amount | $ 0.5 | |
Credit Facility Of Twenty Five Million [Member] | Entergy Arkansas [Member] | ||
Uncommitted Credit Facility | $ 25 | |
Letter of Credit Fee, Percentage | 0.78% | |
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 | $ 30.2 | |
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 | $ 2 | |
Credit Facility Of One Hundred Twenty Five Million [Member] | Entergy Louisiana [Member] | ||
Uncommitted Credit Facility | $ 125 | |
Letter of Credit Fee, Percentage | 0.78% | |
Letters of Credit Outstanding, Amount | $ 12.8 | |
Credit Facility of Sixty Five Million [Member] | Entergy Mississippi [Member] | ||
Uncommitted Credit Facility | $ 65 | |
Letter of Credit Fee, Percentage | 0.78% | |
Letters of Credit Outstanding, Amount | $ 1 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards under Entergy's plans, years | 3 years | ||
2019 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option granted (in shares) | 508,704 | ||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 12.27 | ||
Stock options outstanding | 2,890,582 | ||
Weighted-average exercise price of stock options outstanding (in dollars per share) | $ 90.75 | ||
Intrinsic value in the money stock options | $ 41.6 | ||
Restricted Awards [Member] | 2019 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 392,382 | ||
Restricted stock awards granted value (in dollars per share) | $ 95.87 | ||
Long Term Incentive Plan [Member] | 2019 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-term incentive plan awards | 203,983 | ||
Percent of performance measure based on relative total shareholder return | 80.00% | 80.00% | |
Percent of performance measure based on cumulative adjusted EPS metric | 20.00% | 20.00% | |
Long Term Incentive Plan [Member] | 2019 Omnibus Incentive Plan | Performance measure based on relative total shareholder return [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted value (in dollars per share) | $ 110.74 | ||
Long Term Incentive Plan [Member] | 2019 Omnibus Incentive Plan | Performance measure based on cumulative adjusted earnings per share metric [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted value (in dollars per share) | $ 95.87 |
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, 2021 | Mar. 31, 2020 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 1 | $ 1 |
Tax benefit recognized in Entergy's net income | 0.3 | 0.3 |
Compensation cost capitalized as part of fixed assets and inventory | $ 0.4 | $ 0.4 |
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, 2021 | Mar. 31, 2020 | |
Employee service share-based compensation, aggregate disclosures | ||
Compensation expense included in Entergy's net income | $ 10.8 | $ 9.4 |
Tax benefit recognized in Entergy's net income | 2.7 | 2.4 |
Compensation cost capitalized as part of fixed assets and inventory | $ 4 | $ 3.4 |
Retirement And Other Postreti_3
Retirement And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 356,000 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 152,200 | ||
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 | 66,649 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 21,361 | ||
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 | 59,882 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 29,159 | ||
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 | 13,715 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4,799 | ||
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 | 5,395 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,629 | ||
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 | 6,955 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,935 | ||
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 | 18,663 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 6,675 | ||
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 | $ 45,288 | ||
Subsequent Event [Member] | Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 30,723 | ||
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 | 8,916 | ||
Subsequent Event [Member] | Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,766 | ||
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 | 4,020 | ||
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 | $ 11,988 | ||
Non Qualified Pension Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net other postretirement benefit cost | 4,600 | $ 4,500 | |
Non Qualified Pension Plans [Member] | Entergy Arkansas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net other postretirement benefit cost | 90 | 83 | |
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net other postretirement benefit cost | 44 | 37 | |
Non Qualified Pension Plans [Member] | Entergy Mississippi [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net other postretirement benefit cost | 96 | 90 | |
Non Qualified Pension Plans [Member] | Entergy New Orleans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net other postretirement benefit cost | 8 | 8 | |
Non Qualified Pension Plans [Member] | Entergy Texas [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Net other postretirement benefit cost | $ 115 | $ 117 |
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, 2021 | Mar. 31, 2020 | |
Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | $ 45,241 | $ 40,379 |
Interest cost on projected benefit obligation | 46,099 | 60,799 |
Expected return on assets | (105,713) | (103,565) |
Amortization of loss | 104,392 | 87,259 |
Net other postretirement benefit cost | 90,019 | 84,872 |
Pension Plans Defined Benefit [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 7,418 | 6,566 |
Interest cost on projected benefit obligation | 8,341 | 11,433 |
Expected return on assets | (19,670) | (19,622) |
Amortization of loss | 19,303 | 16,897 |
Net other postretirement benefit cost | 15,392 | 15,274 |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 10,043 | 8,794 |
Interest cost on projected benefit obligation | 9,562 | 12,841 |
Expected return on assets | (22,538) | (22,402) |
Amortization of loss | 19,204 | 16,627 |
Net other postretirement benefit cost | 16,271 | 15,860 |
Pension Plans Defined Benefit [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 2,364 | 2,023 |
Interest cost on projected benefit obligation | 2,462 | 3,340 |
Expected return on assets | (5,587) | (5,757) |
Amortization of loss | 5,668 | 4,748 |
Net other postretirement benefit cost | 4,907 | 4,354 |
Pension Plans Defined Benefit [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 796 | 663 |
Interest cost on projected benefit obligation | 1,029 | 1,456 |
Expected return on assets | (2,622) | (2,627) |
Amortization of loss | 2,270 | 2,005 |
Net other postretirement benefit cost | 1,473 | 1,497 |
Pension Plans Defined Benefit [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,801 | 1,546 |
Interest cost on projected benefit obligation | 1,949 | 2,782 |
Expected return on assets | (5,237) | (5,486) |
Amortization of loss | 3,711 | 3,265 |
Net other postretirement benefit cost | 2,224 | 2,107 |
Pension Plans Defined Benefit [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 2,314 | 1,965 |
Interest cost on projected benefit obligation | 2,142 | 2,814 |
Expected return on assets | (4,778) | (4,663) |
Amortization of loss | 5,326 | 4,279 |
Net other postretirement benefit cost | 5,004 | 4,395 |
Other Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 6,645 | 5,801 |
Interest cost on projected benefit obligation | 5,320 | 7,932 |
Expected return on assets | (10,805) | (10,328) |
Amortization of prior service cost (credit) | (8,267) | (5,922) |
Amortization of loss | 713 | 468 |
Net other postretirement benefit cost | (6,394) | (2,049) |
Other Postretirement [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,034 | 828 |
Interest cost on projected benefit obligation | 932 | 1,217 |
Expected return on assets | (4,505) | (4,326) |
Amortization of prior service cost (credit) | (280) | (661) |
Amortization of loss | 49 | 55 |
Net other postretirement benefit cost | (2,770) | (2,887) |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 1,544 | 1,423 |
Interest cost on projected benefit obligation | 1,130 | 1,723 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost (credit) | (1,230) | (1,089) |
Amortization of loss | (91) | (199) |
Net other postretirement benefit cost | 1,353 | 1,858 |
Other Postretirement [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 362 | 351 |
Interest cost on projected benefit obligation | 278 | 422 |
Expected return on assets | (1,384) | (1,307) |
Amortization of prior service cost (credit) | (444) | (321) |
Amortization of loss | 19 | 29 |
Net other postretirement benefit cost | (1,169) | (826) |
Other Postretirement [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 109 | 105 |
Interest cost on projected benefit obligation | 130 | 227 |
Expected return on assets | (1,438) | (1,355) |
Amortization of prior service cost (credit) | (229) | (76) |
Amortization of loss | (178) | (38) |
Net other postretirement benefit cost | (1,606) | (1,137) |
Other Postretirement [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 346 | 303 |
Interest cost on projected benefit obligation | 317 | 582 |
Expected return on assets | (2,548) | (2,435) |
Amortization of prior service cost (credit) | (936) | (550) |
Amortization of loss | 100 | 212 |
Net other postretirement benefit cost | (2,721) | (1,888) |
Other Postretirement [Member] | System Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 335 | 294 |
Interest cost on projected benefit obligation | 220 | 307 |
Expected return on assets | (789) | (748) |
Amortization of prior service cost (credit) | (109) | (219) |
Amortization of loss | 15 | 20 |
Net other postretirement benefit cost | (328) | (346) |
Non Qualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 4,600 | 4,500 |
Non Qualified Pension Plans [Member] | Entergy Arkansas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 90 | 83 |
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 44 | 37 |
Non Qualified Pension Plans [Member] | Entergy Mississippi [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 96 | 90 |
Non Qualified Pension Plans [Member] | Entergy New Orleans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | 8 | 8 |
Non Qualified Pension Plans [Member] | Entergy Texas [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net other postretirement benefit cost | $ 115 | $ 117 |
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, 2021 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 356,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 152,200 | |
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 | 59,882 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 29,159 | |
Entergy Louisiana [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 30,723 | |
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 | 13,715 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4,799 | |
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 | 8,916 | |
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 | 5,395 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,629 | |
Entergy New Orleans [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,766 | |
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 | 6,955 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,935 | |
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 | 4,020 | |
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 | 18,663 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 6,675 | |
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 | 11,988 | |
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 | 66,649 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 21,361 | |
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 | $ 45,288 |
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, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | $ 5,248 | $ 3,719 |
Amortization of loss | (34,529) | (27,318) |
Total | (29,281) | (23,599) |
Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,230 | 1,089 |
Amortization of loss | (679) | (301) |
Total | 551 | 788 |
Pension Plans Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (33,439) | (26,462) |
Total | (33,439) | (26,462) |
Pension Plans Defined Benefit [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (769) | (499) |
Total | (769) | (499) |
Other Postretirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 5,288 | 3,776 |
Amortization of loss | (495) | (25) |
Total | 4,793 | 3,751 |
Other Postretirement [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 1,230 | 1,089 |
Amortization of loss | 91 | 199 |
Total | 1,321 | 1,288 |
Non Qualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | (40) | (57) |
Amortization of loss | (595) | (831) |
Total | (635) | (888) |
Non Qualified Pension Plans [Member] | Entergy Louisiana [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Amortization of loss | (1) | (1) |
Total | $ (1) | $ (1) |
Business Segment Information Bu
Business Segment Information Business Segment Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2022 | |
Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Write-Offs, Impairments, And Related Charges | $ 3 | $ 5 | ||
Restructuring Charges | 13 | 21 | ||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 13 | |||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | Subsequent Event [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 40 | $ 15 | ||
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 13 | $ 21 |
Business Segment Information (S
Business Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,844,838 | $ 2,427,179 | |
Segment Financial Information | |||
Income taxes (benefits) | 65,942 | (71,194) | |
Consolidated net income | 339,145 | 123,294 | |
Assets | 58,667,628 | $ 58,239,212 | |
Utility [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,596,616 | 2,094,629 | |
Segment Financial Information | |||
Income taxes (benefits) | 59,734 | (52,949) | |
Consolidated net income | 360,600 | 323,849 | |
Assets | 56,086,185 | 55,940,153 | |
Entergy Wholesale Commodities [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 248,219 | 332,549 | |
Segment Financial Information | |||
Income taxes (benefits) | 15,560 | (30,540) | |
Consolidated net income | 38,124 | (110,428) | |
Assets | 3,793,754 | 3,800,378 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 23 | 11 | |
Segment Financial Information | |||
Income taxes (benefits) | (9,352) | 12,295 | |
Consolidated net income | (27,680) | (58,228) | |
Assets | 867,301 | 552,632 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (20) | (10) | |
Segment Financial Information | |||
Income taxes (benefits) | 0 | 0 | |
Consolidated net income | (31,899) | $ (31,899) | |
Assets | $ (2,079,612) | $ (2,053,951) |
Business Segment Information _2
Business Segment Information Business Segment Information (Restructuring Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ 13 | |||
Entergy Wholesale Commodities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 13 | $ 21 | ||
Restructuring Reserve | 171 | 164 | $ 159 | $ 143 |
Payments for Restructuring | 1 | 0 | ||
Asset Write-Offs, Impairments, And Related Charges | 3 | 5 | ||
Entergy Wholesale Commodities [Member] | Employee Retention and Severances Expenses and Other Benefits-Related Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 13 | 21 | ||
Restructuring Reserve | 157 | 150 | 145 | 129 |
Payments for Restructuring | 1 | 0 | ||
Entergy Wholesale Commodities [Member] | Economic Development Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 0 | 0 | ||
Restructuring Reserve | 14 | 14 | $ 14 | $ 14 |
Payments for Restructuring | $ 0 | $ 0 |
Risk Management and Fair Valu_3
Risk Management and Fair Values (Narrative) (Details) TWh in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($)GWhMMBTUcounterparty | Mar. 31, 2020USD ($) | Dec. 31, 2021TWh | Dec. 31, 2020USD ($) | |
Maturity of cash flow hedges, Tax | $ 8 | $ 20 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 41,296,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 23,009 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset and Liability Unrealized Gains (Loss) Included in Earnings | $ 0.7 | 1 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 6.4 | $ 0.1 | ||
Letters Of Credit | $ 6 | |||
Number of Derivative Contract Counterparties in a Liability Position | counterparty | 1 | |||
Entergy Arkansas [Member] | ||||
Letters of Credit Outstanding, Amount | $ 0.4 | |||
Total volume of fixed transmission rights outstanding | GWh | 5,765 | |||
Entergy Louisiana [Member] | ||||
Letters of Credit Outstanding, Amount | $ 0.2 | 0.3 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 21,920,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 10,716 | |||
Entergy Mississippi [Member] | ||||
Letters of Credit Outstanding, Amount | $ 0.4 | 0.2 | ||
Total volume of natural gas swaps outstanding (MMBtu) | MMBTU | 19,376,000 | |||
Total volume of fixed transmission rights outstanding | GWh | 2,576 | |||
Entergy New Orleans [Member] | ||||
Letters of Credit Outstanding, Amount | $ 0.1 | 0.2 | ||
Total volume of fixed transmission rights outstanding | GWh | 1,055 | |||
Entergy Texas [Member] | ||||
Letters of Credit Outstanding, Amount | 0.5 | |||
Total volume of fixed transmission rights outstanding | GWh | 2,820 | |||
Entergy Wholesale Commodities [Member] | ||||
Letters of Credit Held | 39 | |||
Gas Hedge Contracts [Member] | Entergy Louisiana [Member] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 3 years | |||
Gas Hedge Contracts [Member] | Entergy Mississippi [Member] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 7 months | |||
Electricity Swaps And Options [Member] | Cash Flow Hedging [Member] | Competitive Businesses Operating Revenues [Member] | ||||
Maturity of cash flow hedges, before taxes | $ 39 | $ 94 | ||
Power Sales [Domain] | Cash Flow Hedging [Member] | Competitive Businesses Operating Revenues [Member] | ||||
Maturity of cash flow hedges, before taxes | 0.3 | |||
Entergy Wholesale Commodities [Member] | ||||
Cash collateral posted | 6 | 5 | ||
Letters of Credit Held | 7 | 39 | ||
Letters Of Credit | 1 | $ 1 | ||
Hedging Liabilities, Current | $ 1 | |||
Subsequent Event [Member] | ||||
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 | 12.00% | |||
Total planned generation for remainder of the period | TWh | 5.8 |
Risk Management and Fair Valu_4
Risk Management and Fair Values (Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Entergy Wholesale Commodities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral posted | $ 6 | $ 5 |
Liabilities: | ||
Letters of Credit Held | 7 | 39 |
Other Non-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 |
Other Deferred Debits And Other Assets [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1 | |
Derivative Asset, Fair Value, Gross Asset | 1 | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Prepayments And Other [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 38 | |
Derivative Asset, Fair Value, Gross Asset | 39 | |
Derivative, Collateral, Obligation to Return Cash | (1) | |
Prepayments And Other [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1 | 1 |
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Utility and Entergy Wholesale Commodities [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 4 | 9 |
Derivative Asset, Fair Value, Gross Asset | 4 | 9 |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Other Current Liabilities [Member] | Electricity Swaps And Options [Member] | Entergy Wholesale Commodities [Member] | Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 1 | |
Derivative, Collateral, Right to Reclaim Cash | (1) | |
Derivative Liability | 0 | |
Other Current Liabilities [Member] | Natural Gas Swaps [Member] | Utility [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 6 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 2 | 6 |
Entergy Louisiana [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | 0.2 | 0.3 |
Entergy Louisiana [Member] | Other Non-Current Liabilities [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 0.8 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 0.8 | |
Entergy Louisiana [Member] | Other Deferred Debits And Other Assets [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.4 | 0.5 |
Derivative Asset, Fair Value, Gross Asset | 0.4 | 0.5 |
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 | 1 | 0.8 |
Derivative Asset, Fair Value, Gross Asset | 1 | 0.8 |
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 | 1.2 | 4.2 |
Derivative Asset, Fair Value, Gross Asset | 1.3 | 4.3 |
Derivative, Collateral, Obligation to Return Cash | 0.1 | (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 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 0.3 | |
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 | 0.3 | 0.6 |
Derivative Asset, Fair Value, Gross Asset | 0.3 | 0.6 |
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 | 2.3 | 5 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 2.3 | 5 |
Entergy New Orleans [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | 0.1 | 0.2 |
Entergy New Orleans [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.1 | 0.1 |
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0.2 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0.1 |
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 | 0.3 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 0.3 | |
Entergy Arkansas [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | 0.4 | |
Entergy Arkansas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 1.4 | 2.7 |
Derivative Asset, Fair Value, Gross Asset | 1.5 | 2.9 |
Derivative, Collateral, Obligation to Return Cash | (0.1) | (0.2) |
Entergy Texas [Member] | ||
Liabilities: | ||
Letters of Credit Outstanding, Amount | 0.5 | |
Entergy Texas [Member] | Prepayments And Other [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | ||
Assets: | ||
Derivative Asset | 0.5 | 1.6 |
Derivative Asset, Fair Value, Gross Asset | 0.5 | 1.6 |
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 |
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, 2021 | Mar. 31, 2020 | |
Effect of Derivative instruments designated as cash flow hedges on consolidated statements of income | ||
Amount of gain (loss) recognized in AOCI (effective portion) | $ 2 | $ 67 |
Amount of gain reclassified from accumulated OCI into income (effective portion) | $ 39 | $ 94 |
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) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Competitive Businesses Operating Revenues [Member] | Electricity Swaps And Options [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (2) | $ 0 | |
Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 7 | (7) | |
Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 128 | 13 | |
Entergy Arkansas [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Letters of Credit Outstanding, Amount | 0.4 | ||
Entergy Arkansas [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | Prepayments And Other [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Asset | 1.4 | $ 2.7 | |
Entergy Arkansas [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 26.1 | 4.6 | |
Entergy Louisiana [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Letters of Credit Outstanding, Amount | 0.2 | 0.3 | |
Entergy Louisiana [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | Prepayments And Other [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Asset | 1.2 | 4.2 | |
Entergy Louisiana [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | Other Current Liabilities [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 0.3 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||
Derivative Liability | 0.3 | ||
Entergy Louisiana [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | Other Noncurrent Liabilities | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 1.3 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||
Derivative Liability | 1.3 | ||
Entergy Louisiana [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | Other Deferred Debits And Other Assets [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Asset | 0.4 | 0.5 | |
Entergy Louisiana [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | Prepayments And Other [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Asset | 1 | 0.8 | |
Entergy Louisiana [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 1.8 | (1.3) | |
Entergy Louisiana [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 12.3 | 5.3 | |
Entergy Mississippi [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Letters of Credit Outstanding, Amount | 0.4 | 0.2 | |
Entergy Mississippi [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | Prepayments And Other [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Asset | 0.3 | 0.6 | |
Entergy Mississippi [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | Other Current Liabilities [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 2.3 | 5 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |
Derivative Liability | 2.3 | 5 | |
Entergy Mississippi [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 5.2 | (5.2) | |
Entergy Mississippi [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 7.2 | (0.1) | |
Entergy New Orleans [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Letters of Credit Outstanding, Amount | 0.1 | 0.2 | |
Entergy New Orleans [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | Prepayments And Other [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Asset | 0.1 | 0.1 | |
Entergy New Orleans [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | Other Current Liabilities [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 0.3 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||
Derivative Liability | 0.3 | ||
Entergy New Orleans [Member] | Fuel, Fuel Related Expenses And Gas Purchased For Resale [Member] | Natural Gas Swaps [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (0.1) | (0.4) | |
Entergy New Orleans [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 1.3 | 0.4 | |
Entergy Texas [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Letters of Credit Outstanding, Amount | 0.5 | ||
Entergy Texas [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | Prepayments And Other [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative Asset | 0.5 | $ 1.6 | |
Entergy Texas [Member] | Purchased Power Expense [Member] | Fixed Transmission Rights (FTRs) [Member] | Not Designated As Hedging Instrument [Member] | |||
Effect Of Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 77.9 | $ 2.4 |
Risk Management and Fair Valu_7
Risk Management and Fair Values (Assets And Liabilities At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 1,675,082 | $ 1,630,248 |
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 44,000 | 42,000 |
Replacement Reserve Escrow | 103,000 | 148,000 |
Equity Securities, FV-NI | 807,000 | 1,533,000 |
Debt Securities | 3,436,000 | 2,617,000 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 9,172,000 | 9,122,000 |
Gas Hedge Contracts [Member] | ||
Liabilities at fair value on a recurring basis | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 3,000 | 7,000 |
Common trust funds valued using Net Asset Value [Domain] | ||
Assets at fair value on a recurring basis | ||
Available-for-sale Securities | 3,102,000 | 3,103,000 |
Power Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 38,000 | |
Gas Hedge Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 1,000 | 2,000 |
Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 4,000 | 9,000 |
Fair Value Inputs Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 1,675,000 | 1,630,000 |
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 44,000 | 42,000 |
Replacement Reserve Escrow | 103,000 | 148,000 |
Equity Securities, FV-NI | 807,000 | 1,533,000 |
Debt Securities | 1,489,000 | 919,000 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 4,119,000 | 4,273,000 |
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 | 2,000 | 6,000 |
Fair Value Inputs Level 1 [Member] | Power Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 0 | |
Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 1,000 | 1,000 |
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 | 1,947,000 | 1,698,000 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 1,947,000 | 1,699,000 |
Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts [Member] | ||
Liabilities at fair value on a recurring basis | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 1,000 | 1,000 |
Fair Value, Inputs, Level 2 [Member] | Power Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 0 | |
Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 0 | 1,000 |
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 | 4,000 | 47,000 |
Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | ||
Liabilities at fair value on a recurring basis | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Power Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 38,000 | |
Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 4,000 | 9,000 |
Entergy New Orleans [Member] | ||
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 6,779 | 3,364 |
Replacement Reserve Escrow | 38,800 | 83,000 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 45,700 | 86,500 |
Entergy New Orleans [Member] | Gas Hedge Contracts [Member] | ||
Liabilities at fair value on a recurring basis | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 300 | |
Entergy New Orleans [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 100 | 100 |
Entergy New Orleans [Member] | Fair Value Inputs Level 1 [Member] | ||
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 6,800 | 3,400 |
Replacement Reserve Escrow | 38,800 | 83,000 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 45,600 | 86,400 |
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 | 300 | |
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] | ||
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] | ||
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 | 100 | 100 |
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 | 100 | 100 |
Entergy Mississippi [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 76,705 | 7 |
Assets at fair value on a recurring basis | ||
Replacement Reserve Escrow | 64,600 | 64,600 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 141,600 | 65,200 |
Entergy Mississippi [Member] | Gas Hedge Contracts [Member] | ||
Liabilities at fair value on a recurring basis | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 2,300 | 5,000 |
Entergy Mississippi [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 300 | 600 |
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 | 76,700 | |
Assets at fair value on a recurring basis | ||
Replacement Reserve Escrow | 64,600 | 64,600 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 141,300 | 64,600 |
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 | 2,300 | 5,000 |
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 | 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 | 300 | 600 |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Hedge Contracts [Member] | ||
Liabilities at fair value on a recurring basis | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 0 | 0 |
Entergy Mississippi [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 300 | 600 |
Entergy Louisiana [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 601,583 | 726,717 |
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 8,800 | 2,700 |
Equity Securities, FV-NI | 68,800 | 8,700 |
Debt Securities | 632,800 | 632,200 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 2,492,300 | 2,528,900 |
Entergy Louisiana [Member] | Gas Hedge Contracts [Member] | ||
Liabilities at fair value on a recurring basis | ||
Liabilities, Fair Value Disclosure on Recurring Basis | 800 | 1,600 |
Entergy Louisiana [Member] | Common trust funds valued using Net Asset Value [Domain] | ||
Assets at fair value on a recurring basis | ||
Available-for-sale Securities | 1,177,700 | 1,153,100 |
Entergy Louisiana [Member] | Gas Hedge Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 1,400 | 1,300 |
Entergy Louisiana [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 1,200 | 4,200 |
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 | 601,600 | 726,700 |
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 8,800 | 2,700 |
Equity Securities, FV-NI | 68,800 | 8,700 |
Debt Securities | 218,900 | 172,400 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 899,100 | 911,300 |
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 | 0 | 300 |
Entergy Louisiana [Member] | Fair Value Inputs Level 1 [Member] | Gas Hedge Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 1,000 | 800 |
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 |
Equity Securities, FV-NI | 0 | 0 |
Debt Securities | 413,900 | 459,800 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 414,300 | 460,300 |
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 | 800 | 1,300 |
Entergy Louisiana [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Hedge Contracts Assets [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 400 | 500 |
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 |
Equity Securities, FV-NI | 0 | 0 |
Debt Securities | 0 | 0 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 1,200 | 4,200 |
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 | 1,200 | 4,200 |
Entergy Arkansas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 123,658 | 168,020 |
Assets at fair value on a recurring basis | ||
Equity Securities, FV-NI | 53,300 | 1,300 |
Debt Securities | 425,900 | 447,900 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 1,436,200 | 1,444,600 |
Entergy Arkansas [Member] | Common trust funds valued using Net Asset Value [Domain] | ||
Assets at fair value on a recurring basis | ||
Available-for-sale Securities | 831,900 | 824,700 |
Entergy Arkansas [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 1,400 | 2,700 |
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 | 123,700 | 168,000 |
Assets at fair value on a recurring basis | ||
Equity Securities, FV-NI | 53,300 | 1,300 |
Debt Securities | 89,900 | 98,200 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 266,900 | 267,500 |
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 | 0 |
Assets at fair value on a recurring basis | ||
Equity Securities, FV-NI | 0 | 0 |
Debt Securities | 336,000 | 349,700 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 336,000 | 349,700 |
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 | 0 |
Assets at fair value on a recurring basis | ||
Equity Securities, FV-NI | 0 | 0 |
Debt Securities | 0 | 0 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 1,400 | 2,700 |
Entergy Arkansas [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 1,400 | 2,700 |
Entergy Texas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 0 | 248,570 |
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 28,072 | 36,233 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 28,600 | 286,400 |
Entergy Texas [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 500 | 1,600 |
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 | 248,600 | |
Assets at fair value on a recurring basis | ||
Restricted Cash and Cash Equivalents, Current | 28,100 | 36,200 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 28,100 | 284,800 |
Entergy Texas [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 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 | 0 |
Entergy Texas [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 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 | 500 | 1,600 |
Entergy Texas [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Transmission Rights (FTRs) [Member] | ||
Assets at fair value on a recurring basis | ||
Derivative Asset | 500 | 1,600 |
System Energy [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 132,149 | 216,383 |
Assets at fair value on a recurring basis | ||
Equity Securities, FV-NI | 60,600 | 3,800 |
Debt Securities | 406,400 | 427,700 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 1,381,900 | 1,432,300 |
System Energy [Member] | Common trust funds valued using Net Asset Value [Domain] | ||
Assets at fair value on a recurring basis | ||
Available-for-sale Securities | 782,800 | 784,400 |
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 | 132,100 | 216,400 |
Assets at fair value on a recurring basis | ||
Equity Securities, FV-NI | 60,600 | 3,800 |
Debt Securities | 179,400 | 177,300 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 372,100 | 397,500 |
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 | 0 | 0 |
Debt Securities | 227,000 | 250,400 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | 227,000 | 250,400 |
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 | 0 | 0 |
Debt Securities | 0 | 0 |
Liabilities at fair value on a recurring basis | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 0 | $ 85 | $ 38 | $ 118 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | 67 | ||
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, Settlements | (38) | (82) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (2) | (18) | ||
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 | 4 | 4 | 9 | 10 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 4 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 119 | 7 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (128) | (13) | ||
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 | 1.4 | 1.1 | 2.7 | 3.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2.4 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 24.8 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (26.1) | (4.6) | ||
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 | 1.2 | 1.9 | 4.2 | 4.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2.7 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 9.3 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (12.3) | (5.3) | ||
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 | 0.3 | 0.3 | 0.6 | 0.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 6.9 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (0.1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 7.2 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (0.6) | |||
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 | 0.1 | 0 | 0.1 | 0.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0.1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included as Regulatory Liability/Asset | 1.2 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 1.2 | 0.4 | ||
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 | 0.5 | 0.3 | $ 1.6 | $ 0.9 |
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 | 76.8 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ (77.9) | $ (2.4) |
Risk Management and Fair Valu_9
Risk Management and Fair Values (Schedules Of Valuation Techniques) (Details) - Gas Hedge Contracts [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Entergy Louisiana [Member] | |
Maximum Length of Time Hedged in Cash Flow Hedge | 3 years |
Entergy Mississippi [Member] | |
Maximum Length of Time Hedged in Cash Flow Hedge | 7 months |
Decommissioning Trust Funds (Na
Decommissioning Trust Funds (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Decommissioning Trust Funds [Abstract] | |||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | $ (25,581) | $ 8,743 | |
Amortized cost of debt securities | $ 3,376,000 | $ 2,423,000 | |
Average coupon rate of debt securities | 2.59% | ||
Average duration of debt securities, years | 5 years 11 months 23 days | ||
Average maturity of debt securities, years | 8 years 5 months 12 days | ||
Proceeds from the dispositions of debt securities | $ 524,000 | 400,000 | |
Gains from dispositions of debt securities, gross | 11,000 | 14,000 | |
Losses from dispositions of debt securities, gross | 11,000 | 3,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 6,400 | 100 | |
Equity Securities, FV-NI, Unrealized Gain | 200,000 | ||
Debt Securities [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Deferred taxes on unrealized gains/(losses) recorded in OCI for non-regulated decommissioning trusts | 5,000 | 31,000 | |
Entergy Arkansas [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Amortized cost of debt securities | $ 419,500 | 420,400 | |
Average coupon rate of debt securities | 2.42% | ||
Average duration of debt securities, years | 6 years 4 months 24 days | ||
Average maturity of debt securities, years | 7 years 7 months 13 days | ||
Proceeds from the dispositions of debt securities | $ 13,800 | 48,600 | |
Gains from dispositions of debt securities, gross | 800 | 4,500 | |
Losses from dispositions of debt securities, gross | 100 | 200 | |
Equity Securities, FV-NI, Unrealized Gain | 45,200 | ||
Entergy Louisiana [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Amortized cost of debt securities | $ 606,300 | 581,400 | |
Average coupon rate of debt securities | 3.25% | ||
Average duration of debt securities, years | 6 years 7 months 2 days | ||
Average maturity of debt securities, years | 11 years 6 months 21 days | ||
Proceeds from the dispositions of debt securities | $ 108,400 | 67,400 | |
Gains from dispositions of debt securities, gross | 3,300 | 2,900 | |
Losses from dispositions of debt securities, gross | $ 3,200 | 600 | |
Percentage Interest in River Bend | 30.00% | ||
Equity Securities, FV-NI, Unrealized Gain | $ 64,900 | ||
System Energy [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Amortized cost of debt securities | $ 397,000 | 398,400 | |
Average coupon rate of debt securities | 2.36% | ||
Average duration of debt securities, years | 6 years 3 months 21 days | ||
Average maturity of debt securities, years | 9 years 7 months 13 days | ||
Proceeds from the dispositions of debt securities | $ 74,100 | 92,000 | |
Gains from dispositions of debt securities, gross | 1,200 | 1,700 | |
Losses from dispositions of debt securities, gross | 1,600 | $ 200 | |
Equity Securities, FV-NI, Unrealized Gain | 43,100 | ||
Indian Point 3 [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Decommissioning Fund Investments, Fair Value | 970,000 | 991,000 | |
Indian Point 1 [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Decommissioning Fund Investments, Fair Value | 631,000 | 631,000 | |
Indian Point 2 [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Decommissioning Fund Investments, Fair Value | 760,000 | 794,000 | |
Palisades [Member] | |||
Decommissioning Trust Funds [Abstract] | |||
Decommissioning Fund Investments, Fair Value | $ 545,000 | $ 554,000 |
Decommissioning Trust Funds (Se
Decommissioning Trust Funds (Securities Held) (Details) - Debt Securities [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 3,436 | $ 2,617 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 102 | 197 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 43 | 3 |
Entergy Arkansas [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 425.9 | 447.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 13.2 | 27.7 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6.8 | 0.3 |
Entergy Louisiana [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 632.8 | 632.2 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 31.2 | 51.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 4.6 | 0.5 |
System Energy [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 406.4 | 427.7 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 14.3 | 30 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 5 | $ 0.8 |
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, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | $ 1,748 | $ 187 |
More than 12 months Fair Value | 3 | 2 |
Total Fair Value | 1,751 | 189 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 43 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 43 | 3 |
Entergy Arkansas [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 139.1 | 29.9 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 139.1 | 29.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6.8 | 0.3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6.8 | 0.3 |
Entergy Louisiana [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 171.7 | 36.4 |
More than 12 months Fair Value | 2.3 | 0.8 |
Total Fair Value | 174 | 37.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4.6 | 0.5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4.6 | 0.5 |
System Energy [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months Fair Value | 157.5 | 28.9 |
More than 12 months Fair Value | 0 | 0 |
Total Fair Value | 157.5 | 28.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 0.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 5 | $ 0.8 |
Decommissioning Trust Funds (Fa
Decommissioning Trust Funds (Fair Value Of Debt Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair value of debt securities by contractual maturities | ||
1 year - 5 years | $ 1,027 | $ 672 |
5 years - 10 years | 1,257 | 852 |
10 years - 15 years | 492 | 377 |
15 years - 20 years | 128 | 144 |
20 years+ | 532 | 576 |
Total | 3,436 | 2,617 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 0 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, within One Year, Negative Fair Value | (4) | |
Entergy Arkansas [Member] | ||
Fair value of debt securities by contractual maturities | ||
1 year - 5 years | 84.7 | 113.1 |
5 years - 10 years | 179.2 | 189.8 |
10 years - 15 years | 100.8 | 81.4 |
15 years - 20 years | 26.7 | 28.5 |
20 years+ | 34.5 | 35.1 |
Total | 425.9 | 447.9 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 0 | 0 |
Entergy Louisiana [Member] | ||
Fair value of debt securities by contractual maturities | ||
1 year - 5 years | 89.3 | 117 |
5 years - 10 years | 186 | 159.4 |
10 years - 15 years | 113.7 | 101.2 |
15 years - 20 years | 63.4 | 66.9 |
20 years+ | 180.4 | 187.7 |
Total | 632.8 | 632.2 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 0 | 0 |
System Energy [Member] | ||
Fair value of debt securities by contractual maturities | ||
1 year - 5 years | 136.2 | 134.7 |
5 years - 10 years | 120.4 | 141.5 |
10 years - 15 years | 35.1 | 31.5 |
15 years - 20 years | 4.5 | 5.3 |
20 years+ | 110.2 | 115.8 |
Total | 406.4 | 427.7 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, within One Year, Negative Fair Value | $ 0 | $ (1.1) |
Income Taxes Income Taxes (Redu
Income Taxes Income Taxes (Reduction to Regulatory Liability Due to Return of Unprotected Excess ADIT (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | $ 41 | $ 30 |
Entergy Arkansas [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | 8 | 13 |
Entergy Louisiana [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | 8 | 8 |
Entergy New Orleans [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | 0 | 3 |
Entergy Texas [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | 7 | 6 |
System Energy [Member] | ||
Reduction to regulatory liability due to return of unprotected excess accumulated deferred income taxes | $ 18 | $ 0 |
Property, Plant, And Equipment
Property, Plant, And Equipment (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Construction expenditures in accounts payable | $ 496.4 | $ 745 |
Entergy Arkansas [Member] | ||
Construction expenditures in accounts payable | 39.6 | 59.7 |
Entergy Louisiana [Member] | ||
Construction expenditures in accounts payable | 330.4 | 460.5 |
Entergy Mississippi [Member] | ||
Construction expenditures in accounts payable | 24.1 | 31.4 |
Entergy New Orleans [Member] | ||
Construction expenditures in accounts payable | 4 | 9.2 |
Entergy Texas [Member] | ||
Construction expenditures in accounts payable | 44.6 | 116.8 |
System Energy [Member] | ||
Construction expenditures in accounts payable | $ 17.7 | $ 17.7 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - System Energy [Member] - Grand Gulf [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,844,838 | $ 2,427,179 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,200 | 6,600 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (3,800) | (8,400) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 1,900 | 2,900 | ||
Allowance for Doubtful Other Receivables, Current | 119,000 | 8,500 | $ 117,700 | $ 7,400 |
Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,538,420 | 2,050,638 | ||
Natural Gas, US Regulated [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 58,168 | 43,976 | ||
Competitive Businesses [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 248,250 | 332,565 | ||
Residential [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 966,855 | 798,028 | ||
Commercial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 572,676 | 538,940 | ||
Industrial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 597,652 | 557,515 | ||
Governmental [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 56,798 | 52,582 | ||
Sales for Resale [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 205,075 | 53,725 | ||
Other Electric [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 80,261 | 50,166 | ||
Non-Customer [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 59,103 | (318) | ||
Non-Customer [Member] | Competitive Businesses [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,137 | 116,563 | ||
Competitive Business Sales [Member] | Competitive Businesses [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 232,113 | 216,002 | ||
Billed Retail [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,193,981 | 1,947,065 | ||
Customer | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,479,317 | 2,050,956 | ||
Entergy Arkansas [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 583,386 | 481,912 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 2,400 | 1,200 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (100) | (1,800) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 600 | 900 | ||
Allowance for Doubtful Other Receivables, Current | 21,200 | 1,500 | 18,300 | 1,200 |
Regulatory asset related to costs associated with COVID-19 pandemic | 11,400 | |||
Entergy Arkansas [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 583,386 | 481,912 | ||
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 | 237,182 | 219,688 | ||
Entergy Arkansas [Member] | Commercial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 106,416 | 111,245 | ||
Entergy Arkansas [Member] | Industrial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 103,412 | 101,088 | ||
Entergy Arkansas [Member] | Governmental [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,256 | 4,030 | ||
Entergy Arkansas [Member] | Sales for Resale [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110,085 | 41,140 | ||
Entergy Arkansas [Member] | Other Electric [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,583 | 1,596 | ||
Entergy Arkansas [Member] | Non-Customer [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,452 | 3,125 | ||
Entergy Arkansas [Member] | Billed Retail [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 451,266 | 436,051 | ||
Entergy Arkansas [Member] | Customer | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 580,934 | 478,787 | ||
Entergy Louisiana [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,107,644 | 930,647 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 2,300 | 3,000 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (2,100) | (3,500) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 700 | 1,100 | ||
Allowance for Doubtful Other Receivables, Current | 46,600 | 2,500 | 45,700 | 1,900 |
Regulatory asset related to costs associated with COVID-19 pandemic | 47,800 | |||
Entergy Louisiana [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,079,663 | 912,541 | ||
Entergy Louisiana [Member] | Natural Gas, US Regulated [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,981 | 18,106 | ||
Entergy Louisiana [Member] | Residential [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 335,760 | 259,860 | ||
Entergy Louisiana [Member] | Commercial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 224,649 | 202,246 | ||
Entergy Louisiana [Member] | Industrial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 347,009 | 322,342 | ||
Entergy Louisiana [Member] | Governmental [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,616 | 16,754 | ||
Entergy Louisiana [Member] | Sales for Resale [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 80,428 | 78,530 | ||
Entergy Louisiana [Member] | Other Electric [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,910 | 32,008 | ||
Entergy Louisiana [Member] | Non-Customer [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 29,291 | 801 | ||
Entergy Louisiana [Member] | Billed Retail [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 926,034 | 801,202 | ||
Entergy Louisiana [Member] | Customer | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,050,372 | 911,740 | ||
Entergy Mississippi [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 336,619 | 293,922 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (2,200) | 900 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (800) | (1,200) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 300 | 300 | ||
Allowance for Doubtful Other Receivables, Current | 16,800 | 600 | 19,500 | 600 |
Regulatory asset related to costs associated with COVID-19 pandemic | 16,300 | |||
Entergy Mississippi [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 336,619 | 293,922 | ||
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 | 147,636 | 127,102 | ||
Entergy Mississippi [Member] | Commercial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 97,936 | 96,798 | ||
Entergy Mississippi [Member] | Industrial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,980 | 36,390 | ||
Entergy Mississippi [Member] | Governmental [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,543 | 10,327 | ||
Entergy Mississippi [Member] | Sales for Resale [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,311 | 14,422 | ||
Entergy Mississippi [Member] | Other Electric [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,950 | 6,443 | ||
Entergy Mississippi [Member] | Non-Customer [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,263 | 2,440 | ||
Entergy Mississippi [Member] | Billed Retail [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 290,095 | 270,617 | ||
Entergy Mississippi [Member] | Customer | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 334,356 | 291,482 | ||
Entergy New Orleans [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 169,335 | 149,302 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,800 | 800 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | (800) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 200 | 200 | ||
Allowance for Doubtful Other Receivables, Current | 19,400 | 3,400 | 17,400 | 3,200 |
Regulatory asset related to costs associated with COVID-19 pandemic | 14,800 | |||
Entergy New Orleans [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 139,148 | 123,431 | ||
Entergy New Orleans [Member] | Natural Gas, US Regulated [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,187 | 25,871 | ||
Entergy New Orleans [Member] | Residential [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 66,427 | 50,899 | ||
Entergy New Orleans [Member] | Commercial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 47,799 | 45,505 | ||
Entergy New Orleans [Member] | Industrial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,789 | 7,347 | ||
Entergy New Orleans [Member] | Governmental [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,380 | 15,851 | ||
Entergy New Orleans [Member] | Sales for Resale [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,696 | 10,170 | ||
Entergy New Orleans [Member] | Other Electric [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (3,359) | 763 | ||
Entergy New Orleans [Member] | Non-Customer [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 416 | (7,104) | ||
Entergy New Orleans [Member] | Billed Retail [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 137,395 | 119,602 | ||
Entergy New Orleans [Member] | Customer | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 138,732 | 130,535 | ||
Entergy Texas [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 480,220 | 339,336 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1,100) | 700 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (800) | (1,100) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 100 | 500 | ||
Allowance for Doubtful Other Receivables, Current | 15,000 | 600 | $ 16,800 | $ 500 |
Regulatory asset related to costs associated with COVID-19 pandemic | 10,700 | |||
Entergy Texas [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 480,220 | 339,336 | ||
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 | 179,850 | 140,480 | ||
Entergy Texas [Member] | Commercial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 95,876 | 83,146 | ||
Entergy Texas [Member] | Industrial [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 106,462 | 90,348 | ||
Entergy Texas [Member] | Governmental [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,003 | 5,620 | ||
Entergy Texas [Member] | Sales for Resale [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 74,073 | 8,629 | ||
Entergy Texas [Member] | Other Electric [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,529 | 10,702 | ||
Entergy Texas [Member] | Non-Customer [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (573) | 411 | ||
Entergy Texas [Member] | Billed Retail [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 389,191 | 319,594 | ||
Entergy Texas [Member] | Customer | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 480,793 | 338,925 | ||
System Energy [Member] | Electricity [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 117,746 | $ 130,664 |
Uncategorized Items - etr-20210
Label | Element | Value |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 9,257,190,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (446,920,000) |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 2,700,000 |
Subsidiaries Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 35,000,000 |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (5,154,150,000) |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 6,564,436,000 |
Accounting Standards Update 2016-13 [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (419,000) |
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (419,000) |
Accounting Standards Update 2016-13 [Member] | AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | Subsidiaries Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Accounting Standards Update 2016-13 [Member] | Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 0 |