8-K
ENTERGY ARKANSAS, LLC (EAI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date earliest event reported) February 22, 2024
| Commission<br><br>File Number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | Commission<br><br>File Number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. |
|---|---|---|---|
| 1-11299 | ENTERGY CORPORATION | 1-35747 | ENTERGY NEW ORLEANS, LLC |
| (a Delaware corporation)<br><br>639 Loyola Avenue<br><br>New Orleans, Louisiana 70113<br><br>Telephone (504) 576-4000 | (a Texas limited liability company)<br><br>1600 Perdido Street<br><br>New Orleans, Louisiana 70112<br><br>Telephone (504) 670-3702 | ||
| 72-1229752 | 82-2212934 | ||
| 1-10764 | ENTERGY ARKANSAS, LLC | 1-34360 | ENTERGY TEXAS, INC. |
| (a Texas limited liability company)<br><br>425 West Capitol Avenue<br><br>Little Rock, Arkansas 72201<br><br>Telephone (501) 377-4000 | (a Texas corporation)<br><br>2107 Research Forest Drive<br><br>The Woodlands, Texas 77380<br><br>Telephone (409) 981-2000 | ||
| 83-1918668 | 61-1435798 | ||
| 1-32718 | ENTERGY LOUISIANA, LLC | 1-09067 | SYSTEM ENERGY RESOURCES, INC. |
| (a Texas limited liability company)<br><br>4809 Jefferson Highway<br><br>Jefferson, Louisiana 70121<br><br>Telephone (504) 576-4000 | (an Arkansas corporation)<br><br>1340 Echelon Parkway<br><br>Jackson, Mississippi 39213<br><br>Telephone (601) 368-5000 | ||
| 47-4469646 | 72-0752777 | ||
| 1-31508 | ENTERGY MISSISSIPPI, LLC | ||
| (a Texas limited liability company)<br><br>308 East Pearl Street<br><br>Jackson, Mississippi 39201<br><br>Telephone (601) 368-5000 | |||
| 83-1950019 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Registrant | Title of Class | Trading<br>Symbol | Name of Each Exchange<br>on Which Registered |
|---|---|---|---|
| Entergy Corporation | Common Stock, $0.01 Par Value | ETR | New York Stock Exchange |
| Common Stock, $0.01 Par Value | ETR | NYSE Chicago, Inc. | |
| Entergy Arkansas, LLC | Mortgage Bonds, 4.875% Series due September 2066 | EAI | New York Stock Exchange |
| Entergy Louisiana, LLC | Mortgage Bonds, 4.875% Series due September 2066 | ELC | New York Stock Exchange |
| Entergy Mississippi, LLC | Mortgage Bonds, 4.90% Series due October 2066 | EMP | New York Stock Exchange |
| Entergy New Orleans, LLC | Mortgage Bonds, 5.0% Series due December 2052 | ENJ | New York Stock Exchange |
| Mortgage Bonds, 5.50% Series due April 2066 | ENO | New York Stock Exchange | |
| Entergy Texas, Inc. | 5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share) | ETI/PR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On February 22, 2024, Entergy Corporation (the “Company”) issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the fourth quarter 2023 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.
Item 7.01. Regulation FD Disclosure
On February 22, 2024, the Company issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the fourth quarter 2023. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 7.01.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Earnings Release, datedFebruary 22, 2024, issued by Entergy Corporation. |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Entergy Corporation
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
System Energy Resources, Inc.
| By: /s/ Reginald T. Jackson | |
|---|---|
| Reginald T. Jackson<br><br>Senior Vice President and<br><br>Chief Accounting Officer | |
| Dated: February 22, 2024 |
Document
NEWS RELEASE
FOR IMMEDIATE RELEASE
February 22, 2024
Entergy reports 2023 financial results, initiates 2024 guidance
Results in top half of guidance range for 8th consecutive year
NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported fourth quarter 2023 earnings per share of $4.64 on an as-reported basis and 52 cents on an adjusted (non-GAAP) basis. For the full year, the company reported 2023 earnings per share of $11.10 on an as-reported basis and $6.77 on an adjusted basis.
“2023 was a year of successful execution to support our customers,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We delivered meaningful outcomes that included our best forced outage rates in a decade, a system that withstood record summer demand, as well as timely delivery of new service and clean energy options to support our rapidly growing customer base.”
Business highlights included the following:
•Mississippi approved legislation to bring Amazon Web Services’ $10 billion data center complexes to the state.
•The LPSC approved two solar facilities that will add approximately 225 megawatts of renewable capacity for E-LA.
•The APSC approved E-AR’s annual FRP.
•The CCNO issued its order on E-NO’s Hurricane Ida restoration costs, determining that all costs were prudent.
•Entergy was named to a Dow Jones Sustainability Index for the 22nd consecutive year.
•Newsweek named Entergy as one of America’s most responsible companies.
| Table of contents | Page |
|---|---|
| News release<br><br>Appendices<br><br>A: Consolidated results and adjustments<br><br>B: Earnings variance analysis<br><br>C: Utility operating and financial measures<br><br>D: Consolidated financial measures<br><br>E: Definitions and abbreviations and acronyms<br><br>F: Other GAAP to non-GAAP reconciliations<br><br>Financial statements | 1<br>8<br>9<br>13<br>16<br>17<br>18<br>20<br>22 |
Entergy reports 2023 financial results
February 22, 2024
Page 2
| Consolidated earnings (GAAP and non-GAAP measures) | |||||
|---|---|---|---|---|---|
| Fourth quarter and full year 2023 vs. 2022 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | |||||
| Full year | |||||
| 2022 | Change | 2023 | 2022 | Change | |
| (After-tax, in millions) | |||||
| As-reported earnings | 106 | 881 | 2,357 | 1,103 | 1,253 |
| Less adjustments | (1) | 877 | 919 | (217) | 1,136 |
| Adjusted earnings (non-GAAP) | 107 | 4 | 1,438 | 1,320 | 118 |
| Estimated weather impact | (1) | (12) | 91 | 86 | 5 |
| (After-tax, per share in ) | |||||
| As-reported earnings | 0.51 | 4.13 | 11.10 | 5.37 | 5.73 |
| Less adjustments | - | 4.12 | 4.33 | (1.05) | 5.38 |
| Adjusted earnings (non-GAAP) | 0.51 | 0.01 | 6.77 | 6.42 | 0.35 |
| Estimated weather impact | - | (0.05) | 0.43 | 0.42 | 0.01 |
All values are in US Dollars.
Calculations may differ due to rounding
Consolidated results
For fourth quarter 2023, the company reported earnings of $988 million, or $4.64 per share, on an as-reported basis, and earnings of $111 million, or 52 cents per share, on an adjusted basis. This compared to fourth quarter 2022 earnings of $106 million, or 51 cents per share, on an as-reported basis, and earnings of $107 million, or 51 cents per share, on an adjusted basis.
For full year 2023, the company reported earnings of $2,357 million, or $11.10 per share, on an as-reported basis, and earnings of $1,438 million, or $6.77 per share, on an adjusted basis. This compared to 2022 earnings of $1,103 million, or $5.37 per share, on an as-reported basis, and earnings of $1,320 million, or $6.42 per share, on an adjusted basis.
Summary discussions for the full year results by business follow. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of variances by business is provided in Appendix B.
Business segment results
Utility
For full year 2023, the Utility business reported earnings attributable to Entergy Corporation of $2,507 million, or $11.81 per share, on an as-reported basis, and earnings of $1,896 million, or $8.93 per share, on an adjusted basis. This compared to full year 2022 earnings of $1,407 million, or $6.84 per share, on an as-reported basis, and earnings of $1,686 million, or $8.20 per share, on an adjusted basis. Several drivers contributed to the year-over-year change.
In fourth quarter 2023, as a result of the 2016–2018 IRS audit resolution, the company recorded a $568 million income tax benefit as well as a $(98 million) ($(72 million) after tax) regulatory provision to share the benefits with customers (considered an adjustment and excluded from adjusted earnings).
Also in fourth quarter 2023, the company recorded the reversal of a $106 million regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the Tax Cuts and Jobs Act (considered an adjustment and excluded from adjusted earnings).
In third quarter 2023 as a result of E-AR’s offer to forgo its opportunity to seek recovery of costs resulting from the March 2013 ANO stator incident, E-AR recorded a write-off of replacement power costs and undepreciated property, plant, and equipment totaling $(78 million) ($(59 million) after tax) (considered an adjustment and excluded from adjusted earnings).
In first quarter 2023, as a result of E-LA receiving securitization proceeds for storm cost recovery, the company recorded the following (considered adjustments and excluded from adjusted earnings):
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Entergy reports 2023 financial results
February 22, 2024
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•a $129 million reduction in income tax expense,
•$31 million of carrying costs on storm expenditures not previously recorded,
•a $(15 million) reduction in other income to account for LURC’s 1 percent beneficial interest in a trust established as part of the securitization, and
•a $(103 million) ($(76 million) after tax) reserve to share the benefits from securitization with customers.
In second quarter 2022, results included a regulatory charge of $(551 million) ($(413 million) after tax) that SERI recorded to increase a regulatory liability to reflect the effects of a partial settlement agreement and offer of settlement related to pending proceedings before the FERC (considered an adjustment and excluded from adjusted earnings).
Also in second quarter 2022, as a result of receiving approvals for storm cost recovery and issuance of securitized debt at E-LA and E-TX, the companies recorded the following:
•$59 million ($54 million after tax) carrying costs on storm expenditures not previously recorded (the equity portion of carrying costs related to prior years was considered an adjustment and excluded from adjusted earnings),
•a $(32 million) reduction in other income to account for LURC’s 1 percent beneficial interest in a trust established as part of E-LA’s securitization (considered an adjustment and excluded from adjusted earnings),
•a $283 million reduction in income tax expense (considered an adjustment and excluded from adjusted earnings), and
•$(224 million) ($(165 million) after tax) reserve to share the benefits from securitization with customers (considered an adjustment and excluded from adjusted earnings).
Other drivers for the year included:
•the net effect of regulatory actions across the operating companies,
•higher other income (deductions) primarily from affiliate preferred investments (offset at P&O and largely earnings neutral at the consolidated level) and higher allowance for equity funds used during construction, and
•lower other O&M.
The drivers were partially offset by:
•higher operating expenses including depreciation expense, taxes other than income taxes, nuclear refueling outage expense, and decommissioning expense;
•various regulatory charges (credits); and
•higher interest expense.
On a per share basis, 2023 results reflected higher diluted average number of common shares outstanding.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For full year 2023, Parent & Other reported a loss attributable to Entergy Corporation of $(151 million), or (71) cents per share, on an as-reported basis, and a loss of $(458 million) or $(2.16) per share on an adjusted basis. This compared to a full year 2022 loss of $(303 million), or $(1.48) per share, on an as-reported basis, and a loss of $(366 million), or $(1.78) per share on an adjusted basis.
In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other. For comparability, EWC 2022 results are also included in Parent & Other. For the full year 2022, EWC reported earnings of $63 million, or 31 cents per share, on an as-reported basis, which included revenue and operating expenses from Palisades until the plant was shut down in May 2022, and decommissioning expense and earnings on the decommissioning trust until the plant was sold in June 2022. EWC’s 2022 results also included a gain of $166 million ($130 million after tax) that resulted from the sale of Palisades and an accrual for an uncertain tax position that resulted from a state tax audit.
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February 22, 2024
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Other drivers for the full year Parent & Other variance included:
•a reduction in income tax expense in fourth quarter 2023 as a result of the 2016–2018 IRS audit resolution (considered an adjustment and excluded from adjusted earnings);
•the effects of the third quarter 2023 DOE spent fuel litigation settlement on asset write-offs and impairments (considered an adjustment and excluded from adjusted earnings);
•lower other income (deductions) due primarily to higher dividends associated with affiliate preferred investments (offset at Utility and largely earnings neutral at the consolidated level), partially offset by the timing of charitable contributions and higher non-service pension income;
•higher interest expense due primarily to higher short-term borrowing rates; and
•higher other O&M for non-nuclear generation assets (previously included in EWC segment, partially offset by revenue from those assets).
On a per share basis, 2023 results reflected higher diluted average number of common shares outstanding.
Earnings per share guidance
Entergy initiated its 2024 adjusted EPS guidance range of $7.05 to $7.35. See webcast presentation for additional details.
The company has provided 2024 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP financial measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include the exclusion of regulatory charges related to outstanding regulatory complaints and significant income tax items.
Earnings teleconference
A teleconference will be held at 10:00 a.m. Central Time on Thursday, February 22, 2024, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through February 29, 2024, by dialing 800-770-2030, conference ID 9024832.
Entergy is a Fortune 500 company that powers life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi, and Texas. We’re investing in the reliability and resilience of the energy system while helping our region transition to cleaner, more efficient energy solutions. With roots in our communities for more than 100 years, Entergy is a nationally recognized leader in sustainability and corporate citizenship. Since 2018, we have delivered more than $100 million in economic benefits each year to local communities through philanthropy, volunteerism, and advocacy. Entergy is headquartered in New Orleans, Louisiana, and has approximately 12,000 employees.
Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR”.
Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investors.
Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important
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February 22, 2024
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milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.
For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.
Non-GAAP financial measures
This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments.” Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.
Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.
Other non-GAAP measures, including adjusted ROE; adjusted ROE, excluding affiliate preferred; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; and FFO to debt, excluding securitization debt, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, ROE is included on both an adjusted and an as-reported basis. Metrics defined as “adjusted” exclude the effect of adjustments as defined above.
These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
Cautionary note regarding forward-looking statements
In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2024 earnings guidance; current financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are
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Entergy reports 2023 financial results
February 22, 2024
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cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (2) the effects of changes in commodity markets, capital markets, or economic conditions; and (3) the effects of technological change, including the costs, pace of development, and commercialization of new and emerging technologies.
| Media inquiries:<br><br>Neal Kirby<br><br>504-576-4238<br><br>nkirby@entergy.com | Investor relations inquiries:<br><br>Bill Abler<br><br>281-297-5436<br><br>wabler@entergy.com |
|---|
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Fourth quarter 2023 earnings release appendices and financial statements
Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations
Financial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statements
A: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).
| Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measuresFourth quarter and full year 2023 vs. 2022 (See Appendix A-2 and Appendix A-3 for details on adjustments) | |||||
|---|---|---|---|---|---|
| Full year | |||||
| 2022 | Change | 2023 | 2022 | Change | |
| (After-tax, in millions) | |||||
| As-reported earnings (loss) | |||||
| Utility | 241 | 603 | 2,507 | 1,407 | 1,101 |
| Parent & Other | |||||
| 2022 EWC | (12) | 12 | - | 63 | (63) |
| All other | (122) | 266 | (151) | (366) | 215 |
| Total Parent & Other | (135) | 278 | (151) | (303) | 153 |
| Consolidated | 106 | 881 | 2,357 | 1,103 | 1,253 |
| Less adjustments | |||||
| Utility | 12 | 590 | 611 | (280) | 891 |
| Parent & Other | |||||
| 2022 EWC | (12) | 12 | - | 63 | (63) |
| All other | - | 275 | 307 | - | 307 |
| Total Parent & Other | (12) | 287 | 307 | 63 | 245 |
| Consolidated | (1) | 877 | 919 | (217) | 1,136 |
| Adjusted earnings (loss) (non-GAAP) | |||||
| Utility | 229 | 13 | 1,896 | 1,686 | 209 |
| Parent & Other | |||||
| 2022 EWC | - | - | - | - | - |
| All other | (122) | (9) | (458) | (366) | (92) |
| Total Parent & Other | (122) | (9) | (458) | (366) | (92) |
| Consolidated | 107 | 4 | 1,438 | 1,320 | 118 |
| Estimated weather impact | (1) | (12) | 91 | 86 | 5 |
| Diluted average number of common shares outstanding (in millions) | 209 | 4 | 212 | 206 | 7 |
| (After-tax, per share in ) (a) | |||||
| As-reported earnings (loss) | |||||
| Utility | 1.15 | 2.81 | 11.81 | 6.84 | 4.96 |
| Parent & Other | |||||
| 2022 EWC | (0.06) | 0.06 | - | 0.31 | (0.31) |
| All other | (0.58) | 1.26 | (0.71) | (1.78) | 1.07 |
| Total Parent & Other | (0.64) | 1.32 | (0.71) | (1.48) | 0.77 |
| Consolidated | 0.51 | 4.13 | 11.10 | 5.37 | 5.73 |
| Less adjustments | |||||
| Utility | 0.06 | 2.77 | 2.88 | (1.36) | 4.24 |
| Parent & Other | |||||
| 2022 EWC | (0.06) | 0.06 | - | 0.31 | (0.31) |
| All other | - | 1.29 | 1.45 | - | 1.45 |
| Total Parent & Other | (0.06) | 1.35 | 1.45 | 0.31 | 1.14 |
| Consolidated | - | 4.12 | 4.33 | (1.05) | 5.38 |
| Adjusted earnings (loss) (non-GAAP) | |||||
| Utility | 1.09 | 0.05 | 8.93 | 8.20 | 0.72 |
| Parent & Other | |||||
| 2022 EWC | - | - | - | - | - |
| All other | (0.58) | (0.04) | (2.16) | (1.78) | (0.38) |
| Total Parent & Other | (0.58) | (0.04) | (2.16) | (1.78) | (0.38) |
| Consolidated | 0.51 | 0.01 | 6.77 | 6.42 | 0.35 |
| Estimated weather impact | - | (0.05) | 0.43 | 0.42 | 0.01 |
All values are in US Dollars.
Calculations may differ due to rounding
(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
See Appendix B for detailed earnings variance analysis.
Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.
| Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS) | ||||||
|---|---|---|---|---|---|---|
| Fourth quarter and full year 2023 vs. 2022 | ||||||
| Full year | ||||||
| 2022 | Change | 2023 | 2022 | Change | ||
| (Pre-tax except for income taxes and totals; in millions) | ||||||
| Utility | ||||||
| Customer sharing of tax benefits as a result of the 2016–2018 IRS audit resolution | - | (98) | (98) | - | (98) | |
| E-AR write-off of assets related to the ANO stator incident | - | - | (78) | - | (78) | |
| Impacts from storm cost approvals and securitizations, including customer sharing (excluding income tax items below) | - | - | (87) | (215) | 128 | |
| SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation | - | - | - | (551) | 551 | |
| Impacts from FERC’s December 2022 SERI order on the sale-leaseback complaint | 20 | (20) | - | 20 | (20) | |
| Income tax effect on Utility adjustments above | (8) | 35 | 73 | 183 | (110) | |
| 2016–2018 IRS audit resolution | - | 568 | 568 | - | 568 | |
| E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the TCJA | - | 106 | 106 | - | 106 | |
| E-LA income tax benefit resulting from securitization | - | - | 129 | 283 | (154) | |
| Total Utility | 12 | 590 | 611 | (280) | 891 | |
| Parent & Other | ||||||
| 2022 EWC | ||||||
| Income before income taxes | (4) | 4 | - | 119 | (119) | |
| Income taxes | (8) | 8 | - | (54) | 54 | |
| Preferred dividend requirement | (1) | 1 | - | (2) | 2 | |
| Total 2022 EWC | (12) | 12 | - | 63 | (63) | |
| All Other | ||||||
| 2016–2018 IRS audit resolution | - | 275 | 275 | - | 275 | |
| DOE spent nuclear fuel litigation settlement (IPEC) | - | - | 40 | - | 40 | |
| Income tax effect on adjustments above | - | - | (9) | - | (9) | |
| Total Parent & Other | (12) | 288 | 307 | 63 | 245 | |
| Total adjustments | (1) | 877 | 919 | (217) | 1,136 | |
| (After-tax, per share in ) (b) | ||||||
| Utility | ||||||
| Customer sharing of tax benefits as a result of the 2016–2018 IRS audit resolution | - | (0.34) | (0.34) | - | (0.34) | |
| E-AR write-off of assets related to the ANO stator incident | - | - | (0.28) | - | (0.28) | |
| Impacts from storm cost approvals and securitizations, including customer sharing (excluding income tax items below) | - | - | (0.29) | (0.79) | 0.51 | |
| SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation | - | - | - | (2.01) | 2.01 | |
| Impacts from FERC’s December 2022 SERI order on the sale-leaseback complaint | 0.06 | (0.06) | - | 0.06 | (0.06) | |
| 2016–2018 IRS audit resolution | - | 2.67 | 2.67 | - | 2.67 | |
| E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the TCJA | - | 0.50 | 0.50 | - | 0.50 | |
| E-LA income tax benefit resulting from securitization | - | - | 0.61 | 1.38 | (0.77) | |
| Total Utility | 0.06 | 2.77 | 2.88 | (1.36) | 4.24 | |
| Parent & Other | ||||||
| Total 2022 EWC | (0.06) | 0.06 | - | 0.31 | (0.31) | |
| 2016–2018 IRS audit resolution | - | 1.29 | 1.30 | - | 1.30 | |
| DOE spent nuclear fuel litigation settlement (IPEC) | - | - | 0.15 | - | 0.15 | |
| Total Parent & Other | (0.06) | 1.35 | 1.45 | 0.31 | 1.14 | |
| Total adjustments | - | 4.12 | 4.33 | (1.05) | 5.38 |
All values are in US Dollars.
Calculations may differ due to rounding
(b)Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.
| Appendix A-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings) | |||||
|---|---|---|---|---|---|
| Fourth quarter and full year 2023 vs. 2022 | |||||
| (Pre-tax except for income taxes, preferred dividend requirements, and totals; in millions) | |||||
| Full year | |||||
| 2022 | Change | 2023 | 2022 | Change | |
| Utility | |||||
| Operating revenues | - | - | 31 | 46 | (16) |
| Asset write-offs and impairments | - | - | (78) | - | (78) |
| Other regulatory charges (credits)–net | - | (98) | (174) | (775) | 601 |
| Other income (deductions) | - | - | (15) | (37) | 22 |
| Depreciation and amortization | 33 | (33) | - | 33 | (33) |
| Income taxes | (21) | 721 | 848 | 453 | 395 |
| Total Utility | 12 | 590 | 611 | (280) | 891 |
| Parent & Other | |||||
| 2022 EWC | |||||
| Operating revenues | 43 | (43) | - | 343 | (343) |
| Fuel and fuel-related expenses | (18) | 18 | - | (98) | 98 |
| Purchased power | (20) | 20 | - | (83) | 83 |
| Nuclear refueling outage expenses | - | - | - | (18) | 18 |
| Other O&M | (10) | 10 | - | (103) | 103 |
| Asset write-offs and impairments | - | - | - | 163 | (163) |
| Decommissioning | - | - | - | (28) | 28 |
| Taxes other than income taxes | (3) | 3 | - | (16) | 16 |
| Depreciation and amortization | (1) | 1 | - | (14) | 14 |
| Other income (deductions) | 8 | (8) | - | (18) | 18 |
| Interest expense | (3) | 3 | - | (8) | 8 |
| Income taxes | (8) | 8 | - | (54) | 54 |
| Preferred dividend requirements | (1) | 1 | - | (2) | 2 |
| Total 2022 EWC | (12) | 12 | - | 63 | (63) |
| All Other | |||||
| Asset write-offs and impairments | - | - | 40 | - | 40 |
| Income taxes | - | 275 | 267 | - | 267 |
| Total Parent & Other | (12) | 287 | 307 | 63 | 245 |
| Total adjustments | (1) | 877 | 919 | (217) | 1,136 |
All values are in US Dollars.
Calculations may differ due to rounding
Appendix A-4 provides a comparative summary of OCF by business.
| Appendix A-4: Consolidated operating cash flow | |||||
|---|---|---|---|---|---|
| Fourth quarter and full year 2023 vs. 2022 | |||||
| ( in millions) | |||||
| Full year | |||||
| 2022 | Change | 2023 | 2022 | Change | |
| Utility | 1,089 | 487 | 4,878 | 3,031 | 1,847 |
| Parent & Other | |||||
| 2022 EWC | (103) | 103 | - | (81) | 81 |
| All other | (210) | (303) | (584) | (365) | (219) |
| Total Parent & Other | (313) | (200) | (584) | (446) | (138) |
| Consolidated | 776 | 287 | 4,294 | 2,585 | 1,709 |
All values are in US Dollars.
Calculations may differ due to rounding
OCF increased year-over-year due primarily to lower fuel and purchased power payments at the Utility, higher non-capital storm restoration spending in 2022, lower pension contributions, and higher interest received due primarily to shorter-term financing interest earnings at E-LA and interest on storm reserve escrow accounts. The increase was partially offset by lower receipts from Utility customers (primarily lower fuel revenue), receipt of E-NO’s storm securitization proceeds in 2022, higher interest paid, and the wind down of EWC.
Affiliate preferred dividend payments contributed to the Utility and Parent & Other variances but was neutral at the consolidated level.
Intercompany income tax payments contributed to the Utility and Parent & Other variances but was not a material driver for the consolidated result.
B: Earnings variance analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and full year 2023 versus 2022 as-reported and adjusted earnings per share variances for Utility and Parent & Other.
| Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d), (e) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Fourth quarter 2023 vs. 2022 | ||||||||
| (After-tax, per share in ) | ||||||||
| Parent & Other | ||||||||
| 2022 EWC (f) | All other | Consolidated | ||||||
| Adjusted | As-<br><br>reported | As-<br><br>reported | Adjusted | As-<br><br>reported | Adjusted | |||
| 2022 earnings (loss) | 1.09 | (0.06) | (0.58) | (0.58) | 0.51 | 0.51 | ||
| Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)–net | 0.11 | (g) | (0.02) | 0.01 | 0.01 | (0.24) | 0.12 | |
| Nuclear refueling outage expense | (0.01) | - | - | - | (0.01) | (0.01) | ||
| Other O&M | (0.22) | (h) | 0.04 | (0.05) | (0.05) | (i) | (0.24) | (0.27) |
| Asset write-offs and impairments | (0.01) | - | (0.01) | (0.01) | (0.02) | (0.02) | ||
| Decommissioning expense | (0.01) | - | - | - | (0.01) | (0.01) | ||
| Taxes other than income taxes | - | 0.01 | - | - | 0.01 | - | ||
| Depreciation/amortization exp. | (0.09) | (j) | - | (0.01) | (0.01) | (0.21) | (0.10) | |
| Other income (deductions) | 0.20 | (k) | (0.03) | 0.05 | 0.05 | (l) | 0.22 | 0.25 |
| Interest expense | (0.04) | 0.01 | (0.03) | (0.03) | (0.07) | (0.08) | ||
| Income taxes – other | 0.13 | (m) | 0.04 | 1.32 | - | (n) | 4.78 | 0.14 |
| Share effect | (0.02) | (o) | - | (0.01) | 0.01 | (0.09) | (0.01) | |
| 2023 earnings (loss) | 1.14 | - | 0.67 | (0.62) | 4.64 | 0.52 |
All values are in US Dollars.
h
Calculations may differ due to rounding
| Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d), (e) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Full year 2023 vs. 2022 | ||||||||
| (After-tax, per share in ) | ||||||||
| Parent & Other | ||||||||
| 2022 EWC (f) | All other | Consolidated | ||||||
| Adjusted | As-<br><br>reported | As-<br><br>reported | Adjusted | As-<br><br>reported | Adjusted | |||
| 2022 earnings (loss) | 8.20 | 0.31 | (1.78) | (1.78) | 5.37 | 6.42 | ||
| Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)–net | 0.85 | (g) | (0.62) | 0.06 | 0.06 | (p) | 2.33 | 0.91 |
| Nuclear refueling outage expense | (0.05) | (q) | 0.07 | - | - | 0.03 | (0.05) | |
| Other O&M | 0.22 | (r) | 0.40 | (0.09) | (0.09) | (i) | 0.53 | 0.13 |
| Asset write-offs and impairments | (0.01) | (s) | (0.63) | 0.14 | (0.01) | (t) | (0.78) | (0.02) |
| Decommissioning expense | (0.04) | 0.11 | - | - | 0.07 | (0.04) | ||
| Taxes other than income taxes | (0.13) | (u) | 0.06 | (0.01) | (0.01) | (0.08) | (0.14) | |
| Depreciation/amortization exp. | (0.22) | (j) | 0.06 | (0.02) | (0.02) | (0.30) | (0.24) | |
| Other income (deductions) | 0.59 | (k) | 0.07 | (0.20) | (0.20) | (v) | 0.56 | 0.38 |
| Interest expense | (0.24) | (w) | 0.03 | (0.14) | (0.14) | (x) | (0.35) | (0.38) |
| Income taxes – other | 0.04 | (m) | 0.14 | 1.32 | (0.02) | (n) | 4.09 | 0.02 |
| Preferred dividend requirements and noncontrolling interests | - | 0.01 | (0.01) | (0.01) | - | (0.01) | ||
| Share effect | (0.30) | (o) | - | 0.02 | 0.07 | (o) | (0.37) | (0.23) |
| 2023 earnings (loss) | 8.93 | - | (0.71) | (2.16) | 11.10 | 6.77 |
All values are in US Dollars.
Calculations may differ due to rounding
(c)Utility operating revenue and Utility income taxes - other exclude the following for the amortization of unprotected excess ADIT affecting customers’ bills (net effect is neutral to earnings) ($ in millions):
| 4Q23 | 4Q22 | FY23 | FY22 | |
|---|---|---|---|---|
| Utility operating revenue | 5 | 5 | 13 | (45) |
| Utility income taxes - other | (5) | (5) | (13) | 45 |
(d)Utility regulatory charges (credits) and Utility preferred dividend requirements and noncontrolling interest exclude the following for the effects of HLBV accounting and the approved deferral (net effect is neutral to earnings) ($ millions):
| 4Q23 | 4Q22 | FY23 | FY22 | |
|---|---|---|---|---|
| Utility regulatory charges (credits) | 4 | 14 | 14 | 26 |
| Utility preferred dividend requirements and noncontrolling interest | (4) | (14) | (14) | (26) |
(e)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line items. Share effect captures the per share impact from the change in diluted average number of common shares outstanding.
(f)In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other "All other." EWC 2022 results were largely attributable to Palisades nuclear plant, which was shut down and sold in second quarter 2022. Financial results in 2022 included revenue and operating expenses from Palisades until the plant was shut down in May 2022, and decommissioning expense and earnings on the decommissioning trust until the plant was sold in June 2022. Second quarter 2022 results also included a gain of $166 million ($130 million after tax) that resulted from the sale of Palisades. Third quarter 2022 results included an accrual for an uncertain tax position that resulted from a state tax audit.
| Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)-net variance analysis 2023 vs. 2022 ( EPS) | |
|---|---|
| FY | |
| Electric volume / weather | 0.02 |
| Retail electric price | 1.14 |
| 4Q23 E-LA and E-NO customer sharing of IRS audit resolution | (0.35) |
| 3Q23 E-TX adjustments to regulatory provisions | 0.11 |
| 3Q23 E-TX base rate case relate-back | (0.04) |
| 3Q23 SERI depreciation rate settlement (largely offset by a retroactive reduction in depreciation expense) | (0.15) |
| 1Q23 E-LA provision for customer sharing of securitization benefits | (0.37) |
| 1Q23 E-LA true-up of carrying charges on storm costs | 0.15 |
| 3Q22 reg. credit for E-MS 2021 FRP lookback true-up | (0.05) |
| 3Q22 reg. credit for retroactive portion of E-MS 2022 FRP rate change | (0.03) |
| 2Q22 increase in provision for potential refunds in SERI complaints | 2.01 |
| 2Q22 E-LA provision for customer sharing of securitization benefits | 0.81 |
| 2Q22 reg. provisions for true-up of E-LA and E-TX equity carrying costs on 2020 storms | (0.26) |
| 2Q22 / 1Q22 reg. provisions for true-up of E-LA and E-TX cost of debt from 2020 storms | (0.07) |
| Reg. provisions for decommissioning items | (0.02) |
| Grand Gulf recovery | (0.09) |
| Other | 0.08 |
| Total | 2.89 |
All values are in US Dollars.
(g)The fourth quarter and full year variances reflect regulatory actions including E-AR’s FRP, E-LA’s FRP (including riders), E-MS’s FRP, various E-MS riders, E-NO’s FRP, and E-TX’s base rate increase. In fourth quarter 2023, E-LA and E-NO recorded a regulatory provision for customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution (considered an adjustment and excluded from adjusted earnings). The effects of weather on retail volume were also a driver for the quarter. The full year variance also reflected various regulatory provisions (detailed in the table to the right), including customer sharing and other items related to securitization and storm cost recovery (the majority of which were considered adjustments and excluded from adjusted earnings).
(h)The fourth quarter earnings decrease from higher Utility other O&M reflected an increase in contract costs related to operational performance, customer service, and organizational health initiatives and higher power delivery expenses due primarily to an increase in vegetation management. The decrease was partially offset by lower MISO costs, a portion of
which was the result of MISO changing its ancillary generator services market rules (largely offset by lower ancillary generator revenues), and lower benefits costs.
(i)The fourth quarter and full year earnings decreases from higher Parent & Other other O&M were due primarily to the business activity that was previously reported within EWC and is now included in Parent & Other in 2023.
(j)The fourth quarter and full year earnings decreases from higher Utility depreciation/amortization expense were due to higher plant in service, updated depreciation rates for E-TX, and a fourth quarter 2022 adjustment to SERI’s depreciation expense that resulted from FERC’s December 2022 order on the sale-leaseback complaint (considered an adjustment and excluded from adjusted earnings). This was partially offset by the approval of lower depreciation rates at SERI retroactive to March 2022 (largely offset by a regulatory provision to refund the excess depreciation previously collected from customers).
(k)The fourth quarter and full year earnings increases from higher Utility other income (deductions) were due largely to higher intercompany dividend income from affiliated preferred membership interests related to storm cost securitizations (largely offset in P&O). The full year earnings increase also reflected a few additional drivers. AFUDC-equity increased due to higher construction work in progress. In second quarter 2022, two items were recorded as a result of E-LA securitization: a $32 million charge to account for LURC’s 1% beneficial interest in a trust established as part of E-LA’s 2022 securitization (considered an adjustment and excluded from adjusted earnings), and an adjustment to AFUDC-equity for the approved equity component of carrying costs on 2020 storms not previously recorded (the portion related to prior years was considered an adjustment and excluded from adjusted earnings). Additionally, the full year increase included changes in nuclear decommissioning trust returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral). The full year increase was partially offset by storm restoration carrying costs recorded in first quarter and second quarter 2022, a $(15 million) ($(15 million) after tax) charge recorded in first quarter 2023 to account for LURC’s 1% beneficial interest in a trust established as part of E-LA’s 2023 storm cost securitization (considered an adjustment and excluded from adjusted earnings), and lower carrying costs on deferred fuel balances.
(l)The fourth quarter earnings increase from higher Parent & Other other income (deductions) was due to the timing of charitable contributions and income recorded on legacy EWC pension plans. The increase was partially offset by changes in intercompany dividends associated with affiliate preferred membership interests resulting from E-LA’s securitizations (largely offset at Utility).
(m)The fourth quarter and full year earnings increases from Utility income taxes - other reflected several items. In the fourth quarter 2023, a $568 million income tax benefit was recorded as a result of the resolution of the 2016–2018 IRS audit (considered an adjustment and excluded from adjusted earnings). Also in fourth quarter 2023, E-LA recorded the reversal of a $106 million regulatory liability associated with the Hurricane Ida securitization, originally recorded in 2017 as a result of the TCJA (considered an adjustment and excluded from adjusted earnings). In the fourth quarter 2022, a $(13 million) increase in income tax expense was recorded as a result of FERC’s sale-leaseback order (considered an adjustment and excluded from adjusted earnings). Additional true-ups totaling $18 million were recorded in the fourth quarter 2023 compared to $(6 million) in fourth quarter 2022. The full year increase also reflected two additional drivers: a $129 million income tax benefit recorded in first quarter 2023 related to storm cost securitization financing and a $283 million income tax benefit recorded in second quarter 2022 related to securitization financing (both items were considered adjustments and excluded from adjusted earnings).
(n)The fourth quarter and full year as-reported earnings increases from Parent & Other income taxes - other was due largely to a $275 million income tax benefit resulting from the resolution of the 2016–2018 IRS audit (considered an adjustment and excluded from adjusted earnings).
(o)The fourth quarter and full year earnings per share impacts from share effect were due to settlement of equity forward sales in November 2022, November 2023, and December 2023 under the company’s ATM program.
(p)The full year earnings increase from Parent & Other operating revenue less fuel, fuel related expenses and gas purchased for resale was due to business activity that was previously reported within EWC and is now included in Parent & Other in 2023.
(q)The full year earnings decrease from higher Utility nuclear refueling outage expense was due primarily to higher amortization of ANO 1 refueling outage costs.
(r)The full year earnings increase from lower Utility other O&M reflected lower compensation and benefits costs; lower MISO costs, a portion of which was the result of MISO changing its ancillary generator services market rules (largely offset by lower ancillary generator revenues); lower non-nuclear generation expenses primarily due to a reduced scope of work; lower customer service center support costs; lower nuclear generation expenses primarily due to a reduced scope of work and lower labor costs; and the recognition of a DOE award for spent fuel litigation. The increase was partially offset by higher contract costs related to operational performance, customer service, and organizational health initiatives; higher power delivery expenses due primarily to an increase in vegetation management; and higher insurance expenses due primarily to lower nuclear insurance refunds in 2023.
(s)The full year as-reported earnings decrease from higher Utility asset write-offs and impairments was due to a third quarter 2023 E-AR write-off totaling $(78 million) ($(59 million) after tax) related to the 2013 ANO stator incident (considered an adjustment and excluded from adjusted earnings).
(t)The full year as-reported earnings increase from lower Parent & Other asset write-offs and impairments was due to recording a spent fuel litigation settlement related to IPEC in third quarter 2023 (considered an adjustment and excluded from adjusted earnings).
(u)The full year earnings decrease from higher Utility taxes other than income taxes was due to higher ad valorem taxes.
(v)The full year earnings decrease from lower Parent & Other other income (deductions) was due primarily to changes in dividends from affiliate preferred membership resulting from E-LA’s securitizations (largely offset in Utility), partially offset by the timing of charitable contributions, and higher non-service pension income.
(w)The full year earnings decrease from higher Utility interest expense was due primarily to higher interest rates as well as higher debt balances.
(x)The full year earnings decrease from higher Parent & Other interest expense was due primarily to higher interest rates on commercial paper and revolver facilities as well as higher commercial paper balances, partially offset by lower long-term debt balances.
C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.
| Appendix C: Utility operating and financial measures | ||||||||
|---|---|---|---|---|---|---|---|---|
| Fourth quarter and full year 2023 vs. 2022 | ||||||||
| Fourth quarter | Full year | |||||||
| 2023 | 2022 | % Change | % Weather adjusted (y) | 2023 | 2022 | % Change | % Weather adjusted (y) | |
| GWh sold | ||||||||
| Residential | 7,409 | 7,916 | (6.4) | (2.4) | 36,372 | 37,134 | (2.1) | (0.6) |
| Commercial | 6,355 | 6,284 | 1.1 | 0.5 | 28,221 | 27,982 | 0.9 | (0.6) |
| Governmental | 572 | 583 | (1.9) | (2.0) | 2,458 | 2,512 | (2.1) | (2.9) |
| Industrial | 12,984 | 12,599 | 3.1 | 3.1 | 52,807 | 52,501 | 0.6 | 0.6 |
| Total retail sales | 27,320 | 27,382 | (0.2) | 0.8 | 119,858 | 120,129 | (0.2) | (0.1) |
| Wholesale | 3,599 | 3,597 | 0.1 | 15,189 | 15,968 | (4.9) | ||
| Total sales | 30,919 | 30,979 | (0.2) | 135,047 | 136,097 | (0.8) | ||
| Number of electric retail customers | ||||||||
| Residential | 2,581,555 | 2,564,646 | 0.7 | |||||
| Commercial | 368,665 | 371,407 | (0.7) | |||||
| Governmental | 17,999 | 18,304 | (1.7) | |||||
| Industrial | 46,060 | 47,711 | (3.5) | |||||
| Total retail customers | 3,014,279 | 3,002,068 | 0.4 | |||||
| Other O&M and nuclear refueling outage exp. per MWh | $28.13 | $26.01 | 8.2 | $22.13 | $22.32 | (0.9) |
Calculations may differ due to rounding
(y)The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
For the full year, excluding the effects of weather, retail sales were essentially flat. Residential and commercial sales each declined (0.6) percent. Industrial sales increased 0.6 percent due to an increase in demand from new/expansion customers, mainly in the primary metals, industrial gases, and petrochemicals industries and higher sales to small industrial customers. The industrial sales increase was partially offset by lower sales to cogen customers.
D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
| Appendix D: GAAP and non-GAAP financial measures | ||
|---|---|---|
| Full year 2023 vs. 2022 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures) | ||
| For 12 months ending December 31 | 2022 | Change |
| GAAP measure | ||
| As-reported ROE | 9.0% | 8.1% |
| Non-GAAP financial measure | ||
| Adjusted ROE | 10.7% | (0.3)% |
| As of December 31 ( in millions, except where noted) | 2022 | Change |
| GAAP measures | ||
| Cash and cash equivalents | 224 | (91) |
| Available revolver capacity | 4,241 | 105 |
| Commercial paper | 828 | 310 |
| Total debt | 26,829 | (494) |
| Securitization debt | 293 | (30) |
| Debt to capital | 66.9% | (3.1)% |
| Storm escrows | 402 | (79) |
| Non-GAAP financial measures ( in millions, except where noted) | ||
| Debt to capital, excluding securitization debt | 66.6% | (3.1)% |
| Net debt to net capital, excluding securitization debt | 66.5% | (3.0)% |
| Gross liquidity | 4,465 | 13 |
| Net liquidity | 3,638 | (298) |
| Net liquidity, including storm escrows | 4,040 | (377) |
| Parent debt to total debt, excluding securitization debt | 18.8% | 1.0% |
| FFO to debt, excluding securitization debt | 12.4% | 1.9% |
All values are in US Dollars.
Calculations may differ due to rounding
E: Definitions and abbreviations and acronyms
Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.
| Appendix E-1: Definitions | |
|---|---|
| Utility operating and financial measures | |
| GWh sold | Total number of GWh sold to retail and wholesale customers |
| Number of electric retail customers | Average number of electric customers over the period |
| Other O&M and refueling outage expense per MWh | Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales |
| Financial measures – GAAP | |
| As-reported ROE | 12-months rolling net income attributable to Entergy Corp. divided by avg. common equity |
| Debt to capital | Total debt divided by total capitalization |
| Available revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers |
| Securitization debt | Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections |
| Total debt | Sum of short-term and long-term debt, notes payable, and commercial paper |
| Financial measures – non-GAAP | |
| Adjusted EPS | As-reported EPS excluding adjustments |
| Adjusted ROE | 12-months rolling adjusted net income attributable to Entergy Corp. divided by avg. common equity |
| Adjustments | Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant tax items, and other items such as certain costs, expenses, or other specified items. In 2022, the results of the EWC segment were considered an adjustment in light of the company’s exit from the merchant nuclear power business. |
| Debt to capital, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt |
| FFO | OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, and other working capital accounts), and securitization regulatory charges |
| FFO to debt, excluding securitization debt | 12-months rolling FFO as a percentage of end of period total debt excluding securitization debt |
| Gross liquidity | Sum of cash and available revolver capacity |
| Net debt to net capital, excl. securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt |
| Net liquidity | Sum of cash and available revolver capacity less commercial paper borrowing |
| Net liquidity, including storm escrows | Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing |
| Parent debt to total debt, excl. securitization debt | Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excluding securitization debt |
Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.
| Appendix E-2: Abbreviations and acronyms | |||
|---|---|---|---|
| ADIT | Accumulated deferred income taxes | HLBV | Hypothetical liquidation at book value |
| AFUDC | Allowance for funds used during construction | IPEC | Indian Point Energy Center (nuclear) (sold 5/28/21) |
| AFUDC – borrowed funds | Allowance for borrowed funds used during construction | IRS | Internal Revenue Service |
| AFUDC – equity funds | Allowance for equity funds used during construction | LDC | Local distribution company |
| ALJ | Administrative law judge | LNG | Liquified natural gas |
| AMI | Advanced metering infrastructure | LPSC | Louisiana Public Service Commission |
| ANO | Arkansas Nuclear One (nuclear) | LTM | Last twelve months |
| APSC | Arkansas Public Service Commission | LURC | Louisiana Utility Restoration Corporation |
| ATM | At the market equity issuance program | MISO | Midcontinent Independent System Operator, Inc. |
| bbl | Barrels | MMBtu | Million British thermal units |
| Bcf/D | Billion cubic feet per day | Moody’s | Moody’s Investor Service |
| bps | Basis points | MPSC | Mississippi Public Service Commission |
| CAGR | Compound annual growth rate | MTEP | MISO Transmission Expansion Plan |
| CCGT | Combined cycle gas turbine | NBP | National Balancing Point |
| CCN | Certificate for convenience and necessity | NYSE | New York Stock Exchange |
| CCNO | Council of the City of New Orleans | O&M | Operations and maintenance |
| CFO | Cash from operations | OCAPS | Orange County Advanced Power Station |
| COD | Commercial operation date | OCF | Net cash flow provided by operating activities |
| DCRF | Distribution cost recovery factor | OpCo | Utility operating company |
| DOE | U.S. Department of Energy | OPEB | Other post-employment benefits |
| DRM | Distribution Recovery Mechanism (rider within E-LA’s FRP) | Other O&M | Other non-fuel operation and maintenance expense |
| E-AR | Entergy Arkansas, LLC | P&O | Parent & Other |
| E-LA | Entergy Louisiana, LLC | Palisades | Palisades Power Plant (nuclear) (shut down May 2022, sold June 2022) |
| E-MS | Entergy Mississippi, LLC | PMR | Performance Management Rider |
| E-NO | Entergy New Orleans, LLC | PPA | Power purchase agreement or purchased power agreement |
| E-TX | Entergy Texas, Inc. | PUCT | Public Utility Commission of Texas |
| EEI | Edison Electric Institute | RFP | Request for proposals |
| EPS | Earnings per share | ROE | Return on equity |
| ESG | Environmental, social, and governance | RSP | Rate Stabilization Plan (E-LA Gas) |
| ETR | Entergy Corporation | S&P | Standard & Poor’s |
| EWC | Entergy Wholesale Commodities | SEC | U.S. Securities and Exchange Commission |
| FERC | Federal Energy Regulatory Commission | SERI | System Energy Resources, Inc. |
| Fifth Circuit | U.S. Fifth Circuit Court of Appeals | TCJA | Tax Cuts and Jobs Act of 2017 |
| FFO | Funds from operations | TCRF | Transmission cost recovery factor |
| FIN 48 | FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes” | TRAM | Tax reform adjustment mechanism |
| FRP | Formula rate plan | TRM | Transmission Recover Mechanism (rider within E-LA’s FRP) |
| GAAP | U.S. generally accepted accounting principles | UPSA | Unit Power Sales Agreement |
| GRIP | Grid Resilience and Innovative Partnership (DOE grant program) | WACC | Weighted-average cost of capital |
| GCRR | Generation Cost Recovery Rider | ||
| Grand Gulf or GGNS | Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI |
F: Other GAAP to non-GAAP reconciliations
Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.
| Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE | ||
|---|---|---|
| (LTM in millions except where noted) | Fourth quarter | |
| 2023 | 2022 | |
| As-reported net income (loss) attributable to Entergy Corporation | 2,357 | 1,103 |
| Adjustments | 919 | (217) |
| Adjusted earnings (non-GAAP) | 1,438 | 1,320 |
| Average common equity (average of beginning and ending balances) | 13,795 | 12,302 |
| As-reported ROE | 17.1% | 9.0% |
| Adjusted ROE (non-GAAP) | 10.4% | 10.7% |
All values are in US Dollars.
Calculations may differ due to rounding
| Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows | ||
|---|---|---|
| ( in millions except where noted) | Fourth quarter | |
| 2023 | 2022 | |
| Total debt | 26,335 | 26,829 |
| Less securitization debt | 263 | 293 |
| Total debt, excluding securitization debt | 26,072 | 26,536 |
| Less cash and cash equivalents | 133 | 224 |
| Net debt, excluding securitization debt | 25,939 | 26,312 |
| Commercial paper | 1,138 | 828 |
| Total capitalization | 41,297 | 40,113 |
| Less securitization debt | 263 | 293 |
| Total capitalization, excluding securitization debt | 41,034 | 39,820 |
| Less cash and cash equivalents | 133 | 224 |
| Net capital, excluding securitization debt | 40,901 | 39,596 |
| Debt to capital | 63.8% | 66.9% |
| Debt to capital, excluding securitization debt (non-GAAP) | 63.5% | 66.6% |
| Net debt to net capital, excluding securitization debt (non-GAAP) | 63.4% | 66.5% |
| Available revolver capacity | 4,346 | 4,241 |
| Storm escrows | 323 | 402 |
| Gross liquidity (non-GAAP) | 4,478 | 4,465 |
| Net liquidity (non-GAAP) | 3,340 | 3,638 |
| Net liquidity, including storm escrows (non-GAAP) | 3,663 | 4,040 |
| Entergy Corporation notes: | ||
| Due September 2025 | 800 | 800 |
| Due September 2026 | 750 | 750 |
| Due June 2028 | 650 | 650 |
| Due June 2030 | 600 | 600 |
| Due June 2031 | 650 | 650 |
| Due June 2050 | 600 | 600 |
| Total Entergy Corporation notes | 4,050 | 4,050 |
| Revolver draw | - | 150 |
| Unamortized debt issuance costs and discounts | (37) | (43) |
| Total parent debt | 5,151 | 4,985 |
| Parent debt to total debt, excluding securitization debt (non-GAAP) | 19.8% | 18.8% |
All values are in US Dollars.
Calculations may differ due to rounding
| Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – FFO to debt, excluding securitization debt | ||
|---|---|---|
| ( in millions except where noted) | Fourth quarter | |
| 2023 | 2022 | |
| Total debt | 26,335 | 26,829 |
| Less securitization debt | 263 | 293 |
| Total debt, excluding securitization debt | 26,072 | 26,536 |
| Net cash flow provided by operating activities, LTM | 4,294 | 2,585 |
| AFUDC – borrowed funds, LTM | (40) | (28) |
| Working capital items in net cash flow provided by operating activities, LTM: | ||
| Receivables | 102 | (157) |
| Fuel inventory | (45) | 7 |
| Accounts payable | (135) | (102) |
| Taxes accrued | 10 | 4 |
| Interest accrued | 19 | 4 |
| Deferred fuel costs | 759 | (394) |
| Other working capital accounts | (210) | (157) |
| Securitization regulatory charges, LTM | 31 | 62 |
| Total | 531 | (733) |
| FFO, LTM (non-GAAP) | 3,724 | 3,290 |
| FFO to debt, excluding securitization debt (non-GAAP) | 14.3% | 12.4% |
All values are in US Dollars.
Calculations may differ due to rounding
Financial Statements
| Entergy Corporation | ||||||
|---|---|---|---|---|---|---|
| Consolidating Balance Sheet | ||||||
| December 31, 2023 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| Utility | Parent & Other | Consolidated | ||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and cash equivalents: | ||||||
| Cash | $ | 63,000 | $ | 8,609 | $ | 71,609 |
| Temporary cash investments | 37,434 | 23,505 | 60,939 | |||
| Total cash and cash equivalents | 100,434 | 32,114 | 132,548 | |||
| Accounts receivable: | ||||||
| Customer | 699,411 | — | 699,411 | |||
| Allowance for doubtful accounts | (25,905) | — | (25,905) | |||
| Associated companies | (21,282) | 21,282 | — | |||
| Other | 215,265 | 10,069 | 225,334 | |||
| Accrued unbilled revenues | 494,615 | — | 494,615 | |||
| Total accounts receivable | 1,362,104 | 31,351 | 1,393,455 | |||
| Deferred fuel costs | 169,967 | — | 169,967 | |||
| Fuel inventory - at average cost | 185,653 | 7,146 | 192,799 | |||
| Materials and supplies - at average cost | 1,414,613 | 4,356 | 1,418,969 | |||
| Deferred nuclear refueling outage costs | 140,115 | — | 140,115 | |||
| Prepayments and other | 210,563 | 2,453 | 213,016 | |||
| TOTAL | 3,583,449 | 77,420 | 3,660,869 | |||
| OTHER PROPERTY AND INVESTMENTS | ||||||
| Investment in affiliates | 4,509,294 | (4,509,294) | — | |||
| Decommissioning trust funds | 4,863,710 | — | 4,863,710 | |||
| Non-utility property - at cost (less accumulated depreciation) | 410,845 | 7,701 | 418,546 | |||
| Storm reserve escrow account | 323,206 | — | 323,206 | |||
| Other | 38,513 | 30,981 | 69,494 | |||
| TOTAL | 10,145,568 | (4,470,612) | 5,674,956 | |||
| PROPERTY, PLANT, AND EQUIPMENT | ||||||
| Electric | 66,638,517 | 211,957 | 66,850,474 | |||
| Natural gas | 717,503 | — | 717,503 | |||
| Construction work in progress | 2,108,760 | 943 | 2,109,703 | |||
| Nuclear fuel | 707,852 | — | 707,852 | |||
| TOTAL PROPERTY, PLANT, AND EQUIPMENT | 70,172,632 | 212,900 | 70,385,532 | |||
| Less - accumulated depreciation and amortization | 26,395,786 | 155,417 | 26,551,203 | |||
| PROPERTY, PLANT, AND EQUIPMENT - NET | 43,776,846 | 57,483 | 43,834,329 | |||
| DEFERRED DEBITS AND OTHER ASSETS | ||||||
| Regulatory assets: | ||||||
| Other regulatory assets | 5,669,404 | — | 5,669,404 | |||
| Deferred fuel costs | 172,201 | — | 172,201 | |||
| Goodwill | 374,099 | — | 374,099 | |||
| Accumulated deferred income taxes | 14,010 | 2,357 | 16,367 | |||
| Other | 151,461 | 149,710 | 301,171 | |||
| TOTAL | 6,381,175 | 152,067 | 6,533,242 | |||
| TOTAL ASSETS | $ | 63,887,038 | $ | (4,183,642) | $ | 59,703,396 |
| *Totals may not foot due to rounding. | ||||||
| Entergy Corporation | ||||||
| --- | --- | --- | --- | --- | --- | |
| Consolidating Balance Sheet | ||||||
| December 31, 2023 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| Parent & Other | Entergy Wholesale Commodities | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Currently maturing long-term debt | 1,960,057 | $ | 139,000 | $ | 2,099,057 | |
| Notes payable and commercial paper: | ||||||
| Other | 1,138,171 | 1,138,171 | ||||
| Account payable: | ||||||
| Associated companies | (66,835) | — | ||||
| Other | 8,032 | 1,566,745 | ||||
| Customer deposits | — | 446,146 | ||||
| Taxes accrued | 3,067 | 434,213 | ||||
| Interest accrued | 12,861 | 214,197 | ||||
| Deferred fuel costs | — | 218,927 | ||||
| Pension and other postretirement liabilities | 14,364 | 59,508 | ||||
| Other | 5,719 | 219,528 | ||||
| TOTAL | 1,254,379 | 6,396,492 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Accumulated deferred income taxes and taxes accrued | (1,597,764) | 4,245,982 | ||||
| Accumulated deferred investment tax credits | — | 205,973 | ||||
| Regulatory liability for income taxes - net | — | 1,033,242 | ||||
| Other regulatory liabilities | — | 3,116,926 | ||||
| Decommissioning and retirement cost liabilities | 663 | 4,505,782 | ||||
| Accumulated provisions | 274 | 462,570 | ||||
| Pension and other postretirement liabilities | 101,516 | 648,413 | ||||
| Long-term debt | 4,012,895 | 23,008,839 | ||||
| Other | (411,623) | 1,116,661 | ||||
| TOTAL | 2,105,961 | 38,344,388 | ||||
| Subsidiaries' preferred stock without sinking fund | 24,249 | 219,410 | ||||
| EQUITY | ||||||
| Preferred stock, no par value, authorized 1,000,000 shares; | ||||||
| issued shares in 2023 - none | — | — | ||||
| Common stock, .01 par value, authorized 499,000,000 shares; | ||||||
| issued 280,975,348 shares in 2023 | (2,455,938) | 2,810 | ||||
| Paid-in capital | 2,596,538 | 7,795,411 | ||||
| Retained earnings | (2,644,631) | 11,940,384 | ||||
| Accumulated other comprehensive loss | (226,952) | (162,460) | ||||
| Less - treasury stock, at cost (68,162,778 shares in 2023) | 4,833,498 | 4,953,498 | ||||
| TOTAL SHAREHOLDERS' EQUITY | (7,564,481) | 14,622,647 | ||||
| Subsidiaries' preferred stock without sinking fund | ||||||
| and noncontrolling interests | (3,750) | 120,459 | ||||
| TOTAL | (7,568,231) | 14,743,106 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 63,887,038 | $ | (4,183,642) | $ | 59,703,396 | |
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consolidating Balance Sheet | ||||||||
| December 31, 2022 | ||||||||
| (Dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents: | ||||||||
| Cash | $ | 101,049 | $ | 1,758 | $ | 12,483 | $ | 115,290 |
| Temporary cash investments | 47,186 | 912 | 60,776 | 108,874 | ||||
| Total cash and cash equivalents | 148,235 | 2,670 | 73,259 | 224,164 | ||||
| Notes receivable | — | (75,000) | 75,000 | — | ||||
| Accounts receivable: | ||||||||
| Customer | 788,552 | — | — | 788,552 | ||||
| Allowance for doubtful accounts | (30,856) | — | — | (30,856) | ||||
| Associated companies | 7,991 | (9,407) | 1,416 | — | ||||
| Other | 223,752 | 4 | 17,946 | 241,702 | ||||
| Accrued unbilled revenues | 495,859 | — | — | 495,859 | ||||
| Total accounts receivable | 1,485,298 | (9,403) | 19,362 | 1,495,257 | ||||
| Deferred fuel costs | 710,401 | — | — | 710,401 | ||||
| Fuel inventory - at average cost | 141,174 | — | 6,458 | 147,632 | ||||
| Materials and supplies - at average cost | 1,179,344 | — | 3,964 | 1,183,308 | ||||
| Deferred nuclear refueling outage costs | 143,653 | — | — | 143,653 | ||||
| Prepayments and other | 190,942 | (8,673) | 8,342 | 190,611 | ||||
| TOTAL | 3,999,047 | (90,406) | 186,385 | 4,095,026 | ||||
| OTHER PROPERTY AND INVESTMENTS | ||||||||
| Investment in affiliates | 3,176,229 | (3,176,315) | 86 | — | ||||
| Decommissioning trust funds | 4,121,864 | — | — | 4,121,864 | ||||
| Non-utility property - at cost (less accumulated depreciation) | 357,763 | (16) | 8,658 | 366,405 | ||||
| Storm reserve escrow account | 401,955 | — | — | 401,955 | ||||
| Other | 42,154 | 51,497 | 8,608 | 102,259 | ||||
| TOTAL | 8,099,965 | (3,124,834) | 17,352 | 4,992,483 | ||||
| PROPERTY, PLANT, AND EQUIPMENT | ||||||||
| Electric | 64,435,141 | 5,313 | 206,457 | 64,646,911 | ||||
| Natural gas | 691,970 | — | — | 691,970 | ||||
| Construction work in progress | 1,843,160 | 352 | 659 | 1,844,171 | ||||
| Nuclear fuel | 582,119 | — | — | 582,119 | ||||
| TOTAL PROPERTY, PLANT, AND EQUIPMENT | 67,552,390 | 5,665 | 207,116 | 67,765,171 | ||||
| Less - accumulated depreciation and amortization | 25,137,429 | 200 | 150,418 | 25,288,047 | ||||
| PROPERTY, PLANT, AND EQUIPMENT - NET | 42,414,961 | 5,465 | 56,698 | 42,477,124 | ||||
| DEFERRED DEBITS AND OTHER ASSETS | ||||||||
| Regulatory assets: | ||||||||
| Other regulatory assets | 6,036,397 | — | — | 6,036,397 | ||||
| Deferred fuel costs | 241,085 | — | — | 241,085 | ||||
| Goodwill | 374,099 | — | 3,073 | 377,172 | ||||
| Accumulated deferred income taxes | 81,315 | 358 | 2,427 | 84,100 | ||||
| Other | 152,374 | 10,903 | 128,527 | 291,804 | ||||
| TOTAL | 6,885,270 | 11,261 | 134,027 | 7,030,558 | ||||
| TOTAL ASSETS | $ | 61,399,243 | $ | (3,198,514) | $ | 394,462 | $ | 58,595,191 |
| *Totals may not foot due to rounding. | ||||||||
| Entergy Corporation | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Consolidating Balance Sheet | ||||||||
| December 31, 2022 | ||||||||
| (Dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| Parent & Other | Entergy Wholesale Commodities | Consolidated | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Currently maturing long-term debt | 2,170,037 | $ | — | $ | 139,000 | $ | 2,309,037 | |
| Notes payable and commercial paper: | ||||||||
| Other | 827,621 | — | 827,621 | |||||
| Account payable: | ||||||||
| Associated companies | (39,329) | (3,352) | — | |||||
| Other | 83 | 7,776 | 1,777,590 | |||||
| Customer deposits | — | — | 424,723 | |||||
| Taxes accrued | 2,887 | 13,960 | 424,091 | |||||
| Interest accrued | 12,927 | 377 | 195,264 | |||||
| Pension and other postretirement liabilities | — | 15,497 | 104,845 | |||||
| Sale-leaseback/depreciation regulatory liability | — | — | 103,497 | |||||
| Other | 1,915 | 4,881 | 202,779 | |||||
| TOTAL | 806,104 | 178,139 | 6,369,447 | |||||
| NON-CURRENT LIABILITIES | ||||||||
| Accumulated deferred income taxes and taxes accrued | (638,476) | (466,674) | 4,818,837 | |||||
| Accumulated deferred investment tax credits | — | — | 211,220 | |||||
| Regulatory liability for income taxes - net | — | — | 1,258,276 | |||||
| Other regulatory liabilities | — | — | 2,324,590 | |||||
| Decommissioning and retirement cost liabilities | — | 615 | 4,271,531 | |||||
| Accumulated provisions | — | 291 | 531,201 | |||||
| Pension and other postretirement liabilities | — | 166,537 | 1,213,555 | |||||
| Long-term debt | 4,157,166 | — | 23,623,512 | |||||
| Other | (459,639) | 44,144 | 688,720 | |||||
| TOTAL | 3,059,051 | (255,087) | 38,941,442 | |||||
| Subsidiaries' preferred stock without sinking fund | — | 24,249 | 219,410 | |||||
| EQUITY | ||||||||
| Preferred stock, no par value, authorized 1,000,000 shares; | ||||||||
| issued shares in 2022 - none | — | — | — | |||||
| Common stock, .01 par value, authorized 499,000,000 shares; | ||||||||
| issued 279,653,929 shares in 2022 | (2,657,052) | 201,101 | 2,797 | |||||
| Paid-in capital | (1,619,515) | 5,557,901 | 7,632,895 | |||||
| Retained earnings | 2,075,642 | (5,078,562) | 10,502,041 | |||||
| Accumulated other comprehensive loss | — | (233,279) | (191,754) | |||||
| Less - treasury stock, at cost (68,477,429 shares in 2022) | 4,858,994 | — | 4,978,994 | |||||
| TOTAL COMMON SHAREHOLDERS' EQUITY | (7,059,919) | 447,161 | 12,966,985 | |||||
| Subsidiaries' preferred stock without sinking fund | ||||||||
| and noncontrolling interests | (3,750) | — | 97,907 | |||||
| TOTAL | (7,063,669) | 447,161 | 13,064,892 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 61,399,243 | $ | (3,198,514) | $ | 394,462 | $ | 58,595,191 | |
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Three Months Ended December 31, 2023 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Consolidated | ||
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 50,101 | — | 50,101 | |
| Other | — | 27,838 | 27,838 | |
| Total | 2,696,967 | 27,838 | 2,724,805 | |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 599,586 | 12,402 | 611,988 | |
| Purchased power | 201,726 | 12,111 | 213,837 | |
| Nuclear refueling outage expenses | 39,072 | — | 39,072 | |
| Other operation and maintenance | 830,825 | 24,204 | 855,029 | |
| Asset write-offs, impairments, and related charges | 1,528 | 3,073 | 4,601 | |
| Decommissioning | 52,681 | 12 | 52,693 | |
| Taxes other than income taxes | 188,225 | 680 | 188,905 | |
| Depreciation and amortization | 480,579 | 1,696 | 482,275 | |
| Other regulatory charges (credits) - net | 19,848 | — | 19,848 | |
| Total | 2,414,070 | — | 54,178 | 2,468,248 |
| OPERATING INCOME | 282,897 | (26,340) | 256,557 | |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 26,255 | — | 26,255 | |
| Interest and investment income | 141,989 | (75,512) | 66,477 | |
| Miscellaneous - net | (81,492) | 1,494 | (79,998) | |
| Total | 86,752 | (74,018) | 12,734 | |
| INTEREST EXPENSE | ||||
| Interest expense | 214,838 | 49,714 | 264,552 | |
| Allowance for borrowed funds used during construction | (10,193) | — | (10,193) | |
| Total | 204,645 | 49,714 | 254,359 | |
| INCOME BEFORE INCOME TAXES | 165,004 | (150,072) | 14,932 | |
| Income taxes | (679,199) | (294,153) | (973,352) | |
| CONSOLIDATED NET INCOME | 844,203 | 144,081 | 988,284 | |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | 182 | 499 | 681 | |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 3.98 | 0.68 | 4.66 | |
| DILUTED | 3.96 | 0.67 | 4.64 | |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 212,014,487 | |||
| DILUTED | 212,935,151 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Three Months Ended December 31, 2022 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 67,003 | — | — | 67,003 |
| Other | — | — | 42,741 | 42,741 |
| Total | 3,229,762 | (3) | 42,741 | 3,272,500 |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 1,029,183 | (3) | 17,976 | 1,047,156 |
| Purchased power | 286,626 | 3 | 19,597 | 306,226 |
| Nuclear refueling outage expenses | 36,407 | — | — | 36,407 |
| Other operation and maintenance | 769,526 | 9,877 | 9,384 | 788,787 |
| Decommissioning | 49,893 | — | 12 | 49,905 |
| Taxes other than income taxes | 188,081 | (125) | 3,134 | 191,090 |
| Depreciation and amortization | 422,474 | 234 | 1,296 | 424,004 |
| Other regulatory charges (credits) - net | (19,952) | — | — | (19,952) |
| Total | 2,762,238 | 9,986 | 51,399 | 2,823,623 |
| OPERATING INCOME | 467,524 | (9,989) | (8,658) | 448,877 |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 23,147 | — | — | 23,147 |
| Interest and investment income | 93,341 | (54,675) | 3,754 | 42,420 |
| Miscellaneous - net | (75,758) | (38,583) | 3,994 | (110,347) |
| Total | 40,730 | (93,258) | 7,748 | (44,780) |
| INTEREST EXPENSE | ||||
| Interest expense | 201,658 | 41,201 | 2,644 | 245,503 |
| Allowance for borrowed funds used during construction | (9,114) | — | — | (9,114) |
| Total | 192,544 | 41,201 | 2,644 | 236,389 |
| INCOME BEFORE INCOME TAXES | 315,710 | (144,448) | (3,554) | 167,708 |
| Income taxes | 83,994 | (22,063) | 8,125 | 70,056 |
| CONSOLIDATED NET INCOME | 231,716 | (122,385) | (11,679) | 97,652 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | (9,321) | (48) | 547 | (8,822) |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 1.16 | (0.59) | (0.06) | 0.51 |
| DILUTED | 1.15 | (0.58) | (0.06) | 0.51 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 207,984,460 | |||
| DILUTED | 209,104,938 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | |||
|---|---|---|---|
| Consolidating Income Statement | |||
| Year to Date Ended December 31, 2023 | |||
| (Dollars in thousands) | |||
| (Unaudited) | |||
| Utility | Parent & Other | Consolidated | |
| OPERATING REVENUES | |||
| Electric | |||
| Natural gas | 180,490 | — | 180,490 |
| Competitive businesses | — | 124,468 | 124,468 |
| Total | 12,022,944 | 124,468 | 12,147,412 |
| OPERATING EXPENSES | |||
| Operating and Maintenance: | |||
| Fuel, fuel related expenses, and gas purchased for resale | 2,755,793 | 45,787 | 2,801,580 |
| Purchased power | 904,184 | 63,852 | 968,036 |
| Nuclear refueling outage expenses | 150,147 | — | 150,147 |
| Other operation and maintenance | 2,838,057 | 60,156 | 2,898,213 |
| Asset write-offs, impairments, and related charges (credits) | 79,962 | (37,283) | 42,679 |
| Decommissioning | 206,626 | 48 | 206,674 |
| Taxes other than income taxes | 752,511 | 3,063 | 755,574 |
| Depreciation and amortization | 1,838,628 | 6,375 | 1,845,003 |
| Other regulatory charges (credits) - net | (138,469) | — | (138,469) |
| Total | 9,387,439 | 141,998 | 9,529,437 |
| OPERATING INCOME | 2,635,505 | (17,530) | 2,617,975 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction | 98,493 | — | 98,493 |
| Interest and investment income | 443,751 | (281,025) | 162,726 |
| Miscellaneous - net | (225,049) | 24,036 | (201,013) |
| Total | 317,195 | (256,989) | 60,206 |
| INTEREST EXPENSE | |||
| Interest expense | 856,401 | 189,763 | 1,046,164 |
| Allowance for borrowed funds used during construction | (39,758) | — | (39,758) |
| Total | 816,643 | 189,763 | 1,006,406 |
| INCOME BEFORE INCOME TAXES | 2,136,057 | (464,282) | 1,671,775 |
| Income taxes | (374,847) | (315,688) | (690,535) |
| CONSOLIDATED NET INCOME | 2,510,904 | (148,594) | 2,362,310 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | 3,777 | 1,997 | 5,774 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | |||
| EARNINGS PER AVERAGE COMMON SHARE: | |||
| BASIC | 11.85 | (0.71) | 11.14 |
| DILUTED | 11.81 | (0.71) | 11.10 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
| BASIC | 211,569,931 | ||
| DILUTED | 212,376,495 | ||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Year to Date Ended December 31, 2022 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 233,920 | — | — | 233,920 |
| Competitive businesses | — | 11 | 343,461 | 343,472 |
| Total | 13,420,804 | (28) | 343,461 | 13,764,237 |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 3,634,394 | (28) | 98,485 | 3,732,851 |
| Purchased power | 1,478,121 | 28 | 83,395 | 1,561,544 |
| Nuclear refueling outage expenses | 137,618 | — | 18,414 | 156,032 |
| Other operation and maintenance | 2,899,759 | 35,677 | 103,023 | 3,038,459 |
| Asset write-offs, impairments, and related charges (credits) | — | — | (163,464) | (163,464) |
| Decommissioning | 195,831 | — | 28,245 | 224,076 |
| Taxes other than income taxes | 716,560 | 738 | 16,240 | 733,538 |
| Depreciation and amortization | 1,745,822 | 883 | 14,318 | 1,761,023 |
| Other regulatory charges (credits) - net | 669,403 | — | — | 669,403 |
| Total | 11,477,508 | 37,298 | 198,656 | 11,713,462 |
| OPERATING INCOME | 1,943,296 | (37,326) | 144,805 | 2,050,775 |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 72,832 | — | — | 72,832 |
| Interest and investment income (loss) | 145,968 | (187,152) | (34,397) | (75,581) |
| Miscellaneous - net | (47,604) | (46,618) | 16,593 | (77,629) |
| Total | 171,196 | (233,770) | (17,804) | (80,378) |
| INTEREST EXPENSE | ||||
| Interest expense | 777,998 | 154,348 | 7,714 | 940,060 |
| Allowance for borrowed funds used during construction | (27,823) | — | — | (27,823) |
| Total | 750,175 | 154,348 | 7,714 | 912,237 |
| INCOME BEFORE INCOME TAXES | 1,364,317 | (425,444) | 119,287 | 1,058,160 |
| Income taxes | (34,263) | (59,180) | 54,465 | (38,978) |
| CONSOLIDATED NET INCOME | 1,398,580 | (366,264) | 64,822 | 1,097,138 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | (8,025) | (191) | 2,188 | (6,028) |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 6.88 | (1.79) | 0.31 | 5.40 |
| DILUTED | 6.84 | (1.78) | 0.31 | 5.37 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 204,450,354 | |||
| DILUTED | 205,547,578 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||||
|---|---|---|---|---|---|---|
| Consolidated Cash Flow Statement | ||||||
| Three Months Ended December 31, 2023 vs. 2022 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| 2023 | 2022 | Variance | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | $ | 988,284 | $ | 97,652 | $ | 890,632 |
| Adjustments to reconcile consolidated net income to net cash | ||||||
| flow provided by operating activities: | ||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 575,939 | 522,615 | 53,324 | |||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | (965,032) | 29,518 | (994,550) | |||
| Asset write-offs, impairments and related charges | 4,601 | — | 4,601 | |||
| Changes in working capital: | ||||||
| Receivables | 319,285 | 211,505 | 107,780 | |||
| Fuel inventory | (10,566) | (12,490) | 1,924 | |||
| Accounts payable | 169,216 | (42,226) | 211,442 | |||
| Taxes accrued | (97,777) | (85,291) | (12,486) | |||
| Interest accrued | (47,638) | (34,248) | (13,390) | |||
| Deferred fuel costs | 138,921 | 427,640 | (288,719) | |||
| Other working capital accounts | (72,977) | (32,558) | (40,419) | |||
| Changes in provisions for estimated losses | (61,460) | 76,237 | (137,697) | |||
| Changes in regulatory assets | 20,776 | (10,269) | 31,045 | |||
| Changes in other regulatory liabilities | 258,988 | (150,244) | 409,232 | |||
| Effect of securitization on regulatory asset | — | 95,920 | (95,920) | |||
| Changes in pension and other postretirement liabilities | (262,593) | (441,120) | 178,527 | |||
| Other | 105,368 | 123,408 | (18,040) | |||
| Net cash flow provided by operating activities | 1,063,335 | 776,049 | 287,286 | |||
| INVESTING ACTIVITIES | ||||||
| Construction/capital expenditures | (1,067,035) | (1,212,005) | 144,970 | |||
| Allowance for equity funds used during construction | 26,255 | 23,147 | 3,108 | |||
| Nuclear fuel purchases | (69,760) | (97,994) | 28,234 | |||
| Payment for purchase of assets | (4,661) | — | (4,661) | |||
| Net proceeds from sale of assets | — | 5,887 | (5,887) | |||
| Changes in securitization account | 10,332 | 14,290 | (3,958) | |||
| Payments to storm reserve escrow accounts | (5,460) | (202,455) | 196,995 | |||
| Receipts from storm reserve escrow accounts | 98,529 | 125,001 | (26,472) | |||
| Decrease (increase) in other investments | (11,735) | 29,910 | (41,645) | |||
| Proceeds from nuclear decommissioning trust fund sales | 276,064 | 259,382 | 16,682 | |||
| Investment in nuclear decommissioning trust funds | (302,444) | (286,093) | (16,351) | |||
| Net cash flow used in investing activities | (1,049,915) | (1,340,930) | 291,015 | |||
| FINANCING ACTIVITIES | ||||||
| Proceeds from the issuance of: | ||||||
| Long-term debt | 668,060 | 703,142 | (35,082) | |||
| Treasury stock | 4,639 | 240 | 4,399 | |||
| Common stock | 130,649 | 852,555 | (721,906) | |||
| Retirement of long-term debt | (1,751,746) | (997,261) | (754,485) | |||
| Changes in commercial paper - net | (212,934) | (559,011) | 346,077 | |||
| Capital contributions from noncontrolling interests | — | 15,107 | (15,107) | |||
| Other | 4,760 | 1,102 | 3,658 | |||
| Dividends paid: | ||||||
| Common stock | (239,494) | (225,740) | (13,754) | |||
| Preferred stock | (4,580) | (4,580) | — | |||
| Net cash flow provided by financing activities | (1,400,646) | (214,446) | (1,186,200) | |||
| Net decrease in cash and cash equivalents | (1,387,226) | (779,327) | (607,899) | |||
| Cash and cash equivalents at beginning of period | 1,519,774 | 1,003,491 | 516,283 | |||
| Cash and cash equivalents at end of period | $ | 132,548 | $ | 224,164 | $ | (91,616) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
| Cash paid during the period for: | ||||||
| Interest - net of amount capitalized | $ | 302,021 | $ | 270,673 | $ | 31,348 |
| Income taxes | $ | 7,530 | $ | 35,766 | $ | (28,236) |
| Noncash investing activities: | ||||||
| Accrued construction expenditures | $ | 40,344 | $ | 105,808 | $ | (65,464) |
| Entergy Corporation | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated Cash Flow Statement | ||||||
| Year to Date December 31, 2023 vs. 2022 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| 2023 | 2022 | Variance | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | $ | 2,362,310 | $ | 1,097,138 | $ | 1,265,172 |
| Adjustments to reconcile consolidated net income to net cash | ||||||
| flow provided by operating activities: | ||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,244,479 | 2,190,371 | 54,108 | |||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | (707,822) | (47,154) | (660,668) | |||
| Asset write-offs, impairments and related charges (credits) | 42,679 | (163,464) | 206,143 | |||
| Changes in working capital: | ||||||
| Receivables | 101,801 | (157,267) | 259,068 | |||
| Fuel inventory | (45,166) | 6,943 | (52,109) | |||
| Accounts payable | (135,048) | (102,013) | (33,035) | |||
| Taxes accrued | 10,122 | 4,263 | 5,859 | |||
| Interest accrued | 18,933 | 4,113 | 14,820 | |||
| Deferred fuel costs | 759,361 | (393,746) | 1,153,107 | |||
| Other working capital accounts | (210,038) | (157,235) | (52,803) | |||
| Changes in provisions for estimated losses | (68,631) | 374,079 | (442,710) | |||
| Changes in other regulatory assets | 435,877 | 576,859 | (140,982) | |||
| Changes in other regulatory liabilities | 463,805 | (266,559) | 730,364 | |||
| Effect of securitization on regulatory asset | (491,150) | (941,035) | 449,885 | |||
| Changes in pension and other postretirement liabilities | (610,479) | (699,261) | 88,782 | |||
| Other | 123,295 | 1,259,458 | (1,136,163) | |||
| Net cash flow provided by operating activities | 4,294,328 | 2,585,490 | 1,708,838 | |||
| INVESTING ACTIVITIES | ||||||
| Construction/capital expenditures | (4,440,652) | (5,065,126) | 624,474 | |||
| Allowance for equity funds used during construction | 98,493 | 72,832 | 25,661 | |||
| Nuclear fuel purchases | (270,973) | (223,613) | (47,360) | |||
| Payment for purchase of assets | (35,094) | (106,193) | 71,099 | |||
| Net proceeds (payments) from sale of assets | 11,000 | (1,195) | 12,195 | |||
| Insurance proceeds received for property damages | 19,493 | — | 19,493 | |||
| Litigation proceeds from settlement agreement | — | 9,829 | (9,829) | |||
| Changes in securitization account | 5,493 | 15,514 | (10,021) | |||
| Payments to storm reserve escrow accounts | (19,780) | (1,494,048) | 1,474,268 | |||
| Receipts from storm reserve escrow accounts | 98,529 | 1,125,279 | (1,026,750) | |||
| Increase in other investments | (16,733) | (3,328) | (13,405) | |||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 23,655 | 32,367 | (8,712) | |||
| Proceeds from nuclear decommissioning trust fund sales | 1,082,722 | 1,636,686 | (553,964) | |||
| Investment in nuclear decommissioning trust funds | (1,185,130) | (1,708,901) | 523,771 | |||
| Net cash flow used in investing activities | (4,628,977) | (5,709,897) | 1,080,920 | |||
| FINANCING ACTIVITIES | ||||||
| Proceeds from the issuance of: | ||||||
| Long-term debt | 4,273,297 | 6,019,835 | (1,746,538) | |||
| Treasury stock | 9,823 | 32,042 | (22,219) | |||
| Common stock | 130,649 | 852,555 | (721,906) | |||
| Retirement of long-term debt | (5,135,753) | (5,995,903) | 860,150 | |||
| Changes in commercial paper - net | 310,550 | (373,556) | 684,106 | |||
| Capital contributions from noncontrolling interests | 25,708 | 24,702 | 1,006 | |||
| Proceeds received by storm trusts related to securitization | 1,457,676 | 3,163,572 | (1,705,896) | |||
| Other | 107,595 | 42,761 | 64,834 | |||
| Dividends paid: | ||||||
| Common stock | (918,193) | (841,677) | (76,516) | |||
| Preferred stock | (18,319) | (18,319) | — | |||
| Net cash flow provided by financing activities | 243,033 | 2,906,012 | (2,662,979) | |||
| Net decrease in cash and cash equivalents | (91,616) | (218,395) | 126,779 | |||
| Cash and cash equivalents at beginning of period | 224,164 | 442,559 | (218,395) | |||
| Cash and cash equivalents at end of period | $ | 132,548 | $ | 224,164 | $ | (91,616) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
| Cash paid during the period for: | ||||||
| Interest - net of amount capitalized | $ | 987,252 | $ | 901,884 | $ | 85,368 |
| Income taxes | $ | 42,821 | $ | 28,354 | $ | 14,467 |
| Noncash investing activities: | ||||||
| Accrued construction expenditures | $ | 487,439 | $ | 461,748 | $ | 25,691 |
30