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 of earliest event reported) October 31, 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:
☐ 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 October 31, 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 third quarter 2024 (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 October 31, 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 third quarter 2024. 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, dated October 31, 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: October 31, 2024 |
Document
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 31, 2024
Entergy reports third quarter earnings
Company narrows guidance range and updates longer-term outlooks
NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported third quarter 2024 earnings per share of $2.99 on both an as-reported and an adjusted (non-GAAP) basis.
“We achieved outstanding results across operational, regulatory, resilience, and growth dimensions,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “These outcomes are the result of strong execution and leveraging a stakeholder engagement model that starts with the customer and ensures value is created for all stakeholders.”
Business highlights included the following:
•Entergy narrowed its 2024 adjusted EPS guidance range to $7.15 to $7.35 (pre-split) and updated longer-term outlooks.
•E-LA filed for approval of significant new transmission and generation investment to support a new large customer.
•E-MS announced plans to build its first new natural gas power station in 50 years.
•E-AR’s 100-megawatt Walnut Bend Solar was placed in service.
•E-AR closed on West Memphis Solar and Driver Solar.
•E-LA issued an RFP using its new streamlined process to acquire 3 gigawatts of solar resources.
•The LPSC approved several items for E-LA including its FRP renewal, the gas LDC sale, the settlement with SERI to resolve all complaints against SERI (subject to FERC approval), and an agreement to divest E-LA’s share of Grand Gulf energy and capacity to E-MS.
•Filings submitted to the MPSC and FERC to divest E-LA’s share of Grand Gulf energy and capacity to E-MS.
•The CCNO approved $100 million of E-NO’s resilience plan for investment over the next two years.
•The PUCT approved an E-TX DCRF filing.
•Entergy’s Board of Directors declared a quarterly dividend of $1.20 per share, a six percent increase.
•Entergy’s Board of Directors approved a two-for-one stock split of Entergy’s common stock, effective with trading starting December 13, 2024.
•Entergy was named as one of the nation’s top utilities in economic development by Site Selection magazine for the 17th consecutive year.
| 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><br>7<br><br>8<br><br>11<br><br>14<br><br>15<br><br>16<br><br>18<br><br>20 |
Entergy reports third quarter earnings
October 31, 2024
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| Consolidated earnings (GAAP and non-GAAP measures) | |||||
|---|---|---|---|---|---|
| Third quarter and year-to-date 2024 vs. 2023 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | |||||
| Year-to-date | |||||
| 2023 | Change | 2024 | 2023 | Change | |
| (After-tax, in millions) | |||||
| As-reported earnings | 667 | (22) | 769 | 1,369 | (600) |
| Less adjustments | (27) | 27 | (517) | 42 | (559) |
| Adjusted earnings (non-GAAP) | 694 | (49) | 1,286 | 1,327 | (41) |
| Estimated weather impact | 135 | (94) | 70 | 103 | (33) |
| (After-tax, per share in ) | |||||
| As-reported earnings | 3.14 | (0.15) | 3.58 | 6.45 | (2.87) |
| Less adjustments | (0.13) | 0.13 | (2.41) | 0.20 | (2.61) |
| Adjusted earnings (non-GAAP) | 3.27 | (0.28) | 5.99 | 6.25 | (0.26) |
| Estimated weather impact | 0.64 | (0.45) | 0.33 | 0.48 | (0.16) |
All values are in US Dollars.
Calculations may differ due to rounding
Consolidated results
For third quarter 2024, the company reported earnings of $645 million, or $2.99 per share, on an as-reported basis and an adjusted basis. This compared to third quarter 2023 earnings of $667 million, or $3.14 per share, on an as-reported basis and $694 million, or $3.27 per share, on an adjusted basis.
Summary discussions of results by business follow. Additional details, including information on OCF by business, are provided in Appendix A. A more detailed analysis of variances by business is provided in Appendix B.
Business results
Utility
For third quarter 2024, the Utility business reported earnings attributable to Entergy Corporation of $787 million, or $3.65 per share, on an as-reported basis and an adjusted basis. This compared to third quarter 2023 earnings of $752 million, or $3.54 per share, on an as-reported basis and $810 million, or $3.82 per share, on an adjusted basis. There were several drivers for the third quarter as-reported increase.
In third quarter 2023, as a result of Entergy Arkansas’ offer to forgo its opportunity to seek recovery of costs resulting from the March 2013 ANO stator incident, Entergy Arkansas recorded a write-off totaling $(78 million) ($(59 million) after tax). The write-off was considered an adjustment and excluded from adjusted earnings.
Other drivers for the increase included:
•the net effect of regulatory actions across the operating companies,
•higher other income (deductions) primarily due to a decrease in non-service pension costs, and
•lower other O&M.
These drivers were partially offset by:
•the effects of weather on retail volume,
•higher depreciation expense, and
•higher interest expense.
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Entergy reports third quarter earnings
October 31, 2024
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On a per share basis, third quarter 2024 results reflected higher diluted average number of common shares outstanding due to the settlement of equity forwards in fourth quarter 2023 under the company’s ATM program, option exercises under the company’s stock-based compensation plans, and the dilutive effect from unsettled equity forwards under the company’s ATM program as a result of an increase in the stock price.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For third quarter 2024, Parent & Other reported a loss attributable to Entergy Corporation of $(142 million), or (66) cents per share, on an as-reported basis and an adjusted basis. This compared to a third quarter 2023 loss of $(85 million), or (40) cents per share, on an as-reported basis, and a loss of $(117 million), or (55) cents per share, on an adjusted basis.
Drivers for the third quarter variances included:
•the effects of the third quarter 2023 DOE spent fuel litigation settlement related to IPEC on asset write-offs and impairments (considered an adjustment and excluded from adjusted earnings),
•lower other income (deductions) due to lower non-service pension income and changes in legal provisions, and
•higher interest expense.
On a per share basis, third quarter 2024 results reflected higher diluted average number of common shares outstanding (see drivers in Utility section).
Earnings per share guidance
Entergy announced a two-for-one forward stock split of Entergy’s issued common stock. Each record holder of common stock as of the close of market on December 5, 2024, will receive one additional share of common stock for each then-held share, to be distributed after market close on December 12, 2024. Trading is expected to commence on a split-adjusted basis at market open on December 13, 2024.
Entergy narrowed its 2024 adjusted EPS guidance to a range of $7.15 to $7.35 (pre-split). 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, October 31, 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 investors.entergy.com/investors/events-and-presentations 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
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Entergy reports third quarter earnings
October 31, 2024
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at investors.entergy.com/investors/events-and-presentations and by telephone. The telephone replay will be available through November 7, 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, resilience and growth 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 investors.entergy.com/investors/events-and-presentations.
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 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 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.
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October 31, 2024
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Other non-GAAP measures, including adjusted ROE; adjusted ROE, excluding affiliate preferred; FFO to adjusted debt; gross liquidity; net liquidity; adjusted Parent debt to total adjusted debt; adjusted debt to adjusted capitalization; and adjusted net debt to adjusted net capitalization 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. These metrics are defined in Appendix E.
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; 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 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 (1) 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, and (2) Entergy’s ability to meet
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Entergy reports third quarter earnings
October 31, 2024
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the rapidly growing demand for electricity, including from hyperscale data center and other large customers, and to manage the impacts of such growth on customers and Entergy’s business; (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) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.
| Media inquiries:<br><br>Cristina del Canto<br><br>504-576-4238<br><br>mdelcan@entergy.com | Investor relations inquiries:<br><br>Liz Hunter<br><br>504-576-3294<br><br>ehunte1@entergy.com |
|---|
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Third quarter 2024 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 measures Third quarter and year-to-date 2024 vs. 2023 (See Appendix A-2 and Appendix A-3 for details on adjustments) | |||||
|---|---|---|---|---|---|
| Year-to-date | |||||
| 2023 | Change | 2024 | 2023 | Change | |
| (After-tax, in millions) | |||||
| As-reported earnings (loss) | |||||
| Utility | 752 | 35 | 1,423 | 1,663 | (240) |
| Parent & Other | (85) | (57) | (654) | (294) | (359) |
| Consolidated | 667 | (22) | 769 | 1,369 | (600) |
| Less adjustments | |||||
| Utility | (59) | 59 | (267) | 10 | (277) |
| Parent & Other | 32 | (32) | (250) | 32 | (282) |
| Consolidated | (27) | 27 | (517) | 42 | (559) |
| Adjusted earnings (loss) (non-GAAP) | |||||
| Utility | 810 | (24) | 1,690 | 1,653 | 36 |
| Parent & Other | (117) | (25) | (403) | (326) | (77) |
| Consolidated | 694 | (49) | 1,286 | 1,327 | (41) |
| Estimated weather impact | 135 | (94) | 70 | 103 | (33) |
| Diluted average number of common shares outstanding (in millions) | 212 | 3 | 215 | 212 | 3 |
| (After-tax, per share in ) (a) | |||||
| As-reported earnings (loss) | |||||
| Utility | 3.54 | 0.11 | 6.63 | 7.84 | (1.21) |
| Parent & Other | (0.40) | (0.26) | (3.04) | (1.39) | (1.66) |
| Consolidated | 3.14 | (0.15) | 3.58 | 6.45 | (2.87) |
| Less adjustments | |||||
| Utility | (0.28) | 0.28 | (1.24) | 0.05 | (1.29) |
| Parent & Other | 0.15 | (0.15) | (1.17) | 0.15 | (1.32) |
| Consolidated | (0.13) | 0.13 | (2.41) | 0.20 | (2.61) |
| Adjusted earnings (loss) (non-GAAP) | |||||
| Utility | 3.82 | (0.17) | 7.87 | 7.79 | 0.08 |
| Parent & Other | (0.55) | (0.11) | (1.88) | (1.54) | (0.34) |
| Consolidated | 3.27 | (0.28) | 5.99 | 6.25 | (0.26) |
| Estimated weather impact | 0.64 | (0.45) | 0.33 | 0.48 | (0.16) |
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) | |||||
|---|---|---|---|---|---|
| Third quarter and year-to-date 2024 vs. 2023 | |||||
| Year-to-date | |||||
| 2023 | Change | 2024 | 2023 | Change | |
| (Pre-tax except for income taxes and totals; in millions) | |||||
| Utility | |||||
| 2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters | - | - | (151) | - | (151) |
| 1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding | - | - | (132) | - | (132) |
| 1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution | - | - | (79) | - | (79) |
| 3Q23 E-AR write-off of assets related to the ANO stator incident | (78) | 78 | - | (78) | 78 |
| 1Q23 impacts from E-LA storm cost approval and securitization, including customer sharing (excluding income tax item below) | - | - | - | (87) | 87 |
| Income tax effect on Utility adjustments above | 20 | (20) | 95 | 47 | 48 |
| 1Q23 E-LA income tax benefit resulting from securitization | - | - | - | 129 | (129) |
| Total Utility | (59) | 59 | (267) | 10 | (277) |
| Parent & Other | |||||
| 2Q24 pension lift out | - | - | (317) | - | (317) |
| 3Q23 DOE spent nuclear fuel litigation settlement (IPEC) | 40 | (40) | - | 40 | (40) |
| Income tax effect on Parent & Other adjustments above | (9) | 9 | 67 | (9) | 75 |
| Total Parent & Other | 32 | (32) | (250) | 32 | (282) |
| Total adjustments | (27) | 27 | (517) | 42 | (559) |
| (After-tax, per share in ) (b) | |||||
| Utility | |||||
| 2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters | - | - | (0.52) | - | (0.52) |
| 1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding | - | - | (0.45) | - | (0.45) |
| 1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution | - | - | (0.27) | - | (0.27) |
| 3Q23 E-AR write-off of assets related to the ANO stator incident | (0.28) | 0.28 | - | (0.28) | 0.28 |
| 1Q23 impacts from E-LA storm cost approval and securitization, including customer sharing | - | - | - | 0.32 | (0.32) |
| Total Utility | (0.28) | 0.28 | (1.24) | 0.05 | (1.29) |
| Parent & Other | |||||
| 2Q24 pension lift out | - | - | (1.17) | - | (1.17) |
| 3Q23 DOE spent nuclear fuel litigation settlement (IPEC) | 0.15 | (0.15) | - | 0.15 | (0.15) |
| Total Parent & Other | 0.15 | (0.15) | (1.17) | 0.15 | (1.32) |
| Total adjustments | (0.13) | 0.13 | (2.41) | 0.20 | (2.61) |
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) | |||||
|---|---|---|---|---|---|
| Third quarter and year-to-date 2024 vs. 2023 | |||||
| (Pre-tax except for income taxes and totals; in millions) | |||||
| Year-to-date | |||||
| 2023 | Change | 2024 | 2023 | Change | |
| Utility | |||||
| Operating revenues | - | - | - | 31 | (31) |
| Other O&M | - | - | (1) | - | (1) |
| Asset write-offs, impairments, and related charges | (78) | 78 | (132) | (78) | (53) |
| Other regulatory charges (credits) – net | - | - | (229) | (103) | (125) |
| Other income (deductions) | - | - | - | (15) | 15 |
| Income taxes | 20 | (20) | 95 | 176 | (81) |
| Total Utility | (59) | 59 | (267) | 10 | (277) |
| Parent & Other | |||||
| Asset write-offs, impairments, and related charges | 40 | (40) | - | 40 | (40) |
| Other income (deductions) | - | - | (317) | - | (317) |
| Income taxes | (9) | 9 | 67 | (9) | 75 |
| Total Parent & Other | 32 | (32) | (250) | 32 | (282) |
| Total adjustments | (27) | 27 | (517) | 42 | (559) |
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 | |||||
|---|---|---|---|---|---|
| Third quarter and year-to-date 2024 vs. 2023 | |||||
| ( in millions) | |||||
| Year-to-date | |||||
| 2023 | Change | 2024 | 2023 | Change | |
| Utility | 1,387 | 213 | 3,225 | 3,301 | (76) |
| Parent & Other | 18 | (55) | (117) | (70) | (47) |
| Consolidated | 1,405 | 157 | 3,109 | 3,231 | (122) |
All values are in US Dollars.
Calculations may differ due to rounding
OCF increased for the quarter primarily due to lower Utility fuel and purchased power payments, timing of pension contributions, and higher Utility customer receipts. The increases were partially offset by higher interest payments and a DOE award received in third quarter 2023.
B: Earnings variance analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2024 versus 2023 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) | |||||||
|---|---|---|---|---|---|---|---|
| Third quarter 2024 vs. 2023 | |||||||
| (After-tax, per share in ) | |||||||
| Parent & Other | Consolidated | ||||||
| Adjusted | As-<br><br>reported | Adjusted | As-<br><br>reported | Adjusted | |||
| 2023 earnings (loss) | 3.82 | (0.40) | (0.55) | 3.14 | 3.27 | ||
| Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net | (0.09) | (f) | (0.02) | (0.02) | (0.11) | (0.11) | |
| Nuclear refueling outage expenses | 0.01 | - | - | 0.01 | 0.01 | ||
| Other O&M | 0.10 | (g) | - | - | 0.10 | 0.10 | |
| Asset write-offs, impairments, and related charges | - | (h) | (0.15) | - | (i) | 0.13 | - |
| Decommissioning | (0.01) | - | - | (0.01) | (0.01) | ||
| Taxes other than income taxes | 0.02 | - | - | 0.02 | 0.02 | ||
| Depreciation and amortization | (0.21) | (j) | - | - | (0.21) | (0.21) | |
| Other income (deductions) | 0.15 | (k) | (0.07) | (0.07) | (l) | 0.07 | 0.07 |
| Interest expense | (0.08) | (m) | (0.06) | (0.06) | (n) | (0.14) | (0.14) |
| Income taxes – other | (0.01) | 0.04 | 0.04 | 0.03 | 0.03 | ||
| Preferred dividend requirements and noncontrolling interests | 0.01 | - | - | 0.01 | 0.01 | ||
| Share effect | (0.06) | (o) | 0.01 | 0.01 | (0.05) | (0.05) | |
| 2024 earnings (loss) | 3.65 | (0.66) | (0.66) | 2.99 | 2.99 |
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) | |||||||
|---|---|---|---|---|---|---|---|
| Year-to-date 2024 vs. 2023 | |||||||
| (After-tax, per share in ) | |||||||
| Parent & Other | Consolidated | ||||||
| Adjusted | As-<br><br>reported | Adjusted | As-<br><br>reported | Adjusted | |||
| 2023 earnings (loss) | 7.79 | (1.39) | (1.54) | 6.45 | 6.25 | ||
| Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net | 0.33 | (f) | (0.05) | (0.05) | (p) | (0.30) | 0.28 |
| Nuclear refueling outage expenses | (0.01) | - | - | (0.01) | (0.01) | ||
| Other O&M | (0.25) | (g) | 0.02 | 0.02 | (0.24) | (0.24) | |
| Asset write-offs, impairments, and related charges | - | (h) | (0.15) | - | (i) | (0.33) | - |
| Decommissioning | (0.03) | - | - | (0.03) | (0.03) | ||
| Taxes other than income taxes | (0.02) | - | - | (0.02) | (0.02) | ||
| Depreciation and amortization | (0.49) | (j) | - | - | (0.49) | (0.49) | |
| Other income (deductions) | 0.78 | (k) | (1.36) | (0.18) | (l) | (0.51) | 0.60 |
| Interest expense | (0.19) | (m) | (0.17) | (0.17) | (n) | (0.36) | (0.36) |
| Income taxes – other | 0.05 | (q) | 0.02 | 0.02 | (0.54) | 0.07 | |
| Preferred dividend requirements and noncontrolling interests | 0.01 | - | - | 0.01 | 0.01 | ||
| Share effect | (0.09) | (o) | 0.04 | 0.02 | (0.04) | (0.07) | |
| 2024 earnings (loss) | 7.87 | (3.04) | (1.88) | 3.58 | 5.99 |
All values are in US Dollars.
Calculations may differ due to rounding
(c)Utility operating revenue and Utility income taxes – other excluded the following for the amortization of unprotected excess ADIT (net effect was neutral to earnings) ($ in millions):
| 3Q24 | 3Q23 | YTD24 | YTD23 | |
|---|---|---|---|---|
| Utility operating revenue | 6 | 5 | 22 | 8 |
| Utility income taxes – other | (6) | (5) | (22) | (8) |
(d)Utility regulatory charges (credits) – net and Utility preferred dividend requirements and noncontrolling interests excluded the following for the effects of HLBV accounting and the approved deferral (net effect was neutral to earnings) ($ millions):
| 3Q24 | 3Q23 | YTD24 | YTD23 | |
|---|---|---|---|---|
| Utility regulatory charges (credits) – net | (3) | (3) | (9) | (10) |
| Utility preferred dividend requirements and noncontrolling interests | 3 | 3 | 9 | 10 |
(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.
| Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net variance analysis2024 vs. 2023 ( EPS) | |
|---|---|
| YTD | |
| Electric volume / weather | (0.06) |
| Retail electric price | 0.79 |
| 2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters | (0.52) |
| 2Q24 E-MS 2024 FRP relate-back | 0.03 |
| 1Q24 E-NO provision for increased income tax sharing | (0.27) |
| 3Q23 E-TX adjustments to regulatory provisions | (0.11) |
| 3Q23 E-TX base rate case relate-back | 0.03 |
| 3Q23 SERI depreciation rate settlement | 0.14 |
| 1Q23 impacts from E-LA storm cost approval and securitization, including customer sharing | 0.22 |
| E-LA wholesale contract termination | (0.09) |
| Reg. provisions for decommissioning items | (0.44) |
| Other, including Grand Gulf recovery | 0.03 |
| Total | (0.25) |
All values are in US Dollars.
(f)The third quarter and year-to-date variances included several drivers. The third quarter variances included the effects of weather on retail volume, which was partially offset by a wholesale contract termination (the sales from this agreement are now included in retail sales). The variances also reflected regulatory actions including E-AR’s FRP, E-LA’s FRP (including riders), and E-MS’s FRP. Additionally, the variances included the net effect of the third quarter 2023 adjustments to regulatory provisions at E-TX, changes in regulatory provisions for decommissioning items (based on regulatory treatment, decommissioning-related variances were offset in other line items and were largely earnings neutral), and a third quarter 2023 regulatory provision recorded at SERI for the refund of excess depreciation previously collected from customers as a result of FERC approving lower depreciation rates retroactive to March 2022 (largely offset by a retroactive reduction in depreciation expense). The year-to-date as-reported variance also reflected several items that were considered adjustments and excluded from adjusted earnings. (1) A regulatory charge of $(150 million) ($(111 million) after tax) was recorded in second quarter 2024 as a result of E-LA reaching an agreement in principle to provide $184 million of customer credits, including for increasing customer sharing of income tax benefits resulting from the 2016-2018 IRS audit resolution (a reserve of $38 million was previously established) to resolve several open matters. (2) A regulatory charge for $(79 million) ($(57 million) after tax) was recorded in first quarter 2024 by E-NO to provide for sharing additional income tax benefits from the 2016–2018 IRS audit resolution with customers. (3) E-LA recorded items in first quarter 2023 which resulted from its securitization including $(103 million) ($(76 million) after tax) for a regulatory provision for customer sharing and $31 million ($31 million after tax) for a true-up of carrying charges on storm costs. The year-to-date variances also included the effects of E-TX’s base rate case relate-back portion in retail electric price.
(g)The third quarter earnings increase from lower Utility other O&M was largely due to a decrease in power delivery expenses primarily due to the timing of vegetation maintenance costs and lower compensation and benefits costs. The year-to-date earnings decrease from higher Utility other O&M was primarily due to higher contract costs related to operational performance, customer service, and organizational health initiatives; higher energy efficiency costs; the recognition of an E-AR DOE award judgment in the third quarter 2023; higher bad debt expense; higher MISO
transmission costs; higher non-nuclear generation expenses primarily due to the scope of work performed in 2024 compared to 2023; and a gain recorded in second quarter 2023 on the partial sale of a service center as part of an eminent domain proceeding. The year-to-date earnings decrease was partially offset by lower power delivery expenses due to the timing of vegetation maintenance costs.
(h)The third quarter as-reported earnings increase from lower Utility asset write-offs and impairments was primarily due to a $(78 million) ($(59 million) after-tax) E-AR write-off in third quarter 2023, which resulted from E-AR’s agreement to forgo its opportunity to seek recovery of costs associated with the ANO Stator incident in 2013 (considered an adjustment and excluded from adjusted earnings). The year-to-date as-reported earnings decrease from higher Utility asset write-offs and impairments also reflected the first quarter 2024 write-off of an E-AR regulatory asset totaling $(132 million) ($(97 million) after tax) related to the opportunity sales proceeding (considered an adjustment and excluded from adjusted earnings).
(i)The third quarter and year-to-date as-reported earnings decreases from Parent & Other asset write-offs and impairments
were due to recording a spent fuel litigation settlement related to IPEC in third quarter 2023 (considered an adjustment
and excluded from adjusted earnings).
(j)The third quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to a reduction in depreciation expense in third quarter 2023 resulting from FERC 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) and higher plant in service. The year-to-date decrease also reflected the recognition of depreciation expense from E-TX’s 2022 base rate case relate-back effective January 2024 and an increase in depreciation rates for E-TX effective June 2023. The year-to-date decrease was partially offset by lower depreciation rates for SERI effective June 2023.
(k)The third quarter and year-to-date earnings increases from higher Utility other income (deductions) were largely due to a decrease in non-service pension costs and changes in nuclear decommissioning trust returns, including portfolio rebalancing in 2024 (based on regulatory treatment, decommissioning-related variances are offset in other line items and were largely earnings neutral). Higher AFUDC–equity due to higher construction work in progress also contributed to the increase. The year-to-date increase also reflected higher intercompany dividend income from affiliate preferred membership interests related to 2023 storm cost securitizations (largely offset at P&O), and a $(15 million) ($(15 million) after tax) charge recorded in first quarter 2023 to account for LURC’s 1% beneficial interest in the storm trust established as part of E-LA’s 2023 storm cost securitization (considered an adjustment and excluded from adjusted earnings).
(l)The third quarter and year-to-date as-reported earnings decreases from lower Parent & Other other income (deductions) were partly due to changes in legal provisions and lower non-service pension income. The year-to-date decrease also reflected a second quarter 2024 $(317 million) ($(250 million) after tax) one-time non-cash pension settlement charge associated with the purchase of a group annuity contract to settle certain pension liabilities (considered an adjustment and excluded from adjusted earnings) as well as higher intercompany dividends associated with affiliate preferred membership interests resulting from E-LA’s securitizations (largely offset at Utility).
(m)The third quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher interest rates as well as higher debt balances.
(n)The third quarter and year-to-date earnings decreases from higher Parent & Other interest expense were primarily due to the issuance of $1.2 billion of junior subordinated debentures in May 2024. The year-to-date decrease also reflected higher interest on commercial paper borrowings.
(o)The third quarter and year-to-date earnings per share impacts from share effect reflected higher shares outstanding due to the settlement of equity forwards in fourth quarter 2023 under the company’s ATM program, option exercises under the company’s stock-based compensation plans, and the dilutive effect of unsettled equity forwards under the company’s ATM program as a result of an increase in the stock price.
(p)The year-to-date earnings decrease from lower P&O net revenue was primarily due to lower capacity revenues resulting from the first quarter 2024 termination of a municipal requirements contract.
(q)The year-to-date as-reported earnings decrease from Utility income taxes – other was largely due to a $129 million income tax benefit recorded in first quarter 2023 related to storm cost securitization financing (considered an adjustment and excluded from adjusted earnings). Excluding this item, there were several individually insignificant items that partially offset the as-reported decrease.
C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.
| Appendix C: Utility operating and financial measures | ||||||||
|---|---|---|---|---|---|---|---|---|
| Third quarter and year-to-date 2024 vs. 2023 | ||||||||
| Third quarter | Year-to-date | |||||||
| 2024 | 2023 | % Change | % Weather adjusted (r) | 2024 | 2023 | % Change | % Weather adjusted (r) | |
| GWh sold | ||||||||
| Residential | 11,519 | 12,661 | (9.0) | 1.3 | 28,499 | 28,963 | (1.6) | (0.2) |
| Commercial | 8,394 | 8,648 | (2.9) | 2.0 | 21,797 | 21,865 | (0.3) | 0.7 |
| Governmental | 684 | 700 | (2.3) | (0.3) | 1,883 | 1,887 | (0.2) | 0.8 |
| Industrial | 15,150 | 13,781 | 9.9 | 9.9 | 42,174 | 39,823 | 5.9 | 5.9 |
| Total retail sales | 35,747 | 35,790 | (0.1) | 5.0 | 94,353 | 92,538 | 2.0 | 2.7 |
| Wholesale | 3,727 | 3,916 | (4.8) | 10,737 | 11,589 | (7.4) | ||
| Total sales | 39,474 | 39,706 | (0.6) | 105,090 | 104,127 | 0.9 | ||
| Number of electric retail customers | ||||||||
| Residential | 2,601,894 | 2,581,652 | 0.8 | |||||
| Commercial | 371,579 | 370,966 | 0.2 | |||||
| Governmental | 18,015 | 18,008 | - | |||||
| Industrial | 49,550 | 50,380 | (1.6) | |||||
| Total retail customers | 3,041,038 | 3,021,006 | 0.7 | |||||
| Other O&M and nuclear refueling outage exp. per MWh | $19.01 | $19.70 | (3.5) | $20.87 | $20.34 | 2.6 |
Calculations may differ due to rounding
(r)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 quarter, on a weather-adjusted basis, retail sales increased 5.0 percent. Industrial sales increased 9.9 percent mainly due to higher sales to large industrial customers primarily in the petroleum refining industry. Residential sales were 1.3 percent higher and commercial sales increased 2.0 percent.
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 | ||
|---|---|---|
| Third quarter 2024 vs. 2023 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures) | ||
| For 12 months ending September 30 | 2023 | Change |
| GAAP measure | ||
| As-reported ROE | 11.4% | 0.8% |
| Non-GAAP financial measure | ||
| Adjusted ROE | 11.1% | (1.4)% |
| As of September 30 ( in millions, except where noted) | 2023 | Change |
| GAAP measures | ||
| Cash and cash equivalents | 1,520 | (108) |
| Available revolver capacity | 4,346 | (1) |
| Commercial paper | 1,351 | (229) |
| Total debt | 27,619 | 1,481 |
| Junior subordinated debentures | - | 1,200 |
| Securitization debt | 278 | (29) |
| Debt to capital | 66% | (1)% |
| Storm escrows | 416 | (80) |
| Non-GAAP financial measures ( in millions, except where noted) | ||
| Adjusted debt to adjusted capitalization | 66% | (2)% |
| Adjusted net debt to adjusted net capitalization | 65% | (2)% |
| Gross liquidity | 5,865 | (108) |
| Net liquidity | 4,978 | 1,383 |
| Adjusted parent debt to total adjusted debt | 20% | 1% |
| FFO to adjusted debt | 12.4% | 1.1% |
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 | Last twelve months 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 capitalization | Capitalization excluding securitization debt |
| Adjusted debt | Debt excluding securitization debt and 50% of junior subordinated debentures |
| Adjusted debt to adjusted capitalization | Adjusted debt divided by adjusted capitalization |
| Adjusted EPS | As-reported earnings minus adjustments, divided by the diluted average number of common shares outstanding |
| Adjusted net capitalization | Adjusted capitalization minus cash and cash equivalents |
| Adjusted net debt | Adjusted debt minus cash and cash equivalents |
| Adjusted net debt to adjusted net capitalization | Adjusted net debt divided by adjusted net capitalization |
| Adjusted Parent debt | Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities, minus 50% of junior subordinated debentures |
| Adjusted Parent debt to total adjusted debt | Adjusted Parent debt divided by consolidated adjusted debt |
| Adjusted ROE | Last twelve months adjusted earnings divided by average common equity |
| Adjusted ROE excluding affiliate preferred | Last twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to exclude the estimated equity associated with the affiliate preferred investment |
| 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 |
| FFO | OCF minus 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), 50% of interest on junior subordinated debentures, and securitization regulatory charges |
| FFO to adjusted debt | Last twelve months FFO divided by end of period adjusted debt |
| Gross liquidity | Sum of cash and cash equivalents plus available revolver capacity |
| Net liquidity | Sum of cash and cash equivalents, available revolver capacity, escrow accounts available for certain storm expenses, and equity sold forward but not yet settled minus commercial paper borrowing |
Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.
| Appendix E-2: Abbreviations and acronyms | |||
|---|---|---|---|
| ADIT | Accumulated deferred income taxes | 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 | Allowance for equity funds used during construction | LCPS | Lake Charles Power Station |
| AMS | Advanced metering system | LDC | Local distribution company |
| ANO | Arkansas Nuclear One (nuclear) | LNG | Liquified natural gas |
| APSC | Arkansas Public Service Commission | LPSC | Louisiana Public Service Commission |
| ATM | At the market equity issuance program | LTM | Last twelve months |
| bbl | Barrels | LURC | Louisiana Utility Restoration Corporation |
| Bcf/d | Billion cubic feet per day | MISO | Midcontinent Independent System Operator, Inc. |
| bps | Basis points | MMBtu | Million British thermal units |
| CAGR | Compound annual growth rate | Moody’s | Moody’s Ratings |
| CCCT | Combined cycle combustion turbine | MPSC | Mississippi Public Service Commission |
| CCGT | Combined cycle gas turbine | MTEP | MISO Transmission Expansion Plan |
| CCN | Certificate for convenience and necessity | NBP | National Balancing Point |
| CCNO | Council of the City of New Orleans | NDT | Nuclear decommissioning trust |
| CCS | Carbon capture and sequestration | NGL | Natural gas liquid |
| CFO | Cash from operations | NYSE | New York Stock Exchange |
| COD | Commercial operation date | O&M | Operations and maintenance |
| CT | Combustion turbine | OCAPS | Orange County Advanced Power Station (CCCT) |
| DCRF | Distribution cost recovery factor | OCF | Net cash flow provided by operating activities |
| DOE | U.S. Department of Energy | OpCo | Utility operating company |
| DRM | Distribution Recovery Mechanism (rider within E-LA’s FRP) | OPEB | Other post-employment benefits |
| E-AR | Entergy Arkansas, LLC | Other O&M | Other non-fuel operation and maintenance expense |
| E-LA | Entergy Louisiana, LLC | P&O | Parent & Other |
| 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 | RECs | Renewable Energy Certificates |
| EPS | Earnings per share | RFP | Request for proposals |
| ESG | Environmental, social, and governance | ROE | Return on equity |
| ETR | Entergy Corporation | RPCR | Resilience plan cost recovery rider |
| FERC | Federal Energy Regulatory Commission | RSP | Rate Stabilization Plan (E-LA gas) |
| FFO | Funds from operations | S&P | Standard & Poor’s |
| FRP | Formula rate plan | SEC | U.S. Securities and Exchange Commission |
| GAAP | U.S. generally accepted accounting principles | SERI | System Energy Resources, Inc. |
| GRIP | Grid Resilience and Innovation Partnerships (DOE grant program) | TCRF | Transmission cost recovery factor |
| GCRR | Generation Cost Recovery Rider | TRAM | Tax reform adjustment mechanism |
| Grand Gulf or GGNS | Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI | TRM | Transmission Recovery Mechanism (rider within E-LA’s FRP) |
| HLBV | Hypothetical liquidation at book value | UPSA | Unit Power Sales Agreement |
| WACC | Weighted-average cost of capital | ||
| WTI | West Texas Intermediate |
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) | Third quarter | |
| 2024 | 2023 | |
| As-reported net income attributable to Entergy Corporation | 1,757 | 1,475 |
| Adjustments | 360 | 41 |
| Adjusted earnings (non-GAAP) | 1,397 | 1,434 |
| Average common equity (average of beginning and ending balances) | 14,362 | 12,894 |
| As-reported ROE | 12.2% | 11.4% |
| Adjusted ROE (non-GAAP) | 9.7% | 11.1% |
All values are in US Dollars.
Calculations may differ due to rounding
| Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt | ||
|---|---|---|
| ( in millions except where noted) | Third quarter | |
| 2024 | 2023 | |
| Total debt | 29,100 | 27,619 |
| Securitization debt | 249 | 278 |
| 50% junior subordinated debentures | 600 | - |
| Adjusted debt (non-GAAP) | 28,251 | 27,341 |
| Net cash flow provided by operating activities, LTM | 4,172 | 4,007 |
| AFUDC – borrowed funds, LTM | 46 | 39 |
| 50% of the interest expense associated with junior subordinated debentures, LTM | (15) | - |
| Working capital items in net cash flow provided by operating activities, LTM: | ||
| Receivables | 46 | (6) |
| Fuel inventory | 26 | (47) |
| Accounts payable | 32 | (346) |
| Taxes accrued | 39 | 23 |
| Interest accrued | 11 | 32 |
| Deferred fuel costs | 347 | 1,048 |
| Other working capital accounts | (198) | (170) |
| Securitization regulatory charges, LTM | 24 | 32 |
| Total | 328 | 566 |
| FFO, LTM (non-GAAP) | 3,814 | 3,402 |
| FFO to adjusted debt (non-GAAP) | 13.5% | 12.4% |
All values are in US Dollars.
Calculations may differ due to rounding
| Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity | ||
|---|---|---|
| ( in millions except where noted) | Third quarter | |
| 2024 | 2023 | |
| Total debt | 29,100 | 27,619 |
| Securitization debt | 249 | 278 |
| 50% junior subordinated debentures | 600 | - |
| Adjusted debt (non-GAAP) | 28,251 | 27,341 |
| Cash and cash equivalents | 1,412 | 1,520 |
| Adjusted net debt (non-GAAP) | 26,839 | 25,821 |
| Commercial paper | 1,122 | 1,351 |
| Total capitalization | 44,461 | 41,657 |
| Securitization debt | 249 | 278 |
| Adjusted capitalization (non-GAAP) | 44,212 | 41,379 |
| Cash and cash equivalents | 1,412 | 1,520 |
| Adjusted net capitalization (non-GAAP) | 42,800 | 39,859 |
| Total debt to total capitalization | 65% | 66% |
| Adjusted debt to adjusted capitalization (non-GAAP) | 64% | 66% |
| Adjusted net debt to adjusted net capitalization (non-GAAP) | 63% | 65% |
| Available revolver capacity | 4,345 | 4,346 |
| Storm escrows | 336 | 416 |
| Equity sold forward, not yet settled (s) | 1,390 | 48 |
| Gross liquidity (non-GAAP) | 5,757 | 5,865 |
| Net liquidity (non-GAAP) | 6,361 | 4,978 |
| 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 |
| Junior subordinated debentures due December 2054 | 1,200 | - |
| Total Parent long-term debt | 5,250 | 4,050 |
| Revolver draw | - | - |
| Unamortized debt issuance costs and discounts | (47) | (39) |
| Total parent debt | 6,326 | 5,363 |
| Adjusted Parent debt (non-GAAP) | 5,726 | 5,363 |
| Adjusted parent debt to total adjusted debt (non-GAAP) | 20% | 20% |
All values are in US Dollars.
Calculations may differ due to rounding
(s)Reflects adjustments, including for common dividends between issuance and settlement.
Financial Statements
| Entergy Corporation | ||||||
|---|---|---|---|---|---|---|
| Consolidating Balance Sheet | ||||||
| September 30, 2024 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| Utility | Parent & Other | Consolidated | ||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and cash equivalents: | ||||||
| Cash | $ | 84,088 | $ | 7,159 | $ | 91,247 |
| Temporary cash investments | 1,247,048 | 73,517 | 1,320,565 | |||
| Total cash and cash equivalents | 1,331,136 | 80,676 | 1,411,812 | |||
| Accounts receivable: | ||||||
| Customer | 939,477 | — | 939,477 | |||
| Allowance for doubtful accounts | (22,090) | — | (22,090) | |||
| Associated companies | 3,483 | (3,483) | — | |||
| Other | 201,520 | 1,722 | 203,242 | |||
| Accrued unbilled revenues | 545,946 | — | 545,946 | |||
| Total accounts receivable | 1,668,336 | (1,761) | 1,666,575 | |||
| Deferred fuel costs | 6,774 | — | 6,774 | |||
| Fuel inventory - at average cost | 150,439 | 5,707 | 156,146 | |||
| Materials and supplies - at average cost | 1,618,533 | 4,518 | 1,623,051 | |||
| Deferred nuclear refueling outage costs | 107,369 | — | 107,369 | |||
| Prepayments and other | 483,833 | (237,754) | 246,079 | |||
| TOTAL | 5,366,420 | (148,614) | 5,217,806 | |||
| OTHER PROPERTY AND INVESTMENTS | ||||||
| Investment in affiliates | 4,313,190 | (4,313,190) | — | |||
| Decommissioning trust funds | 5,541,880 | — | 5,541,880 | |||
| Non-utility property - at cost (less accumulated depreciation) | 414,538 | 6,437 | 420,975 | |||
| Storm reserve escrow account | 336,407 | — | 336,407 | |||
| Other | 39,121 | 33,006 | 72,127 | |||
| TOTAL | 10,645,136 | (4,273,747) | 6,371,389 | |||
| PROPERTY, PLANT, AND EQUIPMENT | ||||||
| Electric | 68,860,324 | 201,847 | 69,062,171 | |||
| Natural gas | 740,293 | — | 740,293 | |||
| Construction work in progress | 3,474,755 | 1,331 | 3,476,086 | |||
| Nuclear fuel | 704,843 | — | 704,843 | |||
| TOTAL PROPERTY, PLANT, AND EQUIPMENT | 73,780,215 | 203,178 | 73,983,393 | |||
| Less - accumulated depreciation and amortization | 27,394,176 | 146,477 | 27,540,653 | |||
| PROPERTY, PLANT, AND EQUIPMENT - NET | 46,386,039 | 56,701 | 46,442,740 | |||
| DEFERRED DEBITS AND OTHER ASSETS | ||||||
| Regulatory assets: | ||||||
| Other regulatory assets | 5,487,360 | — | 5,487,360 | |||
| Deferred fuel costs | 172,201 | — | 172,201 | |||
| Goodwill | 374,099 | — | 374,099 | |||
| Accumulated deferred income taxes | 13,075 | 2,762 | 15,837 | |||
| Other | 264,298 | 116,319 | 380,617 | |||
| TOTAL | 6,311,033 | 119,081 | 6,430,114 | |||
| TOTAL ASSETS | $ | 68,708,628 | $ | (4,246,579) | $ | 64,462,049 |
| *Totals may not foot due to rounding. | ||||||
| Entergy Corporation | ||||||
| --- | --- | --- | --- | --- | --- | |
| Consolidating Balance Sheet | ||||||
| September 30, 2024 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| Parent & Other | Consolidated | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Currently maturing long-term debt | 378,090 | $ | 939,000 | $ | 1,317,090 | |
| Notes payable and commercial paper: | ||||||
| Other | 1,122,409 | 1,122,409 | ||||
| Accounts payable: | ||||||
| Associated companies | (32,843) | — | ||||
| Other | 8,436 | 1,523,279 | ||||
| Customer deposits | — | 466,770 | ||||
| Taxes accrued | 85,370 | 571,025 | ||||
| Interest accrued | 52,690 | 273,035 | ||||
| Deferred fuel costs | — | 264,097 | ||||
| Pension and other postretirement liabilities | 13,634 | 55,151 | ||||
| Other | 18,869 | 266,390 | ||||
| TOTAL | 2,207,565 | 5,859,246 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Accumulated deferred income taxes and taxes accrued | (1,771,521) | 4,549,519 | ||||
| Accumulated deferred investment tax credits | — | 197,580 | ||||
| Regulatory liability for income taxes - net | — | 1,032,288 | ||||
| Other regulatory liabilities | — | 3,684,331 | ||||
| Decommissioning and asset retirement cost liabilities | 3,463 | 4,816,619 | ||||
| Accumulated provisions | 261 | 481,896 | ||||
| Pension and other postretirement liabilities | 44,984 | 460,824 | ||||
| Long-term debt | 4,403,350 | 26,563,350 | ||||
| Other | (409,930) | 1,455,275 | ||||
| TOTAL | 2,270,607 | 43,241,682 | ||||
| Subsidiaries' preferred stock without sinking fund | 24,249 | 219,410 | ||||
| EQUITY | ||||||
| Preferred stock, no par value, authorized 1,000,000 shares; | ||||||
| issued shares in 2024 - none | — | — | ||||
| Common stock, .01 par value, authorized 499,000,000 shares; | ||||||
| issued 280,975,348 shares in 2024 | (2,435,938) | 2,810 | ||||
| Paid-in capital | 2,603,238 | 7,808,406 | ||||
| Retained earnings | (4,211,279) | 11,985,552 | ||||
| Accumulated other comprehensive income | 18,840 | 76,185 | ||||
| Less - treasury stock, at cost (66,567,334 shares in 2024) | 4,720,111 | 4,840,111 | ||||
| TOTAL SHAREHOLDERS' EQUITY | (8,745,250) | 15,032,842 | ||||
| Subsidiaries' preferred stock without sinking fund | ||||||
| and noncontrolling interests | (3,750) | 108,869 | ||||
| TOTAL | (8,749,000) | 15,141,711 | ||||
| TOTAL LIABILITIES AND EQUITY | 68,708,628 | $ | (4,246,579) | $ | 64,462,049 | |
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| 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 | Consolidated | |||||
| 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 | ||||
| Accounts 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 asset 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 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 Income Statement | |||
| Three Months Ended September 30, 2024 | |||
| (Dollars in thousands) | |||
| (Unaudited) | |||
| Utility | Parent & Other | Consolidated | |
| OPERATING REVENUES | |||
| Electric | |||
| Natural gas | 32,318 | — | 32,318 |
| Other | — | 18,962 | 18,962 |
| Total | 3,370,138 | 18,962 | 3,389,100 |
| OPERATING EXPENSES | |||
| Operating and Maintenance: | |||
| Fuel, fuel related expenses, and gas purchased for resale | 637,074 | 10,908 | 647,982 |
| Purchased power | 205,144 | 7,928 | 213,072 |
| Nuclear refueling outage expenses | 36,280 | — | 36,280 |
| Other operation and maintenance | 714,162 | 8,725 | 722,887 |
| Decommissioning | 55,277 | 43 | 55,320 |
| Taxes other than income taxes | 191,668 | 459 | 192,127 |
| Depreciation and amortization | 496,884 | 1,597 | 498,481 |
| Other regulatory charges (credits) - net | (102,911) | — | (102,911) |
| Total | 2,233,578 | 29,660 | 2,263,238 |
| OPERATING INCOME | 1,136,560 | (10,698) | 1,125,862 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction | 33,126 | — | 33,126 |
| Interest and investment income | 137,518 | (73,202) | 64,316 |
| Miscellaneous - net | (54,624) | (12,308) | (66,932) |
| Total | 116,020 | (85,510) | 30,510 |
| INTEREST EXPENSE | |||
| Interest expense | 241,852 | 66,650 | 308,502 |
| Allowance for borrowed funds used during construction | (13,359) | — | (13,359) |
| Total | 228,493 | 66,650 | 295,143 |
| INCOME BEFORE INCOME TAXES | 1,024,087 | (162,858) | 861,229 |
| Income taxes | 237,225 | (21,750) | 215,475 |
| CONSOLIDATED NET INCOME | 786,862 | (141,108) | 645,754 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | 315 | 499 | 814 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | |||
| EARNINGS PER AVERAGE COMMON SHARE: | |||
| BASIC | 3.68 | (0.66) | 3.01 |
| DILUTED | 3.65 | (0.66) | 2.99 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
| BASIC | 214,012,467 | ||
| DILUTED | 215,694,209 | ||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Three Months Ended September 30, 2023 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Consolidated | ||
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 32,305 | — | 32,305 | |
| Other | — | 36,282 | 36,282 | |
| Total | 3,559,240 | 36,282 | 3,595,522 | |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 693,258 | 14,233 | 707,491 | |
| Purchased power | 292,283 | 17,093 | 309,376 | |
| Nuclear refueling outage expenses | 39,057 | — | 39,057 | |
| Other operation and maintenance | 743,289 | 8,474 | 751,763 | |
| Asset write-offs, impairments and related charges (credits) | 78,434 | (40,356) | 38,078 | |
| Decommissioning | 52,324 | 12 | 52,336 | |
| Taxes other than income taxes | 197,086 | 568 | 197,654 | |
| Depreciation and amortization | 438,293 | 1,580 | 439,873 | |
| Other regulatory charges (credits) - net | (83,489) | — | (83,489) | |
| Total | 2,450,535 | — | 1,604 | 2,452,139 |
| OPERATING INCOME | 1,108,705 | 34,678 | 1,143,383 | |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 24,225 | — | 24,225 | |
| Interest and investment income | 78,252 | (75,690) | 2,562 | |
| Miscellaneous - net | (25,927) | 7,909 | (18,018) | |
| Total | 76,550 | (67,781) | 8,769 | |
| INTEREST EXPENSE | ||||
| Interest expense | 214,723 | 50,211 | 264,934 | |
| Allowance for borrowed funds used during construction | (9,493) | — | (9,493) | |
| Total | 205,230 | 50,211 | 255,441 | |
| INCOME BEFORE INCOME TAXES | 980,025 | (83,314) | 896,711 | |
| Income taxes | 225,989 | 1,008 | 226,997 | |
| CONSOLIDATED NET INCOME | 754,036 | (84,322) | 669,714 | |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | 2,460 | 499 | 2,959 | |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 3.55 | (0.40) | 3.15 | |
| DILUTED | 3.54 | (0.40) | 3.14 | |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 211,459,244 | |||
| DILUTED | 212,238,117 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | |||
|---|---|---|---|
| Consolidating Income Statement | |||
| Nine Months Ended September 30, 2024 | |||
| (Dollars in thousands) | |||
| (Unaudited) | |||
| Utility | Parent & Other | Consolidated | |
| OPERATING REVENUES | |||
| Electric | |||
| Natural gas | 133,342 | — | 133,342 |
| Other | — | 53,633 | 53,633 |
| Total | 9,083,715 | 53,633 | 9,137,348 |
| OPERATING EXPENSES | |||
| Operating and Maintenance: | |||
| Fuel, fuel related expenses, and gas purchased for resale | 1,755,701 | 31,447 | 1,787,148 |
| Purchased power | 617,348 | 24,571 | 641,919 |
| Nuclear refueling outage expenses | 112,820 | — | 112,820 |
| Other operation and maintenance | 2,080,867 | 30,825 | 2,111,692 |
| Asset write-offs, impairments and related charges | 131,775 | — | 131,775 |
| Decommissioning | 162,826 | 68 | 162,894 |
| Taxes other than income taxes | 570,164 | 1,913 | 572,077 |
| Depreciation and amortization | 1,498,787 | 4,718 | 1,503,505 |
| Other regulatory charges (credits) - net | 132,043 | — | 132,043 |
| Total | 7,062,331 | 93,542 | 7,155,873 |
| OPERATING INCOME | 2,021,384 | (39,909) | 1,981,475 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction | 89,196 | — | 89,196 |
| Interest and investment income | 504,018 | (218,418) | 285,600 |
| Miscellaneous - net | (137,496) | (322,730) | (460,226) |
| Total | 455,718 | (541,148) | (85,430) |
| INTEREST EXPENSE | |||
| Interest expense | 701,739 | 185,769 | 887,508 |
| Allowance for borrowed funds used during construction | (35,588) | — | (35,588) |
| Total | 666,151 | 185,769 | 851,920 |
| INCOME BEFORE INCOME TAXES | 1,810,951 | (766,826) | 1,044,125 |
| Income taxes | 384,790 | (114,687) | 270,103 |
| CONSOLIDATED NET INCOME | 1,426,161 | (652,139) | 774,022 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | 3,382 | 1,497 | 4,879 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | |||
| EARNINGS PER AVERAGE COMMON SHARE: | |||
| BASIC | 6.66 | (3.06) | 3.60 |
| DILUTED | 6.63 | (3.04) | 3.58 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
| BASIC | 213,592,637 | ||
| DILUTED | 214,736,950 | ||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | |||
|---|---|---|---|
| Consolidating Income Statement | |||
| Nine Months Ended September 30, 2023 | |||
| (Dollars in thousands) | |||
| (Unaudited) | |||
| Utility | Parent & Other | Consolidated | |
| OPERATING REVENUES | |||
| Electric | |||
| Natural gas | 130,389 | — | 130,389 |
| Other | — | 96,630 | 96,630 |
| Total | 9,325,977 | 96,630 | 9,422,607 |
| OPERATING EXPENSES | |||
| Operating and Maintenance: | |||
| Fuel, fuel related expenses, and gas purchased for resale | 2,156,208 | 33,384 | 2,189,592 |
| Purchased power | 702,459 | 51,740 | 754,199 |
| Nuclear refueling outage expenses | 111,075 | — | 111,075 |
| Other operation and maintenance | 2,007,231 | 35,953 | 2,043,184 |
| Asset write-offs, impairments and related charges (credits) | 78,434 | (40,356) | 38,078 |
| Decommissioning | 153,945 | 36 | 153,981 |
| Taxes other than income taxes | 564,286 | 2,383 | 566,669 |
| Depreciation and amortization | 1,358,049 | 4,679 | 1,362,728 |
| Other regulatory charges (credits) - net | (158,317) | — | (158,317) |
| Total | 6,973,370 | 87,819 | 7,061,189 |
| OPERATING INCOME | 2,352,607 | 8,811 | 2,361,418 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction | 72,238 | — | 72,238 |
| Interest and investment income | 301,763 | (205,513) | 96,250 |
| Miscellaneous - net | (143,556) | 22,542 | (121,014) |
| Total | 230,445 | (182,971) | 47,474 |
| INTEREST EXPENSE | |||
| Interest expense | 641,564 | 140,049 | 781,613 |
| Allowance for borrowed funds used during construction | (29,565) | — | (29,565) |
| Total | 611,999 | 140,049 | 752,048 |
| INCOME BEFORE INCOME TAXES | 1,971,053 | (314,209) | 1,656,844 |
| Income taxes | 304,352 | (21,534) | 282,818 |
| CONSOLIDATED NET INCOME | 1,666,701 | (292,675) | 1,374,026 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | 3,595 | 1,497 | 5,092 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | |||
| EARNINGS PER AVERAGE COMMON SHARE: | |||
| BASIC | 7.87 | (1.39) | 6.47 |
| DILUTED | 7.84 | (1.39) | 6.45 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
| BASIC | 211,420,117 | ||
| DILUTED | 212,195,735 | ||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | |||
|---|---|---|---|
| Consolidating Income Statement | |||
| Twelve Months Ended September 30, 2024 | |||
| (Dollars in thousands) | |||
| (Unaudited) | |||
| Utility | Parent & Other | Consolidated | |
| OPERATING REVENUES | |||
| Electric | |||
| Natural gas | 183,442 | — | 183,442 |
| Other | — | 81,471 | 81,471 |
| Total | 11,780,682 | 81,471 | 11,862,153 |
| OPERATING EXPENSES | |||
| Operating and Maintenance: | |||
| Fuel, fuel related expenses, and gas purchased for resale | 2,355,286 | 43,850 | 2,399,136 |
| Purchased power | 819,074 | 36,682 | 855,756 |
| Nuclear refueling outage expenses | 151,892 | — | 151,892 |
| Other operation and maintenance | 2,911,692 | 55,030 | 2,966,722 |
| Asset write-offs, impairments, and related charges (credits) | 133,303 | 3,073 | 136,376 |
| Decommissioning | 215,506 | 81 | 215,587 |
| Taxes other than income taxes | 758,388 | 2,593 | 760,981 |
| Depreciation and amortization | 1,979,367 | 6,413 | 1,985,780 |
| Other regulatory charges (credits) - net | 151,891 | — | 151,891 |
| Total | 9,476,399 | 147,722 | 9,624,121 |
| OPERATING INCOME | 2,304,283 | (66,251) | 2,238,032 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction | 115,451 | — | 115,451 |
| Interest and investment income | 646,006 | (293,930) | 352,076 |
| Miscellaneous - net | (218,989) | (321,236) | (540,225) |
| Total | 542,468 | (615,166) | (72,698) |
| INTEREST EXPENSE | |||
| Interest expense | 916,577 | 235,483 | 1,152,060 |
| Allowance for borrowed funds used during construction | (45,781) | — | (45,781) |
| Total | 870,796 | 235,483 | 1,106,279 |
| INCOME BEFORE INCOME TAXES | 1,975,955 | (916,900) | 1,059,055 |
| Income taxes | (294,409) | (408,841) | (703,250) |
| CONSOLIDATED NET INCOME | 2,270,364 | (508,059) | 1,762,305 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | 3,564 | 1,996 | 5,560 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | |||
| EARNINGS PER AVERAGE COMMON SHARE: | |||
| BASIC | 10.63 | (2.39) | 8.24 |
| DILUTED | 10.58 | (2.38) | 8.20 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
| BASIC | 213,195,943 | ||
| DILUTED | 214,279,154 | ||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | |||
|---|---|---|---|
| Consolidating Income Statement | |||
| Twelve Months Ended September 30, 2023 | |||
| (Dollars in thousands) | |||
| (Unaudited) | |||
| Utility | Parent & Other | Consolidated | |
| OPERATING REVENUES | |||
| Electric | |||
| Natural gas | 197,391 | — | 197,391 |
| Other | — | 139,371 | 139,371 |
| Total | 12,555,739 | 139,368 | 12,695,107 |
| OPERATING EXPENSES | |||
| Operating and Maintenance: | |||
| Fuel, fuel related expenses, and gas purchased for resale | 3,185,391 | 51,357 | 3,236,748 |
| Purchased power | 989,084 | 71,341 | 1,060,425 |
| Nuclear refueling outage expenses | 147,482 | — | 147,482 |
| Other operation and maintenance | 2,776,758 | 55,212 | 2,831,970 |
| Asset write-offs, impairments, and related charges (credits) | 78,434 | (40,356) | 38,078 |
| Decommissioning | 203,838 | 47 | 203,885 |
| Taxes other than income taxes | 752,367 | 5,393 | 757,760 |
| Depreciation and amortization | 1,780,523 | 6,210 | 1,786,733 |
| Other regulatory charges (credits) - net | (178,269) | — | (178,269) |
| Total | 9,735,608 | 149,204 | 9,884,812 |
| OPERATING INCOME | 2,820,131 | (9,836) | 2,810,295 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction | 95,385 | — | 95,385 |
| Interest and investment income | 395,103 | (256,432) | 138,671 |
| Miscellaneous - net | (219,315) | (12,048) | (231,363) |
| Total | 271,173 | (268,480) | 2,693 |
| INTEREST EXPENSE | |||
| Interest expense | 843,222 | 183,894 | 1,027,116 |
| Allowance for borrowed funds used during construction | (38,679) | — | (38,679) |
| Total | 804,543 | 183,894 | 988,437 |
| INCOME BEFORE INCOME TAXES | 2,286,761 | (462,210) | 1,824,551 |
| Income taxes | 388,345 | (35,472) | 352,873 |
| CONSOLIDATED NET INCOME | 1,898,416 | (426,738) | 1,471,678 |
| Preferred dividend requirements of subsidiaries and noncontrolling interests | (5,726) | 1,996 | (3,730) |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | |||
| EARNINGS PER AVERAGE COMMON SHARE: | |||
| BASIC | 8.97 | (2.02) | 6.95 |
| DILUTED | 8.94 | (2.01) | 6.92 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
| BASIC | 212,226,396 | ||
| DILUTED | 213,079,304 | ||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||||
|---|---|---|---|---|---|---|
| Consolidated Cash Flow Statement | ||||||
| Three Months Ended September 30, 2024 vs. 2023 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| 2024 | 2023 | Variance | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | $ | 645,754 | $ | 669,714 | $ | (23,960) |
| Adjustments to reconcile consolidated net income to net cash | ||||||
| flow provided by operating activities: | ||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 614,766 | 551,697 | 63,069 | |||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | 218,695 | 213,708 | 4,987 | |||
| Asset write-offs, impairments and related charges (credits) | — | 38,078 | (38,078) | |||
| Changes in working capital: | ||||||
| Receivables | (85,566) | (282,742) | 197,176 | |||
| Fuel inventory | 18,329 | 8,892 | 9,437 | |||
| Accounts payable | 12,286 | (36,444) | 48,730 | |||
| Taxes accrued | 120,266 | 132,979 | (12,713) | |||
| Interest accrued | 35,278 | 59,764 | (24,486) | |||
| Deferred fuel costs | 73,410 | 56,830 | 16,580 | |||
| Other working capital accounts | (5,196) | 11,677 | (16,873) | |||
| Changes in provisions for estimated losses | 14,696 | 9,393 | 5,303 | |||
| Changes in regulatory assets | (78,678) | 23,913 | (102,591) | |||
| Changes in other regulatory liabilities | 186,057 | (103,241) | 289,298 | |||
| Changes in pension and other postretirement funded status | (60,407) | (219,507) | 159,100 | |||
| Other | (147,318) | 270,310 | (417,628) | |||
| Net cash flow provided by operating activities | 1,562,372 | 1,405,021 | 157,351 | |||
| INVESTING ACTIVITIES | ||||||
| Construction/capital expenditures | (1,140,577) | (1,062,152) | (78,425) | |||
| Allowance for equity funds used during construction | 33,126 | 24,225 | 8,901 | |||
| Nuclear fuel purchases | (45,243) | (66,515) | 21,272 | |||
| Payment for purchase of plant and assets | (371,924) | — | (371,924) | |||
| Insurance proceeds received for property damages | 7,907 | 13,309 | (5,402) | |||
| Changes in securitization account | (7,605) | (12,642) | 5,037 | |||
| Payments to storm reserve escrow accounts | (4,342) | (5,240) | 898 | |||
| Receipts from storm reserve escrow accounts | 736 | — | 736 | |||
| Decrease (increase) in other investments | 13,501 | (5,260) | 18,761 | |||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 5,722 | (5,722) | |||
| Proceeds from nuclear decommissioning trust fund sales | 518,180 | 370,755 | 147,425 | |||
| Investment in nuclear decommissioning trust funds | (538,883) | (395,833) | (143,050) | |||
| Net cash flow used in investing activities | (1,535,124) | (1,133,631) | (401,493) | |||
| FINANCING ACTIVITIES | ||||||
| Proceeds from the issuance of: | ||||||
| Long-term debt | 1,873,596 | 1,115,351 | 758,245 | |||
| Treasury stock | 50,466 | 1,106 | 49,360 | |||
| Retirement of long-term debt | (1,820,046) | (1,110,234) | (709,812) | |||
| Changes in commercial paper - net | 190,058 | 242,719 | (52,661) | |||
| Other | (18,374) | 35,937 | (54,311) | |||
| Dividends paid: | ||||||
| Common stock | (241,720) | (226,257) | (15,463) | |||
| Preferred stock | (4,580) | (4,580) | — | |||
| Net cash flow provided by financing activities | 29,400 | 54,042 | (24,642) | |||
| Net increase in cash and cash equivalents | 56,648 | 325,432 | (268,784) | |||
| Cash and cash equivalents at beginning of period | 1,355,164 | 1,194,342 | 160,822 | |||
| Cash and cash equivalents at end of period | $ | 1,411,812 | $ | 1,519,774 | $ | (107,962) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
| Cash paid during the period for: | ||||||
| Interest - net of amount capitalized | $ | 262,531 | $ | 195,030 | $ | 67,501 |
| Income taxes | $ | 967 | $ | 4,060 | $ | (3,093) |
| Noncash investing activities: | ||||||
| Accrued construction expenditures | $ | 52,331 | $ | (88,619) | $ | 140,950 |
| Entergy Corporation | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated Cash Flow Statement | ||||||
| Nine Months Ended September 30, 2024 vs. 2023 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| 2024 | 2023 | Variance | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | $ | 774,022 | $ | 1,374,026 | $ | (600,004) |
| Adjustments to reconcile consolidated net income to net cash | ||||||
| flow provided by operating activities: | ||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 1,821,258 | 1,668,540 | 152,718 | |||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | 234,693 | 257,210 | (22,517) | |||
| Asset write-offs, impairments and related charges (credits) | 131,775 | 38,078 | 93,697 | |||
| Pension settlement charge | 316,738 | — | 316,738 | |||
| Changes in working capital: | ||||||
| Receivables | (273,120) | (217,483) | (55,637) | |||
| Fuel inventory | 36,653 | (34,601) | 71,254 | |||
| Accounts payable | (137,268) | (304,264) | 166,996 | |||
| Taxes accrued | 136,812 | 107,899 | 28,913 | |||
| Interest accrued | 58,838 | 66,571 | (7,733) | |||
| Deferred fuel costs | 208,363 | 620,440 | (412,077) | |||
| Other working capital accounts | (125,473) | (137,061) | 11,588 | |||
| Changes in provisions for estimated losses | 19,326 | (7,171) | 26,497 | |||
| Changes in regulatory assets | 182,044 | 415,101 | (233,057) | |||
| Changes in other regulatory liabilities | 566,451 | 204,817 | 361,634 | |||
| Effect of securitization on regulatory asset | — | (491,150) | 491,150 | |||
| Changes in pension and other postretirement funded status | (191,946) | (347,886) | 155,940 | |||
| Other | (650,338) | 17,927 | (668,265) | |||
| Net cash flow provided by operating activities | 3,108,828 | 3,230,993 | (122,165) | |||
| INVESTING ACTIVITIES | ||||||
| Construction/capital expenditures | (3,264,856) | (3,373,617) | 108,761 | |||
| Allowance for equity funds used during construction | 89,196 | 72,238 | 16,958 | |||
| Nuclear fuel purchases | (206,726) | (201,213) | (5,513) | |||
| Payment for purchase of plant and assets | (544,538) | (30,433) | (514,105) | |||
| Proceeds from sale of assets | — | 11,000 | (11,000) | |||
| Insurance proceeds received for property damages | 7,907 | 19,493 | (11,586) | |||
| Changes in securitization account | (3,629) | (4,839) | 1,210 | |||
| Payments to storm reserve escrow accounts | (13,937) | (14,320) | 383 | |||
| Receipts from storm reserve escrow accounts | 736 | — | 736 | |||
| Decrease (increase) in other investments | 3,812 | (4,998) | 8,810 | |||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 23,655 | (23,655) | |||
| Proceeds from nuclear decommissioning trust fund sales | 1,719,342 | 806,658 | 912,684 | |||
| Investment in nuclear decommissioning trust funds | (1,788,922) | (882,686) | (906,236) | |||
| Net cash flow used in investing activities | (4,001,615) | (3,579,062) | (422,553) | |||
| FINANCING ACTIVITIES | ||||||
| Proceeds from the issuance of: | ||||||
| Long-term debt | 6,941,862 | 3,605,237 | 3,336,625 | |||
| Treasury stock | 96,448 | 5,184 | 91,264 | |||
| Retirement of long-term debt | (4,199,949) | (3,384,007) | (815,942) | |||
| Changes in commercial paper - net | (15,762) | 523,484 | (539,246) | |||
| Capital contributions from noncontrolling interest | — | 25,708 | (25,708) | |||
| Proceeds received by storm trusts related to securitization | — | 1,457,676 | (1,457,676) | |||
| Other | 87,166 | 102,835 | (15,669) | |||
| Dividends paid: | ||||||
| Common stock | (723,975) | (678,699) | (45,276) | |||
| Preferred stock | (13,739) | (13,739) | — | |||
| Net cash flow provided by financing activities | 2,172,051 | 1,643,679 | 528,372 | |||
| Net increase in cash and cash equivalents | 1,279,264 | 1,295,610 | (16,346) | |||
| Cash and cash equivalents at beginning of period | 132,548 | 224,164 | (91,616) | |||
| Cash and cash equivalents at end of period | $ | 1,411,812 | $ | 1,519,774 | $ | (107,962) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
| Cash paid during the period for: | ||||||
| Interest - net of amount capitalized | $ | 795,273 | $ | 685,231 | $ | 110,042 |
| Income taxes | $ | 8,789 | $ | 35,291 | $ | (26,502) |
| Noncash investing activities: | ||||||
| Accrued construction expenditures | $ | 420,213 | $ | 447,095 | $ | (26,882) |
| Entergy Corporation | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated Cash Flow Statement | ||||||
| Twelve Months Ended September 30, 2024 vs. 2023 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| 2024 | 2023 | Variance | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | $ | 1,762,305 | $ | 1,471,678 | $ | 290,627 |
| Adjustments to reconcile consolidated net income to net cash | ||||||
| flow provided by operating activities: | ||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,397,197 | 2,191,155 | 206,042 | |||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | (730,339) | 286,728 | (1,017,067) | |||
| Asset write-offs, impairments and related charges (credits) | 136,376 | 38,078 | 98,298 | |||
| Pension settlement charge | 316,738 | — | 316,738 | |||
| Changes in working capital: | ||||||
| Receivables | 46,164 | (5,978) | 52,142 | |||
| Fuel inventory | 26,088 | (47,091) | 73,179 | |||
| Accounts payable | 31,948 | (346,490) | 378,438 | |||
| Taxes accrued | 39,035 | 22,608 | 16,427 | |||
| Interest accrued | 11,200 | 32,323 | (21,123) | |||
| Deferred fuel costs | 347,284 | 1,048,080 | (700,796) | |||
| Other working capital accounts | (198,450) | (169,619) | (28,831) | |||
| Changes in provisions for estimated losses | (42,134) | 69,066 | (111,200) | |||
| Changes in regulatory assets | 202,820 | 404,832 | (202,012) | |||
| Changes in other regulatory liabilities | 825,439 | 54,573 | 770,866 | |||
| Effect of securitization on regulatory asset | — | (395,230) | 395,230 | |||
| Changes in pension and other postretirement funded status | (454,539) | (789,006) | 334,467 | |||
| Other | (544,969) | 141,335 | (686,304) | |||
| Net cash flow provided by operating activities | 4,172,163 | 4,007,042 | 165,121 | |||
| INVESTING ACTIVITIES | ||||||
| Construction/capital expenditures | (4,331,891) | (4,585,622) | 253,731 | |||
| Allowance for equity funds used during construction | 115,451 | 95,385 | 20,066 | |||
| Nuclear fuel purchases | (276,486) | (299,207) | 22,721 | |||
| Payment for purchase of plant and assets | (549,199) | (30,433) | (518,766) | |||
| Proceeds from sale of assets | — | 16,887 | (16,887) | |||
| Insurance proceeds received for property damages | 7,907 | 19,493 | (11,586) | |||
| Changes in securitization account | 6,703 | 9,451 | (2,748) | |||
| Payments to storm reserve escrow accounts | (19,397) | (216,775) | 197,378 | |||
| Receipts from storm reserve escrow accounts | 99,265 | 125,001 | (25,736) | |||
| Decrease (increase) in other investments | (7,923) | 24,912 | (32,835) | |||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 23,655 | (23,655) | |||
| Proceeds from nuclear decommissioning trust fund sales | 1,995,406 | 1,066,040 | 929,366 | |||
| Investment in nuclear decommissioning trust funds | (2,091,366) | (1,168,779) | (922,587) | |||
| Net cash flow used in investing activities | (5,051,530) | (4,919,992) | (131,538) | |||
| FINANCING ACTIVITIES | ||||||
| Proceeds from the issuance of: | ||||||
| Long-term debt | 7,609,922 | 4,308,379 | 3,301,543 | |||
| Treasury stock | 101,087 | 5,424 | 95,663 | |||
| Common stock | 130,649 | 852,555 | (721,906) | |||
| Retirement of long-term debt | (5,951,695) | (4,381,268) | (1,570,427) | |||
| Changes in commercial paper - net | (228,696) | (35,527) | (193,169) | |||
| Capital contributions from noncontrolling interest | — | 40,815 | (40,815) | |||
| Proceeds received by storm trusts related to securitization | — | 1,457,676 | (1,457,676) | |||
| Other | 91,926 | 103,937 | (12,011) | |||
| Dividends paid: | ||||||
| Common stock | (963,469) | (904,439) | (59,030) | |||
| Preferred stock | (18,319) | (18,319) | — | |||
| Net cash flow provided by financing activities | 771,405 | 1,429,233 | (657,828) | |||
| Net increase (decrease) in cash and cash equivalents | (107,962) | 516,283 | (624,245) | |||
| Cash and cash equivalents at beginning of period | 1,519,774 | 1,003,491 | 516,283 | |||
| Cash and cash equivalents at end of period | $ | 1,411,812 | $ | 1,519,774 | $ | (107,962) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
| Cash paid during the period for: | ||||||
| Interest - net of amount capitalized | $ | 1,097,294 | $ | 955,904 | $ | 141,390 |
| Income taxes | $ | 16,319 | $ | 71,057 | $ | (54,738) |
| Noncash investing activities: | ||||||
| Accrued construction expenditures | $ | 420,213 | $ | 447,095 | $ | (26,882) |
32