0000065984-17-000058.txt : 20170215 0000065984-17-000058.hdr.sgml : 20170215 20170215085901 ACCESSION NUMBER: 0000065984-17-000058 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170215 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170215 DATE AS OF CHANGE: 20170215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYSTEM ENERGY RESOURCES INC CENTRAL INDEX KEY: 0000202584 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 720752777 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09067 FILM NUMBER: 17613138 BUSINESS ADDRESS: STREET 1: ECHELON ONE STREET 2: 1340 ECHELON PKWY CITY: JACKSON STATE: MS ZIP: 39213 BUSINESS PHONE: 601-368-5000 MAIL ADDRESS: STREET 1: ECHELON ONE STREET 2: 1340 ECHELON PKWY CITY: JACKSON STATE: MS ZIP: 39213 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLE SOUTH ENERGY INC DATE OF NAME CHANGE: 19860803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY CORP /DE/ CENTRAL INDEX KEY: 0000065984 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 721229752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11299 FILM NUMBER: 17613139 BUSINESS ADDRESS: STREET 1: 639 LOYOLA AVE CITY: NEW ORLEANS STATE: LA ZIP: 70113 BUSINESS PHONE: 5045764000 MAIL ADDRESS: STREET 1: PO BOX 61000 CITY: NEW ORLEANS STATE: LA ZIP: 70161 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY CORP /FL/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY GSU HOLDINGS INC /DE/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLE SOUTH UTILITIES INC DATE OF NAME CHANGE: 19890521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Entergy Texas, Inc. CENTRAL INDEX KEY: 0001427437 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 611435798 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34360 FILM NUMBER: 17613140 BUSINESS ADDRESS: STREET 1: 350 PINE STREET CITY: BEAUMONT STATE: TX ZIP: 77701 BUSINESS PHONE: 409-838-6631 MAIL ADDRESS: STREET 1: 350 PINE STREET CITY: BEAUMONT STATE: TX ZIP: 77701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY NEW ORLEANS INC CENTRAL INDEX KEY: 0000071508 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 720273040 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35747 FILM NUMBER: 17613141 BUSINESS ADDRESS: STREET 1: 1600 PERDIDO ST STREET 2: BLDG 505 CITY: NEW ORLEANS STATE: LA ZIP: 70112 BUSINESS PHONE: 504-670-3674 MAIL ADDRESS: STREET 1: 1600 PERDIDO ST STREET 2: BLDG 505 CITY: NEW ORLEANS STATE: LA ZIP: 70112 FORMER COMPANY: FORMER CONFORMED NAME: NEW ORLEANS PUBLIC SERVICE INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY MISSISSIPPI INC CENTRAL INDEX KEY: 0000066901 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 640205830 STATE OF INCORPORATION: MS FISCAL YEAR END: 0721 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31508 FILM NUMBER: 17613142 BUSINESS ADDRESS: STREET 1: 639 LOYOLA AVE CITY: NEW ORLEANS STATE: LA ZIP: 70113 BUSINESS PHONE: 504-576-4000 MAIL ADDRESS: STREET 1: 639 LOYOLA AVE CITY: NEW ORLEANS STATE: LA ZIP: 70113 FORMER COMPANY: FORMER CONFORMED NAME: MISSISSIPPI POWER & LIGHT CO DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Entergy Louisiana, LLC CENTRAL INDEX KEY: 0001348952 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 753206126 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32718 FILM NUMBER: 17613143 BUSINESS ADDRESS: STREET 1: 4809 JEFFERSON HIGHWAY CITY: JEFFERSON STATE: LA ZIP: 70121 BUSINESS PHONE: 504-840-2734 MAIL ADDRESS: STREET 1: 4809 JEFFERSON HIGHWAY CITY: JEFFERSON STATE: LA ZIP: 70121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY ARKANSAS INC CENTRAL INDEX KEY: 0000007323 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 710005900 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10764 FILM NUMBER: 17613144 BUSINESS ADDRESS: STREET 1: 425 WEST CAPITOL AVE STREET 2: 40TH FLOOR CITY: LITTLE ROCK STATE: AR ZIP: 72201 BUSINESS PHONE: 501-377-4000 MAIL ADDRESS: STREET 1: P. O. BOX 551 CITY: LITTLE ROCK STATE: AR ZIP: 72203 FORMER COMPANY: FORMER CONFORMED NAME: ARKANSAS POWER & LIGHT CO DATE OF NAME CHANGE: 19920703 8-K 1 a00617.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date earliest event reported) February 15, 2017

Commission
File Number

Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and
IRS Employer Identification No.

Commission
File Number

Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and
IRS Employer Identification No.
1-11299
ENTERGY CORPORATION
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
72-1229752
1-35747
ENTERGY NEW ORLEANS, INC.
(a Louisiana corporation)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3700
72-0273040
1-10764
ENTERGY ARKANSAS, INC.
(an Arkansas corporation)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
71-0005900
1-34360
ENTERGY TEXAS, INC.
(a Texas corporation)
10055 Grogans Mill Road
The Woodlands, TX 77380
Telephone (409) 981-2000
61-1435798
1-32718
ENTERGY LOUISIANA, LLC
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
47-4469646
1-09067
SYSTEM ENERGY RESOURCES, INC.
(an Arkansas corporation)
Echelon One
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
72-0752777
1-31508
ENTERGY MISSISSIPPI, INC.
(a Mississippi corporation)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
64-0205830
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02. Results of Operations and Financial Condition

On February 15, 2017, Entergy Corporation issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the fourth quarter 2016 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.

Item 7.01. Regulation FD Disclosure

On February 15, 2017, Entergy Corporation issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the fourth quarter 2016. 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
Release, dated February 15, 2017, issued by Entergy Corporation






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, Inc.
Entergy Louisiana, LLC
Entergy Mississippi, Inc.
Entergy New Orleans, Inc.
Entergy Texas, Inc.
System Energy Resources, Inc.

By: /s/ Alyson M. Mount
Alyson M. Mount
Senior Vice President and
Chief Accounting Officer

Dated: February 15, 2017




EX-99.1 2 a00617991.htm EXHIBIT 99.1 Exhibit


entergylogoa40.gif

Exhibit 99.1

Entergy
639 Loyola Avenue
New Orleans, LA 70113


NEWS
RELEASE

Date:
Feb. 15, 2017
 
 
 
 
 
 
For Release:
Immediately
 
 
 
 
 
 
Contact:
Kay Jones (Media)
(504) 576-4238
cjone22@entergy.com
David Borde (Investor Relations)
(504) 576-5668
dborde@entergy.com

Entergy Reports Fourth Quarter and Full Year Financial Results;
Initiates 2017 Earnings Guidance
2016 results consistent with guidance; accomplishments set stage for future growth

NEW ORLEANS - Entergy Corporation (NYSE: ETR) reported a fourth quarter 2016 loss of $(9.88) per share on an as-reported basis and earnings of 31 cents per share on an operational basis. For the full year, the company reported a loss of $(3.26) per share on an as-reported basis and operational earnings of $7.11 per share. The as-reported losses for the quarter and full year resulted from asset impairments reflecting the effects of strategic decisions in the EWC business.

“2016 was a pivotal year for our company - a year in which our objectives were ambitious and our execution was on the mark,” said Entergy chairman and chief executive officer Leo Denault. “We completed our plan to exit the merchant power business and transition to a pure-play utility. While previously disclosed charges at our EWC business led to an as-reported loss, adjusted earnings at our core Utility, Parent & Other business increased by more than 40 percent in 2016. Our strong operational results for the year are the outcome of disciplined execution on our strategy over the past few years, a strategy intended to fundamentally reposition our company and set it on a steady, predictable earnings and dividend trajectory.”

Business highlights included the following:





Table of Contents Page
News Release1
Appendices8
A: Consolidated Results and Special Items10
B: Variance Analysis12
C: Utility Financial and Operational Measures15
D: EWC Financial and Operational Measures16
E: Consolidated Financial Performance Measures17
F: Definitions, Abbreviations and Acronyms19
G: GAAP to Non-GAAP Reconciliations23
Financial Statements27
Entergy initiated 2017 consolidated operational EPS guidance of $4.75 to $5.35 and Utility, Parent & Other adjusted EPS guidance of $4.25 to $4.55.
Entergy raised its dividend for the second consecutive year.
The LPSC approved ELL’s application to construct the St. Charles Power Station.
ELL and EMI made filings requesting approval for AMI investment.
Entergy made several announcements related to its wholesale strategy, including agreements which will result in the early closure of Indian Point Units 2 and 3 (in 2020 and 2021, respectively) and Palisades (in 2018).
Moody’s placed the ratings of Entergy Corporation under “review for upgrade” and S&P revised its outlook on Entergy to “positive” from “stable.”
For the 19th consecutive year, the Edison Electric Institute awarded Entergy’s storm team with emergency response awards for recovery and/or assistance.

Consolidated Earnings (GAAP and Non-GAAP Measures)
Fourth Quarter and Year-to-Date 2016 vs. 2015 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of special items)
 
Fourth Quarter
Year-to-Date
 
2016
2015
Change
2016
2015
Change
As-Reported Earnings (Loss) ($ in millions)
(1,769.1)
99.6
(1,868.7)
(583.6)
(176.6)
(407.1)
Less Special Items
(1,824.6)
(183.0)
(1,641.5)
(1,855.3)
(1,252.4)
(602.9)
Operational Earnings
55.5
282.6
(227.1)
1,271.7
1,075.9
195.8
Estimated Weather Impact (after-tax)
19.1
(6.1)
25.2
11.1
34.6
(23.5)
 
 
 
 
 
 
 
As-Reported Earnings (Loss) (per share in $)
(9.88)
0.56
(10.44)
(3.26)
(0.99)
(2.27)
Less Special Items
(10.19)
(1.02)
(9.17)
(10.37)
(6.99)
(3.38)
Operational Earnings
0.31
1.58
(1.27)
7.11
6.00
1.11
Estimated Weather Impact
0.11
(0.03)
0.14
0.06
0.19
(0.13)
 
 
 
 
 
 
 
Totals may not foot due to rounding

Consolidated Results

For fourth quarter 2016, the company reported a loss of $(9.88) per share on an as-reported basis and EPS of 31 cents on an operational basis, compared to fourth quarter 2015 EPS of 56 cents on an as-reported basis and operational EPS of $1.58. For the full year, the company reported an as-reported loss of $(3.26) per share and operational EPS of $7.11, compared to a 2015 as-reported loss of (99) cents per share and operational EPS of $6.00. Summary discussions by business are below.

Additional details, including information on OCF by business, are provided in Appendix A and a comprehensive analysis of quarterly and year-to-date variances is provided in Appendix B.






Utility, Parent & Other Results

For fourth quarter 2016, Utility, Parent & Other EPS were 35 cents on an as-reported basis and 27 cents on an adjusted basis. In fourth quarter 2015, Utility, Parent & Other as-reported EPS were $1.42 and a (12) cents per share loss on an adjusted basis. 2015 results included a significant income tax item, a portion of which was reserved for sharing with customers of ELL. Last year’s results also reflected charges for outstanding regulatory matters; there were similar, but smaller, charges in the current period.

The current period results reflected continued growth in the Utility business, including effects of new rate actions that recover investments that benefit customers and improve returns.

Net revenue increased quarter-over-quarter driven largely by the Union acquisition, EAI’s rate case and EMI’s FRP. Revenue increases for Union included amounts to recover operating expenses for the assets.

Billed retail sales volume increased quarter-over-quarter. The increase was partly due to weather, but the Utility realized higher billed sales, even on a weather-adjusted basis, across all customer classes. However, estimated volume in the current unbilled period was lower than fourth quarter 2015.

Utility non-fuel O&M was higher than fourth quarter 2015 due partly to an increase in nuclear generation spending and higher fossil spending primarily related to Union. Pension and OPEB expenses declined quarter-over-quarter.

For the full year, 2016 Utility, Parent & Other EPS were $5.10 on an as-reported basis and $4.38 on an adjusted basis. In comparison, 2015 earnings were $4.97 per share on an as-reported basis and $3.08 per share on an adjusted basis. As-reported results for 2015 included significantly higher income tax items and more favorable weather. Results for 2016 also reflected the effects of continued investment as well as lower operating expenses and lower charges for outstanding regulatory matters.

Appendix C contains additional details on Utility financial and operational measures, including a schedule of Utility, Parent & Other adjusted earnings and EPS which excludes special items and weather and normalizes income taxes.

Entergy Wholesale Commodities Results

For fourth quarter 2016, EWC recorded a $(10.23) per share loss on an as-reported basis and an operational loss of (4) cents per share. For the comparable period in 2015, EWC recorded an as-reported loss of (86) cents per share and operational EPS of 16 cents.

The decrease in EWC’s as-reported results was due largely to impairments and other expenses recorded as a result of strategic decisions for the wholesale business, including decisions to close Palisades and IPEC. Fourth quarter 2015 results also included a gain on the sale of Rhode Island State Energy Center. All of these were considered special items and excluded from operational earnings.

The quarter-over-quarter decline was also due partly to income tax items recorded in 2015, lower price and volume for nuclear assets and higher decommissioning expense (due partly to the establishment of decommissioning liabilities for Indian Point 3 and FitzPatrick in 2016 as a result of a trust transfer agreement Entergy entered into with NYPA). In the current period, EWC results also reflected expense reductions which resulted from recording final court decisions in several lawsuits against the DOE related to spent nuclear fuel storage costs.






For the full year, EWC reported a loss of $(8.36) per share on an as-reported basis and operational EPS of $2.01. In 2015, EWC realized an as-reported loss of $(5.96) per share and operational EPS of $1.03. Both periods reflected the effects of strategic decisions for the EWC business. Other drivers included lower net revenue from the nuclear business, higher decommissioning expense and lower realized earnings on decommissioning trusts. Conversely, 2016 results included significant income tax benefits recorded in the second quarter.

Appendix D contains additional details on EWC financial and operational measures, including a schedule of EWC operational adjusted EBITDA calculations.

Earnings Guidance

Entergy initiated its 2017 operational guidance in the range of $4.75 to $5.35 per share and Utility, Parent & Other adjusted EPS guidance range of $4.25 to $4.55. See webcast presentation slides for additional details.

The company has provided 2017 earnings guidance with regard to the non-GAAP measures of operational EPS and Utility, Parent and Other Adjusted EPS. These measures exclude from the corresponding GAAP financial measures the effect of special items, such as impairment charges, gains or losses on asset sales, and other gains or losses occurring as a result of strategic decisions such as the company’s recent decisions to shut down or sell its merchant nuclear plants. The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot reasonably estimate all of the special items that may occur for the periods presented. The company’s current estimate for special items in 2017 relates to the decisions to close or sell its merchant nuclear plants; those anticipated special items are expected to decrease as-reported EPS by approximately $2.35 per share. Other special items may occur during the periods presented, the impact of which cannot reasonably be estimated at this time.

Earnings Teleconference

A teleconference will be held at 10 a.m. central time on Wednesday, Feb. 15, 2017, to discuss Entergy’s fourth quarter earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 52887956, no more than 15 minutes prior to the start of the call. The webcast slide presentation is also posted to Entergy’s website concurrent with this release, which was issued before market open on the day of the call. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through Feb. 22, 2017, by dialing 855-859-2056, conference ID 52887956. This release and the webcast slide presentation are also available on the Entergy Investor Relations mobile web app at iretr.com.

Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 10,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $10.8 billion and more than 13,000 employees.

Entergy Corporation’s common stock is listed on the New York and Chicago stock exchanges 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 slide presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations and on Entergy’s Investor Relations mobile web app at iretr.com.

For definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F and Appendix G.

Non-GAAP Financial Measures

This news release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes 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 release and the presentation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Certain non-GAAP measures in this news release could differ from GAAP only in that the figure or ratio states or includes operational earnings. Operational earnings are not calculated in accordance with GAAP because they exclude the effect of “special items.” Special items are unusual or non-recurring items or events or other non-routine items or events that management believes do not reflect the ongoing business of Entergy, and may include items such as impairment charges, gains or losses on asset sales, and other gains or losses occurring as a result of strategic decisions such as Entergy’s recent decisions to shut down or sell its merchant nuclear plants. Operational earnings per share are presented for each of Entergy’s reportable business segments as well as on a consolidated basis. In addition, other financial measures including net income (or earnings), adjusted for preferred dividends and tax effected interest expense; non-fuel operation and maintenance expenses; average total revenue; return on average invested capital; and return on average common equity are included on both an operational and as-reported basis. In each case, the metrics defined as “operational” would exclude the effect of special items as defined above. Entergy also reports Utility, Parent & Other adjusted earnings and earnings per share, which exclude from GAAP earnings the special items described above and weather and normalizes tax expense for the periods presented. Management believes that financial metrics calculated using operational earnings or otherwise adjusted as described above could provide useful information to investors in evaluating the ongoing results of Entergy’s businesses and could assist investors in comparing Entergy’s operating performance to the operating performance of others in the Utility sector.

Other non-GAAP measures, including adjusted EBITDA; operational adjusted EBITDA; gross liquidity; debt to capital ratio, excluding securitization debt; net debt to net capital ratio, excluding securitization debt; parent debt to total debt ratio, excluding securitization debt; debt to operational adjusted EBITDA, excluding securitization debt; operational FFO to debt ratio, excluding securitization debt; are measures Entergy uses internally for management and board discussions and cash budgeting and performance monitoring activities to gauge the overall strength of its business. Entergy believes the above data could provide useful information to investors in evaluating Entergy’s ongoing financial results and flexibility, and could assist investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the Utility sector.

The non-GAAP financial measures and other reported adjusted items in this release are presented in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. 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, could provide a more complete understanding of factors and trends affecting Entergy’s business. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and to not rely on any single financial measure. 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, Entergy’s 2017 earnings guidance, its current financial and operational outlook, 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 press 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 rate proceedings, formula rate plans and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory costs and risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) changes in decommissioning trust fund 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 strategic transactions that Entergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of 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; and (i) the effects of technological changes and changes in commodity markets, capital markets or economic conditions, during the periods covered by the forward-looking statements.






Fourth Quarter 2016 Earnings Release Appendices and Financial Statements

Appendices
Seven appendices are presented in this section as follows:
A: Consolidated Results and Special Items
B: Variance Analysis
C: Utility Financial and Operational Measures
D: EWC Financial and Operational Measures
E: Consolidated Financial Performance Measures
F: Definitions, Abbreviations and Acronyms
G: GAAP to Non-GAAP Reconciliations

Also included in this earnings release are:
Financial Statements







A: Consolidated Results and Special Items
Appendix A-1 provides a comparative summary of consolidated EPS for current quarter and year-to-date 2016 versus 2015, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings.

Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
Fourth Quarter and Year-to-Date 2016 vs. 2015 (See Appendix A-3 and Appendix A-4 for details on special items)
(Per share in $)
 
Fourth Quarter
Year-to-Date
 
2016
2015
Change
2016
2015
Change
As-reported
 
 
 
 
 
 
Utility
0.67
1.75
(1.08)
6.34
6.12
0.22
Parent & Other
(0.32)
(0.33)
0.01
(1.24)
(1.15)
(0.09)
EWC
(10.23)
(0.86)
(9.37)
(8.36)
(5.96)
(2.40)
  Consolidated as-reported earnings
(9.88)
0.56
(10.44)
(3.26)
(0.99)
(2.27)
 
 
 
 
 
 
 
Less special items
 
 
 
 
 
 
Utility
Parent & Other
EWC
(10.19)
(1.02)
(9.17)
(10.37)
(6.99)
(3.38)
  Consolidated special items
(10.19)
(1.02)
(9.17)
(10.37)
(6.99)
(3.38)
 
 
 
 
 
 
 
Operational
 
 
 
 
 
 
Utility
0.67
1.75
(1.08)
6.34
6.12
0.22
Parent & Other
(0.32)
(0.33)
0.01
(1.24)
(1.15)
(0.09)
EWC
(0.04)
0.16
(0.20)
2.01
1.03
0.98
  Consolidated operational earnings
0.31
1.58
(1.27)
7.11
6.00
1.11
Estimated weather impact
0.11
(0.03)
0.14
0.06
0.19
(0.13)
 
 
 
 
 
 
 
Totals may not foot due to rounding

See Appendix B for detailed earnings variance analysis. See Appendix A-3 for special items by driver.

Appendix A-2 provides the components of OCF contributed by each business for current quarter and year-to-date 2016 versus 2015.

Appendix A-2: Consolidated Operating Cash Flow
Fourth Quarter and Year-to-Date 2016 vs. 2015
($ in millions)
 
Fourth Quarter
Year-to-Date
 
2016
2015
Change
2016
2015
Change
Utility
783
858
(75)
2,861
2,907
(46)
Parent & Other
53
3
50
(108)
(78)
(30)
EWC
(90)
81
(171)
246
462
(216)
  Total OCF
746
942
(195)
2,999
3,291
(292)
 
 
 
 
 
 
 
Totals may not foot due to rounding

The quarter-over-quarter OCF decrease reflected timing in the recovery of fuel and purchased power costs, net of increases in Utility net revenue, and higher pension funding. These items were partially offset by changes in working capital.






For the full year, OCF declined due to timing in the recovery of fuel and purchased power costs, net of increases in Utility net revenue, and lower EWC net revenues. These items were partially offset by receipt of DOE litigation awards, lower severance and retention payments and lower refueling outage payments at EWC.

For both the fourth quarter and full year, intercompany income tax payments contributed to the line of business variances.

Appendix A-3 and Appendix A-4 list special items by business. Amounts are shown on both a net income basis and an EPS basis. Special items are included in as-reported earnings consistent with GAAP, but are excluded from operational earnings. As a result, operational EPS is considered a non-GAAP measure.

Appendix A-3: Special Items by Driver (shown as positive/(negative) impact on earnings or EPS)
Fourth Quarter and Year-to-Date 2016 vs. 2015
 
Fourth Quarter
Year-to-Date
 
2016
2015
Change
2016
2015
Change
(Pre-tax except for income tax effects and total, $ in millions)
 
 
 
 
 
EWC
 
 
 
 
 
 
EWC Nuclear plant impairments and costs associated with decisions to close or sell plants
(2,828.5)
(400.7)
(2,427.8)
(2,909.8)
(2,053.5)
(856.3)
Top Deer investment impairment
(36.8)
36.8
(36.8)
36.8
Gain on the sale of RISEC
154.0
(154.0)
154.0
(154.0)
DOE litigation awards for VY and FitzPatrick
33.8
33.8
Income tax effect on adjustments above (a)
1,003.9
100.4
903.5
1,020.7
683.8
336.9
  Total EWC
(1,824.6)
(183.0)
(1,641.5)
(1,855.3)
(1,252.4)
(602.9)
 
 
 
 
 
 
 
Total special items
(1,824.6)
(183.0)
(1,641.5)
(1,855.3)
(1,252.4)
(602.9)
 
 
 
 
 
 
 
(After-tax, per share in $) (b)
 
 
 
 
 
 
EWC
 
 
 
 
 
 
EWC Nuclear plant impairments and costs associated with decisions to close or sell plants
(10.19)
(1.45)
(8.74)
(10.49)
(7.42)
(3.07)
Top Deer investment impairment
(0.13)
0.13
(0.13)
0.13
Gain on the sale of RISEC
0.56
(0.56)
0.56
(0.56)
DOE litigation awards for VY and FitzPatrick
0.12
0.12
  Total EWC
(10.19)
(1.02)
(9.17)
(10.37)
(6.99)
(3.38)
 
 
 
 
 
 
 
Total special items
(10.19)
(1.02)
(9.17)
(10.37)
(6.99)
(3.38)
 
 
 
 
 
 
 
Totals may not foot due to rounding
(a)
Income tax effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply
(b)
EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply to each adjustment and then dividing by the fully diluted average shares outstanding for the period






Appendix A-4: Special Items by Income Statement Line Item (shown as positive/(negative) impact on earnings)
Fourth Quarter and Year-to-Date 2016 vs. 2015
(Pre-tax except for Income taxes - other and Total, $ in millions)
 
Fourth Quarter
Year-to-Date
 
2016
2015
Change
2016
2015
Change
EWC
 
 
 
 
 
 
Net revenue
33.3
33.3
40.7
40.7
Non-fuel O&M
(57.5)
(6.2)
(51.3)
(75.6)
(17.0)
(58.6)
Taxes other than income taxes
(1.8)
(0.5)
(1.3)
(5.5)
(0.3)
(5.2)
Asset write-off and impairments
(2,802.5)
(394.0)
(2,408.5)
(2,835.6)
(2,036.2)
(799.4)
Gain on sale of asset
154.0
(154.0)
154.0
(154.0)
Miscellaneous net (other income)
(36.8)
36.8
(36.8)
36.8
Income taxes (c)
1,003.9
100.4
903.5
1,020.7
683.8
336.9
  Total EWC
(1,824.6)
(183.0)
(1,641.5)
(1,855.3)
(1,252.4)
(602.9)
 
 
 
 
 
 
 
Total special items (after-tax)
(1,824.6)
(183.0)
(1,641.5)
(1,855.3)
(1,252.4)
(602.9)
 
 
 
 
 
 
 
Totals may not foot due to rounding
(c)
Income taxes represents the income tax effect of the special items which were calculated using the estimated income tax rate that is expected to apply to each item





B: Variance Analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2016 versus 2015 as-reported and operational earnings variance analysis for Utility, Parent & Other, EWC and Consolidated.

Appendix B-1: As-Reported and Operational EPS Variance Analysis (d)
Fourth Quarter 2016 vs. 2015
(After-tax, per share in $, sorted in consolidated operational column, most to least favorable)
 
Utility
 
Parent & Other
 
EWC
 
Consolidated
 
As-Reported
Opera-tional
 
As-Reported
Opera-tional
 
As-
Reported
Opera-tional
 
As-
Reported
Opera-
tional
2015 earnings
1.75
1.75
 
(0.33)
(0.33)
 
(0.86)
0.16
 
0.56
1.58
Net revenue
0.83
0.83
(e)
 
0.03
(0.09)
(f)
0.86
0.74
Asset write-offs and impairments
0.24
0.24
(g)
 
(8.66)
(h)
(8.42)
0.24
Taxes other than income taxes
(0.01)
(0.01)
 
 
0.02
0.03
 
0.01
0.02
Preferred dividend requirements
0.01
0.01
 
 
 
0.01
0.01
Other income (deductions)-other
0.02
0.02
 
0.03
0.03
 
0.09
(0.04)
(i)
0.14
0.01
Gain on sale of asset
 
 
(0.56)
(j)
(0.56)
Interest expense and other charges
(0.01)
(0.01)
 
(0.02)
(0.02)
 
0.01
0.01
 
(0.02)
(0.02)
Depreciation/ amortization expense
(0.05)
(0.05)
(k)
 
0.03
0.03
 
(0.02)
(0.02)
Non-fuel O&M
(0.11)
(0.11)
(l)
(0.01)
(0.01)
 
(0.14)
0.05
(m)
(0.26)
(0.07)
Decommissioning expense
(0.01)
(0.01)
 
 
(0.08)
(0.08)
(n)
(0.09)
(0.09)
Income taxes - other
(1.99)
(1.99)
(o)
0.01
0.01
 
(0.11)
(0.11)
(p)
(2.09)
(2.09)
2016 earnings
0.67
0.67
 
(0.32)
(0.32)
 
(10.23)
(0.04)
 
(9.88)
0.31
 
 
 
 
 
 
 
 
 
 
 
 






Appendix B-2: As-Reported and Operational EPS Variance Analysis (d)
Year-to-Date 2016 vs. 2015
(After-tax, per share in $, sorted in consolidated operational column, most to least favorable)
 
Utility
 
Parent & Other
 
EWC
 
Consolidated
 
As-
Reported
Opera-
tional
 
As-
Reported
Opera-tional
 
As-
Reported
Opera-tional
 
As-
Reported
Opera-
Tional
2015 earnings
6.12
6.12
 
(1.15)
(1.15)
 
(5.96)
1.03
 
(0.99)
6.00
Net revenue
1.21
1.21
(e)
 
(0.45)
(0.60)
(f)
0.76
0.61
Non-fuel O&M
0.25
0.25
(l)
(0.03)
(0.03)
 
0.14
0.35
(m)
0.36
0.57
Asset write-offs and impairments
0.24
0.24
(g)
 
(2.87)
(h)
(2.63)
0.24
Taxes other than income taxes
0.04
0.04
 
 
0.06
0.08
(q)
0.10
0.12
Gain on sale of asset
 
 
(0.56)
(j)
(0.56)
Other income (deductions)-other
0.05
0.05
(r)
0.02
0.02
 
0.03
(0.10)
(i)
0.10
(0.03)
Depreciation/ amortization expense
(0.17)
(0.17)
(k)
 
0.14
0.14
(s)
(0.03)
(0.03)
Interest expense and other charges
(0.05)
(0.05)
(t)
(0.04)
(0.04)
 
0.02
0.02
 
(0.07)
(0.07)
Income taxes - other
(1.32)
(1.32)
(o)
(0.04)
(0.04)
 
1.23
1.23
(p)
(0.13)
(0.13)
Decommissioning expense
(0.03)
(0.03)
 
 
(0.14)
(0.14)
(n)
(0.17)
(0.17)
2016 earnings
6.34
6.34
 
(1.24)
(1.24)
 
(8.36)
2.01
 
(3.26)
7.11
 
 
 
 
 
 
 
 
 
 
 
 
Totals may not foot due to rounding
See appendix in the webcast slide presentation for additional details on EWC line item variances.

Utility As-Reported Net Revenue
Variance Analysis
2016 vs. 2015 ($ EPS)
 
Fourth Quarter
Year-to-
Date
Estimated weather
0.14
(0.13)
Sales growth/pricing
0.29
1.15
Regulatory charges
0.38
0.32
Other
0.02
(0.13)
Total
0.83
1.21
(d)
EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and then dividing by the fully diluted average shares outstanding for the period; income taxes - other represents income tax differences other than the tax effect of individual line items.
(e)
The current quarter and year-to-date increases were due partly to rate changes associated with the Union acquisition, EAI’s rate case and EMI’s FRP. In addition, regulatory charges recorded in fourth quarter 2015, which were for tax sharing agreements, reduced net revenue in that period. The effect of weather was positive quarter-over-quarter but negative in the year-to-date variance. The year-to-date increase also reflected higher industrial usage.
(f)
The current quarter and year-to-date as-reported results included cost reimbursements which are part of the FitzPatrick sale agreement (classified as special items and offset in non-fuel O&M). The current quarter and year-to-date periods also reflected lower energy price and volume for nuclear assets. The sale of the RISEC facility in December 2015 also reduced net revenue period-over-period. In the year-to-date period, nuclear fuel expense declined due largely to impairments recorded in 2015.
(g)
The current quarter and year-to-date increases were driven by regulatory charges recorded in fourth quarter 2015 arising from the Waterford 3 replacement steam generator prudence review proceeding and the System Agreement termination settlement agreement.
(h)
The as-reported current quarter and year-to-date decreases were due primarily to non-cash impairment charges and related write-offs for Palisades and Indian Point Units 2 and 3 recorded in fourth quarter 2016. EWC also recorded





impairment charges and related write-offs in 2015 for Pilgrim, FitzPatrick and Palisades. Both periods also included write-offs of ongoing capital investment for plants that continue to operate.
(i)
The current quarter and year-to-date as-reported increases were due largely to the fourth quarter 2015 asset impairment on EWC’s ownership interest in the Top Deer wind generation investment, which was accounted for under the equity method of accounting (classified as a special item). The year-to-date operational decrease was due primarily to higher realized gains in 2015 on decommissioning trusts, including the rebalancing of VY's decommissioning trust portfolio.
(j)
The as-reported decreases in the current quarter and year-to-date periods were attributable to the fourth quarter 2015 gain on sale of the RISEC facility (classified as a special item).
(k)
The current quarter and year-to-date decreases were due primarily to additions to plant, including Union, which was acquired in March 2016. In the year-to-date period, the decrease was partially offset by a reduction in depreciation expense which resulted from litigation awards from the DOE in connection with spent nuclear fuel storage costs in third quarter 2016.
(l)
The current quarter decrease reflected higher nuclear generation spending (higher overall scope of work and higher labor costs) and increased fossil spending primarily related to the Union plant (offset in net revenue). Lower pension and OPEB expenses, stemming partly from a higher discount rate, partly offset the decreases. The year-to-date increase reflected lower pension and OPEB expenses and lower spending on fossil outages. Non-fuel O&M expense was also reduced as a result of litigation awards from the DOE in connection with spent nuclear fuel storage costs, a deferral recorded at EAI in first quarter 2016 and lower energy efficiency costs. The expense decreases were partially offset by Union expenses (acquired in 2016) (offset in net revenue) and higher nuclear generation spending.
(m)
The current quarter and year-to-date as-reported results included higher expenses resulting from the decisions to close or sell merchant nuclear plants (these expenses were considered special items and excluded from operational results). Fourth quarter 2016 also included FitzPatrick plant costs that are being reimbursed and offset in net revenue (also considered a special item). The current quarter and year-to-date variances also reflected the sale of the RISEC facility in December 2015, a reduction in expense for DOE litigation awards in connection with spent nuclear fuel storage costs and lower benefit expenses. These were partially offset by higher site expenses and an increase in costs related to Pilgrim’s response to a planned NRC enhanced inspection. The year-to-date increase also reflected a reduction in expense for litigation proceeds received from the DOE in second quarter 2016 (approximately 12 cents EPS received for VY and FitzPatrick was considered a special item) and lower refueling outage expense, largely as a result of 2015 impairments.
(n)
The current quarter and year-to-date decreases were due to the establishment of decommissioning liabilities for Indian Point 3 and FitzPatrick in 2016 and revisions to decommissioning cost studies at other EWC nuclear facilities in 2015.
(o)
The current quarter and year-to-date decreases were due primarily to an income tax item in fourth quarter 2015 of approximately $334 million resulting from the ELL business combination (this was partly offset by customer sharing recorded as a regulatory charge, included in net revenue). A 2015 audit settlement in Mississippi of $15 million also contributed to the decreases. The year-to-date decrease also reflected a first quarter 2015 adjustment of $24 million involving the reversal of a portion of the provision for uncertain tax provisions related to interest accrual. These items were partly offset by the second quarter 2016 reversal of a portion of the provision for uncertain tax positions totaling $136 million for two previous positions that were resolved in the 2010-2011 tax audit (this was partly offset by customer sharing recorded as a regulatory charge, included in net revenue).
(p)
The current quarter decrease was due largely to state tax effects from the 2015 settlement on the 2008/2009 audit. The year-to-date increase also reflected the second quarter 2016 tax election which reduced income tax expense by $238 million.
(q)
The year-to-date increase was due largely to lower sales and use tax and the effect of the 2015 New York state audit settlement.
(r)
The year-to-date increase was due primarily to higher AFUDC-equity funds, resulting from higher average CWIP balances.
(s)
The year-to-date increase resulted from 2015 impairments, recording the effects of DOE litigation proceeds related to spent nuclear fuel storage costs and the sale of RISEC.
(t)
The year-to-date decrease resulted primarily from higher interest expense on long-term debt resulting from additional debt issuances.







C: Utility Financial and Operational Measures
Appendix C-1 provides a comparative summary of Utility, Parent & Other adjusted earnings and EPS, which excludes the effects of special items and weather and normalizes income tax expense.

Appendix C-1: Utility, Parent & Other Adjusted Earnings and EPS - Reconciliation of GAAP to Non-GAAP Measures
Fourth Quarter and Year-to-Date 2016 vs. 2015 (See Appendix A for details on special items)
 
Fourth Quarter
Year-to-Date
 
2016
2015
Change
2016
2015
Change
($ in millions)
 
 
 
 
 
 
Utility as-reported earnings
120.4
313.7
(193.3)
1,134.2
1,096.9
37.3
Parent & Other as-reported earnings (loss)
(57.1)
(59.5)
2.3
(222.5)
(205.6)
(16.9)
UP&O as-reported earnings
63.3
254.3
(191.0)
911.7
891.3
20.4
 
 
 
 
 
 
 
Less:
 
 
 
 
 
 
  Special items
 
 
 
 
 
 
 
  Weather
31.0
(9.9)
40.9
18.1
56.3
(38.2)
  Tax effect of weather (u)
(12.0)
3.8
(15.8)
(7.0)
(21.7)
14.7
  Estimated weather impact (after-tax)
19.1
(6.1)
25.1
11.1
34.6
(23.5)
 
 
 
 
 
 
 
  Customer sharing
(107.0)
107.0
(16.1)
(107.0)
90.9
  Tax effect of customer sharing
41.2
(41.2)
6.2
41.2
(35.0)
  Other tax items
(4.9)
347.5
(352.4)
126.9
370.0
(243.1)
  Tax items, net of customer sharing
(4.9)
281.6
(286.5)
117.0
304.2
(187.2)
 
 
 
 
 
 
 
UP&O adjusted earnings (loss)
49.2
(21.3)
70.5
783.6
552.5
231.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(After tax, per share in $)
 
 
 
 
 
 
UP&O as-reported earnings
0.35
1.42
(1.07)
5.10
4.97
0.13
Less:
 
 
 
 
 
 
  Special items
  Weather
0.11
(0.03)
0.14
0.06
0.19
(0.13)
  UP&O tax items, net of customer sharing
(0.03)
1.57
(1.60)
0.66
1.70
(1.04)
UP&O adjusted earnings (loss)
0.27
(0.12)
0.39
4.38
3.08
1.30
Totals may not foot due to rounding
(u)
Income tax effect is calculated by multiplying the pre-tax amount by the estimated income tax rates that are expected to apply to those adjustments







Appendix C-2 provides a comparative summary of Utility operational performance measures.

Appendix C-2: Utility Operational Performance Measures
Fourth Quarter and Year-to-Date 2016 vs. 2015 (See Appendix G for reconciliation of GAAP to non-GAAP measures)
 
Fourth Quarter
Year-to-Date
 
2016
2015
%
Change
% Weather Adjusted
2016
2015
%
Change
% Weather Adjusted
GWh billed
 
 
 
 
 
 
 
 
Residential
8,077
7,385
9.4%
1.5%
35,112
36,068
 (2.7%)
 (0.1%)
Commercial
7,259
6,979
4.0%
1.1%
29,197
29,348
 (0.5%)
 (0.9%)
Governmental
635
627
1.2%
1.2%
2,547
2,514
1.3%
1.3%
Industrial
11,158
11,152
0.1%
0.1%
45,739
44,382
3.1%
3.1%
Total retail sales
27,129
26,143
3.8%
0.8%
112,595
112,312
 0.3%
1.0%
Wholesale
1,602
1,739
(7.9%)
 
11,054
9,274
19.2%
 
Total sales
28,731
27,882
3.0%
 
123,649
121,586
1.7%
 
 
 
 
 
 
 
 
 
 
Number of electric retail customers
 
 
 
 
 
 
 
 
Residential
 
 
 
 
2,452,686
2,431,984
0.9%
 
Commercial
 
 
 
 
352,147
348,840
0.9%
 
Governmental
 
 
 
 
17,731
17,899
 (0.9%)
 
Industrial
 
 
 
 
46,252
46,572
 (0.7%)
 
Total retail customers
 
 
 
 
2,868,816
2,845,295
0.8%
 
 
 
 
 
 
 
 
 
 
As-reported net revenue ($ in millions)
1,421
1,181
20.3%
 
6,179
5,829
6.0%
 
As-reported non-fuel O&M per MWh
$24.62
$24.05
 2.4%
 
$20.16
$21.06
 (4.3%)
 
Operational non-fuel O&M per MWh
$24.62
$24.05
 2.4%
 
$20.16
$21.06
 (4.3%)
 
 
 
 
 
 
 
 
 
 
The effects of weather were estimated using monthly heating degree days and cooling degree days 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 subject to change.







D: EWC Financial and Operational Measures
Appendix D-1 provides a comparative summary of EWC operational adjusted EBITDA.

Appendix D-1: EWC Operational Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures
Fourth Quarter and Year-to-Date 2016 vs. 2015
($ in millions)
Fourth Quarter
Year-to-Date
 
2016
2015
Change
2016
2015
Change
Net income
(1,832)
(154)
(1,678)
(1,493)
(1,066)
(427)
Add back: interest expense
5
8
(3)
23
27
(4)
Add back: income taxes
(1,016)
(123)
(893)
(1,192)
(610)
(582)
Add back: depreciation and amortization
45
53
(8)
200
239
(39)
Subtract: interest and investment income
21
33
(12)
108
149
(41)
Add back: decommissioning expense
58
36
22
175
138
37
Adjusted EBITDA
(2,761)
(213)
(2,548)
(2,396)
(1,421)
(975)
Add back pre-tax special items for:
 
 
 
 
 
 
EWC Nuclear plant impairments and costs associated with decisions to close or sell plants
2,829
401
2,428
2,910
2,054
856
Top Deer investment impairment
37
(37)
37
(37)
Gain on the sale of RISEC
(154)
154
(154)
154
DOE litigation awards for VY and FitzPatrick
(34)
(34)
Operational adjusted EBITDA
68
70
(2)
480
515
(35)
 
 
 
 
 
 
 
Totals may not foot due to rounding






Appendix D-2 provides a comparative summary of EWC operational performance measures.
Appendix D-2: EWC Operational Performance Measures
Fourth Quarter and Year-to-Date 2016 vs. 2015 (See Appendix G for reconciliation of GAAP to non-GAAP measures)
 
Fourth Quarter
Year-to-Date
 
2016
2015
% Change
2016
2015
% Change
Owned capacity (MW) (v)
 
 
 
4,800
4,880
0
GWh billed
9,397
10,135
(7.3%)
35,881
39,745
(9.7%)
As-reported average total revenue per MWh
$54.07
$45.21
19.6%
$51.55
$51.88
(0.6%)
Adjusted operational average total revenue per MWh
$43.72
$44.83
(2.5%)
$48.16
$51.49
(6.5%)
As-reported net revenue ($ in millions)
387
379
2.1%
1,542
1,666
(7.4%)
As-reported non-fuel O&M per MWh
$33.86
$27.67
22.4%
$27.75
$25.99
6.8%
Operational non-fuel O&M per MWh
$27.74
$27.06
2.5%
$25.65
$25.57
0.3%
 
 
 
 
 
 
 
EWC Nuclear Fleet
 
 
 
 
 
 
Capacity factor
91%
94%
(3.2%)
87%
91%
(4.4%)
GWh billed
8,881
9,561
(7.1%)
33,551
35,859
(6.4%)
As-reported average total revenue per MWh
$54.25
$44.71
21.3%
$51.90
$51.49
0.8%
Adjusted operational average total revenue per MWh
$43.29
$44.31
(2.3%)
$48.28
$51.07
(5.5%)
Production cost per MWh
$23.00
$22.63
1.6%
$22.93
$25.30
(9.4%)
As-reported net revenue ($ in millions)
382
371
3.0%
1,533
1,613
(5.0%)
Refueling outage days
 
 
 
 
 
 
  Indian Point 2
 
102
 
  Indian Point 3
 
23
 
  Palisades
19
 
32
 
  Pilgrim
 
34
 
 
 
 
 
 
(v)
Investments in wind generation were sold in November 2016

See appendix in the webcast slide presentation for EWC hedging and price disclosures.






E: Consolidated Financial Performance Measures
Appendix E provides comparative financial performance measures for the current quarter. Financial performance measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP measures.

As-reported measures are computed in accordance with GAAP as they include all components of net income, including special items. Operational measures are non-GAAP measures as they are calculated using operational net income, which excludes the impact of special items.

Appendix E: GAAP and Non-GAAP Financial Performance Measures
Fourth Quarter 2016 vs. 2015 (See Appendix G for reconciliation of GAAP to non-GAAP measures)
 
 
For 12 months ending December 31
2016
2015
Change
GAAP Measures
 
 
 
ROIC - as-reported
(0.7%)
1.0%
(1.7%)
ROE - as-reported
(6.7%)
(1.8%)
(4.9%)
Book value per share
$45.12
$51.89
($6.77)
End of period shares outstanding (millions)
179.1
178.4
0.7
Non-GAAP Measures
 
 
 
ROIC - operational
7.2%
6.3%
0.9%
ROE - operational
14.7%
11.2%
3.5%
 
 
 
 
As of December 31 ($ in millions)
2016
2015
Change
GAAP Measures
 
 
 
Cash and cash equivalents
1,188
1,351
(163)
Revolver capacity
3,720
3,582
138
Commercial paper
344
422
(78)
Total debt
15,275
13,850
1,425
Securitization debt
661
775
(114)
Debt to capital
64.8%
59.1%
5.7%
Off-balance sheet liabilities:
 
 
 
Debt of joint ventures - Entergy’s share
72
77
(5)
Leases - Entergy’s share
397
359
38
Power purchase agreements accounted for as leases
166
195
(29)
Total off-balance sheet liabilities
635
631
4
Non-GAAP Measures
 
 
 
Debt to capital, excluding securitization debt
63.8%
57.7%
6.1%
Gross liquidity
4,908
4,933
(25)
Net debt to net capital, excluding securitization debt
61.8%
55.0%
6.8%
Parent debt to total debt, excluding securitization debt
19.8%
21.9%
(2.1%)
Debt to operational adjusted EBITDA, excluding securitization debt
4.1x
4.1x
Operational FFO to debt, excluding securitization debt
18.8%
25.7%
(6.9%)
 
 
 
 







F: Definitions, Abbreviations and Acronyms
Appendix F-1 provides definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures. Non-GAAP measures remove the effects of financial events that are not routine from commonly used financial measures.

Appendix F-1: Definitions
Utility Operational Performance Measures
GWh billed
Total number of GWh billed to retail and wholesale customers
Net revenue
Operating revenue less fuel, fuel related expenses and gas purchased for resale, purchased power and other regulatory charges (credits) - net
Non-fuel O&M
Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale and purchased power
Non-fuel O&M per MWh
Non-fuel O&M per MWh of billed sales
Number of retail customers
Number of customers at end of period
 
 
EWC Operational Performance Measures
As-reported average total revenue per MWh
As-reported revenue per MWh billed (does not include revenue from investment in wind generation that was accounted for under the equity method of accounting, which was sold in November 2016
Adjusted average total revenue per MWh
As-reported average total revenue per MWh, excluding revenue from special items included in operating revenue and the amortization of the Palisades below-market PPA and VY capacity revenue
Average revenue under contract per kW-month (applies to capacity contracts only)
Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards
Average revenue per MWh on contracted volumes
Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades; revenue will fluctuate due to factors including market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at the time of option expiration, costs to convert firm LD to unit-contingent and other risk management costs
Bundled capacity and energy contracts
A contract for the sale of installed capacity and related energy, priced per MWh sold
Capacity contracts
A contract for the sale of the installed capacity product in regional markets managed by ISO New England, NYISO and MISO
Capacity factor
Normalized percentage of the period that the nuclear plants generate power
Expected sold and market total revenue per MWh
Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including estimates for market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at time of option expiration, costs to convert Firm LD to unit-contingent and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA
Firm LD
Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract, a portion of which may be capped through the use of risk management products






Appendix F-1: Definitions
EWC Operational Performance Measures (continued)
GWh billed
Total number of GWh billed to customers and financially-settled instruments (does not include amounts from investment in wind generation that was accounted for under the equity method of accounting and which was sold in November 2016
Net revenue
Operating revenue less fuel, fuel-related expenses and purchased power
Non-fuel O&M
Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale, purchased power (does not include amounts from investment in wind generation that was accounted for under the equity method of accounting and which was sold in November 2016
Non-fuel O&M per MWh
Non-fuel O&M per MWh billed
Offsetting positions
Transactions for the purchase of energy, generally to offset a Firm LD transaction
Owned capacity (MW)
Installed capacity owned and operated by EWC; RISEC (non-nuclear) was sold in December 2015 and investment in wind generation was sold in November 2016
Percent of capacity sold forward
Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions
Percent of planned generation under contract
Percent of planned generation output sold or purchased forward under contracts, forward physical contracts, forward financial contracts or options that mitigate price uncertainty that may or may not require regulatory approval or approval of transmission rights or other conditions precedent; positions that are no longer classified as hedges are netted in the planned generation under contract
Planned net MW in operation
Amount of installed capacity to generate power and/or sell capacity, assuming intent to sell FitzPatrick in first half of 2017 and shutdown Pilgrim (May 31, 2019), Palisades (Oct. 1, 2018), Indian Point 2 (April 30, 2020) and Indian Point 3 (April 30, 2021)
Planned TWh of generation
Amount of output expected to be generated by EWC resources considering plant operating characteristics and outage schedules, assuming intent to sell FitzPatrick in first half of 2017; to shutdown Pilgrim (May 31, 2019), Palisades (Oct. 1, 2018), Indian Point 2 (April 30, 2020) and Indian Point 3 (April 30, 2021); uninterrupted normal plant operation
Production cost per MWh
Fuel and non-fuel O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation), excluding special items
Refueling outage days
Number of days lost for scheduled refueling outage during the period
Unit-contingent
Transaction under which power is supplied from a specific generation asset; if the asset is in operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee
 
 
Financial Measures - GAAP
Book value per share
End of period common equity divided by end of period shares outstanding
Debt of joint ventures - Entergy’s share
Entergy’s share of debt issued by business joint ventures at EWC
Debt to capital ratio
Total debt divided by total capitalization
Leases - Entergy’s share
Operating leases held by subsidiaries capitalized at implicit interest rate
Revolver capacity
Amount of undrawn capacity remaining on corporate and subsidiary revolvers, including Entergy Nuclear Vermont Yankee
ROIC - as-reported
12-months rolling net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital
ROE - as-reported
12-months rolling net income attributable to Entergy Corporation divided by average common equity
Securitization debt
Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at ETI and Hurricane Isaac at ENOI; the 2009 ice storm at EAI and investment recovery of costs associated with the cancelled Little Gypsy repowering project at ELL
Total debt
Sum of short-term and long-term debt, notes payable and commercial paper and capital leases on the balance sheet






Appendix F-1: Definitions
Financial Measures - Non-GAAP
Adjusted EBITDA
Earnings before interest, depreciation and amortization and income taxes excluding decommissioning expense; for Entergy consolidated, also excludes AFUDC-equity funds and subtracts securitization proceeds
Adjusted EPS
As-reported EPS excluding special items and weather and normalizing for income tax
Debt to capital ratio, excluding securitization debt
Total debt divided by total capitalization, excluding securitization debt
Debt to operational adjusted EBITDA, excluding securitization debt
End of period total debt excluding securitization debt divided by 12-months rolling operational adjusted EBITDA
FFO
OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, prepaid taxes and taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charges
Operational FFO to debt, excluding securitization debt
12-months rolling operational FFO as a percentage of end of period total debt excluding securitization debt
Gross liquidity
Sum of cash and revolver capacity
Operational adjusted EBITDA
Adjusted EBITDA excluding effects of special items
Operational EPS
As-reported EPS adjusted to exclude the impact of special items
Operational FFO
FFO excluding effects of special items
Parent debt to total debt ratio, excluding securitization debt
End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of total debt excluding securitization debt
Net debt to net capital ratio, excluding securitization debt
Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt
ROIC - operational
12-months rolling operational net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital
ROE - operational
12-months rolling operational net income attributable to Entergy Corporation divided by average common equity
 
 








Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.
Appendix F-2: Abbreviations and Acronyms
ADIT
AFUDC -
borrowed funds
AFUDC -
equity funds
ALJ
AMI
ANO
APSC
ARO
CCGT
CCNO
COD
Cooper
CT
CWIP
CZM
DCRF
DOE
EAI
EBITDA

EGSL
ELL
EMI
ENOI
ENVY
ESI
EPS
ETI
ETR
EWC
FERC
FFO
Firm LD
FitzPatrick

FRP
GAAP
Grand Gulf

Indian Point 1
Indian Point 2
Indian Point 3
IPEC
ISO
ISES
Accumulated deferred income taxes
Allowance for borrowed funds used during construction
Allowance for equity funds used during construction
Administrative law judge
Advanced metering infrastructure
Arkansas Nuclear One (nuclear)
Arkansas Public Service Commission
Asset retirement obligation
Combined cycle gas turbine
Council of the City of New Orleans, Louisiana
Commercial operation date
Cooper Nuclear Station
Simple cycle combustion turbine
Construction work in progress
Coastal zone management
Distribution cost recovery factor
U.S. Department of Energy
Entergy Arkansas, Inc.
Earnings before interest, income taxes, depreciation and amortization
Entergy Gulf States Louisiana, L.L.C.
Entergy Louisiana, LLC
Entergy Mississippi, Inc.
Entergy New Orleans, Inc.
Entergy Nuclear Vermont Yankee
Entergy Services, Inc.
Earnings per share
Entergy Texas, Inc.
Entergy Corporation
Entergy Wholesale Commodities
Federal Energy Regulatory Commission
Funds from operations
Firm liquidated damages
James A. FitzPatrick Nuclear Power Plant (nuclear)
Formula rate plan
U.S. generally accepted accounting principles
Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by System Energy
Indian Point Energy Center Unit 1 (nuclear)
Indian Point Energy Center Unit 2 (nuclear)
Indian Point Energy Center Unit 3 (nuclear)
Indian Point Energy Center (nuclear)
Independent system operator
Independence Steam Electric Station (coal)
ISFSI
LPSC
LTM
MISO
Moody’s
MPSC
MTEP
NEPOOL
Ninemile 6
Non-fuel O&M
NDT
NRC
NYISO
NYS
NYSDEC

NYSDOS
NYPA
NYPSC
NYSE
O&M
OCF
OPEB
Palisades
Pilgrim
PPA

PUCT
RFP
RISEC
ROE
ROIC
RPCE
RSP
SEC
SERI
SPDES
TCRF
Top Deer
Union
UP&O
VPSB
VY
WACC
WQC
YOY
Independent spent fuel storage installation
Louisiana Public Service Commission
Last twelve months
Midcontinent Independent System Operator, Inc.
Moody’s Investor Service
Mississippi Public Service Commission
MISO Transmission Expansion Planning
New England Power Pool
Ninemile Point Unit 6
Non-fuel operation and maintenance expense
Nuclear decommissioning trust
Nuclear Regulatory Commission
New York Independent System Operator, Inc.
New York State
New York State Department of Environmental Conservation
New York State Department of State
New York Power Authority
New York Public Service Commission
New York Stock Exchange
Operation and maintenance expense
Net cash flow provided by operating activities
Other post-employment benefits
Palisades Power Plant (nuclear)
Pilgrim Nuclear Power Station (nuclear)
Power purchase agreement or purchased power agreement
Public Utility Commission of Texas
Request for proposal
Rhode Island State Energy Center (CCGT)
Return on equity
Return on invested capital
Rough production cost equalization
Rate Stabilization Plan (ELL Gas)
U.S. Securities and Exchange Commission
System Energy Resources, Inc.
State Pollutant Discharge Elimination System
Transmission cost recovery factor
Top Deer Wind Ventures, LLC
Union Power Station (CCGT)
Utility, Parent & Other
Vermont Public Service Board
Vermont Yankee Nuclear Power Station (nuclear)
Weighted-average cost of capital
Water Quality Certification
Year-over-year
 
 
 
 





G: GAAP to Non-GAAP Reconciliations
Appendix G-1, Appendix G-2 and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this release to their most comparable GAAP measure.

Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - Utility and EWC Non-fuel O&M per MWh, EWC and EWC Nuclear Average Total Revenue per MWh
($ in thousands except where noted)
 
Fourth Quarter
Year-to-Date
 
 
2016
2015
2016
2015
Utility
 
 
 
 
 
As-reported Utility non-fuel O&M
(A)
701,288
670,638
2,487,333
2,560,620
Operational Utility non-fuel O&M
(B)
701,288
670,638
2,487,333
2,560,620
Utility billed sales (GWh)
(C)
28,731
27,882
123,649
121,586
As-reported Utility non-fuel O&M per MWh
(A/C)
$24.41
$24.05
$20.12
$21.06
Operational Utility non-fuel O&M per MWh
(B/C)
$24.41
$24.05
$20.12
$21.06
 
 
 
 
 
 
EWC
 
 
 
 
 
As-reported EWC non-fuel O&M
(D)
318,193
280,425
995,797
1,033,144
Special items included in non-fuel O&M:
 
 
 
 
 
EWC Nuclear costs associated with decisions to close or sell plants
 
57,513
6,205
109,392
16,979
 DOE litigation awards for VY and FitzPatrick
 
(33,823)
     Total special items included in non-fuel O&M
(E)
57,513
6,205
75,569
16,979
Operational EWC non-fuel O&M
(D-E)
260,680
274,220
920,228
1,016,165
EWC billed sales (GWh)
(F)
9,397
10,135
35,881
39,745
 
 
 
 
 
 
As-reported EWC non-fuel O&M per MWh
(D/F)
$33.86
$27.67
$27.75
$25.99
Operational EWC non-fuel O&M per MWh
[(D-E)/(F)]
$27.74
$27.06
$25.65
$25.57
 
 
 
 
 
 
As-reported EWC operating revenue
(G)
508,104
458,184
1,849,638
2,061,827
Special items included in operating revenue:
 
 
 
 
 
Decision to sell FitzPatrick
(H)
88,983
96,461
Operational EWC operating revenue
(G-H)
419,121
458,184
1,753,177
2,061,827
Less Palisades below-market PPA amortization and VY capacity revenue (q)
(I)
8,338
3,800
25,062
15,200
Adjusted operational EWC operating revenue
[(G-H)]-(I)
410,783
454,384
1,728,115
2,046,627
 
 
 
 
 
 
As-reported EWC average total revenue per MWh
(G)/(F)
$54.07
$45.21
$51.55
$51.88
Adjusted operational EWC average total revenue per MWh
[[(G-H)]-(I)/(F)]
$43.72
$44.83
$48.16
$51.49
 
 
 
 
 
 
As-reported EWC nuclear operating revenue
(J)
481,826
423,647
1,741,246
1,831,308
Special items included in operating revenue:
 
 
 
 
 
Decision to sell or close FitzPatrick
(K)
88,983
96,461
Operational EWC nuclear operating revenue
(J-K)
392,843
427,447
1,644,785
1,846,508
Less Palisades below-market PPA amortization and VY capacity revenue (q)
(L)
8,338
3,800
25,062
15,200
Adjusted operational EWC nuclear operating revenue
[(J-K)]-(L)
384,505
456,164
1,619,723
1,407,660
 
 
 
 
 
 
EWC nuclear billed sales (GWh)
(M)
8,881
9,561
33,551
35,859
 
 
 
 
 
 
As-reported EWC nuclear average total revenue per MWh
(J)/(M)
$54.25
$44.71
$51.90
$51.49
Adjusted operational EWC nuclear average total revenue per MWh
[[(J-K)]-(L)/(M)]
$43.29
$44.31
$48.28
$51.07
 
 
 
 
 
 
Totals may not foot due to rounding
(a)
VY capacity revenue which is largely offset by purchased capacity following decision to close VY





Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE
($ in millions except where noted)
 
Fourth Quarter
 
 
2016
2015
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months
(A)
(584)
(177)
Preferred dividends
 
19
20
Tax effected interest expense
 
410
396
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months adjusted for preferred dividends and tax effected interest expense
(B)
(155)
239
 
 
 
 
Special items in prior quarters
 
(30)
(1,070)
EWC Nuclear plant impairments and costs associated with decisions to close or sell plants
 
(1,825)
(259)
Top Deer investment impairment
 
(24)
Gain on the sale of RISEC
 
100
  Total special items, rolling 12 months
(C)
(1,855)
(1,253)
 
 
 
 
Operational earnings, rolling 12 months adjusted for preferred dividends and tax effected interest expense
(B-C)
1,700
1,492
 
 
 
 
Operational earnings, rolling 12 months
(A-C)
1,271
1,076
 
 
 
 
Average invested capital
(D)
23,492
23,827
 
 
 
 
Average common equity
(E)
8,669
9,632
 
 
 
 
ROIC - as-reported
(B/D)
(0.7)%
1.0%
ROIC - operational
[(B-C)/D]
7.2%
6.3%
ROE - as-reported
(A/E)
(6.7)%
(1.8)%
ROE - operational
[(A-C)/E]
14.7%
11.2%
 
 
 
 
Totals may not foot due to rounding







Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross Liquidity; Debt to Operational Adjusted EBITDA excluding Securitization Debt; Operational FFO to Debt Ratio, excluding Securitization Debt
($ in millions except where noted)
 
Fourth Quarter
 
 
2016
2015
Total debt
(A)
15,275
13,850
Less securitization debt
(B)
661
775
Total debt, excluding securitization debt
(C)
14,614
13,075
Less cash and cash equivalents
(D)
1,188
1,351
  Net debt, excluding securitization debt
(E)
13,426
11,724
 
 
 
 
Total capitalization
(F)
23,560
23,425
Less securitization debt
(B)
661
775
Total capitalization, excluding securitization debt
(G)
22,899
22,650
Less cash and cash equivalents
(D)
1,188
1,351
Net capital, excluding securitization debt
(H)
21,711
21,299
 
 
 
 
Debt to capital
(A/F)
64.8
59.1
Debt to capital, excluding securitization debt
(C/G)
63.8
57.7
Net debt to net capital, excluding securitization debt
(E/H)
61.8
55.0
 
 
 
 
Revolver capacity
(I)
3,720
3,582
 
 
 
 
Gross liquidity
(D+I)
4,908
4,933
 
 
 
 
Entergy Corporation notes:
 
 
 
  Due January 2017
 
500
  Due September 2020
 
450
450
  Due July 2022
 
650
650
  Due September 2026
 
750
    Total parent long-term debt
(J)
1,850
1,600
Revolver draw
(K)
700
835
Commercial paper
(L)
344
422
Total parent debt
(J)+(K)+(L)
2,894
2,857
 
 
 
 
Parent debt to total debt, excluding securitization debt
[((J)+(K)+(L))/(C)]
19.8%
21.9%
 
 
 
 







Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross Liquidity; Debt to Operational Adjusted EBITDA excluding Securitization Debt; Operational FFO to Debt Ratio, excluding Securitization Debt (continued)
($ in millions except where noted)
 
Fourth Quarter
 
 
2016
2015
Total debt
(A)
15,275
13,850
Less securitization debt
(B)
661
775
Total debt, excluding securitization debt
(C)
14,614
13,075
As-reported consolidated net income (loss), rolling 12 months
 
(565)
(157)
Add back: interest expense, rolling 12 months
 
666
643
Add back: income taxes, rolling 12 months
 
(817)
(643)
Add back: depreciation and amortization, rolling 12 months
 
1,347
1,337
Add back: regulatory charges (credits), rolling 12 months
 
94
175
Subtract: securitization proceeds, rolling 12 months
 
132
137
Subtract: interest and investment income, rolling 12 months
 
145
187
Subtract: AFUDC-equity funds, rolling 12 months
 
68
52
Add back: decommissioning expense, rolling 12 months
 
327
280
  Adjusted EBITDA, rolling 12 months
(D)
707
1,259
Add back: special item resulting from EWC Nuclear plant impairments and costs associated with decisions to close or sell plants (pre-tax)
 
2,910
2,054
Add back: special item for DOE litigation awards for VY and FitzPatrick, rolling 12 months (pre-tax)
 
(34)
Add back: special item for Top Deer investment impairment, rolling 12 months (pre-tax)
 
37
Add back: special item for gain on the sale of RISEC, rolling 12 months (pre-tax)
 
(154)
  Operational adjusted EBITDA, rolling 12 months
(E)
3,583
3,196
Debt to operational adjusted EBITDA, excluding securitization debt
(C)/(E)
4.1x
4.1x
Net cash flow provided by operating activities, rolling 12 months
(F)
2,999
3,291
AFUDC-borrowed funds used during construction, rolling 12 months
(G)
(34)
(27)
Working capital items in net cash flow provided by operating activities, rolling 12 months:
 
 
 
  Receivables
 
(97)
38
  Fuel inventory
 
38
(12)
  Accounts payable
 
174
(135)
  Prepaid taxes and taxes accrued
 
(29)
82
  Interest accrued
 
(7)
(11)
  Other working capital accounts
 
31
(114)
  Securitization regulatory charges
 
114
107
       Total
(H)
224
(45)
FFO, rolling 12 months
(F)+(G)-(H)
2,741
3,309
Add back: special item resulting from EWC Nuclear plant impairments and costs associated with decisions to close or sell plants (pre-tax)
 
6
55
Operational FFO, rolling 12 months
(I)
2,747
3,364
Operational FFO to debt, excluding securitization debt
(I)/(C)
18.8%
25.7%
 
 
 
 
Totals may not foot due to rounding







Financial Statements
Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Balance Sheet
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
 
    Cash
 
$
123,956

 
$
939

 
$
4,684

 
$
129,579

    Temporary cash investments
 
622,953

 
7,453

 
427,859

 
1,058,265

     Total cash and cash equivalents
 
746,909

 
8,392

 
432,543

 
1,187,844

Notes receivable
 

 
(528,459
)
 
528,459

 

Accounts receivable:
 
 
 
 
 
 
 
 
   Customer
 
482,302

 

 
172,693

 
654,995

   Allowance for doubtful accounts
 
(11,924
)
 

 

 
(11,924
)
   Associated companies
 
22,892

 
(24,532
)
 
1,640

 

   Other
 
148,743

 

 
9,676

 
158,419

   Accrued unbilled revenues
 
368,677

 

 

 
368,677

     Total accounts receivable
 
1,010,690

 
(24,532
)
 
184,009

 
1,170,167

Deferred fuel costs
 
108,465

 

 

 
108,465

Fuel inventory - at average cost
 
173,388

 

 
6,212

 
179,600

Materials and supplies - at average cost
 
645,682

 

 
52,841

 
698,523

Deferred nuclear refueling outage costs
 
128,577

 

 
17,644

 
146,221

Prepayments and other
 
161,495

 
(8,629
)
 
40,582

 
193,448

TOTAL
 
2,975,206

 
(553,228
)
 
1,262,290

 
3,684,268

 
 
 
 
 
 
 
 
 
OTHER PROPERTY AND INVESTMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in affiliates - at equity
 
1,390,786

 
(1,390,674
)
 
86

 
198

Decommissioning trust funds
 
2,755,937

 

 
2,967,960

 
5,723,897

Non-utility property - at cost (less accumulated depreciation)
224,148

 
(11
)
 
9,504

 
233,641

Other
 
466,599

 

 
3,065

 
469,664

TOTAL
 
4,837,470

 
(1,390,685
)
 
2,980,615

 
6,427,400

 
 
 
 
 
 
 
 
 
PROPERTY, PLANT, AND EQUIPMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Electric
 
44,173,933

 
3,690

 
1,013,593

 
45,191,216

Property under capital lease
 
619,527

 

 

 
619,527

Natural gas
 
413,224

 

 

 
413,224

Construction work in progress
 
1,334,169

 
631

 
43,380

 
1,378,180

Nuclear fuel
 
816,794

 

 
221,105

 
1,037,899

TOTAL PROPERTY, PLANT AND EQUIPMENT
 
47,357,647

 
4,321

 
1,278,078

 
48,640,046

Less - accumulated depreciation and amortization
 
20,290,630

 
197

 
427,812

 
20,718,639

PROPERTY, PLANT AND EQUIPMENT - NET
 
27,067,017

 
4,124

 
850,266

 
27,921,407

 
 
 
 
 
 
 
 
 
DEFERRED DEBITS AND OTHER ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory assets:
 
 
 
 
 
 
 
 
    Regulatory asset for income taxes - net
 
761,280

 

 

 
761,280

    Other regulatory assets
 
4,769,913

 

 

 
4,769,913

    Deferred fuel costs
 
239,100

 

 

 
239,100

Goodwill
 
374,099

 

 
3,073

 
377,172

Accumulated deferred income taxes
 
15,415

 
40,309

 
62,161

 
117,885

Other
 
59,251

 
9,125

 
1,537,633

 
1,606,009

TOTAL
 
6,219,058

 
49,434

 
1,602,867

 
7,871,359

 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
41,098,751

 
$
(1,890,355
)
 
$
6,696,038

 
$
45,904,434

 
 
 
 
 
 
 
 
 
*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Balance Sheet
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currently maturing long-term debt
 
$
364,900

 
$

 
$

 
$
364,900

Notes payable and commercial paper:
 
 
 
 
 
 
 
 
  Associated companies
 

 
(15,555
)
 
15,555

 

  Other
 
70,686

 
344,325

 

 
415,011

Account payable:
 
 
 
 
 
 
 
 
  Associated companies
 
24,338

 
(46,062
)
 
21,724

 

  Other
 
990,033

 
585

 
294,959

 
1,285,577

Customer deposits
 
403,311

 

 

 
403,311

Taxes accrued
 
(27,752
)
 
126,885

 
81,981

 
181,114

Interest accrued
 
159,300

 
27,882

 
47

 
187,229

Deferred fuel costs
 
102,753

 

 

 
102,753

Obligations under capital leases
 
2,423

 

 

 
2,423

Pension and other postretirement liabilities
 
63,026

 

 
13,916

 
76,942

Other
 
138,880

 
1,943

 
40,013

 
180,836

TOTAL
 
2,291,898

 
440,003

 
468,195

 
3,200,096

 
 
 
 
 
 
 
 
 
NON-CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated deferred income taxes and taxes accrued
 
8,132,129

 
8,898

 
(645,737
)
 
7,495,290

Accumulated deferred investment tax credits
 
227,147

 

 

 
227,147

Obligations under capital leases
 
24,582

 

 

 
24,582

Other regulatory liabilities
 
1,572,929

 

 

 
1,572,929

Decommissioning and retirement cost liabilities
 
2,879,307

 

 
3,113,169

 
5,992,476

Accumulated provisions
 
480,474

 

 
1,162

 
481,636

Pension and other postretirement liabilities
 
2,299,122

 

 
736,888

 
3,036,010

Long-term debt
 
11,886,598

 
2,536,557

 
44,500

 
14,467,655

Other
 
686,140

 
(391,127
)
 
826,606

 
1,121,619

TOTAL
 
28,188,428

 
2,154,328

 
4,076,588

 
34,419,344

 
 
 
 
 
 
 
 
 
Subsidiaries' preferred stock without sinking fund
 
178,936

 

 
24,249

 
203,185

 
 
 
 
 
 
 
 
 
SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock, $.01 par value, authorized 500,000,000 shares;
 
 
 
 
 
 
 
      issued 254,752,788 shares in 2016
 
2,051,268

 
(2,249,823
)
 
201,103

 
2,548

  Paid-in capital
 
2,799,315

 
953,993

 
1,663,937

 
5,417,245

  Retained earnings
 
5,834,123

 
2,189,728

 
171,720

 
8,195,571

  Accumulated other comprehensive income (loss)
 
(125,217
)
 

 
90,246

 
(34,971
)
  Less - treasury stock, at cost (75,623,363 shares in 2016)
 
120,000

 
5,378,584

 

 
5,498,584

TOTAL
 
10,439,489

 
(4,484,686
)
 
2,127,006

 
8,081,809

 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
41,098,751

 
$
(1,890,355
)
 
$
6,696,038

 
$
45,904,434

 
 
 
 
 
 
 
 
 
*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Balance Sheet
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
 
    Cash
 
$
57,098

 
$
682

 
$
5,717

 
$
63,497

    Temporary cash investments
 
561,970

 
12,208

 
713,285

 
1,287,464

     Total cash and cash equivalents
 
619,068

 
12,890

 
719,002

 
1,350,961

Notes receivable
 

 
(513,778
)
 
513,778

 

Accounts receivable:
 
 
 
 
 
 
 
 
   Customer
 
440,869

 

 
167,622

 
608,491

   Allowance for doubtful accounts
 
(39,895
)
 

 

 
(39,895
)
   Associated companies
 
30,948

 
(34,177
)
 
3,230

 

   Other
 
169,447

 

 
8,917

 
178,364

   Accrued unbilled revenues
 
321,940

 

 

 
321,940

     Total accounts receivable
 
923,309

 
(34,177
)
 
179,769

 
1,068,900

Deferred fuel costs
 

 

 

 

Fuel inventory - at average cost
 
210,861

 

 
6,949

 
217,810

Materials and supplies - at average cost
 
627,702

 

 
245,654

 
873,357

Deferred nuclear refueling outage costs
 
140,423

 

 
71,089

 
211,512

Prepayments and other
 
141,096

 
(8,576
)
 
212,352

 
344,872

TOTAL
 
2,662,459

 
(543,641
)
 
1,948,593

 
4,067,412

 
 
 
 
 
 
 
 
 
OTHER PROPERTY AND INVESTMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in affiliates - at equity
 
1,390,786

 
(1,390,673
)
 
4,228

 
4,341

Decommissioning trust funds
 
2,515,066

 

 
2,834,887

 
5,349,953

Non-utility property - at cost (less accumulated depreciation)
212,997

 
(10
)
 
7,012

 
219,999

Other
 
460,322

 

 
8,382

 
468,704

TOTAL
 
4,579,171

 
(1,390,683
)
 
2,854,509

 
6,042,997

 
 
 
 
 
 
 
 
 
PROPERTY, PLANT, AND EQUIPMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Electric
 
41,079,998

 
3,579

 
3,383,581

 
44,467,159

Property under capital lease
 
952,465

 

 

 
952,465

Natural gas
 
392,032

 

 

 
392,032

Construction work in progress
 
1,326,728

 
349

 
129,659

 
1,456,735

Nuclear fuel
 
856,573

 

 
488,850

 
1,345,422

TOTAL PROPERTY, PLANT AND EQUIPMENT
 
44,607,796

 
3,928

 
4,002,090

 
48,613,813

Less - accumulated depreciation and amortization
 
19,654,374

 
198

 
1,134,880

 
20,789,452

PROPERTY, PLANT AND EQUIPMENT - NET
 
24,953,422

 
3,730

 
2,867,210

 
27,824,361

 
 
 
 
 
 
 
 
 
DEFERRED DEBITS AND OTHER ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory assets:
 
 
 
 
 
 
 
 
    Regulatory asset for income taxes - net
 
775,528

 

 

 
775,528

    Other regulatory assets
 
4,704,796

 

 

 
4,704,796

    Deferred fuel costs
 
238,902

 

 

 
238,902

Goodwill
 
374,099

 

 
3,073

 
377,172

Accumulated deferred income taxes
 
15,888

 
1,206

 
37,809

 
54,903

Other
 
52,641

 
9,980

 
498,989

 
561,610

TOTAL
 
6,161,854

 
11,186

 
539,871

 
6,712,911

 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
38,356,906

 
$
(1,919,408
)
 
$
8,210,183

 
$
44,647,681

 
 
 
 
 
 
 
 
 
*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Balance Sheet
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currently maturing long-term debt
 
$
209,374

 
$

 
$
5,000

 
$
214,374

Notes payable and commercial paper:
 
 
 
 
 
 
 
 
  Associated companies
 

 
(324,315
)
 
324,315

 

  Other
 
72,047

 
422,302

 

 
494,348

Account payable:
 
 
 
 
 
 
 
 
  Associated companies
 
25,119

 
(50,553
)
 
25,433

 

  Other
 
877,395

 
593

 
193,810

 
1,071,798

Customer deposits
 
419,407

 

 

 
419,407

Taxes accrued
 
159,650

 
(105,466
)
 
155,893

 
210,077

Interest accrued
 
163,391

 
31,161

 
13

 
194,565

Deferred fuel costs
 
235,986

 

 

 
235,986

Obligations under capital leases
 
2,709

 

 

 
2,709

Pension and other postretirement liabilities
 
53,143

 

 
9,370

 
62,513

Other
 
150,308

 
1,936

 
31,937

 
184,181

TOTAL
 
2,368,529

 
(24,342
)
 
745,771

 
3,089,958

 
 
 
 
 
 
 
 
 
NON-CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated deferred income taxes and taxes accrued
 
7,459,787

 
300,243

 
546,835

 
8,306,865

Accumulated deferred investment tax credits
 
234,300

 

 

 
234,300

Obligations under capital leases
 
27,001

 

 

 
27,001

Other regulatory liabilities
 
1,414,898

 

 

 
1,414,898

Decommissioning and retirement cost liabilities
 
2,720,676

 

 
2,069,511

 
4,790,187

Accumulated provisions
 
458,366

 

 
2,361

 
460,727

Pension and other postretirement liabilities
 
2,423,018

 

 
764,339

 
3,187,357

Long-term debt
 
10,643,726

 
2,426,571

 
41,259

 
13,111,556

Other
 
736,685

 
(594,523
)
 
307,694

 
449,856

TOTAL
 
26,118,457

 
2,132,291

 
3,731,999

 
31,982,747

 
 
 
 
 
 
 
 
 
Subsidiaries' preferred stock without sinking fund
 
293,936

 

 
24,249

 
318,185

 
 
 
 
 
 
 
 
 
SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock, $.01 par value, authorized 500,000,000 shares;
 
 
 
 
 
 
 
      issued 254,752,788 shares in 2015
 
2,091,268

 
(2,289,823
)
 
201,103

 
2,548

  Paid-in capital
 
2,548,659

 
1,174,256

 
1,680,843

 
5,403,758

  Retained earnings
 
5,185,328

 
2,520,589

 
1,687,996

 
9,393,913

  Accumulated other comprehensive income (loss)
 
(129,271
)
 

 
138,222

 
8,951

  Less - treasury stock, at cost (76,363,763 shares in 2015)
 
120,000

 
5,432,379

 

 
5,552,379

TOTAL
 
9,575,984

 
(4,027,357
)
 
3,708,164

 
9,256,791

 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
38,356,906

 
$
(1,919,408
)
 
$
8,210,183

 
$
44,647,681

 
 
 
 
 
 
 
 
 
*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Income Statement
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2016
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
     Electric
 
$
2,106,625

 
$
(21
)
 
$

 
$
2,106,604

     Natural gas
 
33,819

 

 

 
33,819

     Competitive businesses
 

 

 
508,104

 
508,104

                         Total
 
2,140,444

 
(21
)
 
508,104

 
2,648,527

 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
     Operation and Maintenance:
 
 
 
 
 
 
 
 
          Fuel, fuel related expenses, and gas purchased for resale
 
354,112

 
(20
)
 
107,686

 
461,778

          Purchased power
 
326,574

 
19

 
13,831

 
340,424

          Nuclear refueling outage expenses
 
29,824

 

 
23,903

 
53,727

          Other operation and maintenance
 
671,464

 
6,610

 
294,290

 
972,364

     Asset write-offs, impairments and related charges
 

 

 
2,802,466

 
2,802,466

     Decommissioning
 
38,940

 

 
57,966

 
96,906

     Taxes other than income taxes
 
124,026

 
(226
)
 
20,599

 
144,399

     Depreciation and amortization
 
291,638

 
410

 
44,800

 
336,848

     Other regulatory charges
 
38,617

 

 

 
38,617

                         Total
 
1,875,195

 
6,793

 
3,365,541

 
5,247,529

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING INCOME (LOSS)
 
265,249

 
(6,814
)
 
(2,857,437
)
 
(2,599,002
)
 
 
 
 
 
 
 
 
 
OTHER INCOME (DEDUCTIONS)
 
 
 
 
 
 
 
 
     Allowance for equity funds used during construction
 
19,320

 

 

 
19,320

     Interest and investment income
 
45,360

 
(37,981
)
 
21,086

 
28,465

     Miscellaneous - net
 
(6,150
)
 
(3,653
)
 
(6,111
)
 
(15,914
)
                          Total
 
58,530

 
(41,634
)
 
14,975

 
31,871

 
 
 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
 
 
 
     Interest expense
 
145,318

 
23,933

 
4,950

 
174,201

     Allowance for borrowed funds used during construction
 
(9,655
)
 

 

 
(9,655
)
                         Total
 
135,663

 
23,933

 
4,950

 
164,546

 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
 
188,116

 
(72,381
)
 
(2,847,412
)
 
(2,731,677
)
 
 
 
 
 
 
 
 
 
Income taxes
 
64,735

 
(15,237
)
 
(1,015,637
)
 
(966,139
)
 
 
 
 
 
 
 
 
 
CONSOLIDATED NET INCOME (LOSS)
 
123,381

 
(57,144
)
 
(1,831,775
)
 
(1,765,538
)
 
 
 
 
 
 
 
 
 
Preferred dividend requirements of subsidiaries
 
2,982

 

 
547

 
3,529

 
 
 
 
 
 
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION
 
$
120,399

 
$
(57,144
)
 
$
(1,832,322
)
 
$
(1,769,067
)
 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) PER AVERAGE COMMON SHARE:
 
 
 
 
 
 
 
 
   BASIC
 
$0.67

 
($0.32)

 
($10.23)

 
($9.88)

   DILUTED
 
$0.67

 
($0.32)

 
($10.23)

 
($9.88)

 
 
 
 
 
 
 
 
 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
   BASIC
 
 
 
 
 
 
 
179,128,425

   DILUTED
 
 
 
 
 
 
 
179,128,425

*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Income Statement
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2015
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
     Electric
 
$
2,019,409

 
$
(11
)
 
$

 
$
2,019,398

     Natural gas
 
30,941

 

 

 
30,941

     Competitive businesses
 

 

 
458,184

 
458,184

                         Total
 
2,050,350

 
(11
)
 
458,184

 
2,508,523

 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
     Operating and Maintenance:
 
 
 
 
 
 
 
 
          Fuel, fuel related expenses, and gas purchased for resale
 
478,902

 
(11
)
 
53,674

 
532,565

          Purchased power
 
250,851

 
11

 
25,208

 
276,070

          Nuclear refueling outage expenses
 
27,904

 

 
22,838

 
50,741

          Other operation and maintenance
 
642,734

 
4,291

 
257,587

 
904,612

     Asset write-offs, impairments and related charges
 
68,672

 

 
394,030

 
462,702

     Decommissioning
 
36,520

 

 
36,136

 
72,656

     Taxes other than income taxes
 
119,959

 
(84
)
 
27,511

 
147,386

     Depreciation and amortization
 
276,944

 
632

 
52,518

 
330,095

     Other regulatory charges (credits) - net
 
140,033

 

 

 
140,033

                         Total
 
2,042,519

 
4,839

 
869,502

 
2,916,860

 
 
 
 
 
 
 
 
 
     Gain on sale of asset
 

 

 
154,037

 
154,037

 
 
 
 
 
 
 
 
 
OPERATING INCOME
 
7,831

 
(4,850
)
 
(257,281
)
 
(254,300
)
 
 
 
 
 
 
 
 
 
OTHER INCOME (DEDUCTIONS)
 
 
 
 
 
 
 
 
     Allowance for equity funds used during construction
 
14,067

 

 

 
14,067

     Interest and investment income
 
48,826

 
(41,460
)
 
32,803

 
40,169

     Miscellaneous - net
 
(9,677
)
 
(7,016
)
 
(44,536
)
 
(61,229
)
                          Total
 
53,216

 
(48,476
)
 
(11,733
)
 
(6,993
)
 
 
 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
 
 
 
     Interest expense
 
140,990

 
17,724

 
7,836

 
166,550

     Allowance for borrowed funds used during construction
 
(7,177
)
 

 

 
(7,177
)
                         Total
 
133,813

 
17,724

 
7,836

 
159,373

 
 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
 
(72,766
)
 
(71,050
)
 
(276,850
)
 
(420,666
)
 
 
 
 
 
 
 
 
 
Income taxes
 
(391,231
)
 
(11,567
)
 
(122,717
)
 
(525,515
)
 
 
 
 
 
 
 
 
 
CONSOLIDATED NET INCOME
 
318,465

 
(59,483
)
 
(154,133
)
 
104,849

 
 
 
 
 
 
 
 
 
Preferred dividend requirements of subsidiaries
 
4,729

 

 
547

 
5,276

 
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION
 
$
313,736

 
$
(59,483
)
 
$
(154,680
)
 
$
99,573

 
 
 
 
 
 
 
 
 
EARNINGS PER AVERAGE COMMON SHARE:
 
 
 
 
 
 
 
 
   BASIC
 
$1.76

 
($0.33)

 
($0.87)

 
$0.56

   DILUTED
 
$1.75

 
($0.33)

 
($0.86)

 
$0.56

 
 
 
 
 
 
 
 
 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
   BASIC
 
 
 
 
 
 
 
178,387,574

   DILUTED
 
 
 
 
 
 
 
179,069,948

*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Income Statement
 
 
 
 
 
 
 
 
Year to Date December 31, 2016
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
     Electric
 
$
8,866,758

 
$
(99
)
 
$

 
$
8,866,659

     Natural gas
 
129,348

 

 

 
129,348

     Competitive businesses
 

 

 
1,849,638

 
1,849,638

                         Total
 
8,996,106

 
(99
)
 
1,849,638

 
10,845,645

 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
     Operation and Maintenance:
 
 
 
 
 
 
 
 
          Fuel, fuel related expenses, and gas purchased for resale
 
1,563,952

 
(100
)
 
245,348

 
1,809,200

          Purchased power
 
1,158,498

 
101

 
61,929

 
1,220,527

          Nuclear refueling outage expenses
 
127,523

 

 
81,155

 
208,678

          Other operation and maintenance
 
2,359,810

 
22,259

 
914,642

 
3,296,711

     Asset write-offs, impairments and related charges
 

 

 
2,835,637

 
2,835,637

     Decommissioning
 
152,355

 

 
175,070

 
327,425

     Taxes other than income taxes
 
497,510

 
718

 
94,274

 
592,502

     Depreciation and amortization
 
1,145,688

 
1,646

 
199,852

 
1,347,187

     Other regulatory charges
 
94,243

 

 

 
94,243

                         Total
 
7,099,579

 
24,624

 
4,607,907

 
11,732,110

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING INCOME (LOSS)
 
1,896,527

 
(24,723
)
 
(2,758,269
)
 
(886,465
)
 
 
 
 
 
 
 
 
 
OTHER INCOME (DEDUCTIONS)
 
 
 
 
 
 
 
 
     Allowance for equity funds used during construction
 
67,563

 

 

 
67,563

     Interest and investment income
 
189,994

 
(153,332
)
 
108,466

 
145,127

     Miscellaneous - net
 
(21,017
)
 
(7,874
)
 
(12,726
)
 
(41,617
)
                          Total
 
236,540

 
(161,206
)
 
95,740

 
171,073

 
 
 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
 
 
 
     Interest expense
 
591,721

 
85,966

 
22,858

 
700,545

     Allowance for borrowed funds used during construction
 
(34,175
)
 

 

 
(34,175
)
                         Total
 
557,546

 
85,966

 
22,858

 
666,370

 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
 
1,575,521

 
(271,895
)
 
(2,685,387
)
 
(1,381,762
)
 
 
 
 
 
 
 
 
 
Income taxes
 
424,388

 
(49,384
)
 
(1,192,263
)
 
(817,259
)
 
 
 
 
 
 
 
 
 
CONSOLIDATED NET INCOME (LOSS)
 
1,151,133

 
(222,511
)
 
(1,493,124
)
 
(564,503
)
 
 
 
 
 
 
 
 
 
Preferred dividend requirements of subsidiaries
 
16,928

 

 
2,188

 
19,115

 
 
 
 
 
 
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION
 
$
1,134,205

 
$
(222,511
)
 
$
(1,495,312
)
 
$
(583,618
)
 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) PER AVERAGE COMMON SHARE:
 
 
 
 
 
 
 
 
   BASIC
 
$6.34

 
($1.24)

 
($8.36)

 
($3.26)

   DILUTED
 
$6.34

 
($1.24)

 
($8.36)

 
($3.26)

 
 
 
 
 
 
 
 
 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
   BASIC
 
 
 
 
 
 
 
178,885,660

   DILUTED
 
 
 
 
 
 
 
178,885,660

*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
 
 
Consolidating Income Statement
 
 
 
 
 
 
 
 
Year to Date December 31, 2015
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Utility
 
Parent & Other
 
Entergy Wholesale Commodities
 
Consolidated
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
     Electric
 
$
9,308,740

 
$
(62
)
 
$

 
$
9,308,678

     Natural gas
 
142,746

 

 

 
142,746

     Competitive businesses
 

 

 
2,061,827

 
2,061,827

                         Total
 
9,451,486

 
(62
)
 
2,061,827

 
11,513,251

 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
     Operating and Maintenance:
 
 
 
 
 
 
 
 
          Fuel, fuel related expenses, and gas purchased for resale
 
2,137,122

 
(62
)
 
315,111

 
2,452,171

          Purchased power
 
1,310,175

 
66

 
80,564

 
1,390,805

          Nuclear refueling outage expenses
 
117,545

 

 
133,771

 
251,316

          Other operation and maintenance
 
2,443,075

 
12,533

 
899,373

 
3,354,981

     Asset write-offs, impairments and related charges
 
68,672

 

 
2,036,234

 
2,104,906

     Decommissioning
 
142,744

 

 
137,528

 
280,272

     Taxes other than income taxes
 
507,739

 
1,150

 
110,533

 
619,422

     Depreciation and amortization
 
1,096,088

 
2,156

 
239,032

 
1,337,276

     Other regulatory charges (credits) - net
 
175,304

 

 

 
175,304

                         Total
 
7,998,464

 
15,843

 
3,952,146

 
11,966,453

 
 
 
 
 
 
 
 
 
     Gain on sale of asset
 

 

 
154,037

 
154,037

 
 
 
 
 
 
 
 
 
OPERATING INCOME (LOSS)
 
1,453,022

 
(15,905
)
 
(1,736,282
)
 
(299,165
)
 
 
 
 
 
 
 
 
 
OTHER INCOME (DEDUCTIONS)
 
 
 
 
 
 
 
 
     Allowance for equity funds used during construction
 
51,908

 

 

 
51,908

     Interest and investment income
 
191,546

 
(153,138
)
 
148,654

 
187,062

     Miscellaneous - net
 
(22,067
)
 
(12,350
)
 
(61,580
)
 
(95,997
)
                          Total
 
221,387

 
(165,488
)
 
87,074

 
142,973

 
 
 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
 
 
 
     Interest expense
 
569,759

 
73,549

 
26,788

 
670,096

     Allowance for borrowed funds used during construction
 
(26,627
)
 

 

 
(26,627
)
                         Total
 
543,132

 
73,549

 
26,788

 
643,469

 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
 
1,131,277

 
(254,942
)
 
(1,675,996
)
 
(799,661
)
 
 
 
 
 
 
 
 
 
Income taxes
 
16,761

 
(49,349
)
 
(610,339
)
 
(642,927
)
 
 
 
 
 
 
 
 
 
CONSOLIDATED NET INCOME (LOSS)
 
1,114,516

 
(205,593
)
 
(1,065,657
)
 
(156,734
)
 
 
 
 
 
 
 
 
 
Preferred dividend requirements of subsidiaries
 
17,641

 

 
2,187

 
19,828

 
 
 
 
 
 
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION
 
$
1,096,875

 
$
(205,593
)
 
$
(1,067,844
)
 
$
(176,562
)
 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) PER AVERAGE COMMON SHARE:
 
 
 
 
 
 
 
 
   BASIC
 
$6.12

 
($1.15)

 
($5.96)

 
($0.99)

   DILUTED
 
$6.12

 
($1.15)

 
($5.96)

 
($0.99)

 
 
 
 
 
 
 
 
 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
   BASIC
 
 
 
 
 
 
 
179,176,356

   DILUTED
 
 
 
 
 
 
 
179,176,356

*Totals may not foot due to rounding.
 
 
 
 
 
 
 
 





Entergy Corporation
 
 
 
 
 
 
Consolidated Cash Flow Statement
 
 
 
 
 
 
Three Months Ended December 31, 2016 vs. 2015
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
2016
 
2015
 
Variance
 
 
 
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
 
 
Consolidated net income (loss)
 
$
(1,765,538
)
 
$
104,849

 
$
(1,870,387
)
Adjustments to reconcile consolidated net income (loss) to net cash
 
 
 
 
 
 
flow provided by operating activities:
 
 
 
 
 
 
  Depreciation, amortization, and decommissioning, including nuclear fuel amortization
 
574,419

 
504,546

 
69,873

  Deferred income taxes, investment tax credits, and non-current taxes accrued
 
(955,860
)
 
(552,366
)
 
(403,494
)
  Asset write-offs, impairments and related charges
 
2,802,467

 
462,702

 
2,339,765

  Gain on sale of asset
 

 
(154,037
)
 
154,037

  Changes in working capital:
 
 
 
 
 
 
     Receivables
 
173,872

 
260,463

 
(86,591
)
     Fuel inventory
 
9,310

 
(4,798
)
 
14,108

     Accounts payable
 
74,488

 
(44,902
)
 
119,390

     Prepaid taxes and taxes accrued
 
(58,392
)
 
(26,260
)
 
(32,132
)
     Interest accrued
 
6,152

 
22,923

 
(16,771
)
     Deferred fuel costs
 
(82,304
)
 
133,341

 
(215,645
)
     Other working capital accounts
 
109,750

 
19,441

 
90,309

  Changes in provisions for estimated losses
 
18,145

 
(12,611
)
 
30,756

  Changes in other regulatory assets
 
(213,185
)
 
107,073

 
(320,258
)
  Changes in other regulatory liabilities
 
47,032

 
156,568

 
(109,536
)
  Changes in pensions and other postretirement liabilities
 
168,281

 
(138,780
)
 
307,061

  Other
 
(162,333
)
 
103,387

 
(265,720
)
Net cash flow provided by operating activities
 
746,304

 
941,539

 
(195,235
)
  INVESTING ACTIVITIES
 
 
 
 
 
 
Construction/capital expenditures
 
(776,795
)
 
(799,102
)
 
22,307

Allowance for equity funds used during construction
 
19,538

 
14,207

 
5,331

Nuclear fuel purchases
 
(154,363
)
 
(153,342
)
 
(1,021
)
Proceeds from sale of assets
 

 
487,406

 
(487,406
)
Insurance proceeds received for property damages
 
20,968

 
11,654

 
9,314

Changes in securitization account
 
7,918

 
2,950

 
4,968

Payments to storm reserve escrow account
 
(341
)
 
(207
)
 
(134
)
Receipts from storm reserve escrow account
 

 
5,916

 
(5,916
)
Decrease (increase) in other investments
 
(3,319
)
 
15,894

 
(19,213
)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs
 
46,597

 
18,296

 
28,301

Proceeds from nuclear decommissioning trust fund sales
 
612,354

 
1,004,417

 
(392,063
)
Investment in nuclear decommissioning trust funds
 
(640,113
)
 
(1,030,497
)
 
390,384

Net cash flow used in investing activities
 
(867,556
)
 
(422,408
)
 
(445,148
)
FINANCING ACTIVITIES
 
 
 
 
 
 
  Proceeds from the issuance of:
 
 
 
 
 
 
    Long-term debt
 
1,442,097

 
1,296,305

 
145,792

    Preferred stock of subsidiary
 

 
107,426

 
(107,426
)
    Treasury stock
 

 
148

 
(148
)
  Retirement of long-term debt
 
(1,231,725
)
 
(1,166,400
)
 
(65,325
)
  Repurchase / redemption of preferred stock
 
(30,000
)
 

 
(30,000
)
  Changes in credit borrowings and commercial paper - net
 
(18,352
)
 
(287,674
)
 
269,322

  Other
 
(674
)
 
(2,034
)
 
1,360

  Dividends paid:
 
 
 
 
 
 
     Common stock
 
(155,842
)
 
(151,629
)
 
(4,213
)
     Preferred stock
 
(3,842
)
 
(4,910
)
 
1,068

Net cash flow provided by (used in) financing activities
 
1,662

 
(208,768
)
 
210,430

Net increase (decrease) in cash and cash equivalents
 
(119,590
)
 
310,363

 
(429,953
)
Cash and cash equivalents at beginning of period
 
1,307,434

 
1,040,598

 
266,836

Cash and cash equivalents at end of period
 
$
1,187,844

 
$
1,350,961

 
$
(163,117
)
 
 
 
 
 
 
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
 
 
 
 
  Cash paid (received) during the period for:
 
 
 
 
 
 
     Interest - net of amount capitalized
 
$162,417

 
$140,141

 
$22,276

     Income taxes
 
$15,329

 
$7,810

 
$7,519






Entergy Corporation
 
 
 
 
 
 
Consolidated Cash Flow Statement
 
 
 
 
 
 
Year to Date December 31, 2016 vs. 2015
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
2016
 
2015
 
Variance
 
 
 
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
 
 
Consolidated net income (loss)
 
$
(564,503
)
 
$
(156,734
)
 
$
(407,769
)
Adjustments to reconcile consolidated net income (loss) to net cash
 
 
 
 
 
 
flow provided by operating activities:
 
 
 
 
 
 
  Depreciation, amortization, and decommissioning, including nuclear fuel amortization
 
2,123,291

 
2,117,236

 
6,055

  Deferred income taxes, investment tax credits, and non-current taxes accrued
 
(836,257
)
 
(820,350
)
 
(15,907
)
  Asset write-offs, impairments and related charges
 
2,835,637

 
2,104,906

 
730,731

  Gain on sale of asset
 

 
(154,037
)
 
154,037

  Changes in working capital:
 
 
 
 
 
 
     Receivables
 
(96,975
)
 
38,152

 
(135,127
)
     Fuel inventory
 
38,210

 
(12,376
)
 
50,586

     Accounts payable
 
174,421

 
(135,211
)
 
309,632

     Prepaid taxes and taxes accrued
 
(28,963
)
 
81,969

 
(110,932
)
     Interest accrued
 
(7,335
)
 
(11,445
)
 
4,110

     Deferred fuel costs
 
(241,896
)
 
298,725

 
(540,621
)
     Other working capital accounts
 
31,197

 
(113,701
)
 
144,898

  Changes in provisions for estimated losses
 
20,905

 
42,566

 
(21,661
)
  Changes in other regulatory assets
 
(48,469
)
 
262,317

 
(310,786
)
  Changes in other regulatory liabilities
 
158,031

 
61,241

 
96,790

  Changes in pensions and other postretirement liabilities
 
(136,919
)
 
(446,418
)
 
309,499

  Other
 
(421,676
)
 
134,344

 
(556,020
)
Net cash flow provided by operating activities
 
2,998,699

 
3,291,184

 
(292,485
)
  INVESTING ACTIVITIES
 
 
 
 
 
 
Construction/capital expenditures
 
(2,780,222
)
 
(2,500,860
)
 
(279,362
)
Allowance for equity funds used during construction
 
68,345

 
53,635

 
14,710

Nuclear fuel purchases
 
(314,706
)
 
(493,604
)
 
178,898

Payment for purchase of plant
 
(949,329
)
 

 
(949,329
)
Proceeds from sale of assets
 

 
487,406

 
(487,406
)
Insurance proceeds received for property damages
 
20,968

 
24,399

 
(3,431
)
Changes in securitization account
 
4,007

 
(5,806
)
 
9,813

NYPA value sharing payment
 

 
(70,790
)
 
70,790

Payments to storm reserve escrow account
 
(1,544
)
 
(69,163
)
 
67,619

Receipts from storm reserve escrow account
 

 
5,916

 
(5,916
)
Decrease (increase) in other investments
 
9,055

 
571

 
8,484

Litigation proceeds for reimbursement of spent nuclear fuel storage costs
 
169,085

 
18,296

 
150,789

Proceeds from nuclear decommissioning trust fund sales
 
2,408,920

 
2,492,176

 
(83,256
)
Investment in nuclear decommissioning trust funds
 
(2,484,627
)
 
(2,550,958
)
 
66,331

Net cash flow used in investing activities
 
(3,850,048
)
 
(2,608,782
)
 
(1,241,266
)
FINANCING ACTIVITIES
 
 
 
 
 
 
  Proceeds from the issuance of:
 
 
 
 
 
 
    Long-term debt
 
6,800,558

 
3,502,189

 
3,298,369

    Preferred stock of subsidiary
 

 
107,426

 
(107,426
)
    Treasury stock
 
33,114

 
24,366

 
8,748

  Retirement of long-term debt
 
(5,311,324
)
 
(3,461,518
)
 
(1,849,806
)
  Repurchase of common stock
 

 
(99,807
)
 
99,807

  Repurchase / redemption of preferred stock
 
(115,283
)
 
(94,285
)
 
(20,998
)
  Changes in credit borrowings and commercial paper - net
 
(79,337
)
 
(104,047
)
 
24,710

  Other
 
(6,872
)
 
(9,136
)
 
2,264

  Dividends paid:
 
 
 
 
 
 
     Common stock
 
(611,835
)
 
(598,897
)
 
(12,938
)
     Preferred stock
 
(20,789
)
 
(19,758
)
 
(1,031
)
Net cash flow provided by (used in) financing activities
 
688,232

 
(753,467
)
 
1,441,699

Net decrease in cash and cash equivalents
 
(163,117
)
 
(71,065
)
 
(92,052
)
Cash and cash equivalents at beginning of period
 
1,350,961

 
1,422,026

 
(71,065
)
Cash and cash equivalents at end of period
 
$
1,187,844

 
$
1,350,961

 
$
(163,117
)
 
 
 
 
 
 
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
 
 
 
 
  Cash paid during the period for:
 
 
 
 
 
 
     Interest - net of amount capitalized
 
$
746,779

 
$
663,630

 
$
83,149

     Income taxes
 
$
95,317

 
$
103,589

 
$
(8,272
)



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