Commission File Number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | Commission File Number | Registrant, State of Incorporation or Organization, 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, LLC (a Texas limited liability company) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone (504) 670-3700 82-2212934 | |
1-10764 | ENTERGY ARKANSAS, LLC (a Texas limited liability company) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone (501) 377-4000 83-1918668 | 1-34360 | ENTERGY TEXAS, INC. (a Texas corporation) 10055 Grogans Mill Road The Woodlands, Texas 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) 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000 72-0752777 | |
1-31508 | ENTERGY MISSISSIPPI, LLC (a Texas limited liability company) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000 83-1950019 | |||
Registrant | Trading Symbol | Title of Class | Name of Each Exchange on Which Registered |
Entergy Corporation | ETR | Common Stock, $0.01 Par Value | New York Stock Exchange LLC NYSE Chicago, Inc. |
Entergy Arkansas, LLC | EAB | Mortgage Bonds, 4.90% Series due December 2052 | New York Stock Exchange LLC |
EAE | Mortgage Bonds, 4.75% Series due June 2063 | New York Stock Exchange LLC | |
EAI | Mortgage Bonds, 4.875% Series due September 2066 | New York Stock Exchange LLC | |
Entergy Louisiana, LLC | ELJ | Mortgage Bonds, 5.25% Series due July 2052 | New York Stock Exchange LLC |
ELU | Mortgage Bonds, 4.70% Series due June 2063 | New York Stock Exchange LLC | |
ELC | Mortgage Bonds, 4.875% Series due September 2066 | New York Stock Exchange LLC | |
Entergy Mississippi, LLC | EMP | Mortgage Bonds, 4.90% Series due October 2066 | New York Stock Exchange LLC |
Entergy New Orleans, LLC | ENJ | Mortgage Bonds, 5.0% Series due December 2052 | New York Stock Exchange LLC |
ENO | Mortgage Bonds, 5.50% Series due April 2066 | New York Stock Exchange LLC | |
Entergy Texas, Inc. | EZT | Mortgage Bonds, 5.625% Series due June 2064 | New York Stock Exchange LLC |
Exhibit No. | Description |
99.1 |
Date: | May 1, 2019 | ||
For Release: | Immediately | ||
Contact: | Neal Kirby (Media) (504) 576-4238 nkirby@entergy.com | David Borde (Investor Relations) (504) 576-5668 dborde@entergy.com |
Table of Contents Page |
News Release1 Appendices7 A: Consolidated Results and Adjustments8 B: Earnings Variance Analysis11 C: Utility Financial and Operating Measures12 D: EWC Financial and Operating Measures13 E: Consolidated Financial Measures14 F: Definitions and Abbreviations and Acronyms15 G: GAAP to Non-GAAP Reconciliations19 Financial Statements22 |
• | Entergy announced an agreement for post-shutdown sale of Indian Point Units 1, 2 and 3. |
• | Pilgrim returned to Column 1 in the NRC regulatory oversight program. |
• | Entergy Arkansas announced plans for a build-own-transfer of a 100 megawatt solar facility. |
• | Entergy Arkansas and Entergy Texas each issued requests for proposals for 200 megawatts of solar resources. |
• | Entergy Mississippi made its annual formula rate plan filing. |
• | Entergy was named for a fourth consecutive year to the list of America’s Top Corporations for Women’s Business Enterprise by the Women’s Business Enterprise National Council. |
Consolidated Earnings (GAAP and Non-GAAP Measures) | |||
First Quarter 2019 vs. 2018 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | |||
First Quarter | |||
2019 | 2018 | Change | |
(After-tax, $ in millions) | |||
As-reported earnings | 255 | 133 | 122 |
Less adjustments | 97 | (18) | 115 |
Adjusted earnings (non-GAAP) | 158 | 151 | 7 |
Estimated weather in billed sales | (23) | 16 | (40) |
(After-tax, per share in $) | |||
As-reported earnings | 1.32 | 0.73 | 0.59 |
Less adjustments | 0.50 | (0.10) | 0.60 |
Adjusted earnings (non-GAAP) | 0.82 | 0.83 | (0.01) |
Estimated weather in billed sales | (0.12) | 0.09 | (0.21) |
• | A: Consolidated Results and Adjustments |
• | B: Earnings Variance Analysis |
• | C: Utility Financial and Operating Measures |
• | D: EWC Financial and Operating Measures |
• | E: Consolidated Financial Measures |
• | F: Definitions and Abbreviations and Acronyms |
• | G: GAAP to Non-GAAP Reconciliations |
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures First Quarter 2019 vs. 2018 (See Appendix A-3 and Appendix A-4 for details on adjustments) | |||
First Quarter | |||
2019 | 2018 | Change | |
(After-tax, $ in millions) | |||
Earnings (loss) | |||
Utility | 231 | 215 | 16 |
Parent & Other | (73) | (64) | (9) |
EWC | 97 | (18) | 115 |
Consolidated | 255 | 133 | 122 |
Less adjustments | |||
Utility | — | — | — |
Parent & Other | — | — | — |
EWC | 97 | (18) | 115 |
Consolidated | 97 | (18) | 115 |
Adjusted earnings (loss) (non-GAAP) | |||
Utility | 231 | 215 | 16 |
Parent & Other | (73) | (64) | (9) |
EWC | — | — | — |
Consolidated | 158 | 151 | 7 |
Estimated weather in billed sales | (23) | 16 | (40) |
Diluted average number of common shares outstanding (in millions) | 192.2 | 181.4 | |
(After-tax, per share in $) (a) | |||
Earnings (loss) | |||
Utility | 1.20 | 1.19 | 0.01 |
Parent & Other | (0.38) | (0.36) | (0.02) |
EWC | 0.50 | (0.10) | 0.60 |
Consolidated | 1.32 | 0.73 | 0.59 |
Less adjustments | |||
Utility | — | — | — |
Parent & Other | — | — | — |
EWC | 0.50 | (0.10) | 0.60 |
Consolidated | 0.50 | (0.10) | 0.60 |
Adjusted earnings (loss) (non-GAAP) | |||
Utility | 1.20 | 1.19 | 0.01 |
Parent & Other | (0.38) | (0.36) | (0.02) |
EWC | — | — | — |
Consolidated | 0.82 | 0.83 | (0.01) |
Estimated weather in billed sales | (0.12) | 0.09 | (0.21) |
(a) | Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period. |
Appendix A-2: Consolidated Operating Cash Flow | |||
First Quarter 2019 vs. 2018 | |||
($ in millions) | |||
First Quarter | |||
2019 | 2018 | Change | |
Utility | 455 | 523 | (68) |
Parent & Other | (78) | (57) | (21) |
EWC | 124 | 91 | 33 |
Consolidated | 501 | 557 | (56) |
Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS) | |||
First Quarter 2019 vs. 2018 | |||
First Quarter | |||
2019 | 2018 | Change | |
(Pre-tax except for income tax effects and total, $ in millions) | |||
EWC | |||
Income before income taxes | 163 | (19) | 182 |
Income taxes | 66 | (1) | 67 |
Preferred dividend requirements of subsidiaries | 1 | 1 | — |
Total EWC | 97 | (18) | 115 |
Total adjustments | 97 | (18) | 115 |
(After-tax, per share in $) | |||
EWC | |||
Total EWC | 0.50 | (0.10) | 0.60 |
Total adjustments | 0.50 | (0.10) | 0.60 |
Appendix A-4: Adjustments by Income Statement Line Item (shown as positive/(negative) impact on earnings) | |||
First Quarter 2019 vs. 2018 | |||
(Pre-tax except for Income taxes and total, $ in millions) | |||
First Quarter | |||
2019 | 2018 | Change | |
EWC | |||
Net revenue | 393 | 382 | 11 |
Non-fuel O&M | (201) | (193) | (8) |
Asset write-off and impairments | (74) | (73) | (1) |
Decommissioning expense | (63) | (58) | (5) |
Taxes other than income taxes | (13) | (16) | 4 |
Depreciation/amortization exp. | (38) | (38) | — |
Other income (deductions)-other | 169 | (14) | 183 |
Interest exp. and other charges | (9) | (8) | (1) |
Income taxes | (66) | 1 | (67) |
Preferred dividend | (1) | (1) | — |
Total EWC | 97 | (18) | 115 |
Total adjustments (after-tax) | 97 | (18) | 115 |
Appendix B: As-Reported and Adjusted Earnings Variance Analysis (b), (c) |
First Quarter 2019 vs. 2018 |
Utility | Parent & Other | EWC | Consolidated | |||||||
As-Reported | Adjusted | As-Reported | Adjusted | As- Reported | As- Reported | Adjusted | ||||
2018 earnings | 1.19 | 1.19 | (0.36) | (0.36) | (0.10) | 0.73 | 0.83 | |||
Net revenue | 0.07 | 0.07 | (d) | — | — | 0.05 | (e) | 0.12 | 0.07 | |
Non-fuel O&M | 0.02 | 0.02 | (0.02) | (0.02) | (0.03) | (0.03) | — | |||
Asset write-offs and impairments | — | — | — | — | — | — | — | |||
Decommissioning expense | (0.01) | (0.01) | — | — | (0.02) | (0.03) | (0.01) | |||
Taxes other than income taxes | 0.01 | 0.01 | — | — | 0.01 | 0.02 | 0.01 | |||
Depreciation/amortization exp. | (0.04) | (0.04) | — | — | — | (0.04) | (0.04) | |||
Other income (deductions)-other | 0.03 | 0.03 | (0.01) | (0.01) | 0.79 | (f) | 0.81 | 0.02 | ||
Interest exp. and other charges | (0.03) | (0.03) | (0.03) | (0.03) | — | (0.06) | (0.06) | |||
Income taxes-other | 0.03 | 0.03 | 0.01 | 0.01 | (0.16) | (g) | (0.12) | 0.04 | ||
Share effect | (0.07) | (0.07) | (h) | 0.03 | 0.03 | (0.04) | (0.08) | (0.04) | ||
2019 earnings | 1.20 | 1.20 | (0.38) | (0.38) | 0.50 | 1.32 | 0.82 | |||
(b) | Utility net revenue and Utility income taxes exclude $61 million for the return of unprotected excess ADIT to customers (net effect is neutral to earnings). |
(c) | EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes-other represents income tax differences other than the tax effect of individual line items. |
Utility As-Reported Net Revenue Variance Analysis 2019 vs. 2018 ($ EPS) | |
1Q | |
Volume/weather | (0.16) |
Retail electric price Reg. charges for lower tax rate | 0.12 0.12 |
Other | (0.01) |
Total | 0.07 |
(d) | The earnings increase from higher Utility net revenue was primarily driven by rate activity from E-AR’s and E-LA’s FRPs, E-LA’s AMI rider and E-TX’s base rate case. In addition, in first quarter 2018, E-LA recorded regulatory charges to return the benefits of the lower effective federal tax rate to customers. Partially offsetting was the net effect of volume/weather primarily due to the effects of weather, which was negative in first quarter 2019 and positive in first quarter 2018. |
(e) | The earnings increase from higher EWC net revenue reflected higher volume from merchant nuclear plants. |
(f) | The earnings increase from higher EWC other income (deductions)-other was due largely to unrealized gains on the decommissioning trust fund investments in first quarter 2019. |
(g) | The earnings decrease from higher EWC income taxes is primarily due to an accrual of $29 million of tax expense, which resulted from the sale of Vermont Yankee in January 2019. |
(h) | The earnings per share decrease from share effect is due to the equity forward including the settlement of 6.8 million shares in December 2018. |
Appendix C-1: Utility Operating and Financial Measures | ||||
First Quarter 2019 vs. 2018 | ||||
First Quarter | ||||
2019 | 2018 | % Change | % Weather Adjusted (i) | |
GWh billed | ||||
Residential | 8,471 | 9,287 | (8.8) | (0.3) |
Commercial | 6,423 | 6,732 | (4.6) | (1.4) |
Governmental | 601 | 608 | (1.2) | (0.7) |
Industrial | 11,683 | 11,405 | 2.4 | 2.4 |
Total retail sales | 27,178 | 28,032 | (3.0) | 0.6 |
Wholesale | 3,814 | 3,244 | 17.6 | |
Total sales | 30,992 | 31,276 | (0.9) | |
Number of electric retail customers | ||||
Residential | 2,483,785 | 2,476,056 | 0.3 | |
Commercial | 357,613 | 356,034 | 0.4 | |
Governmental | 18,111 | 17,945 | 0.9 | |
Industrial | 40,890 | 40,856 | 0.1 | |
Total retail customers | 2,900,399 | 2,890,891 | 0.3 | |
Net revenue ($ in millions) | 1,416 | 1,460 | (3.0) | |
Non-fuel O&M per MWh | $20.12 | $20.09 | 0.1 | |
Appendix C-2: Utility Operating Measures | ||||
Twelve Months Ended March 31, 2019 vs. 2018 | ||||
Twelve Months Ended March 31 | ||||
2019 | 2018 | % Change | % Weather Adjusted (i) | |
GWh billed | ||||
Residential | 36,291 | 35,484 | 2.3 | (0.6) |
Commercial | 29,117 | 29,039 | 0.3 | (0.7) |
Governmental | 2,574 | 2,525 | 1.9 | 1.2 |
Industrial | 48,662 | 48,057 | 1.3 | 1.3 |
Total retail sales | 116,644 | 115,105 | 1.3 | 0.2 |
(i) | The effects of weather were estimated using heating degree days and cooling degree days for the billing cycles from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change. |
Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | |||
First Quarter 2019 vs. 2018 | |||
($ in millions) | First Quarter | ||
2019 | 2018 | Change | |
Net income (loss) | 97 | (18) | 115 |
Add back: interest expense | 9 | 8 | 1 |
Add back: income taxes | 66 | (1) | 67 |
Add back: depreciation and amortization | 38 | 38 | — |
Subtract: interest and investment income | 181 | (1) | 182 |
Add back: decommissioning expense | 63 | 58 | 5 |
Adjusted EBITDA (non-GAAP) | 92 | 86 | 6 |
Appendix D-2: EWC Operational and Financial Measures | |||
First Quarter 2019 vs. 2018 (See Appendix G for reconciliation of GAAP to non-GAAP measures) | |||
First Quarter | |||
2019 | 2018 | % Change | |
Owned capacity (MW) | 3,962 | 3,962 | — |
GWh billed | 7,203 | 6,996 | 3.0 |
Net revenue ($ in millions) | 393 | 382 | 2.9 |
EWC Nuclear Fleet | |||
Capacity factor | 85% | 83% | 2.4 |
GWh billed | 6,690 | 6,408 | 4.4 |
Production cost per MWh | $20.04 | $18.75 | 6.9 |
Average energy/capacity revenue per MWh | $57.99 | $56.96 | 1.8 |
Net revenue ($ in millions) | 389 | 379 | 2.6 |
Refueling outage days | |||
Indian Point 2 | — | 13 | |
Indian Point 3 | 21 | — | |
Appendix E: GAAP and Non-GAAP Financial Measures | |||
First Quarter 2019 vs. 2018 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures) | |||
For 12 months ending March 31 | 2019 | 2018 | Change |
GAAP Measures | |||
As-reported ROIC | 5.6% | 3.9% | 1.7% |
As-reported ROE | 11.4% | 5.8% | 5.6% |
Non-GAAP Measures | |||
Adjusted ROIC | 5.5% | 5.0% | 0.5% |
Adjusted ROE | 11.5% | 9.4% | 2.1% |
As of March 31 ($ in millions) | 2019 | 2018 | Change |
GAAP Measures | |||
Cash and cash equivalents | 983 | 1,206 | (223) |
Revolver capacity | 3,950 | 3,010 | 940 |
Commercial paper | 1,942 | 655 | 1,287 |
Total debt | 19,325 | 17,680 | 1,645 |
Securitization debt | 398 | 520 | (122) |
Debt to capital | 67.8% | 68.4% | (0.6%) |
Off-balance sheet liabilities: | |||
Debt of joint ventures - Entergy’s share | 59 | 66 | (7) |
Leases - Entergy’s share (j) | — | 429 | (429) |
Power purchase agreements accounted for as leases (j) | — | 136 | (136) |
Total off-balance sheet liabilities | 59 | 631 | (572) |
Non-GAAP Financial Measures | |||
Debt to capital, excluding securitization debt | 67.3% | 67.7% | (0.4%) |
Gross liquidity | 4,933 | 4,216 | 717 |
Net debt to net capital, excluding securitization debt | 66.1% | 66.1% | 0.0% |
Parent debt to total debt, excluding securitization debt | 21.7% | 21.1% | 0.6% |
FFO to debt, excluding securitization debt | 11.1% | 14.8% | (3.7%) |
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 15.0% | 15.3% | (0.3%) |
(j) | As of January 1, 2019, Entergy adopted ASC 842, the new lease accounting standard. As a result, Entergy re-evaluated all agreements and put all agreements that qualified as operating leases on the balance sheet, and there are no longer any off-balance sheet liabilities for leases. |
Appendix F-1: Definitions | |
Utility Operating and Financial Measures | |
GWh billed | Total number of GWh billed to retail and wholesale customers |
Net revenue | Operating revenues 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 the end of the prior year |
EWC Operating and Financial Measures | |
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 Operating and Financial Measures (continued) | ||
GWh billed | Total number of GWh billed to customers and financially-settled instruments | |
Net revenue | Operating revenues less fuel and fuel-related expenses and purchased power | |
Offsetting positions | Transactions for the purchase of energy, generally to offset a Firm LD transaction | |
Owned capacity (MW) | Installed capacity owned by EWC | |
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 shutdown Pilgrim (May 31, 2019), Indian Point 2 (April 30, 2020), Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022) | |
Planned TWh of generation | Amount of output expected to be generated by EWC resources considering plant operating characteristics and outage schedules, assuming intent to shutdown Pilgrim (May 31, 2019), Indian Point 2 (April 30, 2020), Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022) | |
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) | |
Refueling outage days | Number of days lost for a scheduled refueling and maintenance 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 | ||
As-reported ROE | 12-months rolling net income attributable to Entergy Corporation divided by average common equity | |
As-reported ROIC | 12-months rolling net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital | |
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 | 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 | |
Securitization debt | Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at E-TX and Hurricane Isaac at E-NO; the 2009 ice storm at E-AR and investment recovery of costs associated with the cancelled Little Gypsy repowering project at E-LA | |
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 and excluding decommissioning expense; for Entergy consolidated, also excludes AFUDC-equity funds and subtracts securitization proceeds |
Adjusted EPS | As-reported EPS excluding adjustments |
Adjusted ROE | 12-months rolling adjusted net income attributable to Entergy Corporation divided by average common equity |
Adjusted ROIC | 12-months rolling adjusted net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital |
Adjustments | Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items and other items such as certain costs, expenses, or other specified items |
Debt to capital, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt |
FFO | OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, prepaid taxes and taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charges |
FFO to debt, excluding securitization debt | 12-months rolling adjusted FFO as a percentage of end of period total debt excluding securitization debt |
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 12-months rolling adjusted FFO as a percentage of end of period total debt excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC |
Gross liquidity | Sum of cash and revolver capacity |
Net debt to net capital, excluding securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt |
Parent debt to total debt, excluding securitization debt | End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excluding securitization debt |
Appendix F-2: Abbreviations and Acronyms | |||
ADIT AFUDC - borrowed funds AFUDC - equity funds ALJ AMI ANO APSC ARO bps CCGT CCN CCNO COD CT CWIP DCRF E-AR E-LA E-MS E-NO E-TX EBITDA ENGC ENP EPS ETR EWC FERC FFO FitzPatrick FRP GAAP Grand Gulf or GGNS Indian Point 1 or IP1 Indian Point 2 or IP2 Indian Point 3 or IP3 IPEC ISES 2 IRS | Accumulated deferred income taxes Allowance for borrowed funds used during construction Allowance for equity funds used during construction Administrative law judge Advanced metering infrastructure Units 1 and 2 of Arkansas Nuclear One owned by E-AR (nuclear) Arkansas Public Service Commission Asset retirement obligation Basis points Combined cycle gas turbine Certificate of convenience & necessity Council of the City of New Orleans, Louisiana Commercial operation date Simple cycle combustion turbine Construction work in progress Distribution cost recovery factor Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc. Earnings before interest, income taxes, depreciation and amortization Entergy Nuclear Generation Company Entergy Nuclear Palisades, LLC Earnings per share Entergy Corporation Entergy Wholesale Commodities Federal Energy Regulatory Commission Funds from operations James A. FitzPatrick Nuclear Power Plant (nuclear, sold March 31, 2017) Formula rate plan U.S. generally accepted accounting principles Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI Indian Point Energy Center Unit 1 (nuclear) (shut down in 1974) Indian Point Energy Center Unit 2 (nuclear) Indian Point Energy Center Unit 3 (nuclear) Indian Point Energy Center (nuclear) Unit 2 of Independence Steam Electric Station (coal) Internal Revenue Service | ISO IT LPSC LTM LTSA MISO Moody’s MPSC MTEP Nelson 6 NEPOOL Ninemile 6 Non-fuel O&M NDT NOPS NorthStar NRC NYISO NYPA NYSE O&M OCF OpCo OPEB P&O Palisades Pilgrim PPA PUCT RICE RFP ROE ROIC RS Cogen RSP S&P SCPS SEC SERI TCRF Union UPSA VPUC VY or Vermont Yankee WACC WPEC | Independent system operator Information technology Louisiana Public Service Commission Last twelve months Long-term service agreement Midcontinent Independent System Operator, Inc. Moody’s Investor Service Mississippi Public Service Commission MISO Transmission Expansion Planning Unit 6 of Roy S. Nelson plant (coal) New England Power Pool Ninemile Point Unit 6 (CCGT) Non-fuel operation and maintenance expense Nuclear decommissioning trust New Orleans Power Station (RICE/natural gas) NorthStar Decommissioning Holdings, LLC Nuclear Regulatory Commission New York Independent System Operator, Inc. New York Power Authority New York Stock Exchange Operation and maintenance expense Net cash flow provided by operating activities Operating Company Other post-employment benefits Parent & Other Palisades Power Plant (nuclear) Pilgrim Nuclear Power Station (nuclear) Power purchase agreement or purchased power agreement Public Utility Commission of Texas Reciprocating Internal Combustion Engine Request for proposals Return on equity Return on invested capital RS Cogen facility (CCGT cogeneration) Rate Stabilization Plan (E-LA Gas) Standard & Poor’s St. Charles Power Station (CCGT) U.S. Securities and Exchange Commission System Energy Resources, Inc. Transmission cost recovery factor Union Power Station (CCGT) Unit Power Sales Agreement Vermont Public Utility Commission Vermont Yankee Nuclear Power Station (nuclear) Weighted-average cost of capital Washington Parish Energy Center (CT/natural gas) |
Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE | |||
($ in millions except where noted) | First Quarter | ||
2019 | 2018 | ||
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months | (A) | 970 | 462 |
Preferred dividends | 15 | 14 | |
Tax effected interest expense | 539 | 499 | |
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months adjusted for preferred dividends and tax effected interest expense | (B) | 1,524 | 975 |
Adjustments in prior quarters | (103) | (276) | |
EWC adjustments | 97 | (18) | |
Total adjustments | (C) | (6) | (294) |
EWC preferred dividends and tax-effected interest expense, rolling 12 months | 30 | 22 | |
Total adjustments, including preferred dividends and tax effected interest expense (non-GAAP) | (D) | 24 | (272) |
Adjusted earnings, rolling 12 months (non-GAAP) | (A-C) | 976 | 756 |
Adjusted earnings, rolling 12 months including preferred dividends and tax- effected interest expense (non-GAAP) | (B-D) | 1,501 | 1,247 |
Average invested capital | (E) | 27,184 | 24,862 |
Average common equity | (F) | 8,473 | 8,016 |
As-reported ROIC | (B/E) | 5.6% | 3.9% |
Adjusted ROIC (non-GAAP) | [(B-D)/E] | 5.5% | 5.0% |
As-reported ROE | (A/F) | 11.4% | 5.8% |
Adjusted ROE (non-GAAP) | [(A-C)/F] | 11.5% | 9.4% |
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross Liquidity; FFO to Debt, excluding Securitization Debt; FFO to Debt, excluding Securitization Debt, Return of Unprotected Excess ADIT, and Severance and Retention Payments Associated with Exit of EWC | |||
($ in millions except where noted) | First Quarter | ||
2019 | 2018 | ||
Total debt | (A) | 19,325 | 17,680 |
Less securitization debt | (B) | 398 | 520 |
Total debt, excluding securitization debt | (C) | 18,927 | 17,160 |
Less cash and cash equivalents | (D) | 983 | 1,206 |
Net debt, excluding securitization debt | (E) | 17,944 | 15,954 |
Total capitalization | (F) | 28,515 | 25,853 |
Less securitization debt | (B) | 398 | 520 |
Total capitalization, excluding securitization debt | (G) | 28,117 | 25,333 |
Less cash and cash equivalents | (D) | 983 | 1,206 |
Net capital, excluding securitization debt | (H) | 27,134 | 24,127 |
Debt to capital | (A/F) | 67.8% | 68.4% |
Debt to capital, excluding securitization debt (non-GAAP) | (C/G) | 67.3% | 67.7% |
Net debt to net capital, excluding securitization debt (non-GAAP) | (E/H) | 66.1% | 66.1% |
Revolver capacity | (I) | 3,950 | 3,010 |
Gross liquidity (non-GAAP) | (D+I) | 4,933 | 4,216 |
Entergy Corporation notes: | |||
Due September 2020 | 450 | 450 | |
Due July 2022 | 650 | 650 | |
Due September 2026 | 750 | 750 | |
Total parent long-term debt | (J) | 1,850 | 1,850 |
Revolver draw | (K) | 320 | 1,125 |
Commercial paper | (L) | 1,942 | 655 |
Unamortized debt issuance and discounts | (M) | (9) | (11) |
Total parent debt | (J+K+L+M) | 4,103 | 3,619 |
Parent debt to total debt, excluding securitization debt (non-GAAP) | [(J+K+L+M)/C] | 21.7% | 21.1% |
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross Liquidity; FFO to Debt, excluding Securitization Debt; FFO to Debt, excluding Securitization Debt, Return of Unprotected Excess ADIT, and Severance and Retention Payments Associated with Exit of EWC (continued) | |||
($ in millions except where noted) | First Quarter | ||
2019 | 2018 | ||
Total debt | (A) | 19,325 | 17,680 |
Less securitization debt | (B) | 398 | 520 |
Total debt, excluding securitization debt | (C) | 18,927 | 17,160 |
Net cash flow provided by operating activities, rolling 12 months | (D) | 2,329 | 2,652 |
AFUDC - borrowed funds, rolling 12 months | (E) | (65) | (49) |
Working capital items in net cash flow provided by operating activities (rolling 12 months): | |||
Receivables | 7 | (123) | |
Fuel inventory | 58 | (26) | |
Accounts payable | 103 | 81 | |
Taxes accrued | 51 | 36 | |
Interest accrued | (5) | 5 | |
Other working capital accounts | (178) | (25) | |
Securitization regulatory charges | 121 | 121 | |
Total | (F) | 157 | 69 |
FFO, rolling 12 months (non-GAAP) | (G)=(D+E-F) | 2,107 | 2,534 |
FFO to debt, excluding securitization debt (non-GAAP) | (G/C) | 11.1% | 14.8% |
Estimated return of unprotected excess ADIT (rolling 12 months pre-tax) | (H) | 692 | — |
Severance and retention payments associated with exit of EWC (rolling 12 months pre-tax) | (I) | 43 | 100 |
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC (non-GAAP) | [(G+H+I)/(C)] | 15.0% | 15.3% |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
March 31, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $105,985 | $10,708 | $1,691 | $118,384 | ||||||||||||
Temporary cash investments | 626,628 | 12,799 | 225,685 | 865,112 | ||||||||||||
Total cash and cash equivalents | 732,613 | 23,507 | 227,376 | 983,496 | ||||||||||||
Notes receivable | — | (511,494 | ) | 511,494 | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 531,794 | — | 57,725 | 589,519 | ||||||||||||
Allowance for doubtful accounts | (7,458 | ) | — | — | (7,458 | ) | ||||||||||
Associated companies | 19,374 | (29,600 | ) | 10,226 | — | |||||||||||
Other | 149,108 | 202 | 8,983 | 158,293 | ||||||||||||
Accrued unbilled revenues | 334,355 | — | — | 334,355 | ||||||||||||
Total accounts receivable | 1,027,173 | (29,398 | ) | 76,934 | 1,074,709 | |||||||||||
Deferred fuel costs | 19,209 | — | — | 19,209 | ||||||||||||
Fuel inventory - at average cost | 116,318 | — | 5,387 | 121,705 | ||||||||||||
Materials and supplies - at average cost | 741,000 | — | 30,707 | 771,707 | ||||||||||||
Deferred nuclear refueling outage costs | 158,697 | — | 72,931 | 231,628 | ||||||||||||
Prepayments and other | 164,640 | (16,473 | ) | 57,155 | 205,322 | |||||||||||
TOTAL | 2,959,650 | (533,858 | ) | 981,984 | 3,407,776 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,450,880 | (1,450,966 | ) | 86 | — | |||||||||||
Decommissioning trust funds | 3,356,642 | — | 3,521,223 | 6,877,865 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 299,002 | (14 | ) | 11,227 | 310,215 | |||||||||||
Other | 439,637 | — | 212 | 439,849 | ||||||||||||
TOTAL | 5,546,161 | (1,450,980 | ) | 3,532,748 | 7,627,929 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 49,316,007 | 9,597 | 935,267 | 50,260,871 | ||||||||||||
Natural gas | 509,987 | — | — | 509,987 | ||||||||||||
Construction work in progress | 3,226,124 | 291 | 63,319 | 3,289,734 | ||||||||||||
Nuclear fuel | 695,838 | — | 94,560 | 790,398 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 53,747,956 | 9,888 | 1,093,146 | 54,850,990 | ||||||||||||
Less - accumulated depreciation and amortization | 21,488,980 | 616 | 709,173 | 22,198,769 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 32,258,976 | 9,272 | 383,973 | 32,652,221 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Other regulatory assets | 4,908,688 | — | — | 4,908,688 | ||||||||||||
Deferred fuel costs | 239,595 | — | — | 239,595 | ||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||
Accumulated deferred income taxes | 48,844 | 2,475 | 9,936 | 61,255 | ||||||||||||
Other | 166,813 | 10,003 | 153,929 | 330,745 | ||||||||||||
TOTAL | 5,738,039 | 12,478 | 166,938 | 5,917,455 | ||||||||||||
TOTAL ASSETS | $46,502,826 | ($1,963,088 | ) | $5,065,643 | $49,605,381 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
March 31, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $150,010 | $— | $— | $150,010 | ||||||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | (227,298 | ) | 227,298 | — | |||||||||||
Other | — | 1,942,322 | — | 1,942,322 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 10,515 | (30,466 | ) | 19,951 | — | |||||||||||
Other | 1,073,951 | 75 | 332,301 | 1,406,327 | ||||||||||||
Customer deposits | 409,433 | — | — | 409,433 | ||||||||||||
Taxes accrued | 183,138 | 22,636 | 4,382 | 210,156 | ||||||||||||
Interest accrued | 162,521 | 8,785 | 1,339 | 172,645 | ||||||||||||
Deferred fuel costs | 64,653 | — | — | 64,653 | ||||||||||||
Pension and other postretirement liabilities | 49,990 | — | 12,228 | 62,218 | ||||||||||||
Current portion of unprotected excess accumulated deferred | ||||||||||||||||
income taxes | 239,664 | — | — | 239,664 | ||||||||||||
Other | 145,889 | 1,818 | 55,948 | 203,655 | ||||||||||||
TOTAL | 2,489,764 | 1,717,872 | 653,447 | 4,861,083 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 5,588,115 | (376,037 | ) | (959,786 | ) | 4,252,292 | ||||||||||
Accumulated deferred investment tax credits | 211,013 | — | — | 211,013 | ||||||||||||
Regulatory liability for income taxes - net | 1,737,479 | — | — | 1,737,479 | ||||||||||||
Other regulatory liabilities | 1,839,183 | — | — | 1,839,183 | ||||||||||||
Decommissioning and retirement cost liabilities | 3,411,795 | — | 3,165,385 | 6,577,180 | ||||||||||||
Accumulated provisions | 527,259 | — | 607 | 527,866 | ||||||||||||
Pension and other postretirement liabilities | 1,934,774 | — | 672,620 | 2,607,394 | ||||||||||||
Long-term debt | 14,868,230 | 2,160,656 | 139,000 | 17,167,886 | ||||||||||||
Other | 991,712 | (435,309 | ) | 77,808 | 634,211 | |||||||||||
TOTAL | 31,109,560 | 1,349,310 | 3,095,634 | 35,554,504 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 195,178 | — | 24,249 | 219,427 | ||||||||||||
COMMON EQUITY | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 261,587,009 shares in 2019 | 1,973,748 | (2,172,235 | ) | 201,103 | 2,616 | |||||||||||
Paid-in capital | 3,885,027 | 804,023 | 1,231,133 | 5,920,183 | ||||||||||||
Retained earnings | 7,065,749 | 1,429,124 | 315,029 | 8,809,902 | ||||||||||||
Accumulated other comprehensive income (loss) | (96,200 | ) | — | (454,952 | ) | (551,152 | ) | |||||||||
Less - treasury stock, at cost (71,670,773 shares in 2019) | 120,000 | 5,091,182 | — | 5,211,182 | ||||||||||||
TOTAL | 12,708,324 | (5,030,270 | ) | 1,292,313 | 8,970,367 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $46,502,826 | ($1,963,088 | ) | $5,065,643 | $49,605,381 | |||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
December 31, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $52,362 | $4,096 | $232 | $56,690 | ||||||||||||
Temporary cash investments | 207,590 | 3,792 | 212,903 | 424,285 | ||||||||||||
Total cash and cash equivalents | 259,952 | 7,888 | 213,135 | 480,975 | ||||||||||||
Notes receivable | — | (511,786 | ) | 511,786 | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 481,059 | — | 77,435 | 558,494 | ||||||||||||
Allowance for doubtful accounts | (7,322 | ) | — | — | (7,322 | ) | ||||||||||
Associated companies | 28,949 | (32,855 | ) | 3,906 | — | |||||||||||
Other | 157,656 | — | 10,066 | 167,722 | ||||||||||||
Accrued unbilled revenues | 395,511 | — | — | 395,511 | ||||||||||||
Total accounts receivable | 1,055,853 | (32,855 | ) | 91,407 | 1,114,405 | |||||||||||
Deferred fuel costs | 27,251 | — | — | 27,251 | ||||||||||||
Fuel inventory - at average cost | 113,698 | — | 3,606 | 117,304 | ||||||||||||
Materials and supplies - at average cost | 719,438 | — | 33,405 | 752,843 | ||||||||||||
Deferred nuclear refueling outage costs | 147,796 | — | 83,164 | 230,960 | ||||||||||||
Prepayments and other | 171,199 | (16,113 | ) | 79,240 | 234,326 | |||||||||||
TOTAL | 2,495,187 | (552,866 | ) | 1,015,743 | 2,958,064 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,430,792 | (1,430,878 | ) | 86 | — | |||||||||||
Decommissioning trust funds | 3,066,588 | — | 3,853,576 | 6,920,164 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 293,182 | (14 | ) | 11,214 | 304,382 | |||||||||||
Other | 436,981 | — | 284 | 437,265 | ||||||||||||
TOTAL | 5,227,543 | (1,430,892 | ) | 3,865,160 | 7,661,811 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 48,275,159 | 9,585 | 911,834 | 49,196,578 | ||||||||||||
Property under capital lease | 634,908 | — | — | 634,908 | ||||||||||||
Natural gas | 496,150 | — | — | 496,150 | ||||||||||||
Construction work in progress | 2,815,214 | 270 | 73,155 | 2,888,639 | ||||||||||||
Nuclear fuel | 753,513 | — | 107,759 | 861,272 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 52,974,944 | 9,855 | 1,092,748 | 54,077,547 | ||||||||||||
Less - accumulated depreciation and amortization | 21,430,017 | 198 | 672,886 | 22,103,101 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 31,544,927 | 9,657 | 419,862 | 31,974,446 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Other regulatory assets | 4,746,496 | — | — | 4,746,496 | ||||||||||||
Deferred fuel costs | 239,496 | — | — | 239,496 | ||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||
Accumulated deferred income taxes | 41,969 | 2,677 | 9,947 | 54,593 | ||||||||||||
Other | 107,450 | 10,048 | 145,490 | 262,988 | ||||||||||||
TOTAL | 5,509,510 | 12,725 | 158,510 | 5,680,745 | ||||||||||||
TOTAL ASSETS | $44,777,167 | ($1,961,376 | ) | $5,459,275 | $48,275,066 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
December 31, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $650,009 | $— | $— | $650,009 | ||||||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | (227,298 | ) | 227,298 | — | |||||||||||
Other | — | 1,942,339 | — | 1,942,339 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 29,135 | (51,435 | ) | 22,300 | — | |||||||||||
Other | 1,174,309 | 45 | 321,704 | 1,496,058 | ||||||||||||
Customer deposits | 411,505 | — | — | 411,505 | ||||||||||||
Taxes accrued | 267,678 | (18,490 | ) | 5,053 | 254,241 | |||||||||||
Interest accrued | 166,592 | 26,401 | 199 | 193,192 | ||||||||||||
Deferred fuel costs | 52,396 | — | — | 52,396 | ||||||||||||
Obligations under capital leases | 1,617 | — | — | 1,617 | ||||||||||||
Pension and other postretirement liabilities | 49,104 | — | 12,136 | 61,240 | ||||||||||||
Current portion of unprotected excess accumulated deferred | ||||||||||||||||
income taxes | 248,127 | — | — | 248,127 | ||||||||||||
Other | 92,168 | 1,638 | 39,014 | 132,820 | ||||||||||||
TOTAL | 3,142,640 | 1,673,200 | 627,704 | 5,443,544 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 5,458,667 | (317,012 | ) | (1,034,503 | ) | 4,107,152 | ||||||||||
Accumulated deferred investment tax credits | 213,101 | — | — | 213,101 | ||||||||||||
Obligations under capital leases | 20,378 | — | — | 20,378 | ||||||||||||
Regulatory liability for income taxes - net | 1,817,021 | — | — | 1,817,021 | ||||||||||||
Other regulatory liabilities | 1,620,254 | — | — | 1,620,254 | ||||||||||||
Decommissioning and retirement cost liabilities | 3,244,419 | — | 3,111,124 | 6,355,543 | ||||||||||||
Accumulated provisions | 513,489 | — | 618 | 514,107 | ||||||||||||
Pension and other postretirement liabilities | 1,937,884 | — | 678,201 | 2,616,085 | ||||||||||||
Long-term debt | 13,319,111 | 2,060,192 | 139,000 | 15,518,303 | ||||||||||||
Other | 740,865 | (397,003 | ) | 642,009 | 985,871 | |||||||||||
TOTAL | 28,885,189 | 1,346,177 | 3,536,449 | 33,767,815 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 195,153 | — | 24,249 | 219,402 | ||||||||||||
COMMON EQUITY | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 261,587,009 shares in 2018 | 1,973,748 | (2,172,235 | ) | 201,103 | 2,616 | |||||||||||
Paid-in capital | 3,864,764 | 767,625 | 1,319,042 | 5,951,431 | ||||||||||||
Retained earnings | 6,931,882 | 1,577,576 | 211,692 | 8,721,150 | ||||||||||||
Accumulated other comprehensive income (loss) | (96,209 | ) | — | (460,964 | ) | (557,173 | ) | |||||||||
Less - treasury stock, at cost (72,530,866 shares in 2018) | 120,000 | 5,153,719 | — | 5,273,719 | ||||||||||||
TOTAL | 12,554,185 | (4,980,753 | ) | 1,270,873 | 8,844,305 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $44,777,167 | ($1,961,376 | ) | $5,459,275 | $48,275,066 | |||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $2,121,034 | ($10 | ) | $— | $2,121,024 | |||||||||||
Natural gas | 54,948 | — | — | 54,948 | ||||||||||||
Competitive businesses | — | — | 433,612 | 433,612 | ||||||||||||
Total | 2,175,982 | (10 | ) | 433,612 | 2,609,584 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 453,130 | (10 | ) | 25,210 | 478,330 | |||||||||||
Purchased power | 323,724 | 10 | 15,773 | 339,507 | ||||||||||||
Nuclear refueling outage expenses | 38,243 | — | 12,198 | 50,441 | ||||||||||||
Other operation and maintenance | 585,369 | 9,041 | 188,641 | 783,051 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 73,979 | 73,979 | ||||||||||||
Decommissioning | 38,724 | — | 63,395 | 102,119 | ||||||||||||
Taxes other than income taxes | 145,725 | 114 | 12,736 | 158,575 | ||||||||||||
Depreciation and amortization | 318,565 | 671 | 38,038 | 357,274 | ||||||||||||
Other regulatory credits | (16,946 | ) | — | — | (16,946 | ) | ||||||||||
Total | 1,886,534 | 9,826 | 429,970 | 2,326,330 | ||||||||||||
OPERATING INCOME | 289,448 | (9,836 | ) | 3,642 | 283,254 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 38,216 | — | — | 38,216 | ||||||||||||
Interest and investment income | 86,279 | (39,774 | ) | 181,644 | 228,149 | |||||||||||
Miscellaneous - net | (49,404 | ) | (2,138 | ) | (13,116 | ) | (64,658 | ) | ||||||||
Total | 75,091 | (41,912 | ) | 168,528 | 201,707 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 159,405 | 32,405 | 9,183 | 200,993 | ||||||||||||
Allowance for borrowed funds used during construction | (17,449 | ) | — | — | (17,449 | ) | ||||||||||
Total | 141,956 | 32,405 | 9,183 | 183,544 | ||||||||||||
INCOME BEFORE INCOME TAXES | 222,583 | (84,153 | ) | 162,987 | 301,417 | |||||||||||
Income taxes | (11,564 | ) | (11,573 | ) | 65,908 | 42,771 | ||||||||||
CONSOLIDATED NET INCOME | 234,147 | (72,580 | ) | 97,079 | 258,646 | |||||||||||
Preferred dividend requirements of subsidiaries | 3,562 | — | 547 | 4,109 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $230,585 | ($72,580 | ) | $96,532 | $254,537 | |||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $1.21 | ($0.38) | $0.51 | $1.34 | ||||||||||||
DILUTED | $1.20 | ($0.38) | $0.50 | $1.32 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 189,575,187 | |||||||||||||||
DILUTED | 192,234,191 | |||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended March 31, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $2,248,295 | ($33 | ) | $— | $2,248,262 | |||||||||||
Natural gas | 56,695 | — | — | 56,695 | ||||||||||||
Competitive businesses | — | — | 418,924 | 418,924 | ||||||||||||
Total | 2,304,990 | (33 | ) | 418,924 | 2,723,881 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 423,397 | (33 | ) | 19,932 | 443,296 | |||||||||||
Purchased power | 378,988 | 29 | 17,006 | 396,023 | ||||||||||||
Nuclear refueling outage expenses | 40,473 | — | 2,287 | 42,760 | ||||||||||||
Other operation and maintenance | 588,005 | 4,823 | 190,757 | 783,585 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 72,924 | 72,924 | ||||||||||||
Decommissioning | 36,265 | — | 58,135 | 94,400 | ||||||||||||
Taxes other than income taxes | 147,916 | 959 | 16,343 | 165,218 | ||||||||||||
Depreciation and amortization | 308,545 | 371 | 38,149 | 347,065 | ||||||||||||
Other regulatory charges | 42,946 | — | — | 42,946 | ||||||||||||
Total | 1,966,535 | 6,149 | 415,533 | 2,388,217 | ||||||||||||
OPERATING INCOME | 338,455 | (6,182 | ) | 3,391 | 335,664 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 28,343 | — | — | 28,343 | ||||||||||||
Interest and investment income | 56,804 | (38,574 | ) | (1,360 | ) | 16,870 | ||||||||||
Miscellaneous - net | (17,132 | ) | (1,600 | ) | (12,624 | ) | (31,356 | ) | ||||||||
Total | 68,015 | (40,174 | ) | (13,984 | ) | 13,857 | ||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 149,571 | 25,088 | 8,264 | 182,923 | ||||||||||||
Allowance for borrowed funds used during construction | (13,265 | ) | — | — | (13,265 | ) | ||||||||||
Total | 136,306 | 25,088 | 8,264 | 169,658 | ||||||||||||
INCOME BEFORE INCOME TAXES | 270,164 | (71,444 | ) | (18,857 | ) | 179,863 | ||||||||||
Income taxes | 52,224 | (7,483 | ) | (1,078 | ) | 43,663 | ||||||||||
CONSOLIDATED NET INCOME | 217,940 | (63,961 | ) | (17,779 | ) | 136,200 | ||||||||||
Preferred dividend requirements of subsidiaries | 2,892 | — | 547 | 3,439 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $215,048 | ($63,961 | ) | ($18,326 | ) | $132,761 | ||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $1.19 | ($0.36) | ($0.10) | $0.73 | ||||||||||||
DILUTED | $1.19 | ($0.36) | ($0.10) | $0.73 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 180,707,575 | |||||||||||||||
DILUTED | 181,431,968 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended March 31, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $9,256,973 | ($100 | ) | $— | $9,256,873 | |||||||||||
Natural gas | 154,689 | — | — | 154,689 | ||||||||||||
Competitive businesses | — | — | 1,483,593 | 1,483,593 | ||||||||||||
Total | 9,411,662 | (100 | ) | 1,483,593 | 10,895,155 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,100,411 | (100 | ) | 82,516 | 2,182,827 | |||||||||||
Purchased power | 1,488,206 | 100 | 113,977 | 1,602,283 | ||||||||||||
Nuclear refueling outage expenses | 148,025 | — | 13,482 | 161,507 | ||||||||||||
Other operation and maintenance | 2,498,733 | 41,546 | 805,584 | 3,345,863 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 533,376 | 533,376 | ||||||||||||
Decommissioning | 152,083 | — | 244,144 | 396,227 | ||||||||||||
Taxes other than income taxes | 559,794 | 951 | 74,564 | 635,309 | ||||||||||||
Depreciation and amortization | 1,228,340 | 1,574 | 149,737 | 1,379,651 | ||||||||||||
Other regulatory charges (credits) - net | 241,157 | — | — | 241,157 | ||||||||||||
Total | 8,416,749 | 44,071 | 2,017,380 | 10,478,200 | ||||||||||||
OPERATING INCOME (LOSS) | 994,913 | (44,171 | ) | (533,787 | ) | 416,955 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 139,475 | — | — | 139,475 | ||||||||||||
Interest and investment income | 233,411 | (155,815 | ) | 197,547 | 275,143 | |||||||||||
Miscellaneous - net | (94,298 | ) | (11,789 | ) | (56,969 | ) | (163,056 | ) | ||||||||
Total | 278,588 | (167,604 | ) | 140,578 | 251,562 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 623,727 | 128,052 | 34,613 | 786,392 | ||||||||||||
Allowance for borrowed funds used during construction | (65,158 | ) | — | — | (65,158 | ) | ||||||||||
Total | 558,569 | 128,052 | 34,613 | 721,234 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 714,932 | (339,827 | ) | (427,822 | ) | (52,717 | ) | |||||||||
Income taxes | (796,336 | ) | (39,343 | ) | (202,039 | ) | (1,037,718 | ) | ||||||||
CONSOLIDATED NET INCOME (LOSS) | 1,511,268 | (300,484 | ) | (225,783 | ) | 985,001 | ||||||||||
Preferred dividend requirements of subsidiaries | 12,376 | — | 2,188 | 14,564 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $1,498,892 | ($300,484 | ) | ($227,971 | ) | $970,437 | ||||||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $8.17 | ($1.64) | ($1.24) | $5.29 | ||||||||||||
DILUTED | $8.06 | ($1.61) | ($1.23) | $5.22 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 183,596,132 | |||||||||||||||
DILUTED | 186,009,438 | |||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended March 31, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $9,535,544 | ($127 | ) | $— | $9,535,417 | |||||||||||
Natural gas | 152,200 | — | — | 152,200 | ||||||||||||
Competitive businesses | — | — | 1,522,286 | 1,522,286 | ||||||||||||
Total | 9,687,744 | (127 | ) | 1,522,286 | 11,209,903 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,936,028 | (127 | ) | 81,418 | 2,017,319 | |||||||||||
Purchased power | 1,381,854 | 123 | 84,228 | 1,466,205 | ||||||||||||
Nuclear refueling outage expenses | 157,906 | — | 10,441 | 168,347 | ||||||||||||
Other operation and maintenance | 2,449,197 | 27,096 | 775,704 | 3,251,997 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 399,505 | 399,505 | ||||||||||||
Decommissioning | 147,482 | — | 238,229 | 385,711 | ||||||||||||
Taxes other than income taxes | 551,700 | 1,683 | 73,039 | 626,422 | ||||||||||||
Depreciation and amortization | 1,209,366 | 1,735 | 178,677 | 1,389,778 | ||||||||||||
Other regulatory charges (credits) - net | (3,652 | ) | — | — | (3,652 | ) | ||||||||||
Total | 7,829,881 | 30,510 | 1,841,241 | 9,701,632 | ||||||||||||
OPERATING INCOME (LOSS) | 1,857,863 | (30,637 | ) | (318,955 | ) | 1,508,271 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 104,424 | — | — | 104,424 | ||||||||||||
Interest and investment income | 223,440 | (154,544 | ) | 179,623 | 248,519 | |||||||||||
Miscellaneous - net | (64,631 | ) | (5,388 | ) | (67,269 | ) | (137,288 | ) | ||||||||
Total | 263,233 | (159,932 | ) | 112,354 | 215,655 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 598,375 | 95,134 | 25,537 | 719,046 | ||||||||||||
Allowance for borrowed funds used during construction | (49,092 | ) | — | — | (49,092 | ) | ||||||||||
Total | 549,283 | 95,134 | 25,537 | 669,954 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,571,813 | (285,703 | ) | (232,138 | ) | 1,053,972 | ||||||||||
Income taxes | 748,348 | (100,657 | ) | (69,220 | ) | 578,471 | ||||||||||
CONSOLIDATED NET INCOME (LOSS) | 823,465 | (185,046 | ) | (162,918 | ) | 475,501 | ||||||||||
Preferred dividend requirements of subsidiaries | 11,546 | — | 2,188 | 13,734 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $811,919 | ($185,046 | ) | ($165,106 | ) | $461,767 | ||||||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.51 | ($1.03) | ($0.91) | $2.57 | ||||||||||||
DILUTED | $4.48 | ($1.02) | ($0.91) | $2.55 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 180,010,225 | |||||||||||||||
DILUTED | 180,971,491 | |||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Twelve Months Ended March 31, 2019 vs. 2018 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2019 | 2018 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $985,001 | $475,501 | $509,500 | |||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,045,598 | 2,072,386 | (26,788 | ) | ||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (256,571 | ) | 617,163 | (873,734 | ) | |||||||
Asset write-offs, impairments and related charges | 491,401 | 238,025 | 253,376 | |||||||||
Changes in working capital: | ||||||||||||
Receivables | 7,093 | (122,688 | ) | 129,781 | ||||||||
Fuel inventory | 57,699 | (25,769 | ) | 83,468 | ||||||||
Accounts payable | 102,556 | 80,627 | 21,929 | |||||||||
Taxes accrued | 51,490 | 36,384 | 15,106 | |||||||||
Interest accrued | (5,315 | ) | 4,652 | (9,967 | ) | |||||||
Deferred fuel costs | 70,610 | (12,559 | ) | 83,169 | ||||||||
Other working capital accounts | (178,185 | ) | (25,011 | ) | (153,174 | ) | ||||||
Changes in provisions for estimated losses | 38,682 | 11,496 | 27,186 | |||||||||
Changes in other regulatory assets | (57,348 | ) | 632,356 | (689,704 | ) | |||||||
Changes in other regulatory liabilities | (641,019 | ) | 2,902,739 | (3,543,758 | ) | |||||||
Deferred tax rate change recognized as regulatory liability / asset | — | (3,665,498 | ) | 3,665,498 | ||||||||
Changes in pensions and other postretirement liabilities | (215,236 | ) | (141,674 | ) | (73,562 | ) | ||||||
Other | (167,413 | ) | (426,630 | ) | 259,217 | |||||||
Net cash flow provided by operating activities | 2,329,043 | 2,651,500 | (322,457 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (3,962,160 | ) | (3,744,563 | ) | (217,597 | ) | ||||||
Allowance for equity funds used during construction | 140,005 | 105,258 | 34,747 | |||||||||
Nuclear fuel purchases | (291,382 | ) | (289,358 | ) | (2,024 | ) | ||||||
Payment for purchase of plant or assets | (26,623 | ) | (16,762 | ) | (9,861 | ) | ||||||
Proceeds from sale of assets | 24,902 | — | 24,902 | |||||||||
Insurance proceeds received for property damages | 16,688 | 6,830 | 9,858 | |||||||||
Changes in securitization account | 135 | (4,777 | ) | 4,912 | ||||||||
Payments to storm reserve escrow account | (7,661 | ) | (3,573 | ) | (4,088 | ) | ||||||
Receipts from storm reserve escrow account | — | 2,487 | (2,487 | ) | ||||||||
Decrease (increase) in other investments | (15,049 | ) | 11,049 | (26,098 | ) | |||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 59,643 | — | 59,643 | |||||||||
Proceeds from nuclear decommissioning trust fund sales | 6,701,006 | 3,740,329 | 2,960,677 | |||||||||
Investment in nuclear decommissioning trust funds | (6,722,011 | ) | (3,810,607 | ) | (2,911,404 | ) | ||||||
Net cash flow used in investing activities | (4,082,507 | ) | (4,003,687 | ) | (78,820 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 8,974,040 | 4,078,918 | 4,895,122 | |||||||||
Preferred stock of subsidiary | 73,330 | 14,399 | 58,931 | |||||||||
Treasury stock | 136,940 | 80,233 | 56,707 | |||||||||
Common stock | 499,272 | — | 499,272 | |||||||||
Retirement of long-term debt | (8,530,593 | ) | (1,507,991 | ) | (7,022,602 | ) | ||||||
Repurchase / redemption of preferred stock and preferred membership units | (103,868 | ) | (20,599 | ) | (83,269 | ) | ||||||
Changes in credit borrowings and commercial paper - net | 1,137,191 | (518,259 | ) | 1,655,450 | ||||||||
Other | 19,315 | (4,348 | ) | 23,663 | ||||||||
Dividends paid: | ||||||||||||
Common stock | (659,408 | ) | (633,699 | ) | (25,709 | ) | ||||||
Preferred stock | (14,855 | ) | (13,933 | ) | (922 | ) | ||||||
Net cash flow provided by financing activities | 1,531,364 | 1,474,721 | 56,643 | |||||||||
Net increase (decrease) in cash and cash equivalents | (222,100 | ) | 122,534 | (344,634 | ) | |||||||
Cash and cash equivalents at beginning of period | 1,205,596 | 1,083,062 | 122,534 | |||||||||
Cash and cash equivalents at end of period | $983,496 | $1,205,596 | ($222,100 | ) | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest - net of amount capitalized | $764,174 | $685,843 | $78,331 | |||||||||
Income taxes | $10,278 | $372 | $9,906 |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Three Months Ended March 31, 2019 vs. 2018 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2019 | 2018 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $258,646 | $136,200 | $122,446 | |||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 530,224 | 525,181 | 5,043 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 104,884 | 104,607 | 277 | |||||||||
Asset write-offs, impairments and related charges | 25,462 | 25,800 | (338 | ) | ||||||||
Changes in working capital: | ||||||||||||
Receivables | 39,697 | 131,150 | (91,453 | ) | ||||||||
Fuel inventory | (4,401 | ) | (16,261 | ) | 11,860 | |||||||
Accounts payable | (63,613 | ) | (68,857 | ) | 5,244 | |||||||
Taxes accrued | (44,083 | ) | (56,301 | ) | 12,218 | |||||||
Interest accrued | (20,546 | ) | (10,011 | ) | (10,535 | ) | ||||||
Deferred fuel costs | 20,201 | (76,238 | ) | 96,439 | ||||||||
Other working capital accounts | (42,016 | ) | (28,004 | ) | (14,012 | ) | ||||||
Changes in provisions for estimated losses | 13,720 | 10,744 | 2,976 | |||||||||
Changes in other regulatory assets | (162,192 | ) | 84,349 | (246,541 | ) | |||||||
Changes in other regulatory liabilities | 130,924 | (31,380 | ) | 162,304 | ||||||||
Changes in pensions and other postretirement liabilities | (7,713 | ) | (97,418 | ) | 89,705 | |||||||
Other | (278,005 | ) | (76,168 | ) | (201,837 | ) | ||||||
Net cash flow provided by operating activities | 501,189 | 557,393 | (56,204 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (951,629 | ) | (931,479 | ) | (20,150 | ) | ||||||
Allowance for equity funds used during construction | 38,322 | 28,512 | 9,810 | |||||||||
Nuclear fuel purchases | (38,445 | ) | (49,647 | ) | 11,202 | |||||||
Insurance proceeds received for property damages | — | 1,582 | (1,582 | ) | ||||||||
Changes in securitization account | (1,084 | ) | (7,063 | ) | 5,979 | |||||||
Payments to storm reserve escrow account | (2,285 | ) | (1,175 | ) | (1,110 | ) | ||||||
Decrease (increase) in other investments | 39,045 | (406 | ) | 39,451 | ||||||||
Proceeds from nuclear decommissioning trust fund sales | 1,307,547 | 1,091,332 | 216,215 | |||||||||
Investment in nuclear decommissioning trust funds | (1,342,429 | ) | (1,106,094 | ) | (236,335 | ) | ||||||
Net cash flow used in investing activities | (950,958 | ) | (974,438 | ) | 23,480 | |||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 3,444,230 | 2,505,726 | 938,504 | |||||||||
Treasury stock | 35,577 | 1,952 | 33,625 | |||||||||
Retirement of long-term debt | (2,298,855 | ) | (734,000 | ) | (1,564,855 | ) | ||||||
Repurchase of preferred membership units | (50,000 | ) | — | (50,000 | ) | |||||||
Changes in credit borrowings and commercial paper - net | (17 | ) | (773,177 | ) | 773,160 | |||||||
Other | (1,945 | ) | 5,193 | (7,138 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (172,591 | ) | (160,887 | ) | (11,704 | ) | ||||||
Preferred stock | (4,109 | ) | (3,439 | ) | (670 | ) | ||||||
Net cash flow provided by financing activities | 952,290 | 841,368 | 110,922 | |||||||||
Net increase in cash and cash equivalents | 502,521 | 424,323 | 78,198 | |||||||||
Cash and cash equivalents at beginning of period | 480,975 | 781,273 | — | |||||||||
Cash and cash equivalents at end of period | $983,496 | $1,205,596 | ($222,100 | ) | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid (received) during the period for: | ||||||||||||
Interest - net of amount capitalized | $214,935 | $185,606 | $29,329 | |||||||||
Income taxes | ($13,844 | ) | ($4,297 | ) | ($9,547 | ) | ||||||