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Equity
 3 Months Ended
Mar. 31, 2020
Equity EQUITY (Entergy Corporation and Entergy Louisiana)

Common Stock

Earnings per Share

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:

 
For the Three Months Ended March 31,
 
2020
 
2019
 
(In Millions, Except Per Share Data)
 
Income
 
Shares
 
$/share
 
Income
 
Shares
 
$/share
Basic earnings per share
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Entergy Corporation

$118.7

 
199.8

 

$0.59

 

$254.5

 
189.6

 

$1.34

Average dilutive effect of:
 
 
 
 
 
 
 
 
 
 
 
Stock options
 
 
0.7

 
—

 
 
 
0.4

 
—

Other equity plans
 
 
0.4

 
—

 
 
 
0.5

 
(0.01
)
Equity forwards
 
 
—

 
—

 
 
 
1.7

 
(0.01
)
Diluted earnings per share

$118.7

 
200.9

 

$0.59

 

$254.5

 
192.2

 

$1.32



The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.5 million for the three months ended March 31, 2020 and approximately 0.7 million for the three months ended March 31, 2019.

Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K.

Dividends declared per common share were $0.93 for the three months ended March 31, 2020 and $0.91 for the three months ended March 31, 2019.

Treasury Stock

During the three months ended March 31, 2020, Entergy Corporation issued 1,011,970 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards.  Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2020.

Retained Earnings

On April 8, 2020, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.93 per share, payable on June 1, 2020, to holders of record as of May 7, 2020.

Comprehensive Income
 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2020 by component:
 
Cash flow
hedges
net
unrealized
gain (loss)
 
Pension
and
other
postretirement
liabilities
 
Net
unrealized
investment
gain (loss)
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
(In Thousands)
Beginning balance, December 31, 2019

$84,206

 

($557,072
)
 

$25,946

 

($446,920
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
52,846

 
34,349

 
17,713

 
104,908

Amounts reclassified from accumulated other comprehensive income (loss)
(74,556
)
 
19,550

 
(1,969
)
 
(56,975
)
Net other comprehensive income (loss) for the period
(21,710
)
 
53,899

 
15,744

 
47,933

 
 
 
 
 
 
 
 
Ending balance, March 31, 2020

$62,496

 

($503,173
)
 

$41,690

 

($398,987
)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2019 by component:
 
Cash flow
hedges
net
unrealized
gain (loss)
 
Pension
and
other
postretirement
liabilities
 
Net
unrealized
investment
gain (loss)
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
(In Thousands)
Ending balance, December 31, 2018

($23,135
)
 

($531,922
)
 

($2,116
)
 

($557,173
)
Implementation of accounting standards
(7,685
)
 
—

 
879

 
(6,806
)
Beginning balance, January 1, 2019

($30,820
)
 

($531,922
)
 

($1,237
)
 

($563,979
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
28,312

 
—

 
13,539

 
41,851

Amounts reclassified from accumulated other comprehensive income (loss)
(40,738
)
 
11,550

 
164

 
(29,024
)
Net other comprehensive income (loss) for the period
(12,426
)
 
11,550

 
13,703

 
12,827

 
 
 
 
 
 
 
 
Ending balance, March 31, 2019

($43,246
)
 

($520,372
)
 

$12,466

 

($551,152
)
 
 
 
 
 
 
 
 


 
 
 
 
 

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2020 and 2019:
 
 
Pension and Other
Postretirement Liabilities
 
 
2020
 
2019
 
 
(In Thousands)
Beginning balance, January 1,
 

$4,562

 

($6,153
)
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
 
10,050

 
—

Amounts reclassified from accumulated other
comprehensive income (loss)
 
(583
)
 
(969
)
Net other comprehensive income (loss) for the period
 
9,467

 
(969
)
 
 
 
 
 
Ending balance, March 31,
 

$14,029

 

($7,122
)

 
 
 
 
 
 

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2020 and 2019 were as follows:
 
Amounts reclassified
from AOCI
 
Income Statement Location
 
2020
 
2019
 
 
 
(In Thousands)
 
 
Cash flow hedges net unrealized gain (loss)
 
 
 
 
 
   Power contracts

$94,423

 

$51,615

 
Competitive business operating revenues
   Interest rate swaps
(48
)
 
(48
)
 
Miscellaneous - net
Total realized gain (loss) on cash flow hedges
94,375

 
51,567

 
 
Income taxes
(19,819
)
 
(10,829
)
 
Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)

$74,556

 

$40,738

 
 
 
 
 
 
 
 
Pension and other postretirement liabilities
 
 
 
 
 
   Amortization of prior-service credit

$3,719

 

$5,326

 
(a)
   Amortization of loss
(27,318
)
 
(18,988
)
 
(a)
   Settlement loss
—

 
(1,137
)
 
(a)
Total amortization
(23,599
)
 
(14,799
)
 
 
Income taxes
4,049

 
3,249

 
Income taxes
Total amortization (net of tax)

($19,550
)
 

($11,550
)
 
 
 
 
 
 
 
 
Net unrealized investment gain (loss)
 
 
 
 
 
Realized gain (loss)

$3,116

 

($259
)
 
Interest and investment income
Income taxes
(1,147
)
 
95

 
Income taxes
Total realized investment gain (loss) (net of tax)

$1,969

 

($164
)
 
 
 
 
 
 
 
 
Total reclassifications for the period (net of tax)

$56,975

 

$29,024

 
 

(a)
These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost.  See Note 6 to the financial statements herein for additional details.
 
 
 
 
 
 
 

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended March 31, 2020 and 2019 were as follows:
 
 
Amounts reclassified
from AOCI
 
Income Statement Location
 
 
2020
 
2019
 
 
 
 
(In Thousands)
 
 
Pension and other postretirement liabilities
 
 
 
 
 
 
   Amortization of prior-service credit
 

$1,089

 

$1,838

 
(a)
   Amortization of loss
 
(301
)
 
(527
)
 
(a)
Total amortization
 
788

 
1,311

 
 
Income taxes
 
(205
)
 
(342
)
 
Income taxes
Total amortization (net of tax)
 
583

 
969

 
 
 
 
 
 
 
 
 
Total reclassifications for the period (net of tax)
 

$583

 

$969

 
 


(a)
These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost.  See Note 6 to the financial statements herein for additional details.
Entergy Louisiana [Member]  
Equity EQUITY (Entergy Corporation and Entergy Louisiana)

Common Stock

Earnings per Share

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:

 
For the Three Months Ended March 31,
 
2020
 
2019
 
(In Millions, Except Per Share Data)
 
Income
 
Shares
 
$/share
 
Income
 
Shares
 
$/share
Basic earnings per share
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Entergy Corporation

$118.7

 
199.8

 

$0.59

 

$254.5

 
189.6

 

$1.34

Average dilutive effect of:
 
 
 
 
 
 
 
 
 
 
 
Stock options
 
 
0.7

 
—

 
 
 
0.4

 
—

Other equity plans
 
 
0.4

 
—

 
 
 
0.5

 
(0.01
)
Equity forwards
 
 
—

 
—

 
 
 
1.7

 
(0.01
)
Diluted earnings per share

$118.7

 
200.9

 

$0.59

 

$254.5

 
192.2

 

$1.32



The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.5 million for the three months ended March 31, 2020 and approximately 0.7 million for the three months ended March 31, 2019.

Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K.

Dividends declared per common share were $0.93 for the three months ended March 31, 2020 and $0.91 for the three months ended March 31, 2019.

Treasury Stock

During the three months ended March 31, 2020, Entergy Corporation issued 1,011,970 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards.  Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2020.

Retained Earnings

On April 8, 2020, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.93 per share, payable on June 1, 2020, to holders of record as of May 7, 2020.

Comprehensive Income
 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2020 by component:
 
Cash flow
hedges
net
unrealized
gain (loss)
 
Pension
and
other
postretirement
liabilities
 
Net
unrealized
investment
gain (loss)
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
(In Thousands)
Beginning balance, December 31, 2019

$84,206

 

($557,072
)
 

$25,946

 

($446,920
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
52,846

 
34,349

 
17,713

 
104,908

Amounts reclassified from accumulated other comprehensive income (loss)
(74,556
)
 
19,550

 
(1,969
)
 
(56,975
)
Net other comprehensive income (loss) for the period
(21,710
)
 
53,899

 
15,744

 
47,933

 
 
 
 
 
 
 
 
Ending balance, March 31, 2020

$62,496

 

($503,173
)
 

$41,690

 

($398,987
)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2019 by component:
 
Cash flow
hedges
net
unrealized
gain (loss)
 
Pension
and
other
postretirement
liabilities
 
Net
unrealized
investment
gain (loss)
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
(In Thousands)
Ending balance, December 31, 2018

($23,135
)
 

($531,922
)
 

($2,116
)
 

($557,173
)
Implementation of accounting standards
(7,685
)
 
—

 
879

 
(6,806
)
Beginning balance, January 1, 2019

($30,820
)
 

($531,922
)
 

($1,237
)
 

($563,979
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
28,312

 
—

 
13,539

 
41,851

Amounts reclassified from accumulated other comprehensive income (loss)
(40,738
)
 
11,550

 
164

 
(29,024
)
Net other comprehensive income (loss) for the period
(12,426
)
 
11,550

 
13,703

 
12,827

 
 
 
 
 
 
 
 
Ending balance, March 31, 2019

($43,246
)
 

($520,372
)
 

$12,466

 

($551,152
)
 
 
 
 
 
 
 
 


 
 
 
 
 

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended March 31, 2020 and 2019:
 
 
Pension and Other
Postretirement Liabilities
 
 
2020
 
2019
 
 
(In Thousands)
Beginning balance, January 1,
 

$4,562

 

($6,153
)
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
 
10,050

 
—

Amounts reclassified from accumulated other
comprehensive income (loss)
 
(583
)
 
(969
)
Net other comprehensive income (loss) for the period
 
9,467

 
(969
)
 
 
 
 
 
Ending balance, March 31,
 

$14,029

 

($7,122
)

 
 
 
 
 
 

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended March 31, 2020 and 2019 were as follows:
 
Amounts reclassified
from AOCI
 
Income Statement Location
 
2020
 
2019
 
 
 
(In Thousands)
 
 
Cash flow hedges net unrealized gain (loss)
 
 
 
 
 
   Power contracts

$94,423

 

$51,615

 
Competitive business operating revenues
   Interest rate swaps
(48
)
 
(48
)
 
Miscellaneous - net
Total realized gain (loss) on cash flow hedges
94,375

 
51,567

 
 
Income taxes
(19,819
)
 
(10,829
)
 
Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)

$74,556

 

$40,738

 
 
 
 
 
 
 
 
Pension and other postretirement liabilities
 
 
 
 
 
   Amortization of prior-service credit

$3,719

 

$5,326

 
(a)
   Amortization of loss
(27,318
)
 
(18,988
)
 
(a)
   Settlement loss
—

 
(1,137
)
 
(a)
Total amortization
(23,599
)
 
(14,799
)
 
 
Income taxes
4,049

 
3,249

 
Income taxes
Total amortization (net of tax)

($19,550
)
 

($11,550
)
 
 
 
 
 
 
 
 
Net unrealized investment gain (loss)
 
 
 
 
 
Realized gain (loss)

$3,116

 

($259
)
 
Interest and investment income
Income taxes
(1,147
)
 
95

 
Income taxes
Total realized investment gain (loss) (net of tax)

$1,969

 

($164
)
 
 
 
 
 
 
 
 
Total reclassifications for the period (net of tax)

$56,975

 

$29,024

 
 

(a)
These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost.  See Note 6 to the financial statements herein for additional details.
 
 
 
 
 
 
 

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended March 31, 2020 and 2019 were as follows:
 
 
Amounts reclassified
from AOCI
 
Income Statement Location
 
 
2020
 
2019
 
 
 
 
(In Thousands)
 
 
Pension and other postretirement liabilities
 
 
 
 
 
 
   Amortization of prior-service credit
 

$1,089

 

$1,838

 
(a)
   Amortization of loss
 
(301
)
 
(527
)
 
(a)
Total amortization
 
788

 
1,311

 
 
Income taxes
 
(205
)
 
(342
)
 
Income taxes
Total amortization (net of tax)
 
583

 
969

 
 
 
 
 
 
 
 
 
Total reclassifications for the period (net of tax)
 

$583

 

$969

 
 


(a)
These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost.  See Note 6 to the financial statements herein for additional details.