LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2020 and 2019 consisted of:


Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2020	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2020	2019	2020	2019
				(In Thousands)
Mortgage Bonds
2020-2024	3.23%	0.62% - 5.59%	2.55% - 5.59%	$4,400,000	$3,575,000
2025-2029	3.35%	2.14% - 4.44%	2.4% - 4.44%	4,113,000	3,735,000
2030-2040	3.38%	1.6% - 4.52%	3.05% - 4.52%	2,552,000	1,590,000
2044-2066	4.12%	2.65% - 5.5%	3.55% - 5.625%	6,380,000	5,170,000
Governmental Bonds (a)
2021-2022	2.50%	2.375% - 2.5%	2.375% - 2.5%	179,000	179,000
2028-2030	3.45%	3.375% - 3.5%	3.375% - 3.5%	198,680	198,680
Securitization Bonds
2022-2027	3.59%	2.04% - 5.93%	2.04% - 5.93%	177,522	302,145
Variable Interest Entities Notes Payable (Note 4)
2021-2027	2.45%	2.05% - 3.92%	3.17% - 3.92%	450,000	360,000
Entergy Corporation Notes
due September 2020	n/a	—%	5.125%	—	450,000
due July 2022	n/a	4.00%	4.00%	650,000	650,000
due September 2025	n/a	0.9%	—	800,000	—
due September 2026	n/a	2.95%	2.95%	750,000	750,000
due June 2030	n/a	2.80%	—	600,000	—
due June 2050	n/a	3.75%	—	600,000	—
Entergy New Orleans Unsecured Term Loan due May 2022	n/a	3.00%	3.00%	70,000	70,000
5 Year Credit Facility (Note 4)	n/a	2.35%	3.77%	165,000	440,000
Entergy New Orleans Credit Facility (Note 4)	n/a	—	2.92%	—	20,000
Vermont Yankee Credit Facility (Note 4)	n/a	2.46%	3.93%	139,000	139,000
Entergy Arkansas VIE Credit Facility (Note 4)	n/a	1.94%	3.33%	12,200	15,100
Entergy Louisiana River Bend VIE Credit Facility (Note 4)	n/a	1.95%	3.23%	18,900	70,300
Entergy Louisiana Waterford VIE Credit Facility (Note 4)	n/a	1.72%	3.30%	39,300	49,900
System Energy VIE Credit Facility (Note 4)	n/a	1.63%	3.34%	—	31,600
Long-term DOE Obligation (b)	—	—	—	192,018	191,114
Grand Gulf Sale-Leaseback Obligation	n/a	—	—	34,336	34,346
Unamortized Premium and Discount - Net				3,665	(16,124)
Unamortized Debt Issuance Costs				(160,420)	(143,502)
Other				5,575	12,096
Total Long-Term Debt				22,369,776	17,873,655
Less Amount Due Within One Year				1,164,015	795,012
Long-Term Debt Excluding Amount Due Within One Year				$21,205,761	$17,078,643
Fair Value of Long-Term Debt				$24,813,818	$19,059,950

(a)Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


			Amount
			(In Thousands)
2021			$1,164,000
2022			$1,141,878
2023			$2,452,194
2024			$1,340,000
2025			$1,378,000

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2022. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2022. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2022.

Long-term debt for the Registrant Subsidiaries as of December 31, 2020 and 2019 consisted of:


	2020	2019
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.75% Series due February 2021	$350,000	$350,000
3.05% Series due June 2023	250,000	250,000
3.7% Series due June 2024	375,000	375,000
3.5% Series due April 2026	600,000	600,000
4.0% Series due June 2028	350,000	250,000
4.95% Series due December 2044	250,000	250,000
4.20% Series due April 2049	350,000	350,000
2.65% Series due June 2051	675,000	—
4.90% Series due December 2052	—	200,000
4.75% Series due June 2063	—	125,000
4.875% Series due September 2066	410,000	410,000
Total mortgage bonds	3,610,000	3,160,000
Governmental Bonds (a):

2.375% Series due 2021, Independence County (c)	45,000	45,000
Total governmental bonds	45,000	45,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.65% Series L due July 2021	90,000	90,000
3.17% Series M due December 2023	40,000	40,000
Credit Facility due September 2022, weighted avg rate 1.94%	12,200	15,100
Total variable interest entity notes payable and credit facility	142,200	145,100
Securitization Bonds:
2.30% Series Senior Secured due August 2021	—	7,259
Total securitization bonds	—	7,259
Other:
Long-term DOE Obligation (b)	192,018	191,114
Unamortized Premium and Discount – Net	6,938	1,664
Unamortized Debt Issuance Costs	(30,638)	(34,936)
Other	1,989	2,007
Total Long-Term Debt	3,967,507	3,517,208
Less Amount Due Within One Year	485,000	—
Long-Term Debt Excluding Amount Due Within One Year	$3,482,507	$3,517,208
Fair Value of Long-Term Debt	$4,355,632	$3,747,914


	2020	2019
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.95% Series due October 2020	$—	$250,000
4.8% Series due May 2021	200,000	200,000
3.3% Series due December 2022	200,000	200,000
4.05% Series due September 2023	325,000	325,000
0.62% Series due November 2023	1,100,000	—
5.59% Series due October 2024	300,000	300,000
5.40% Series due November 2024	400,000	400,000
3.78% Series due April 2025	110,000	110,000
3.78% Series due April 2025	190,000	190,000
4.44% Series due January 2026	250,000	250,000
2.40% Series due October 2026	400,000	400,000
3.12% Series due September 2027	450,000	450,000
3.25% Series due April 2028	425,000	425,000
1.60% Series due December 2030	300,000	—
3.05% Series due June 2031	325,000	325,000
4.0% Series due March 2033	750,000	750,000
5.0% Series due July 2044	170,000	170,000
4.95% Series due January 2045	450,000	450,000
4.20% Series due September 2048	900,000	600,000
4.20% Series due April 2050	525,000	525,000
2.90% Series due March 2051	650,000	—
5.25% Series due July 2052	—	200,000
4.70% Series due June 2063	—	100,000
4.875% Series due September 2066	270,000	270,000
Total mortgage bonds	8,690,000	6,890,000
Governmental Bonds (a):
3.375% Series due 2028, Louisiana Public Facilities Authority (c)	83,680	83,680
3.50% Series due 2030, Louisiana Public Facilities Authority (c)	115,000	115,000
Total governmental bonds	198,680	198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):


3.38% Series R due August 2020	—	70,000
3.92% Series H due February 2021	40,000	40,000
3.22% Series I due December 2023	20,000	20,000
2.51% Series V due June 2027	70,000	—
Credit Facility due September 2022, weighted avg rate 1.95%	18,900	70,300
Credit Facility due September 2022, weighted avg rate 1.72%	39,300	49,900
Total variable interest entity notes payable and credit facilities	188,200	250,200
Securitization Bonds:
2.04% Series Senior Secured due September 2023	10,980	34,185
Total securitization bonds	10,980	34,185
Other:
Unamortized Premium and Discount - Net	(2,863)	(17,372)
Unamortized Debt Issuance Costs	(61,132)	(58,089)
Other	3,586	6,065
Total Long-Term Debt	9,027,451	7,303,669
Less Amount Due Within One Year	240,000	320,002
Long-Term Debt Excluding Amount Due Within One Year	$8,787,451	$6,983,667
Fair Value of Long-Term Debt	$10,258,294	$7,961,168


	2020	2019
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.1% Series due July 2023	$250,000	$250,000
3.75% Series due July 2024	100,000	100,000
3.25% Series due December 2027	150,000	150,000
2.85% Series due June 2028	375,000	375,000
4.52% Series due December 2038	55,000	55,000
3.85% Series due June 2049	435,000	435,000
3.50% Series due June 2051	170,000	—
4.90% Series due October 2066	260,000	260,000
Total mortgage bonds	1,795,000	1,625,000
Other:
Unamortized Premium and Discount – Net	3,685	6,127
Unamortized Debt Issuance Costs	(18,108)	(16,998)

Total Long-Term Debt	1,780,577	1,614,129
Less Amount Due Within One Year	—	—
Long-Term Debt Excluding Amount Due Within One Year	$1,780,577	$1,614,129
Fair Value of Long-Term Debt	$2,021,432	$1,709,505


	2020	2019
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020	$—	$25,000
3.9% Series due July 2023	100,000	100,000
3.0% Series due March 2025	78,000	—
4.0% Series due June 2026	85,000	85,000
4.51% Series due September 2033	60,000	60,000
3.75% Series due March 2040	62,000	—
5.0% Series due December 2052	30,000	30,000
5.50% Series due April 2066	110,000	110,000
Total mortgage bonds	525,000	410,000
Securitization Bonds:
2.67% Series Senior Secured due June 2027	42,850	54,443
Total securitization bonds	42,850	54,443
Other:
3.0% Unsecured Term Loan due May 2022	70,000	70,000
Credit Facility due November 2021, weighted avg rate 2.92%	—	20,000
Payable to associated company due November 2035	12,529	14,367
Unamortized Premium and Discount – Net	(91)	(129)
Unamortized Debt Issuance Costs	(8,055)	(7,775)
Total Long-Term Debt	642,233	560,906
Less Amount Due Within One Year	1,618	26,838
Long-Term Debt Excluding Amount Due Within One Year	$640,615	$534,068
Fair Value of Long-Term Debt	$620,634	$523,846


	2020	2019
	(In Thousands)
Entergy Texas
Mortgage Bonds:
2.55% Series due June 2021	$125,000	$125,000
4.1% Series due September 2021	75,000	75,000
3.45% Series due December 2027	150,000	150,000
4.0% Series due March 2029	300,000	300,000
1.75% Series due March 2031	600,000	—
4.5% Series due March 2039	400,000	400,000
5.15% Series due June 2045	250,000	250,000
3.55% Series due September 2049	475,000	300,000
5.625% Series due June 2064	—	135,000
Total mortgage bonds	2,375,000	1,735,000
Securitization Bonds:


5.93% Series Senior Secured, Series A due June 2022	17,478	50,289
4.38% Series Senior Secured, Series A due November 2023	106,214	155,969
Total securitization bonds	123,692	206,258
Other:
Unamortized Premium and Discount - Net	14,064	(4,814)
Unamortized Debt Issuance Costs	(19,048)	(17,510)
Other	—	4,022
Total Long-Term Debt	2,493,708	1,922,956
Less Amount Due Within One Year	200,000	—
Long-Term Debt Excluding Amount Due Within One Year	$2,293,708	$1,922,956
Fair Value of Long-Term Debt	$2,765,193	$2,090,215


	2020	2019
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023	$250,000	$250,000
2.14% Series due December 2025	200,000	—
Total mortgage bonds	450,000	250,000
Governmental Bonds (a):
2.5% Series due 2022, Mississippi Business Finance Corp.	134,000	134,000
Total governmental bonds	134,000	134,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.42% Series J due April 2021	100,000	100,000
2.05% Series K due September 2027	90,000	—
Credit Facility due September 2022, weighted avg rate 1.63%	—	31,600
Total variable interest entity notes payable and credit facility	190,000	131,600
Other:
Grand Gulf Sale-Leaseback Obligation	34,336	34,346
Unamortized Premium and Discount – Net	(165)	(144)
Unamortized Debt Issuance Costs	(2,897)	(1,697)
Other	—	2
Total Long-Term Debt	805,274	548,107
Less Amount Due Within One Year	100,015	10
Long-Term Debt Excluding Amount Due Within One Year	$705,259	$548,097
Fair Value of Long-Term Debt	$840,540	$565,209

(a)Consists of pollution control revenue bonds and environmental revenue bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c)The bonds are secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
2021	$485,000	$240,000	$—	$1,618	$200,000	$100,000
2022	$12,200	$258,200	$—	$71,326	$17,478	$134,000
2023	$290,000	$1,455,980	$250,000	$101,306	$106,214	$250,000
2024	$375,000	$700,000	$100,000	$1,275	$—	$—
2025	$—	$300,000	$—	$79,140	$—	$200,000

Securitization Bonds

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds, with a coupon of 2.30%. Although the principal amount was not due until August 2021, Entergy Arkansas Restoration Funding made principal payments on the bonds in the amount of $7.3 million in 2020, after which the bonds were fully repaid.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the canceled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04%. Although the principal amount is not due until September 2023, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds in the amount of $11 million for 2021, after which the bonds will be fully repaid. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount is not due until June 2027, Entergy New Orleans Storm Recovery Funding expects to make principal payments on the bonds over the next four years in the amounts of $11.9 million for 2021, $12.2 million for 2022, $12.5 million for 2023, and $6.2 million for 2024. With the proceeds, Entergy New Orleans Storm Recovery Funding purchased from Entergy New Orleans the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy New Orleans balance sheet. The creditors of Entergy New Orleans do not have recourse to the assets or revenues of Entergy New Orleans Storm Recovery Funding, including the storm recovery property, and the creditors of Entergy New Orleans Storm Recovery Funding do not have recourse to the assets or revenues of Entergy New Orleans. Entergy New Orleans has no payment obligations to Entergy New Orleans Storm Recovery Funding except to remit storm recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $17.5 million at 5.93% remain outstanding. Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds in the amount of $17.5 million for 2021.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $106.2 million at 4.38% remain outstanding. Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next two years in the amount of $52 million for 2021 and $54.3 million for 2022.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million. The initial term of the leases expired in July 2015. System Energy renewed the leases for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance. The lease payments are recognized as principal and interest payments on the debt balance. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent

with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2020 and 2019.

As of December 31, 2020, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal:


			Amount
			(In Thousands)

2021			$17,188
2022			17,188
2023			17,188
2024			17,188
2025			17,188
Years thereafter			189,063
Total			275,003
Less: Amount representing interest			240,667
Present value of net minimum lease payments			$34,336

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2020 and 2019 consisted of:


Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2020	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2020	2019	2020	2019
				(In Thousands)
Mortgage Bonds
2020-2024	3.23%	0.62% - 5.59%	2.55% - 5.59%	$4,400,000	$3,575,000
2025-2029	3.35%	2.14% - 4.44%	2.4% - 4.44%	4,113,000	3,735,000
2030-2040	3.38%	1.6% - 4.52%	3.05% - 4.52%	2,552,000	1,590,000
2044-2066	4.12%	2.65% - 5.5%	3.55% - 5.625%	6,380,000	5,170,000
Governmental Bonds (a)
2021-2022	2.50%	2.375% - 2.5%	2.375% - 2.5%	179,000	179,000
2028-2030	3.45%	3.375% - 3.5%	3.375% - 3.5%	198,680	198,680
Securitization Bonds
2022-2027	3.59%	2.04% - 5.93%	2.04% - 5.93%	177,522	302,145
Variable Interest Entities Notes Payable (Note 4)
2021-2027	2.45%	2.05% - 3.92%	3.17% - 3.92%	450,000	360,000
Entergy Corporation Notes
due September 2020	n/a	—%	5.125%	—	450,000
due July 2022	n/a	4.00%	4.00%	650,000	650,000
due September 2025	n/a	0.9%	—	800,000	—
due September 2026	n/a	2.95%	2.95%	750,000	750,000
due June 2030	n/a	2.80%	—	600,000	—
due June 2050	n/a	3.75%	—	600,000	—
Entergy New Orleans Unsecured Term Loan due May 2022	n/a	3.00%	3.00%	70,000	70,000
5 Year Credit Facility (Note 4)	n/a	2.35%	3.77%	165,000	440,000
Entergy New Orleans Credit Facility (Note 4)	n/a	—	2.92%	—	20,000
Vermont Yankee Credit Facility (Note 4)	n/a	2.46%	3.93%	139,000	139,000
Entergy Arkansas VIE Credit Facility (Note 4)	n/a	1.94%	3.33%	12,200	15,100
Entergy Louisiana River Bend VIE Credit Facility (Note 4)	n/a	1.95%	3.23%	18,900	70,300
Entergy Louisiana Waterford VIE Credit Facility (Note 4)	n/a	1.72%	3.30%	39,300	49,900
System Energy VIE Credit Facility (Note 4)	n/a	1.63%	3.34%	—	31,600
Long-term DOE Obligation (b)	—	—	—	192,018	191,114
Grand Gulf Sale-Leaseback Obligation	n/a	—	—	34,336	34,346
Unamortized Premium and Discount - Net				3,665	(16,124)
Unamortized Debt Issuance Costs				(160,420)	(143,502)
Other				5,575	12,096
Total Long-Term Debt				22,369,776	17,873,655
Less Amount Due Within One Year				1,164,015	795,012
Long-Term Debt Excluding Amount Due Within One Year				$21,205,761	$17,078,643
Fair Value of Long-Term Debt				$24,813,818	$19,059,950

(a)Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


			Amount
			(In Thousands)
2021			$1,164,000
2022			$1,141,878
2023			$2,452,194
2024			$1,340,000
2025			$1,378,000

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2022. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2022. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2022.

Long-term debt for the Registrant Subsidiaries as of December 31, 2020 and 2019 consisted of:


	2020	2019
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.75% Series due February 2021	$350,000	$350,000
3.05% Series due June 2023	250,000	250,000
3.7% Series due June 2024	375,000	375,000
3.5% Series due April 2026	600,000	600,000
4.0% Series due June 2028	350,000	250,000
4.95% Series due December 2044	250,000	250,000
4.20% Series due April 2049	350,000	350,000
2.65% Series due June 2051	675,000	—
4.90% Series due December 2052	—	200,000
4.75% Series due June 2063	—	125,000
4.875% Series due September 2066	410,000	410,000
Total mortgage bonds	3,610,000	3,160,000
Governmental Bonds (a):

2.375% Series due 2021, Independence County (c)	45,000	45,000
Total governmental bonds	45,000	45,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.65% Series L due July 2021	90,000	90,000
3.17% Series M due December 2023	40,000	40,000
Credit Facility due September 2022, weighted avg rate 1.94%	12,200	15,100
Total variable interest entity notes payable and credit facility	142,200	145,100
Securitization Bonds:
2.30% Series Senior Secured due August 2021	—	7,259
Total securitization bonds	—	7,259
Other:
Long-term DOE Obligation (b)	192,018	191,114
Unamortized Premium and Discount – Net	6,938	1,664
Unamortized Debt Issuance Costs	(30,638)	(34,936)
Other	1,989	2,007
Total Long-Term Debt	3,967,507	3,517,208
Less Amount Due Within One Year	485,000	—
Long-Term Debt Excluding Amount Due Within One Year	$3,482,507	$3,517,208
Fair Value of Long-Term Debt	$4,355,632	$3,747,914


	2020	2019
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.95% Series due October 2020	$—	$250,000
4.8% Series due May 2021	200,000	200,000
3.3% Series due December 2022	200,000	200,000
4.05% Series due September 2023	325,000	325,000
0.62% Series due November 2023	1,100,000	—
5.59% Series due October 2024	300,000	300,000
5.40% Series due November 2024	400,000	400,000
3.78% Series due April 2025	110,000	110,000
3.78% Series due April 2025	190,000	190,000
4.44% Series due January 2026	250,000	250,000
2.40% Series due October 2026	400,000	400,000
3.12% Series due September 2027	450,000	450,000
3.25% Series due April 2028	425,000	425,000
1.60% Series due December 2030	300,000	—
3.05% Series due June 2031	325,000	325,000
4.0% Series due March 2033	750,000	750,000
5.0% Series due July 2044	170,000	170,000
4.95% Series due January 2045	450,000	450,000
4.20% Series due September 2048	900,000	600,000
4.20% Series due April 2050	525,000	525,000
2.90% Series due March 2051	650,000	—
5.25% Series due July 2052	—	200,000
4.70% Series due June 2063	—	100,000
4.875% Series due September 2066	270,000	270,000
Total mortgage bonds	8,690,000	6,890,000
Governmental Bonds (a):
3.375% Series due 2028, Louisiana Public Facilities Authority (c)	83,680	83,680
3.50% Series due 2030, Louisiana Public Facilities Authority (c)	115,000	115,000
Total governmental bonds	198,680	198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):


3.38% Series R due August 2020	—	70,000
3.92% Series H due February 2021	40,000	40,000
3.22% Series I due December 2023	20,000	20,000
2.51% Series V due June 2027	70,000	—
Credit Facility due September 2022, weighted avg rate 1.95%	18,900	70,300
Credit Facility due September 2022, weighted avg rate 1.72%	39,300	49,900
Total variable interest entity notes payable and credit facilities	188,200	250,200
Securitization Bonds:
2.04% Series Senior Secured due September 2023	10,980	34,185
Total securitization bonds	10,980	34,185
Other:
Unamortized Premium and Discount - Net	(2,863)	(17,372)
Unamortized Debt Issuance Costs	(61,132)	(58,089)
Other	3,586	6,065
Total Long-Term Debt	9,027,451	7,303,669
Less Amount Due Within One Year	240,000	320,002
Long-Term Debt Excluding Amount Due Within One Year	$8,787,451	$6,983,667
Fair Value of Long-Term Debt	$10,258,294	$7,961,168


	2020	2019
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.1% Series due July 2023	$250,000	$250,000
3.75% Series due July 2024	100,000	100,000
3.25% Series due December 2027	150,000	150,000
2.85% Series due June 2028	375,000	375,000
4.52% Series due December 2038	55,000	55,000
3.85% Series due June 2049	435,000	435,000
3.50% Series due June 2051	170,000	—
4.90% Series due October 2066	260,000	260,000
Total mortgage bonds	1,795,000	1,625,000
Other:
Unamortized Premium and Discount – Net	3,685	6,127
Unamortized Debt Issuance Costs	(18,108)	(16,998)

Total Long-Term Debt	1,780,577	1,614,129
Less Amount Due Within One Year	—	—
Long-Term Debt Excluding Amount Due Within One Year	$1,780,577	$1,614,129
Fair Value of Long-Term Debt	$2,021,432	$1,709,505


	2020	2019
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020	$—	$25,000
3.9% Series due July 2023	100,000	100,000
3.0% Series due March 2025	78,000	—
4.0% Series due June 2026	85,000	85,000
4.51% Series due September 2033	60,000	60,000
3.75% Series due March 2040	62,000	—
5.0% Series due December 2052	30,000	30,000
5.50% Series due April 2066	110,000	110,000
Total mortgage bonds	525,000	410,000
Securitization Bonds:
2.67% Series Senior Secured due June 2027	42,850	54,443
Total securitization bonds	42,850	54,443
Other:
3.0% Unsecured Term Loan due May 2022	70,000	70,000
Credit Facility due November 2021, weighted avg rate 2.92%	—	20,000
Payable to associated company due November 2035	12,529	14,367
Unamortized Premium and Discount – Net	(91)	(129)
Unamortized Debt Issuance Costs	(8,055)	(7,775)
Total Long-Term Debt	642,233	560,906
Less Amount Due Within One Year	1,618	26,838
Long-Term Debt Excluding Amount Due Within One Year	$640,615	$534,068
Fair Value of Long-Term Debt	$620,634	$523,846


	2020	2019
	(In Thousands)
Entergy Texas
Mortgage Bonds:
2.55% Series due June 2021	$125,000	$125,000
4.1% Series due September 2021	75,000	75,000
3.45% Series due December 2027	150,000	150,000
4.0% Series due March 2029	300,000	300,000
1.75% Series due March 2031	600,000	—
4.5% Series due March 2039	400,000	400,000
5.15% Series due June 2045	250,000	250,000
3.55% Series due September 2049	475,000	300,000
5.625% Series due June 2064	—	135,000
Total mortgage bonds	2,375,000	1,735,000
Securitization Bonds:


5.93% Series Senior Secured, Series A due June 2022	17,478	50,289
4.38% Series Senior Secured, Series A due November 2023	106,214	155,969
Total securitization bonds	123,692	206,258
Other:
Unamortized Premium and Discount - Net	14,064	(4,814)
Unamortized Debt Issuance Costs	(19,048)	(17,510)
Other	—	4,022
Total Long-Term Debt	2,493,708	1,922,956
Less Amount Due Within One Year	200,000	—
Long-Term Debt Excluding Amount Due Within One Year	$2,293,708	$1,922,956
Fair Value of Long-Term Debt	$2,765,193	$2,090,215


	2020	2019
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023	$250,000	$250,000
2.14% Series due December 2025	200,000	—
Total mortgage bonds	450,000	250,000
Governmental Bonds (a):
2.5% Series due 2022, Mississippi Business Finance Corp.	134,000	134,000
Total governmental bonds	134,000	134,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.42% Series J due April 2021	100,000	100,000
2.05% Series K due September 2027	90,000	—
Credit Facility due September 2022, weighted avg rate 1.63%	—	31,600
Total variable interest entity notes payable and credit facility	190,000	131,600
Other:
Grand Gulf Sale-Leaseback Obligation	34,336	34,346
Unamortized Premium and Discount – Net	(165)	(144)
Unamortized Debt Issuance Costs	(2,897)	(1,697)
Other	—	2
Total Long-Term Debt	805,274	548,107
Less Amount Due Within One Year	100,015	10
Long-Term Debt Excluding Amount Due Within One Year	$705,259	$548,097
Fair Value of Long-Term Debt	$840,540	$565,209

(a)Consists of pollution control revenue bonds and environmental revenue bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c)The bonds are secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
2021	$485,000	$240,000	$—	$1,618	$200,000	$100,000
2022	$12,200	$258,200	$—	$71,326	$17,478	$134,000
2023	$290,000	$1,455,980	$250,000	$101,306	$106,214	$250,000
2024	$375,000	$700,000	$100,000	$1,275	$—	$—
2025	$—	$300,000	$—	$79,140	$—	$200,000

Securitization Bonds

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds, with a coupon of 2.30%. Although the principal amount was not due until August 2021, Entergy Arkansas Restoration Funding made principal payments on the bonds in the amount of $7.3 million in 2020, after which the bonds were fully repaid.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the canceled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04%. Although the principal amount is not due until September 2023, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds in the amount of $11 million for 2021, after which the bonds will be fully repaid. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount is not due until June 2027, Entergy New Orleans Storm Recovery Funding expects to make principal payments on the bonds over the next four years in the amounts of $11.9 million for 2021, $12.2 million for 2022, $12.5 million for 2023, and $6.2 million for 2024. With the proceeds, Entergy New Orleans Storm Recovery Funding purchased from Entergy New Orleans the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy New Orleans balance sheet. The creditors of Entergy New Orleans do not have recourse to the assets or revenues of Entergy New Orleans Storm Recovery Funding, including the storm recovery property, and the creditors of Entergy New Orleans Storm Recovery Funding do not have recourse to the assets or revenues of Entergy New Orleans. Entergy New Orleans has no payment obligations to Entergy New Orleans Storm Recovery Funding except to remit storm recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $17.5 million at 5.93% remain outstanding. Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds in the amount of $17.5 million for 2021.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $106.2 million at 4.38% remain outstanding. Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next two years in the amount of $52 million for 2021 and $54.3 million for 2022.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million. The initial term of the leases expired in July 2015. System Energy renewed the leases for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance. The lease payments are recognized as principal and interest payments on the debt balance. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent

with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2020 and 2019.

As of December 31, 2020, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal:


			Amount
			(In Thousands)

2021			$17,188
2022			17,188
2023			17,188
2024			17,188
2025			17,188
Years thereafter			189,063
Total			275,003
Less: Amount representing interest			240,667
Present value of net minimum lease payments			$34,336

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2020 and 2019 consisted of:


Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2020	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2020	2019	2020	2019
				(In Thousands)
Mortgage Bonds
2020-2024	3.23%	0.62% - 5.59%	2.55% - 5.59%	$4,400,000	$3,575,000
2025-2029	3.35%	2.14% - 4.44%	2.4% - 4.44%	4,113,000	3,735,000
2030-2040	3.38%	1.6% - 4.52%	3.05% - 4.52%	2,552,000	1,590,000
2044-2066	4.12%	2.65% - 5.5%	3.55% - 5.625%	6,380,000	5,170,000
Governmental Bonds (a)
2021-2022	2.50%	2.375% - 2.5%	2.375% - 2.5%	179,000	179,000
2028-2030	3.45%	3.375% - 3.5%	3.375% - 3.5%	198,680	198,680
Securitization Bonds
2022-2027	3.59%	2.04% - 5.93%	2.04% - 5.93%	177,522	302,145
Variable Interest Entities Notes Payable (Note 4)
2021-2027	2.45%	2.05% - 3.92%	3.17% - 3.92%	450,000	360,000
Entergy Corporation Notes
due September 2020	n/a	—%	5.125%	—	450,000
due July 2022	n/a	4.00%	4.00%	650,000	650,000
due September 2025	n/a	0.9%	—	800,000	—
due September 2026	n/a	2.95%	2.95%	750,000	750,000
due June 2030	n/a	2.80%	—	600,000	—
due June 2050	n/a	3.75%	—	600,000	—
Entergy New Orleans Unsecured Term Loan due May 2022	n/a	3.00%	3.00%	70,000	70,000
5 Year Credit Facility (Note 4)	n/a	2.35%	3.77%	165,000	440,000
Entergy New Orleans Credit Facility (Note 4)	n/a	—	2.92%	—	20,000
Vermont Yankee Credit Facility (Note 4)	n/a	2.46%	3.93%	139,000	139,000
Entergy Arkansas VIE Credit Facility (Note 4)	n/a	1.94%	3.33%	12,200	15,100
Entergy Louisiana River Bend VIE Credit Facility (Note 4)	n/a	1.95%	3.23%	18,900	70,300
Entergy Louisiana Waterford VIE Credit Facility (Note 4)	n/a	1.72%	3.30%	39,300	49,900
System Energy VIE Credit Facility (Note 4)	n/a	1.63%	3.34%	—	31,600
Long-term DOE Obligation (b)	—	—	—	192,018	191,114
Grand Gulf Sale-Leaseback Obligation	n/a	—	—	34,336	34,346
Unamortized Premium and Discount - Net				3,665	(16,124)
Unamortized Debt Issuance Costs				(160,420)	(143,502)
Other				5,575	12,096
Total Long-Term Debt				22,369,776	17,873,655
Less Amount Due Within One Year				1,164,015	795,012
Long-Term Debt Excluding Amount Due Within One Year				$21,205,761	$17,078,643
Fair Value of Long-Term Debt				$24,813,818	$19,059,950

(a)Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


			Amount
			(In Thousands)
2021			$1,164,000
2022			$1,141,878
2023			$2,452,194
2024			$1,340,000
2025			$1,378,000

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2022. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2022. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2022.

Long-term debt for the Registrant Subsidiaries as of December 31, 2020 and 2019 consisted of:


	2020	2019
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.75% Series due February 2021	$350,000	$350,000
3.05% Series due June 2023	250,000	250,000
3.7% Series due June 2024	375,000	375,000
3.5% Series due April 2026	600,000	600,000
4.0% Series due June 2028	350,000	250,000
4.95% Series due December 2044	250,000	250,000
4.20% Series due April 2049	350,000	350,000
2.65% Series due June 2051	675,000	—
4.90% Series due December 2052	—	200,000
4.75% Series due June 2063	—	125,000
4.875% Series due September 2066	410,000	410,000
Total mortgage bonds	3,610,000	3,160,000
Governmental Bonds (a):

2.375% Series due 2021, Independence County (c)	45,000	45,000
Total governmental bonds	45,000	45,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.65% Series L due July 2021	90,000	90,000
3.17% Series M due December 2023	40,000	40,000
Credit Facility due September 2022, weighted avg rate 1.94%	12,200	15,100
Total variable interest entity notes payable and credit facility	142,200	145,100
Securitization Bonds:
2.30% Series Senior Secured due August 2021	—	7,259
Total securitization bonds	—	7,259
Other:
Long-term DOE Obligation (b)	192,018	191,114
Unamortized Premium and Discount – Net	6,938	1,664
Unamortized Debt Issuance Costs	(30,638)	(34,936)
Other	1,989	2,007
Total Long-Term Debt	3,967,507	3,517,208
Less Amount Due Within One Year	485,000	—
Long-Term Debt Excluding Amount Due Within One Year	$3,482,507	$3,517,208
Fair Value of Long-Term Debt	$4,355,632	$3,747,914


	2020	2019
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.95% Series due October 2020	$—	$250,000
4.8% Series due May 2021	200,000	200,000
3.3% Series due December 2022	200,000	200,000
4.05% Series due September 2023	325,000	325,000
0.62% Series due November 2023	1,100,000	—
5.59% Series due October 2024	300,000	300,000
5.40% Series due November 2024	400,000	400,000
3.78% Series due April 2025	110,000	110,000
3.78% Series due April 2025	190,000	190,000
4.44% Series due January 2026	250,000	250,000
2.40% Series due October 2026	400,000	400,000
3.12% Series due September 2027	450,000	450,000
3.25% Series due April 2028	425,000	425,000
1.60% Series due December 2030	300,000	—
3.05% Series due June 2031	325,000	325,000
4.0% Series due March 2033	750,000	750,000
5.0% Series due July 2044	170,000	170,000
4.95% Series due January 2045	450,000	450,000
4.20% Series due September 2048	900,000	600,000
4.20% Series due April 2050	525,000	525,000
2.90% Series due March 2051	650,000	—
5.25% Series due July 2052	—	200,000
4.70% Series due June 2063	—	100,000
4.875% Series due September 2066	270,000	270,000
Total mortgage bonds	8,690,000	6,890,000
Governmental Bonds (a):
3.375% Series due 2028, Louisiana Public Facilities Authority (c)	83,680	83,680
3.50% Series due 2030, Louisiana Public Facilities Authority (c)	115,000	115,000
Total governmental bonds	198,680	198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):


3.38% Series R due August 2020	—	70,000
3.92% Series H due February 2021	40,000	40,000
3.22% Series I due December 2023	20,000	20,000
2.51% Series V due June 2027	70,000	—
Credit Facility due September 2022, weighted avg rate 1.95%	18,900	70,300
Credit Facility due September 2022, weighted avg rate 1.72%	39,300	49,900
Total variable interest entity notes payable and credit facilities	188,200	250,200
Securitization Bonds:
2.04% Series Senior Secured due September 2023	10,980	34,185
Total securitization bonds	10,980	34,185
Other:
Unamortized Premium and Discount - Net	(2,863)	(17,372)
Unamortized Debt Issuance Costs	(61,132)	(58,089)
Other	3,586	6,065
Total Long-Term Debt	9,027,451	7,303,669
Less Amount Due Within One Year	240,000	320,002
Long-Term Debt Excluding Amount Due Within One Year	$8,787,451	$6,983,667
Fair Value of Long-Term Debt	$10,258,294	$7,961,168


	2020	2019
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.1% Series due July 2023	$250,000	$250,000
3.75% Series due July 2024	100,000	100,000
3.25% Series due December 2027	150,000	150,000
2.85% Series due June 2028	375,000	375,000
4.52% Series due December 2038	55,000	55,000
3.85% Series due June 2049	435,000	435,000
3.50% Series due June 2051	170,000	—
4.90% Series due October 2066	260,000	260,000
Total mortgage bonds	1,795,000	1,625,000
Other:
Unamortized Premium and Discount – Net	3,685	6,127
Unamortized Debt Issuance Costs	(18,108)	(16,998)

Total Long-Term Debt	1,780,577	1,614,129
Less Amount Due Within One Year	—	—
Long-Term Debt Excluding Amount Due Within One Year	$1,780,577	$1,614,129
Fair Value of Long-Term Debt	$2,021,432	$1,709,505


	2020	2019
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020	$—	$25,000
3.9% Series due July 2023	100,000	100,000
3.0% Series due March 2025	78,000	—
4.0% Series due June 2026	85,000	85,000
4.51% Series due September 2033	60,000	60,000
3.75% Series due March 2040	62,000	—
5.0% Series due December 2052	30,000	30,000
5.50% Series due April 2066	110,000	110,000
Total mortgage bonds	525,000	410,000
Securitization Bonds:
2.67% Series Senior Secured due June 2027	42,850	54,443
Total securitization bonds	42,850	54,443
Other:
3.0% Unsecured Term Loan due May 2022	70,000	70,000
Credit Facility due November 2021, weighted avg rate 2.92%	—	20,000
Payable to associated company due November 2035	12,529	14,367
Unamortized Premium and Discount – Net	(91)	(129)
Unamortized Debt Issuance Costs	(8,055)	(7,775)
Total Long-Term Debt	642,233	560,906
Less Amount Due Within One Year	1,618	26,838
Long-Term Debt Excluding Amount Due Within One Year	$640,615	$534,068
Fair Value of Long-Term Debt	$620,634	$523,846


	2020	2019
	(In Thousands)
Entergy Texas
Mortgage Bonds:
2.55% Series due June 2021	$125,000	$125,000
4.1% Series due September 2021	75,000	75,000
3.45% Series due December 2027	150,000	150,000
4.0% Series due March 2029	300,000	300,000
1.75% Series due March 2031	600,000	—
4.5% Series due March 2039	400,000	400,000
5.15% Series due June 2045	250,000	250,000
3.55% Series due September 2049	475,000	300,000
5.625% Series due June 2064	—	135,000
Total mortgage bonds	2,375,000	1,735,000
Securitization Bonds:


5.93% Series Senior Secured, Series A due June 2022	17,478	50,289
4.38% Series Senior Secured, Series A due November 2023	106,214	155,969
Total securitization bonds	123,692	206,258
Other:
Unamortized Premium and Discount - Net	14,064	(4,814)
Unamortized Debt Issuance Costs	(19,048)	(17,510)
Other	—	4,022
Total Long-Term Debt	2,493,708	1,922,956
Less Amount Due Within One Year	200,000	—
Long-Term Debt Excluding Amount Due Within One Year	$2,293,708	$1,922,956
Fair Value of Long-Term Debt	$2,765,193	$2,090,215


	2020	2019
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023	$250,000	$250,000
2.14% Series due December 2025	200,000	—
Total mortgage bonds	450,000	250,000
Governmental Bonds (a):
2.5% Series due 2022, Mississippi Business Finance Corp.	134,000	134,000
Total governmental bonds	134,000	134,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.42% Series J due April 2021	100,000	100,000
2.05% Series K due September 2027	90,000	—
Credit Facility due September 2022, weighted avg rate 1.63%	—	31,600
Total variable interest entity notes payable and credit facility	190,000	131,600
Other:
Grand Gulf Sale-Leaseback Obligation	34,336	34,346
Unamortized Premium and Discount – Net	(165)	(144)
Unamortized Debt Issuance Costs	(2,897)	(1,697)
Other	—	2
Total Long-Term Debt	805,274	548,107
Less Amount Due Within One Year	100,015	10
Long-Term Debt Excluding Amount Due Within One Year	$705,259	$548,097
Fair Value of Long-Term Debt	$840,540	$565,209

(a)Consists of pollution control revenue bonds and environmental revenue bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c)The bonds are secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
2021	$485,000	$240,000	$—	$1,618	$200,000	$100,000
2022	$12,200	$258,200	$—	$71,326	$17,478	$134,000
2023	$290,000	$1,455,980	$250,000	$101,306	$106,214	$250,000
2024	$375,000	$700,000	$100,000	$1,275	$—	$—
2025	$—	$300,000	$—	$79,140	$—	$200,000

Securitization Bonds

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds, with a coupon of 2.30%. Although the principal amount was not due until August 2021, Entergy Arkansas Restoration Funding made principal payments on the bonds in the amount of $7.3 million in 2020, after which the bonds were fully repaid.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the canceled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04%. Although the principal amount is not due until September 2023, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds in the amount of $11 million for 2021, after which the bonds will be fully repaid. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount is not due until June 2027, Entergy New Orleans Storm Recovery Funding expects to make principal payments on the bonds over the next four years in the amounts of $11.9 million for 2021, $12.2 million for 2022, $12.5 million for 2023, and $6.2 million for 2024. With the proceeds, Entergy New Orleans Storm Recovery Funding purchased from Entergy New Orleans the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy New Orleans balance sheet. The creditors of Entergy New Orleans do not have recourse to the assets or revenues of Entergy New Orleans Storm Recovery Funding, including the storm recovery property, and the creditors of Entergy New Orleans Storm Recovery Funding do not have recourse to the assets or revenues of Entergy New Orleans. Entergy New Orleans has no payment obligations to Entergy New Orleans Storm Recovery Funding except to remit storm recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $17.5 million at 5.93% remain outstanding. Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds in the amount of $17.5 million for 2021.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $106.2 million at 4.38% remain outstanding. Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next two years in the amount of $52 million for 2021 and $54.3 million for 2022.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million. The initial term of the leases expired in July 2015. System Energy renewed the leases for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance. The lease payments are recognized as principal and interest payments on the debt balance. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent

with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2020 and 2019.

As of December 31, 2020, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal:


			Amount
			(In Thousands)

2021			$17,188
2022			17,188
2023			17,188
2024			17,188
2025			17,188
Years thereafter			189,063
Total			275,003
Less: Amount representing interest			240,667
Present value of net minimum lease payments			$34,336

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2020 and 2019 consisted of:


Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2020	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2020	2019	2020	2019
				(In Thousands)
Mortgage Bonds
2020-2024	3.23%	0.62% - 5.59%	2.55% - 5.59%	$4,400,000	$3,575,000
2025-2029	3.35%	2.14% - 4.44%	2.4% - 4.44%	4,113,000	3,735,000
2030-2040	3.38%	1.6% - 4.52%	3.05% - 4.52%	2,552,000	1,590,000
2044-2066	4.12%	2.65% - 5.5%	3.55% - 5.625%	6,380,000	5,170,000
Governmental Bonds (a)
2021-2022	2.50%	2.375% - 2.5%	2.375% - 2.5%	179,000	179,000
2028-2030	3.45%	3.375% - 3.5%	3.375% - 3.5%	198,680	198,680
Securitization Bonds
2022-2027	3.59%	2.04% - 5.93%	2.04% - 5.93%	177,522	302,145
Variable Interest Entities Notes Payable (Note 4)
2021-2027	2.45%	2.05% - 3.92%	3.17% - 3.92%	450,000	360,000
Entergy Corporation Notes
due September 2020	n/a	—%	5.125%	—	450,000
due July 2022	n/a	4.00%	4.00%	650,000	650,000
due September 2025	n/a	0.9%	—	800,000	—
due September 2026	n/a	2.95%	2.95%	750,000	750,000
due June 2030	n/a	2.80%	—	600,000	—
due June 2050	n/a	3.75%	—	600,000	—
Entergy New Orleans Unsecured Term Loan due May 2022	n/a	3.00%	3.00%	70,000	70,000
5 Year Credit Facility (Note 4)	n/a	2.35%	3.77%	165,000	440,000
Entergy New Orleans Credit Facility (Note 4)	n/a	—	2.92%	—	20,000
Vermont Yankee Credit Facility (Note 4)	n/a	2.46%	3.93%	139,000	139,000
Entergy Arkansas VIE Credit Facility (Note 4)	n/a	1.94%	3.33%	12,200	15,100
Entergy Louisiana River Bend VIE Credit Facility (Note 4)	n/a	1.95%	3.23%	18,900	70,300
Entergy Louisiana Waterford VIE Credit Facility (Note 4)	n/a	1.72%	3.30%	39,300	49,900
System Energy VIE Credit Facility (Note 4)	n/a	1.63%	3.34%	—	31,600
Long-term DOE Obligation (b)	—	—	—	192,018	191,114
Grand Gulf Sale-Leaseback Obligation	n/a	—	—	34,336	34,346
Unamortized Premium and Discount - Net				3,665	(16,124)
Unamortized Debt Issuance Costs				(160,420)	(143,502)
Other				5,575	12,096
Total Long-Term Debt				22,369,776	17,873,655
Less Amount Due Within One Year				1,164,015	795,012
Long-Term Debt Excluding Amount Due Within One Year				$21,205,761	$17,078,643
Fair Value of Long-Term Debt				$24,813,818	$19,059,950

(a)Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


			Amount
			(In Thousands)
2021			$1,164,000
2022			$1,141,878
2023			$2,452,194
2024			$1,340,000
2025			$1,378,000

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2022. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2022. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2022.

Long-term debt for the Registrant Subsidiaries as of December 31, 2020 and 2019 consisted of:


	2020	2019
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.75% Series due February 2021	$350,000	$350,000
3.05% Series due June 2023	250,000	250,000
3.7% Series due June 2024	375,000	375,000
3.5% Series due April 2026	600,000	600,000
4.0% Series due June 2028	350,000	250,000
4.95% Series due December 2044	250,000	250,000
4.20% Series due April 2049	350,000	350,000
2.65% Series due June 2051	675,000	—
4.90% Series due December 2052	—	200,000
4.75% Series due June 2063	—	125,000
4.875% Series due September 2066	410,000	410,000
Total mortgage bonds	3,610,000	3,160,000
Governmental Bonds (a):

2.375% Series due 2021, Independence County (c)	45,000	45,000
Total governmental bonds	45,000	45,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.65% Series L due July 2021	90,000	90,000
3.17% Series M due December 2023	40,000	40,000
Credit Facility due September 2022, weighted avg rate 1.94%	12,200	15,100
Total variable interest entity notes payable and credit facility	142,200	145,100
Securitization Bonds:
2.30% Series Senior Secured due August 2021	—	7,259
Total securitization bonds	—	7,259
Other:
Long-term DOE Obligation (b)	192,018	191,114
Unamortized Premium and Discount – Net	6,938	1,664
Unamortized Debt Issuance Costs	(30,638)	(34,936)
Other	1,989	2,007
Total Long-Term Debt	3,967,507	3,517,208
Less Amount Due Within One Year	485,000	—
Long-Term Debt Excluding Amount Due Within One Year	$3,482,507	$3,517,208
Fair Value of Long-Term Debt	$4,355,632	$3,747,914


	2020	2019
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.95% Series due October 2020	$—	$250,000
4.8% Series due May 2021	200,000	200,000
3.3% Series due December 2022	200,000	200,000
4.05% Series due September 2023	325,000	325,000
0.62% Series due November 2023	1,100,000	—
5.59% Series due October 2024	300,000	300,000
5.40% Series due November 2024	400,000	400,000
3.78% Series due April 2025	110,000	110,000
3.78% Series due April 2025	190,000	190,000
4.44% Series due January 2026	250,000	250,000
2.40% Series due October 2026	400,000	400,000
3.12% Series due September 2027	450,000	450,000
3.25% Series due April 2028	425,000	425,000
1.60% Series due December 2030	300,000	—
3.05% Series due June 2031	325,000	325,000
4.0% Series due March 2033	750,000	750,000
5.0% Series due July 2044	170,000	170,000
4.95% Series due January 2045	450,000	450,000
4.20% Series due September 2048	900,000	600,000
4.20% Series due April 2050	525,000	525,000
2.90% Series due March 2051	650,000	—
5.25% Series due July 2052	—	200,000
4.70% Series due June 2063	—	100,000
4.875% Series due September 2066	270,000	270,000
Total mortgage bonds	8,690,000	6,890,000
Governmental Bonds (a):
3.375% Series due 2028, Louisiana Public Facilities Authority (c)	83,680	83,680
3.50% Series due 2030, Louisiana Public Facilities Authority (c)	115,000	115,000
Total governmental bonds	198,680	198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):


3.38% Series R due August 2020	—	70,000
3.92% Series H due February 2021	40,000	40,000
3.22% Series I due December 2023	20,000	20,000
2.51% Series V due June 2027	70,000	—
Credit Facility due September 2022, weighted avg rate 1.95%	18,900	70,300
Credit Facility due September 2022, weighted avg rate 1.72%	39,300	49,900
Total variable interest entity notes payable and credit facilities	188,200	250,200
Securitization Bonds:
2.04% Series Senior Secured due September 2023	10,980	34,185
Total securitization bonds	10,980	34,185
Other:
Unamortized Premium and Discount - Net	(2,863)	(17,372)
Unamortized Debt Issuance Costs	(61,132)	(58,089)
Other	3,586	6,065
Total Long-Term Debt	9,027,451	7,303,669
Less Amount Due Within One Year	240,000	320,002
Long-Term Debt Excluding Amount Due Within One Year	$8,787,451	$6,983,667
Fair Value of Long-Term Debt	$10,258,294	$7,961,168


	2020	2019
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.1% Series due July 2023	$250,000	$250,000
3.75% Series due July 2024	100,000	100,000
3.25% Series due December 2027	150,000	150,000
2.85% Series due June 2028	375,000	375,000
4.52% Series due December 2038	55,000	55,000
3.85% Series due June 2049	435,000	435,000
3.50% Series due June 2051	170,000	—
4.90% Series due October 2066	260,000	260,000
Total mortgage bonds	1,795,000	1,625,000
Other:
Unamortized Premium and Discount – Net	3,685	6,127
Unamortized Debt Issuance Costs	(18,108)	(16,998)

Total Long-Term Debt	1,780,577	1,614,129
Less Amount Due Within One Year	—	—
Long-Term Debt Excluding Amount Due Within One Year	$1,780,577	$1,614,129
Fair Value of Long-Term Debt	$2,021,432	$1,709,505


	2020	2019
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020	$—	$25,000
3.9% Series due July 2023	100,000	100,000
3.0% Series due March 2025	78,000	—
4.0% Series due June 2026	85,000	85,000
4.51% Series due September 2033	60,000	60,000
3.75% Series due March 2040	62,000	—
5.0% Series due December 2052	30,000	30,000
5.50% Series due April 2066	110,000	110,000
Total mortgage bonds	525,000	410,000
Securitization Bonds:
2.67% Series Senior Secured due June 2027	42,850	54,443
Total securitization bonds	42,850	54,443
Other:
3.0% Unsecured Term Loan due May 2022	70,000	70,000
Credit Facility due November 2021, weighted avg rate 2.92%	—	20,000
Payable to associated company due November 2035	12,529	14,367
Unamortized Premium and Discount – Net	(91)	(129)
Unamortized Debt Issuance Costs	(8,055)	(7,775)
Total Long-Term Debt	642,233	560,906
Less Amount Due Within One Year	1,618	26,838
Long-Term Debt Excluding Amount Due Within One Year	$640,615	$534,068
Fair Value of Long-Term Debt	$620,634	$523,846


	2020	2019
	(In Thousands)
Entergy Texas
Mortgage Bonds:
2.55% Series due June 2021	$125,000	$125,000
4.1% Series due September 2021	75,000	75,000
3.45% Series due December 2027	150,000	150,000
4.0% Series due March 2029	300,000	300,000
1.75% Series due March 2031	600,000	—
4.5% Series due March 2039	400,000	400,000
5.15% Series due June 2045	250,000	250,000
3.55% Series due September 2049	475,000	300,000
5.625% Series due June 2064	—	135,000
Total mortgage bonds	2,375,000	1,735,000
Securitization Bonds:


5.93% Series Senior Secured, Series A due June 2022	17,478	50,289
4.38% Series Senior Secured, Series A due November 2023	106,214	155,969
Total securitization bonds	123,692	206,258
Other:
Unamortized Premium and Discount - Net	14,064	(4,814)
Unamortized Debt Issuance Costs	(19,048)	(17,510)
Other	—	4,022
Total Long-Term Debt	2,493,708	1,922,956
Less Amount Due Within One Year	200,000	—
Long-Term Debt Excluding Amount Due Within One Year	$2,293,708	$1,922,956
Fair Value of Long-Term Debt	$2,765,193	$2,090,215


	2020	2019
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023	$250,000	$250,000
2.14% Series due December 2025	200,000	—
Total mortgage bonds	450,000	250,000
Governmental Bonds (a):
2.5% Series due 2022, Mississippi Business Finance Corp.	134,000	134,000
Total governmental bonds	134,000	134,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.42% Series J due April 2021	100,000	100,000
2.05% Series K due September 2027	90,000	—
Credit Facility due September 2022, weighted avg rate 1.63%	—	31,600
Total variable interest entity notes payable and credit facility	190,000	131,600
Other:
Grand Gulf Sale-Leaseback Obligation	34,336	34,346
Unamortized Premium and Discount – Net	(165)	(144)
Unamortized Debt Issuance Costs	(2,897)	(1,697)
Other	—	2
Total Long-Term Debt	805,274	548,107
Less Amount Due Within One Year	100,015	10
Long-Term Debt Excluding Amount Due Within One Year	$705,259	$548,097
Fair Value of Long-Term Debt	$840,540	$565,209

(a)Consists of pollution control revenue bonds and environmental revenue bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c)The bonds are secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
2021	$485,000	$240,000	$—	$1,618	$200,000	$100,000
2022	$12,200	$258,200	$—	$71,326	$17,478	$134,000
2023	$290,000	$1,455,980	$250,000	$101,306	$106,214	$250,000
2024	$375,000	$700,000	$100,000	$1,275	$—	$—
2025	$—	$300,000	$—	$79,140	$—	$200,000

Securitization Bonds

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds, with a coupon of 2.30%. Although the principal amount was not due until August 2021, Entergy Arkansas Restoration Funding made principal payments on the bonds in the amount of $7.3 million in 2020, after which the bonds were fully repaid.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the canceled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04%. Although the principal amount is not due until September 2023, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds in the amount of $11 million for 2021, after which the bonds will be fully repaid. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount is not due until June 2027, Entergy New Orleans Storm Recovery Funding expects to make principal payments on the bonds over the next four years in the amounts of $11.9 million for 2021, $12.2 million for 2022, $12.5 million for 2023, and $6.2 million for 2024. With the proceeds, Entergy New Orleans Storm Recovery Funding purchased from Entergy New Orleans the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy New Orleans balance sheet. The creditors of Entergy New Orleans do not have recourse to the assets or revenues of Entergy New Orleans Storm Recovery Funding, including the storm recovery property, and the creditors of Entergy New Orleans Storm Recovery Funding do not have recourse to the assets or revenues of Entergy New Orleans. Entergy New Orleans has no payment obligations to Entergy New Orleans Storm Recovery Funding except to remit storm recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $17.5 million at 5.93% remain outstanding. Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds in the amount of $17.5 million for 2021.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $106.2 million at 4.38% remain outstanding. Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next two years in the amount of $52 million for 2021 and $54.3 million for 2022.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million. The initial term of the leases expired in July 2015. System Energy renewed the leases for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance. The lease payments are recognized as principal and interest payments on the debt balance. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent

with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2020 and 2019.

As of December 31, 2020, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal:


			Amount
			(In Thousands)

2021			$17,188
2022			17,188
2023			17,188
2024			17,188
2025			17,188
Years thereafter			189,063
Total			275,003
Less: Amount representing interest			240,667
Present value of net minimum lease payments			$34,336

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2020 and 2019 consisted of:


Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2020	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2020	2019	2020	2019
				(In Thousands)
Mortgage Bonds
2020-2024	3.23%	0.62% - 5.59%	2.55% - 5.59%	$4,400,000	$3,575,000
2025-2029	3.35%	2.14% - 4.44%	2.4% - 4.44%	4,113,000	3,735,000
2030-2040	3.38%	1.6% - 4.52%	3.05% - 4.52%	2,552,000	1,590,000
2044-2066	4.12%	2.65% - 5.5%	3.55% - 5.625%	6,380,000	5,170,000
Governmental Bonds (a)
2021-2022	2.50%	2.375% - 2.5%	2.375% - 2.5%	179,000	179,000
2028-2030	3.45%	3.375% - 3.5%	3.375% - 3.5%	198,680	198,680
Securitization Bonds
2022-2027	3.59%	2.04% - 5.93%	2.04% - 5.93%	177,522	302,145
Variable Interest Entities Notes Payable (Note 4)
2021-2027	2.45%	2.05% - 3.92%	3.17% - 3.92%	450,000	360,000
Entergy Corporation Notes
due September 2020	n/a	—%	5.125%	—	450,000
due July 2022	n/a	4.00%	4.00%	650,000	650,000
due September 2025	n/a	0.9%	—	800,000	—
due September 2026	n/a	2.95%	2.95%	750,000	750,000
due June 2030	n/a	2.80%	—	600,000	—
due June 2050	n/a	3.75%	—	600,000	—
Entergy New Orleans Unsecured Term Loan due May 2022	n/a	3.00%	3.00%	70,000	70,000
5 Year Credit Facility (Note 4)	n/a	2.35%	3.77%	165,000	440,000
Entergy New Orleans Credit Facility (Note 4)	n/a	—	2.92%	—	20,000
Vermont Yankee Credit Facility (Note 4)	n/a	2.46%	3.93%	139,000	139,000
Entergy Arkansas VIE Credit Facility (Note 4)	n/a	1.94%	3.33%	12,200	15,100
Entergy Louisiana River Bend VIE Credit Facility (Note 4)	n/a	1.95%	3.23%	18,900	70,300
Entergy Louisiana Waterford VIE Credit Facility (Note 4)	n/a	1.72%	3.30%	39,300	49,900
System Energy VIE Credit Facility (Note 4)	n/a	1.63%	3.34%	—	31,600
Long-term DOE Obligation (b)	—	—	—	192,018	191,114
Grand Gulf Sale-Leaseback Obligation	n/a	—	—	34,336	34,346
Unamortized Premium and Discount - Net				3,665	(16,124)
Unamortized Debt Issuance Costs				(160,420)	(143,502)
Other				5,575	12,096
Total Long-Term Debt				22,369,776	17,873,655
Less Amount Due Within One Year				1,164,015	795,012
Long-Term Debt Excluding Amount Due Within One Year				$21,205,761	$17,078,643
Fair Value of Long-Term Debt				$24,813,818	$19,059,950

(a)Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


			Amount
			(In Thousands)
2021			$1,164,000
2022			$1,141,878
2023			$2,452,194
2024			$1,340,000
2025			$1,378,000

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2022. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2022. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2022.

Long-term debt for the Registrant Subsidiaries as of December 31, 2020 and 2019 consisted of:


	2020	2019
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.75% Series due February 2021	$350,000	$350,000
3.05% Series due June 2023	250,000	250,000
3.7% Series due June 2024	375,000	375,000
3.5% Series due April 2026	600,000	600,000
4.0% Series due June 2028	350,000	250,000
4.95% Series due December 2044	250,000	250,000
4.20% Series due April 2049	350,000	350,000
2.65% Series due June 2051	675,000	—
4.90% Series due December 2052	—	200,000
4.75% Series due June 2063	—	125,000
4.875% Series due September 2066	410,000	410,000
Total mortgage bonds	3,610,000	3,160,000
Governmental Bonds (a):

2.375% Series due 2021, Independence County (c)	45,000	45,000
Total governmental bonds	45,000	45,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.65% Series L due July 2021	90,000	90,000
3.17% Series M due December 2023	40,000	40,000
Credit Facility due September 2022, weighted avg rate 1.94%	12,200	15,100
Total variable interest entity notes payable and credit facility	142,200	145,100
Securitization Bonds:
2.30% Series Senior Secured due August 2021	—	7,259
Total securitization bonds	—	7,259
Other:
Long-term DOE Obligation (b)	192,018	191,114
Unamortized Premium and Discount – Net	6,938	1,664
Unamortized Debt Issuance Costs	(30,638)	(34,936)
Other	1,989	2,007
Total Long-Term Debt	3,967,507	3,517,208
Less Amount Due Within One Year	485,000	—
Long-Term Debt Excluding Amount Due Within One Year	$3,482,507	$3,517,208
Fair Value of Long-Term Debt	$4,355,632	$3,747,914


	2020	2019
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.95% Series due October 2020	$—	$250,000
4.8% Series due May 2021	200,000	200,000
3.3% Series due December 2022	200,000	200,000
4.05% Series due September 2023	325,000	325,000
0.62% Series due November 2023	1,100,000	—
5.59% Series due October 2024	300,000	300,000
5.40% Series due November 2024	400,000	400,000
3.78% Series due April 2025	110,000	110,000
3.78% Series due April 2025	190,000	190,000
4.44% Series due January 2026	250,000	250,000
2.40% Series due October 2026	400,000	400,000
3.12% Series due September 2027	450,000	450,000
3.25% Series due April 2028	425,000	425,000
1.60% Series due December 2030	300,000	—
3.05% Series due June 2031	325,000	325,000
4.0% Series due March 2033	750,000	750,000
5.0% Series due July 2044	170,000	170,000
4.95% Series due January 2045	450,000	450,000
4.20% Series due September 2048	900,000	600,000
4.20% Series due April 2050	525,000	525,000
2.90% Series due March 2051	650,000	—
5.25% Series due July 2052	—	200,000
4.70% Series due June 2063	—	100,000
4.875% Series due September 2066	270,000	270,000
Total mortgage bonds	8,690,000	6,890,000
Governmental Bonds (a):
3.375% Series due 2028, Louisiana Public Facilities Authority (c)	83,680	83,680
3.50% Series due 2030, Louisiana Public Facilities Authority (c)	115,000	115,000
Total governmental bonds	198,680	198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):


3.38% Series R due August 2020	—	70,000
3.92% Series H due February 2021	40,000	40,000
3.22% Series I due December 2023	20,000	20,000
2.51% Series V due June 2027	70,000	—
Credit Facility due September 2022, weighted avg rate 1.95%	18,900	70,300
Credit Facility due September 2022, weighted avg rate 1.72%	39,300	49,900
Total variable interest entity notes payable and credit facilities	188,200	250,200
Securitization Bonds:
2.04% Series Senior Secured due September 2023	10,980	34,185
Total securitization bonds	10,980	34,185
Other:
Unamortized Premium and Discount - Net	(2,863)	(17,372)
Unamortized Debt Issuance Costs	(61,132)	(58,089)
Other	3,586	6,065
Total Long-Term Debt	9,027,451	7,303,669
Less Amount Due Within One Year	240,000	320,002
Long-Term Debt Excluding Amount Due Within One Year	$8,787,451	$6,983,667
Fair Value of Long-Term Debt	$10,258,294	$7,961,168


	2020	2019
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.1% Series due July 2023	$250,000	$250,000
3.75% Series due July 2024	100,000	100,000
3.25% Series due December 2027	150,000	150,000
2.85% Series due June 2028	375,000	375,000
4.52% Series due December 2038	55,000	55,000
3.85% Series due June 2049	435,000	435,000
3.50% Series due June 2051	170,000	—
4.90% Series due October 2066	260,000	260,000
Total mortgage bonds	1,795,000	1,625,000
Other:
Unamortized Premium and Discount – Net	3,685	6,127
Unamortized Debt Issuance Costs	(18,108)	(16,998)

Total Long-Term Debt	1,780,577	1,614,129
Less Amount Due Within One Year	—	—
Long-Term Debt Excluding Amount Due Within One Year	$1,780,577	$1,614,129
Fair Value of Long-Term Debt	$2,021,432	$1,709,505


	2020	2019
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020	$—	$25,000
3.9% Series due July 2023	100,000	100,000
3.0% Series due March 2025	78,000	—
4.0% Series due June 2026	85,000	85,000
4.51% Series due September 2033	60,000	60,000
3.75% Series due March 2040	62,000	—
5.0% Series due December 2052	30,000	30,000
5.50% Series due April 2066	110,000	110,000
Total mortgage bonds	525,000	410,000
Securitization Bonds:
2.67% Series Senior Secured due June 2027	42,850	54,443
Total securitization bonds	42,850	54,443
Other:
3.0% Unsecured Term Loan due May 2022	70,000	70,000
Credit Facility due November 2021, weighted avg rate 2.92%	—	20,000
Payable to associated company due November 2035	12,529	14,367
Unamortized Premium and Discount – Net	(91)	(129)
Unamortized Debt Issuance Costs	(8,055)	(7,775)
Total Long-Term Debt	642,233	560,906
Less Amount Due Within One Year	1,618	26,838
Long-Term Debt Excluding Amount Due Within One Year	$640,615	$534,068
Fair Value of Long-Term Debt	$620,634	$523,846


	2020	2019
	(In Thousands)
Entergy Texas
Mortgage Bonds:
2.55% Series due June 2021	$125,000	$125,000
4.1% Series due September 2021	75,000	75,000
3.45% Series due December 2027	150,000	150,000
4.0% Series due March 2029	300,000	300,000
1.75% Series due March 2031	600,000	—
4.5% Series due March 2039	400,000	400,000
5.15% Series due June 2045	250,000	250,000
3.55% Series due September 2049	475,000	300,000
5.625% Series due June 2064	—	135,000
Total mortgage bonds	2,375,000	1,735,000
Securitization Bonds:


5.93% Series Senior Secured, Series A due June 2022	17,478	50,289
4.38% Series Senior Secured, Series A due November 2023	106,214	155,969
Total securitization bonds	123,692	206,258
Other:
Unamortized Premium and Discount - Net	14,064	(4,814)
Unamortized Debt Issuance Costs	(19,048)	(17,510)
Other	—	4,022
Total Long-Term Debt	2,493,708	1,922,956
Less Amount Due Within One Year	200,000	—
Long-Term Debt Excluding Amount Due Within One Year	$2,293,708	$1,922,956
Fair Value of Long-Term Debt	$2,765,193	$2,090,215


	2020	2019
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023	$250,000	$250,000
2.14% Series due December 2025	200,000	—
Total mortgage bonds	450,000	250,000
Governmental Bonds (a):
2.5% Series due 2022, Mississippi Business Finance Corp.	134,000	134,000
Total governmental bonds	134,000	134,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.42% Series J due April 2021	100,000	100,000
2.05% Series K due September 2027	90,000	—
Credit Facility due September 2022, weighted avg rate 1.63%	—	31,600
Total variable interest entity notes payable and credit facility	190,000	131,600
Other:
Grand Gulf Sale-Leaseback Obligation	34,336	34,346
Unamortized Premium and Discount – Net	(165)	(144)
Unamortized Debt Issuance Costs	(2,897)	(1,697)
Other	—	2
Total Long-Term Debt	805,274	548,107
Less Amount Due Within One Year	100,015	10
Long-Term Debt Excluding Amount Due Within One Year	$705,259	$548,097
Fair Value of Long-Term Debt	$840,540	$565,209

(a)Consists of pollution control revenue bonds and environmental revenue bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c)The bonds are secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
2021	$485,000	$240,000	$—	$1,618	$200,000	$100,000
2022	$12,200	$258,200	$—	$71,326	$17,478	$134,000
2023	$290,000	$1,455,980	$250,000	$101,306	$106,214	$250,000
2024	$375,000	$700,000	$100,000	$1,275	$—	$—
2025	$—	$300,000	$—	$79,140	$—	$200,000

Securitization Bonds

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds, with a coupon of 2.30%. Although the principal amount was not due until August 2021, Entergy Arkansas Restoration Funding made principal payments on the bonds in the amount of $7.3 million in 2020, after which the bonds were fully repaid.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the canceled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04%. Although the principal amount is not due until September 2023, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds in the amount of $11 million for 2021, after which the bonds will be fully repaid. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount is not due until June 2027, Entergy New Orleans Storm Recovery Funding expects to make principal payments on the bonds over the next four years in the amounts of $11.9 million for 2021, $12.2 million for 2022, $12.5 million for 2023, and $6.2 million for 2024. With the proceeds, Entergy New Orleans Storm Recovery Funding purchased from Entergy New Orleans the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy New Orleans balance sheet. The creditors of Entergy New Orleans do not have recourse to the assets or revenues of Entergy New Orleans Storm Recovery Funding, including the storm recovery property, and the creditors of Entergy New Orleans Storm Recovery Funding do not have recourse to the assets or revenues of Entergy New Orleans. Entergy New Orleans has no payment obligations to Entergy New Orleans Storm Recovery Funding except to remit storm recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $17.5 million at 5.93% remain outstanding. Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds in the amount of $17.5 million for 2021.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $106.2 million at 4.38% remain outstanding. Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next two years in the amount of $52 million for 2021 and $54.3 million for 2022.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million. The initial term of the leases expired in July 2015. System Energy renewed the leases for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance. The lease payments are recognized as principal and interest payments on the debt balance. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent

with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2020 and 2019.

As of December 31, 2020, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal:


			Amount
			(In Thousands)

2021			$17,188
2022			17,188
2023			17,188
2024			17,188
2025			17,188
Years thereafter			189,063
Total			275,003
Less: Amount representing interest			240,667
Present value of net minimum lease payments			$34,336

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2020 and 2019 consisted of:


Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2020	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2020	2019	2020	2019
				(In Thousands)
Mortgage Bonds
2020-2024	3.23%	0.62% - 5.59%	2.55% - 5.59%	$4,400,000	$3,575,000
2025-2029	3.35%	2.14% - 4.44%	2.4% - 4.44%	4,113,000	3,735,000
2030-2040	3.38%	1.6% - 4.52%	3.05% - 4.52%	2,552,000	1,590,000
2044-2066	4.12%	2.65% - 5.5%	3.55% - 5.625%	6,380,000	5,170,000
Governmental Bonds (a)
2021-2022	2.50%	2.375% - 2.5%	2.375% - 2.5%	179,000	179,000
2028-2030	3.45%	3.375% - 3.5%	3.375% - 3.5%	198,680	198,680
Securitization Bonds
2022-2027	3.59%	2.04% - 5.93%	2.04% - 5.93%	177,522	302,145
Variable Interest Entities Notes Payable (Note 4)
2021-2027	2.45%	2.05% - 3.92%	3.17% - 3.92%	450,000	360,000
Entergy Corporation Notes
due September 2020	n/a	—%	5.125%	—	450,000
due July 2022	n/a	4.00%	4.00%	650,000	650,000
due September 2025	n/a	0.9%	—	800,000	—
due September 2026	n/a	2.95%	2.95%	750,000	750,000
due June 2030	n/a	2.80%	—	600,000	—
due June 2050	n/a	3.75%	—	600,000	—
Entergy New Orleans Unsecured Term Loan due May 2022	n/a	3.00%	3.00%	70,000	70,000
5 Year Credit Facility (Note 4)	n/a	2.35%	3.77%	165,000	440,000
Entergy New Orleans Credit Facility (Note 4)	n/a	—	2.92%	—	20,000
Vermont Yankee Credit Facility (Note 4)	n/a	2.46%	3.93%	139,000	139,000
Entergy Arkansas VIE Credit Facility (Note 4)	n/a	1.94%	3.33%	12,200	15,100
Entergy Louisiana River Bend VIE Credit Facility (Note 4)	n/a	1.95%	3.23%	18,900	70,300
Entergy Louisiana Waterford VIE Credit Facility (Note 4)	n/a	1.72%	3.30%	39,300	49,900
System Energy VIE Credit Facility (Note 4)	n/a	1.63%	3.34%	—	31,600
Long-term DOE Obligation (b)	—	—	—	192,018	191,114
Grand Gulf Sale-Leaseback Obligation	n/a	—	—	34,336	34,346
Unamortized Premium and Discount - Net				3,665	(16,124)
Unamortized Debt Issuance Costs				(160,420)	(143,502)
Other				5,575	12,096
Total Long-Term Debt				22,369,776	17,873,655
Less Amount Due Within One Year				1,164,015	795,012
Long-Term Debt Excluding Amount Due Within One Year				$21,205,761	$17,078,643
Fair Value of Long-Term Debt				$24,813,818	$19,059,950

(a)Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


			Amount
			(In Thousands)
2021			$1,164,000
2022			$1,141,878
2023			$2,452,194
2024			$1,340,000
2025			$1,378,000

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2022. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2022. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2022.

Long-term debt for the Registrant Subsidiaries as of December 31, 2020 and 2019 consisted of:


	2020	2019
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.75% Series due February 2021	$350,000	$350,000
3.05% Series due June 2023	250,000	250,000
3.7% Series due June 2024	375,000	375,000
3.5% Series due April 2026	600,000	600,000
4.0% Series due June 2028	350,000	250,000
4.95% Series due December 2044	250,000	250,000
4.20% Series due April 2049	350,000	350,000
2.65% Series due June 2051	675,000	—
4.90% Series due December 2052	—	200,000
4.75% Series due June 2063	—	125,000
4.875% Series due September 2066	410,000	410,000
Total mortgage bonds	3,610,000	3,160,000
Governmental Bonds (a):

2.375% Series due 2021, Independence County (c)	45,000	45,000
Total governmental bonds	45,000	45,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.65% Series L due July 2021	90,000	90,000
3.17% Series M due December 2023	40,000	40,000
Credit Facility due September 2022, weighted avg rate 1.94%	12,200	15,100
Total variable interest entity notes payable and credit facility	142,200	145,100
Securitization Bonds:
2.30% Series Senior Secured due August 2021	—	7,259
Total securitization bonds	—	7,259
Other:
Long-term DOE Obligation (b)	192,018	191,114
Unamortized Premium and Discount – Net	6,938	1,664
Unamortized Debt Issuance Costs	(30,638)	(34,936)
Other	1,989	2,007
Total Long-Term Debt	3,967,507	3,517,208
Less Amount Due Within One Year	485,000	—
Long-Term Debt Excluding Amount Due Within One Year	$3,482,507	$3,517,208
Fair Value of Long-Term Debt	$4,355,632	$3,747,914


	2020	2019
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.95% Series due October 2020	$—	$250,000
4.8% Series due May 2021	200,000	200,000
3.3% Series due December 2022	200,000	200,000
4.05% Series due September 2023	325,000	325,000
0.62% Series due November 2023	1,100,000	—
5.59% Series due October 2024	300,000	300,000
5.40% Series due November 2024	400,000	400,000
3.78% Series due April 2025	110,000	110,000
3.78% Series due April 2025	190,000	190,000
4.44% Series due January 2026	250,000	250,000
2.40% Series due October 2026	400,000	400,000
3.12% Series due September 2027	450,000	450,000
3.25% Series due April 2028	425,000	425,000
1.60% Series due December 2030	300,000	—
3.05% Series due June 2031	325,000	325,000
4.0% Series due March 2033	750,000	750,000
5.0% Series due July 2044	170,000	170,000
4.95% Series due January 2045	450,000	450,000
4.20% Series due September 2048	900,000	600,000
4.20% Series due April 2050	525,000	525,000
2.90% Series due March 2051	650,000	—
5.25% Series due July 2052	—	200,000
4.70% Series due June 2063	—	100,000
4.875% Series due September 2066	270,000	270,000
Total mortgage bonds	8,690,000	6,890,000
Governmental Bonds (a):
3.375% Series due 2028, Louisiana Public Facilities Authority (c)	83,680	83,680
3.50% Series due 2030, Louisiana Public Facilities Authority (c)	115,000	115,000
Total governmental bonds	198,680	198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):


3.38% Series R due August 2020	—	70,000
3.92% Series H due February 2021	40,000	40,000
3.22% Series I due December 2023	20,000	20,000
2.51% Series V due June 2027	70,000	—
Credit Facility due September 2022, weighted avg rate 1.95%	18,900	70,300
Credit Facility due September 2022, weighted avg rate 1.72%	39,300	49,900
Total variable interest entity notes payable and credit facilities	188,200	250,200
Securitization Bonds:
2.04% Series Senior Secured due September 2023	10,980	34,185
Total securitization bonds	10,980	34,185
Other:
Unamortized Premium and Discount - Net	(2,863)	(17,372)
Unamortized Debt Issuance Costs	(61,132)	(58,089)
Other	3,586	6,065
Total Long-Term Debt	9,027,451	7,303,669
Less Amount Due Within One Year	240,000	320,002
Long-Term Debt Excluding Amount Due Within One Year	$8,787,451	$6,983,667
Fair Value of Long-Term Debt	$10,258,294	$7,961,168


	2020	2019
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.1% Series due July 2023	$250,000	$250,000
3.75% Series due July 2024	100,000	100,000
3.25% Series due December 2027	150,000	150,000
2.85% Series due June 2028	375,000	375,000
4.52% Series due December 2038	55,000	55,000
3.85% Series due June 2049	435,000	435,000
3.50% Series due June 2051	170,000	—
4.90% Series due October 2066	260,000	260,000
Total mortgage bonds	1,795,000	1,625,000
Other:
Unamortized Premium and Discount – Net	3,685	6,127
Unamortized Debt Issuance Costs	(18,108)	(16,998)

Total Long-Term Debt	1,780,577	1,614,129
Less Amount Due Within One Year	—	—
Long-Term Debt Excluding Amount Due Within One Year	$1,780,577	$1,614,129
Fair Value of Long-Term Debt	$2,021,432	$1,709,505


	2020	2019
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020	$—	$25,000
3.9% Series due July 2023	100,000	100,000
3.0% Series due March 2025	78,000	—
4.0% Series due June 2026	85,000	85,000
4.51% Series due September 2033	60,000	60,000
3.75% Series due March 2040	62,000	—
5.0% Series due December 2052	30,000	30,000
5.50% Series due April 2066	110,000	110,000
Total mortgage bonds	525,000	410,000
Securitization Bonds:
2.67% Series Senior Secured due June 2027	42,850	54,443
Total securitization bonds	42,850	54,443
Other:
3.0% Unsecured Term Loan due May 2022	70,000	70,000
Credit Facility due November 2021, weighted avg rate 2.92%	—	20,000
Payable to associated company due November 2035	12,529	14,367
Unamortized Premium and Discount – Net	(91)	(129)
Unamortized Debt Issuance Costs	(8,055)	(7,775)
Total Long-Term Debt	642,233	560,906
Less Amount Due Within One Year	1,618	26,838
Long-Term Debt Excluding Amount Due Within One Year	$640,615	$534,068
Fair Value of Long-Term Debt	$620,634	$523,846


	2020	2019
	(In Thousands)
Entergy Texas
Mortgage Bonds:
2.55% Series due June 2021	$125,000	$125,000
4.1% Series due September 2021	75,000	75,000
3.45% Series due December 2027	150,000	150,000
4.0% Series due March 2029	300,000	300,000
1.75% Series due March 2031	600,000	—
4.5% Series due March 2039	400,000	400,000
5.15% Series due June 2045	250,000	250,000
3.55% Series due September 2049	475,000	300,000
5.625% Series due June 2064	—	135,000
Total mortgage bonds	2,375,000	1,735,000
Securitization Bonds:


5.93% Series Senior Secured, Series A due June 2022	17,478	50,289
4.38% Series Senior Secured, Series A due November 2023	106,214	155,969
Total securitization bonds	123,692	206,258
Other:
Unamortized Premium and Discount - Net	14,064	(4,814)
Unamortized Debt Issuance Costs	(19,048)	(17,510)
Other	—	4,022
Total Long-Term Debt	2,493,708	1,922,956
Less Amount Due Within One Year	200,000	—
Long-Term Debt Excluding Amount Due Within One Year	$2,293,708	$1,922,956
Fair Value of Long-Term Debt	$2,765,193	$2,090,215


	2020	2019
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023	$250,000	$250,000
2.14% Series due December 2025	200,000	—
Total mortgage bonds	450,000	250,000
Governmental Bonds (a):
2.5% Series due 2022, Mississippi Business Finance Corp.	134,000	134,000
Total governmental bonds	134,000	134,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.42% Series J due April 2021	100,000	100,000
2.05% Series K due September 2027	90,000	—
Credit Facility due September 2022, weighted avg rate 1.63%	—	31,600
Total variable interest entity notes payable and credit facility	190,000	131,600
Other:
Grand Gulf Sale-Leaseback Obligation	34,336	34,346
Unamortized Premium and Discount – Net	(165)	(144)
Unamortized Debt Issuance Costs	(2,897)	(1,697)
Other	—	2
Total Long-Term Debt	805,274	548,107
Less Amount Due Within One Year	100,015	10
Long-Term Debt Excluding Amount Due Within One Year	$705,259	$548,097
Fair Value of Long-Term Debt	$840,540	$565,209

(a)Consists of pollution control revenue bonds and environmental revenue bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c)The bonds are secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
2021	$485,000	$240,000	$—	$1,618	$200,000	$100,000
2022	$12,200	$258,200	$—	$71,326	$17,478	$134,000
2023	$290,000	$1,455,980	$250,000	$101,306	$106,214	$250,000
2024	$375,000	$700,000	$100,000	$1,275	$—	$—
2025	$—	$300,000	$—	$79,140	$—	$200,000

Securitization Bonds

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds, with a coupon of 2.30%. Although the principal amount was not due until August 2021, Entergy Arkansas Restoration Funding made principal payments on the bonds in the amount of $7.3 million in 2020, after which the bonds were fully repaid.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the canceled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04%. Although the principal amount is not due until September 2023, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds in the amount of $11 million for 2021, after which the bonds will be fully repaid. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount is not due until June 2027, Entergy New Orleans Storm Recovery Funding expects to make principal payments on the bonds over the next four years in the amounts of $11.9 million for 2021, $12.2 million for 2022, $12.5 million for 2023, and $6.2 million for 2024. With the proceeds, Entergy New Orleans Storm Recovery Funding purchased from Entergy New Orleans the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy New Orleans balance sheet. The creditors of Entergy New Orleans do not have recourse to the assets or revenues of Entergy New Orleans Storm Recovery Funding, including the storm recovery property, and the creditors of Entergy New Orleans Storm Recovery Funding do not have recourse to the assets or revenues of Entergy New Orleans. Entergy New Orleans has no payment obligations to Entergy New Orleans Storm Recovery Funding except to remit storm recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $17.5 million at 5.93% remain outstanding. Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds in the amount of $17.5 million for 2021.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $106.2 million at 4.38% remain outstanding. Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next two years in the amount of $52 million for 2021 and $54.3 million for 2022.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million. The initial term of the leases expired in July 2015. System Energy renewed the leases for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance. The lease payments are recognized as principal and interest payments on the debt balance. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent

with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2020 and 2019.

As of December 31, 2020, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal:


			Amount
			(In Thousands)

2021			$17,188
2022			17,188
2023			17,188
2024			17,188
2025			17,188
Years thereafter			189,063
Total			275,003
Less: Amount representing interest			240,667
Present value of net minimum lease payments			$34,336

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2020 and 2019 consisted of:


Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2020	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2020	2019	2020	2019
				(In Thousands)
Mortgage Bonds
2020-2024	3.23%	0.62% - 5.59%	2.55% - 5.59%	$4,400,000	$3,575,000
2025-2029	3.35%	2.14% - 4.44%	2.4% - 4.44%	4,113,000	3,735,000
2030-2040	3.38%	1.6% - 4.52%	3.05% - 4.52%	2,552,000	1,590,000
2044-2066	4.12%	2.65% - 5.5%	3.55% - 5.625%	6,380,000	5,170,000
Governmental Bonds (a)
2021-2022	2.50%	2.375% - 2.5%	2.375% - 2.5%	179,000	179,000
2028-2030	3.45%	3.375% - 3.5%	3.375% - 3.5%	198,680	198,680
Securitization Bonds
2022-2027	3.59%	2.04% - 5.93%	2.04% - 5.93%	177,522	302,145
Variable Interest Entities Notes Payable (Note 4)
2021-2027	2.45%	2.05% - 3.92%	3.17% - 3.92%	450,000	360,000
Entergy Corporation Notes
due September 2020	n/a	—%	5.125%	—	450,000
due July 2022	n/a	4.00%	4.00%	650,000	650,000
due September 2025	n/a	0.9%	—	800,000	—
due September 2026	n/a	2.95%	2.95%	750,000	750,000
due June 2030	n/a	2.80%	—	600,000	—
due June 2050	n/a	3.75%	—	600,000	—
Entergy New Orleans Unsecured Term Loan due May 2022	n/a	3.00%	3.00%	70,000	70,000
5 Year Credit Facility (Note 4)	n/a	2.35%	3.77%	165,000	440,000
Entergy New Orleans Credit Facility (Note 4)	n/a	—	2.92%	—	20,000
Vermont Yankee Credit Facility (Note 4)	n/a	2.46%	3.93%	139,000	139,000
Entergy Arkansas VIE Credit Facility (Note 4)	n/a	1.94%	3.33%	12,200	15,100
Entergy Louisiana River Bend VIE Credit Facility (Note 4)	n/a	1.95%	3.23%	18,900	70,300
Entergy Louisiana Waterford VIE Credit Facility (Note 4)	n/a	1.72%	3.30%	39,300	49,900
System Energy VIE Credit Facility (Note 4)	n/a	1.63%	3.34%	—	31,600
Long-term DOE Obligation (b)	—	—	—	192,018	191,114
Grand Gulf Sale-Leaseback Obligation	n/a	—	—	34,336	34,346
Unamortized Premium and Discount - Net				3,665	(16,124)
Unamortized Debt Issuance Costs				(160,420)	(143,502)
Other				5,575	12,096
Total Long-Term Debt				22,369,776	17,873,655
Less Amount Due Within One Year				1,164,015	795,012
Long-Term Debt Excluding Amount Due Within One Year				$21,205,761	$17,078,643
Fair Value of Long-Term Debt				$24,813,818	$19,059,950

(a)Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


			Amount
			(In Thousands)
2021			$1,164,000
2022			$1,141,878
2023			$2,452,194
2024			$1,340,000
2025			$1,378,000

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2022. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2022. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2022.

Long-term debt for the Registrant Subsidiaries as of December 31, 2020 and 2019 consisted of:


	2020	2019
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.75% Series due February 2021	$350,000	$350,000
3.05% Series due June 2023	250,000	250,000
3.7% Series due June 2024	375,000	375,000
3.5% Series due April 2026	600,000	600,000
4.0% Series due June 2028	350,000	250,000
4.95% Series due December 2044	250,000	250,000
4.20% Series due April 2049	350,000	350,000
2.65% Series due June 2051	675,000	—
4.90% Series due December 2052	—	200,000
4.75% Series due June 2063	—	125,000
4.875% Series due September 2066	410,000	410,000
Total mortgage bonds	3,610,000	3,160,000
Governmental Bonds (a):

2.375% Series due 2021, Independence County (c)	45,000	45,000
Total governmental bonds	45,000	45,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.65% Series L due July 2021	90,000	90,000
3.17% Series M due December 2023	40,000	40,000
Credit Facility due September 2022, weighted avg rate 1.94%	12,200	15,100
Total variable interest entity notes payable and credit facility	142,200	145,100
Securitization Bonds:
2.30% Series Senior Secured due August 2021	—	7,259
Total securitization bonds	—	7,259
Other:
Long-term DOE Obligation (b)	192,018	191,114
Unamortized Premium and Discount – Net	6,938	1,664
Unamortized Debt Issuance Costs	(30,638)	(34,936)
Other	1,989	2,007
Total Long-Term Debt	3,967,507	3,517,208
Less Amount Due Within One Year	485,000	—
Long-Term Debt Excluding Amount Due Within One Year	$3,482,507	$3,517,208
Fair Value of Long-Term Debt	$4,355,632	$3,747,914


	2020	2019
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.95% Series due October 2020	$—	$250,000
4.8% Series due May 2021	200,000	200,000
3.3% Series due December 2022	200,000	200,000
4.05% Series due September 2023	325,000	325,000
0.62% Series due November 2023	1,100,000	—
5.59% Series due October 2024	300,000	300,000
5.40% Series due November 2024	400,000	400,000
3.78% Series due April 2025	110,000	110,000
3.78% Series due April 2025	190,000	190,000
4.44% Series due January 2026	250,000	250,000
2.40% Series due October 2026	400,000	400,000
3.12% Series due September 2027	450,000	450,000
3.25% Series due April 2028	425,000	425,000
1.60% Series due December 2030	300,000	—
3.05% Series due June 2031	325,000	325,000
4.0% Series due March 2033	750,000	750,000
5.0% Series due July 2044	170,000	170,000
4.95% Series due January 2045	450,000	450,000
4.20% Series due September 2048	900,000	600,000
4.20% Series due April 2050	525,000	525,000
2.90% Series due March 2051	650,000	—
5.25% Series due July 2052	—	200,000
4.70% Series due June 2063	—	100,000
4.875% Series due September 2066	270,000	270,000
Total mortgage bonds	8,690,000	6,890,000
Governmental Bonds (a):
3.375% Series due 2028, Louisiana Public Facilities Authority (c)	83,680	83,680
3.50% Series due 2030, Louisiana Public Facilities Authority (c)	115,000	115,000
Total governmental bonds	198,680	198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):


3.38% Series R due August 2020	—	70,000
3.92% Series H due February 2021	40,000	40,000
3.22% Series I due December 2023	20,000	20,000
2.51% Series V due June 2027	70,000	—
Credit Facility due September 2022, weighted avg rate 1.95%	18,900	70,300
Credit Facility due September 2022, weighted avg rate 1.72%	39,300	49,900
Total variable interest entity notes payable and credit facilities	188,200	250,200
Securitization Bonds:
2.04% Series Senior Secured due September 2023	10,980	34,185
Total securitization bonds	10,980	34,185
Other:
Unamortized Premium and Discount - Net	(2,863)	(17,372)
Unamortized Debt Issuance Costs	(61,132)	(58,089)
Other	3,586	6,065
Total Long-Term Debt	9,027,451	7,303,669
Less Amount Due Within One Year	240,000	320,002
Long-Term Debt Excluding Amount Due Within One Year	$8,787,451	$6,983,667
Fair Value of Long-Term Debt	$10,258,294	$7,961,168


	2020	2019
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.1% Series due July 2023	$250,000	$250,000
3.75% Series due July 2024	100,000	100,000
3.25% Series due December 2027	150,000	150,000
2.85% Series due June 2028	375,000	375,000
4.52% Series due December 2038	55,000	55,000
3.85% Series due June 2049	435,000	435,000
3.50% Series due June 2051	170,000	—
4.90% Series due October 2066	260,000	260,000
Total mortgage bonds	1,795,000	1,625,000
Other:
Unamortized Premium and Discount – Net	3,685	6,127
Unamortized Debt Issuance Costs	(18,108)	(16,998)

Total Long-Term Debt	1,780,577	1,614,129
Less Amount Due Within One Year	—	—
Long-Term Debt Excluding Amount Due Within One Year	$1,780,577	$1,614,129
Fair Value of Long-Term Debt	$2,021,432	$1,709,505


	2020	2019
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020	$—	$25,000
3.9% Series due July 2023	100,000	100,000
3.0% Series due March 2025	78,000	—
4.0% Series due June 2026	85,000	85,000
4.51% Series due September 2033	60,000	60,000
3.75% Series due March 2040	62,000	—
5.0% Series due December 2052	30,000	30,000
5.50% Series due April 2066	110,000	110,000
Total mortgage bonds	525,000	410,000
Securitization Bonds:
2.67% Series Senior Secured due June 2027	42,850	54,443
Total securitization bonds	42,850	54,443
Other:
3.0% Unsecured Term Loan due May 2022	70,000	70,000
Credit Facility due November 2021, weighted avg rate 2.92%	—	20,000
Payable to associated company due November 2035	12,529	14,367
Unamortized Premium and Discount – Net	(91)	(129)
Unamortized Debt Issuance Costs	(8,055)	(7,775)
Total Long-Term Debt	642,233	560,906
Less Amount Due Within One Year	1,618	26,838
Long-Term Debt Excluding Amount Due Within One Year	$640,615	$534,068
Fair Value of Long-Term Debt	$620,634	$523,846


	2020	2019
	(In Thousands)
Entergy Texas
Mortgage Bonds:
2.55% Series due June 2021	$125,000	$125,000
4.1% Series due September 2021	75,000	75,000
3.45% Series due December 2027	150,000	150,000
4.0% Series due March 2029	300,000	300,000
1.75% Series due March 2031	600,000	—
4.5% Series due March 2039	400,000	400,000
5.15% Series due June 2045	250,000	250,000
3.55% Series due September 2049	475,000	300,000
5.625% Series due June 2064	—	135,000
Total mortgage bonds	2,375,000	1,735,000
Securitization Bonds:


5.93% Series Senior Secured, Series A due June 2022	17,478	50,289
4.38% Series Senior Secured, Series A due November 2023	106,214	155,969
Total securitization bonds	123,692	206,258
Other:
Unamortized Premium and Discount - Net	14,064	(4,814)
Unamortized Debt Issuance Costs	(19,048)	(17,510)
Other	—	4,022
Total Long-Term Debt	2,493,708	1,922,956
Less Amount Due Within One Year	200,000	—
Long-Term Debt Excluding Amount Due Within One Year	$2,293,708	$1,922,956
Fair Value of Long-Term Debt	$2,765,193	$2,090,215


	2020	2019
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023	$250,000	$250,000
2.14% Series due December 2025	200,000	—
Total mortgage bonds	450,000	250,000
Governmental Bonds (a):
2.5% Series due 2022, Mississippi Business Finance Corp.	134,000	134,000
Total governmental bonds	134,000	134,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):


3.42% Series J due April 2021	100,000	100,000
2.05% Series K due September 2027	90,000	—
Credit Facility due September 2022, weighted avg rate 1.63%	—	31,600
Total variable interest entity notes payable and credit facility	190,000	131,600
Other:
Grand Gulf Sale-Leaseback Obligation	34,336	34,346
Unamortized Premium and Discount – Net	(165)	(144)
Unamortized Debt Issuance Costs	(2,897)	(1,697)
Other	—	2
Total Long-Term Debt	805,274	548,107
Less Amount Due Within One Year	100,015	10
Long-Term Debt Excluding Amount Due Within One Year	$705,259	$548,097
Fair Value of Long-Term Debt	$840,540	$565,209

(a)Consists of pollution control revenue bonds and environmental revenue bonds.

(b)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c)The bonds are secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2020, for the next five years are as follows:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
2021	$485,000	$240,000	$—	$1,618	$200,000	$100,000
2022	$12,200	$258,200	$—	$71,326	$17,478	$134,000
2023	$290,000	$1,455,980	$250,000	$101,306	$106,214	$250,000
2024	$375,000	$700,000	$100,000	$1,275	$—	$—
2025	$—	$300,000	$—	$79,140	$—	$200,000

Securitization Bonds

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds, with a coupon of 2.30%. Although the principal amount was not due until August 2021, Entergy Arkansas Restoration Funding made principal payments on the bonds in the amount of $7.3 million in 2020, after which the bonds were fully repaid.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the canceled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04%. Although the principal amount is not due until September 2023, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds in the amount of $11 million for 2021, after which the bonds will be fully repaid. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount is not due until June 2027, Entergy New Orleans Storm Recovery Funding expects to make principal payments on the bonds over the next four years in the amounts of $11.9 million for 2021, $12.2 million for 2022, $12.5 million for 2023, and $6.2 million for 2024. With the proceeds, Entergy New Orleans Storm Recovery Funding purchased from Entergy New Orleans the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy New Orleans balance sheet. The creditors of Entergy New Orleans do not have recourse to the assets or revenues of Entergy New Orleans Storm Recovery Funding, including the storm recovery property, and the creditors of Entergy New Orleans Storm Recovery Funding do not have recourse to the assets or revenues of Entergy New Orleans. Entergy New Orleans has no payment obligations to Entergy New Orleans Storm Recovery Funding except to remit storm recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $17.5 million at 5.93% remain outstanding. Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds in the amount of $17.5 million for 2021.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds). As of December 31, 2020, $106.2 million at 4.38% remain outstanding. Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next two years in the amount of $52 million for 2021 and $54.3 million for 2022.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million. The initial term of the leases expired in July 2015. System Energy renewed the leases for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value. In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements. As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance. The lease payments are recognized as principal and interest payments on the debt balance. However, operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes. Consistent

with a recommendation contained in a FERC audit report, System Energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term. The amount was a net regulatory liability of $55.6 million as of December 31, 2020 and 2019.

As of December 31, 2020, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments that are recorded as long-term debt, as follows, which reflects the effect of the December 2013 renewal:


			Amount
			(In Thousands)

2021			$17,188
2022			17,188
2023			17,188
2024			17,188
2025			17,188
Years thereafter			189,063
Total			275,003
Less: Amount representing interest			240,667
Present value of net minimum lease payments			$34,336