Commission File Number | Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | Commission File Number | Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. |
1-11299 | ENTERGY CORPORATION (a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000 72-1229752 | 1-35747 | ENTERGY NEW ORLEANS, INC. (a Louisiana corporation) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone (504) 670-3700 72-0273040 |
1-10764 | ENTERGY ARKANSAS, INC. (an Arkansas corporation) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone (501) 377-4000 71-0005900 | 1-34360 | ENTERGY TEXAS, INC. (a Texas corporation) 9425 Pinecroft The Woodlands, Texas 77380 Telephone (409) 981-2000 61-1435798 |
1-32718 | ENTERGY LOUISIANA, LLC (a Texas limited liability company) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 576-4000 47-4469646 | 1-09067 | SYSTEM ENERGY RESOURCES, INC. (an Arkansas corporation) Echelon One 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000 72-0752777 |
1-31508 | ENTERGY MISSISSIPPI, INC. (a Mississippi corporation) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000 64-0205830 |
Exhibit No. | Description |
99.1 | Release, dated November 2, 2015, issued by Entergy Corporation |
99.2 | Statement on Uses and Usefulness of Non-GAAP Financial Measures |
Date: | Nov. 2, 2015 |
For Release: | Immediately |
Contact: | Kay Jones (Media) (504) 576-4238 cjone22@entergy.com | Paula Waters (Investor Relations) (504) 576-4380 pwater1@entergy.com |
• | Entergy Gulf States Louisiana, L.L.C. and Entergy Louisiana, LLC became one company on Oct. 1st, now referred to as Entergy Louisiana, LLC. |
• | Entergy Wholesale Commodities entered into an agreement to sell its Rhode Island State Energy Center power plant. |
• | Entergy Corporation was named to the Dow Jones Sustainability North America Index, one of four electric utility companies designated a sustainability leader on the index. |
Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||
Third Quarter | Year-to-Date | |||||
2015 | 2014 | Change | 2015 | 2014 | Change | |
As-Reported Earnings (Loss) ($ in millions) | (723.0) | 230.0 | (953.1) | (276.1) | 820.6 | (1,096.7) |
Less Special Items: | ||||||
Pilgrim/FitzPatrick asset impairments | ||||||
and related write-offs | (1,062.5) | — | (1,062.5) | (1,062.5) | — | (1,062.5) |
Decision to close VY | (1.2) | (73.7) | 72.5 | (6.9) | (86.4) | 79.5 |
HCM implementation expenses | — | (0.6) | 0.6 | — | (7.8) | 7.8 |
Total Special Items | (1,063.7) | (74.3) | (989.4) | (1,069.4) | (94.2) | (975.2) |
Operational Earnings | 340.7 | 304.4 | 36.3 | 793.3 | 914.8 | (121.5) |
Weather Impact | 29.3 | (20.0) | 49.3 | 40.7 | 3.2 | 37.5 |
As-Reported Earnings (Loss) (per share in $) | (4.04) | 1.27 | (5.31) | (1.54) | 4.56 | (6.10) |
Less Special Items: | ||||||
Pilgrim/FitzPatrick asset impairments | ||||||
and related write-offs | (5.93) | — | (5.93) | (5.92) | — | (5.92} |
HCM implementation expenses | — | — | — | — | (0.04) | 0.04 |
Decision to close VY | (0.01) | (0.41) | 0.40 | (0.04) | (0.48) | 0.44 |
Total Special Items | (5.94) | (0.41) | (5.53) | (5.96) | (0.52) | (5.44) |
Operational Earnings | 1.90 | 1.68 | 0.22 | 4.42 | 5.08 | (0.66) |
Weather Impact | 0.16 | (0.11) | 0.27 | 0.23 | 0.02 | 0.21 |
• | Weather-adjusted residential sales decline of (0.1) percent, |
• | Commercial sales increase of 1.2 percent on a weather-adjusted basis, |
• | Weather-adjusted governmental sales increase of 4.9 percent and |
• | Industrial sales increase of 4.0 percent. |
EWC Operational Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||
($ in millions) | Third Quarter | Year-to-Date | ||||
2015 | 2014 | Change | 2015 | 2014 | Change | |
Net income | (1,032) | (33) | (999) | (913) | 235 | (1,148) |
Add back: interest expense | 7 | 4 | 3 | 19 | 12 | 7 |
Add back: income tax expense | (555) | 2 | (557) | (488) | 141 | (629) |
Add back: depreciation and amortization | 60 | 72 | (12) | 187 | 213 | (26) |
Subtract: interest and investment income | 29 | 29 | — | 116 | 77 | 39 |
Add back: decommissioning expense | 33 | 35 | (2) | 101 | 104 | (3) |
Adjusted EBITDA | (1,515) | 51 | (1,566) | (1,210) | 627 | (1,837) |
Add back: | ||||||
Special item for HCM implementation (pre-tax) | — | 1 | (1) | — | 3 | (3) |
Special item for the decision to close VY (pre-tax) | 2 | 113 | (111) | 11 | 134 | (123) |
Special item for Pilgrim/FitzPatrick asset impairments and related write-offs (pre-tax) | 1,642 | — | 1,642 | 1,642 | — | 1,642 |
Operational adjusted EBITDA | 129 | 165 | (36) | 443 | 764 | (321) |
• | Appendix A: Consolidated Results and Special Items |
• | Appendix B: Variance Analysis |
• | Appendix C: Utility Performance Measures |
• | Appendix D: EWC Performance Measures |
• | Appendix E: Financial Performance Measures |
• | Appendix F: Definitions, Abbreviations and Acronyms |
• | Appendix G: GAAP to Non-GAAP Reconciliations |
• | Financial Statements |
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||
(Per share in $) | ||||||
Third Quarter | Year-to-Date | |||||
2015 | 2014 | Change | 2015 | 2014 | Change | |
As-Reported | ||||||
Utility | 2.01 | 1.72 | 0.29 | 4.36 | 4.00 | 0.36 |
Parent & Other | (0.29) | (0.27) | (0.02) | (0.81) | (0.74) | (0.07) |
EWC | (5.76) | (0.18) | (5.58) | (5.09) | 1.30 | (6.39) |
Consolidated As-Reported Earnings (Loss) | (4.04) | 1.27 | (5.31) | (1.54) | 4.56 | (6.10) |
Less Special Items | ||||||
Utility | — | — | — | — | (0.03) | 0.03 |
Parent & Other | — | — | — | — | — | — |
EWC | (5.94) | (0.41) | (5.53) | (5.96) | (0.49) | (5.47) |
Consolidated Special Items | (5.94) | (0.41) | (5.53) | (5.96) | (0.52) | (5.44) |
Operational | ||||||
Utility | 2.01 | 1.72 | 0.29 | 4.36 | 4.03 | 0.33 |
Parent & Other | (0.29) | (0.27) | (0.02) | (0.81) | (0.74) | (0.07) |
EWC | 0.18 | 0.23 | (0.05) | 0.87 | 1.79 | (0.92) |
Consolidated Operational Earnings | 1.90 | 1.68 | 0.22 | 4.42 | 5.08 | (0.66) |
Weather Impact | 0.16 | (0.11) | 0.27 | 0.23 | 0.02 | 0.21 |
Appendix A-2: Consolidated Operating Cash Flow | ||||||
Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||
($ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2015 | 2014 | Change | 2015 | 2014 | Change | |
Utility | 833 | 1,239 | (406) | 2,049 | 2,243 | (194) |
Parent & Other | 13 | (83) | 96 | (81) | (208) | 127 |
EWC | 165 | 207 | (42) | 381 | 856 | (475) |
Total Operating Cash Flow | 1,011 | 1,363 | (352) | 2,350 | 2,891 | (542) |
Appendix A-3: Special Items by Driver (shown as positive/(negative) impact on EPS) | ||||||
Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||
(After-tax, per share in $) | ||||||
Third Quarter | Year-to-Date | |||||
2015 | 2014 | Change | 2015 | 2014 | Change | |
Utility | ||||||
HCM implementation expenses | — | — | — | — | (0.03) | 0.03 |
Total Utility | — | — | — | — | (0.03) | 0.03 |
EWC | ||||||
Pilgrim/FitzPatrick asset impairments | ||||||
and related write-offs | (5.93) | — | (5.93) | (5.92) | — | (5.92) |
Decision to close VY | (0.01) | (0.41) | 0.40 | (0.04) | (0.48) | 0.44 |
HCM implementation expenses | — | — | — | — | (0.01) | 0.01 |
Total EWC | (5.94) | (0.41) | (5.53) | (5.96) | (0.49) | (5.47) |
Total Special Items | (5.94) | (0.41) | (5.53) | (5.96) | (0.52) | (5.44) |
Appendix A-4: Special Items by Income Statement Line Item (shown as positive/(negative) impact on earnings) | ||||||
Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||
(Pre-tax except for Income taxes - other, $ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2015 | 2014 | Change | 2015 | 2014 | Change | |
Utility | ||||||
Non-fuel O&M | — | (0.7) | 0.7 | — | (10.2) | 10.2 |
Taxes other than income taxes | — | — | — | — | (0.5) | 0.5 |
Income taxes - other | — | 0.4 | (0.4) | — | 4.6 | (4.6) |
Total Utility | — | (0.3) | 0.3 | — | (6.1) | 6.1 |
EWC | ||||||
Non-fuel O&M | (1.7) | (10.2) | 8.5 | (10.8) | (27.6) | 16.8 |
Taxes other than income taxes | (0.1) | (0.8) | 0.7 | 0.2 | (2.2) | 2.4 |
Asset write-off and impairments | (1,642.2) | (103.0) | (1,539.2) | (1,642.2) | (107.0) | (1,535.2) |
Income taxes - other | 580.3 | 39.9 | 540.4 | 583.4 | 48.6 | 534.8 |
Total EWC | (1,063.7) | (74.0) | (989.7) | (1,069.4) | (88.1) | (981.3) |
Total Special Items | (1,063.7) | (74.3) | (989.4) | (1,069.4) | (94.2) | (975.2) |
Appendix B-1: As-Reported and Operational EPS Variance Analysis | ||||||||||||||
Third Quarter 2015 vs. 2014 | ||||||||||||||
(After-tax, per share in $, sorted in consolidated operational column, most to least favorable) | ||||||||||||||
Utility | Parent & Other | EWC | Consolidated | |||||||||||
As-Reported | Opera- tional | As-Reported | Opera-tional | As- Reported | Opera-tional | As- Reported | Opera-tional | |||||||
2014 earnings | 1.72 | 1.72 | (0.27) | (0.27) | (0.18) | 0.23 | 1.27 | 1.68 | ||||||
Asset write-off and impairments | 0.23 | 0.23 | (a) | — | — | (5.56) | — | (b) | (5.33) | 0.23 | ||||
Net revenue | 0.36 | 0.36 | (c) | — | — | (0.26) | (0.26) | (d) | 0.10 | 0.10 | ||||
Income taxes - other | — | — | — | — | 0.03 | 0.03 | 0.03 | 0.03 | ||||||
Share effect | 0.01 | 0.01 | — | — | — | — | 0.01 | 0.01 | ||||||
Decommissioning expense | (0.01) | (0.01) | — | — | 0.01 | 0.01 | — | — | ||||||
Taxes other than income taxes | (0.03) | (0.03) | — | — | 0.03 | 0.03 | — | — | ||||||
Depreciation/amortization expense | (0.05) | (0.05) | (e) | — | — | 0.04 | 0.04 | (0.01) | (0.01) | |||||
Interest expense and other charges | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.03) | (0.03) | ||||||
Other income (deductions)-other | (0.05) | (0.05) | (f) | — | — | — | — | (0.05) | (0.05) | |||||
Non-fuel O&M | (0.16) | (0.16) | (g) | (0.01) | (0.01) | 0.14 | 0.11 | (h) | (0.03) | (0.06) | ||||
2015 earnings | 2.01 | 2.01 | (0.29) | (0.29) | (5.76) | 0.18 | (4.04) | 1.90 | ||||||
Appendix B-2: As-Reported and Operational EPS Variance Analysis | |||||||||||
Year-to-Date 2015 vs. 2014 | |||||||||||
(After-tax, per share in $, sorted in consolidated operational column, most to least favorable) | |||||||||||
Utility | Parent & Other | EWC | Consolidated | ||||||||
As-Reported | Opera- tional | As-Reported | Opera-tional | As- Reported | Opera-tional | As- Reported | Opera-tional | ||||
2014 earnings | 4.00 | 4.03 | (0.74) | (0.74) | 1.30 | 1.79 | 4.56 | 5.08 | |||
Asset write-off and impairments | 0.23 | 0.23 | (a) | — | — | (5.54) | — | (b) | (5.31) | 0.23 | |
Other income (deductions) - other | 0.02 | 0.02 | (0.05) | (0.05) | (i) | 0.12 | 0.12 | (j) | 0.09 | 0.09 | |
Income taxes - other | 0.10 | 0.10 | (k) | (0.01) | (0.01) | (0.03) | (0.03) | 0.06 | 0.06 | ||
Share effect | 0.01 | 0.01 | — | — | — | — | 0.01 | 0.01 | |||
Decommissioning expense | (0.03) | (0.03) | — | — | 0.01 | 0.01 | (0.02) | (0.02) | |||
Taxes other than income taxes | (0.07) | (0.07) | (l) | — | — | 0.05 | 0.04 | (0.02) | (0.03) | ||
Depreciation/amortization expense | (0.14) | (0.14) | (e) | — | — | 0.09 | 0.09 | (m) | (0.05) | (0.05) | |
Interest expense and other charges | (0.05) | (0.05) | (n) | 0.01 | 0.01 | (0.02) | (0.02) | (0.06) | (0.06) | ||
Non-fuel O&M | (0.56) | (0.59) | (g) | (0.01) | (0.01) | 0.36 | 0.30 | (h) | (0.21) | (0.30) | |
Net revenue | 0.85 | 0.85 | (c) | (0.01) | (0.01) | (1.43) | (1.43) | (d) | (0.59) | (0.59) | |
2015 earnings | 4.36 | 4.36 | (0.81) | (0.81) | (5.09) | 0.87 | (1.54) | 4.42 | |||
(a) | The current quarter and year to date increases were due to the third quarter 2014 charge associated with the EMI rate case settlement ($60.9 million pre-tax, $40.5 million after-tax). |
(b) | The as-reported current quarter and year-to date decreases were primarily due to non-cash impairment charges and related write-offs in the current quarter for the Pilgrim and FitzPatrick plants totaling $(5.93)/share. Partially offsetting this decrease was a third quarter 2014 charge for an updated VY decommissioning cost study. |
Utility As-Reported Net Revenue Variance Analysis 2015 vs. 2014 ($ EPS) | ||
Third Quarter | Year-to-Date | |
Weather | 0.27 | 0.21 |
Sales growth/pricing | 0.15 | 0.73 |
Other | (0.06) | (0.09) |
Total | 0.36 | 0.85 |
(c) | The current quarter and year-to date increases were due to favorable weather, an increase in industrial usage and pricing. The price variance included the Louisiana FRP rate adjustments for placing Ninemile 6 in rates and the EMI rate case. Year-to-date included higher volume from all classes. |
(d) | The current quarter and year-to-date decreases were due to the retirement of VY at the end of 2014 along with lower realized nuclear capacity and energy pricing. Also contributing to the decreases in the year-to-date period was the negative net effect of mark-to-market activity in the current period compared to a positive contribution in the comparable period a year ago. Fewer refueling outage days provided a partial offset in both periods. |
(e) | The current quarter and year-to-date decreases were due primarily to additions to plant (including Ninemile Unit 6 placed in service in December 2014) as well as higher depreciation rates implemented at EMI for 2015 (as approved by the MPSC). |
(f) | The current quarter decrease was due partly to lower decommissioning trust earnings (offset in net revenue), lower AFUDC equity and carrying charges recorded in 2014 on storm restoration costs related to Hurricane Isaac. |
(g) | The current quarter and year-to-date decreases reflected regulatory compliance costs resulting from the NRC’s decision to move ANO into Column 4 of the reactor oversight process action matrix (approximately $21 million in |
(h) | The current quarter and year-to-date increases were attributable to the closure of VY at the end of 2014. Excluding VY, year-over-year non-fuel O&M was higher due to higher refueling outage amortization and fewer refueling outage days resulting in the lower deferral of costs for future amortization. |
(i) | The year-to-date decrease was due primarily to higher earnings on investments in affiliate preferred membership interests (offset in Utility). |
(j) | The year-to-date increase was due primarily to higher realized gains on decommissioning trusts, including the rebalancing of VY's decommissioning trust portfolio in the current year. |
(k) | The year-to-date increase was attributable to a first quarter 2015 adjustment of approximately $24 million involving the reversal of a portion of the provision for uncertain tax provisions related to interest accrual. Partially offsetting was a state income tax benefit of approximately $10 million resulting from Act 55 storm securitization in third quarter 2014. |
(l) | The year-to-date decrease was primarily due to higher payroll taxes and ad valorem tax assessments. |
(m) | The year-to-date increase was mainly attributable to the absence of VY depreciation. |
(n) | The year-to-date decrease resulted from net debt issuances in fourth quarter 2014. |
Appendix C-1: Utility Operational Performance Measures | ||||||||
Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||||
Third Quarter | Year-to-Date | |||||||
2015 | 2014 | % Change | % Weather Adjusted (o) | 2015 | 2014 | % Change | % Weather Adjusted (o) | |
GWh billed | ||||||||
Residential | 11,887 | 10,869 | 9.4 | (0.1) | 28,683 | 28,162 | 1.9 | 0.4 |
Commercial | 8,744 | 8,281 | 5.6 | 1.2 | 22,370 | 21,844 | 2.4 | 0.6 |
Governmental | 692 | 659 | 5.0 | 4.9 | 1,886 | 1,829 | 3.1 | 2.9 |
Industrial | 12,087 | 11,620 | 4.0 | 4.0 | 33,230 | 32,635 | 1.8 | 1.8 |
Total Retail Sales | 33,410 | 31,429 | 6.3 | 1.8 | 86,169 | 84,470 | 2.0 | 1.0 |
Wholesale | 2,586 | 2,075 | 24.6 | 7,535 | 6,357 | 18.5 | ||
Total Sales | 35,996 | 33,504 | 7.4 | 93,704 | 90,827 | 3.2 | ||
Number of electric retail customers | ||||||||
Residential | 2,434,079 | 2,411,773 | 0.9 | |||||
Commercial | 348,920 | 345,338 | 1.0 | |||||
Governmental | 17,779 | 17,314 | 2.7 | |||||
Industrial | 49,941 | 49,868 | 0.1 | |||||
Total Retail Customers | 2,850,719 | 2,824,293 | 0.9 | |||||
Net Revenue ($ millions) | 1,750 | 1,646 | 6.3 | 4,648 | 4,401 | 5.6 | ||
As-reported non-fuel O&M per MWh | $18.42 | $18.42 | — | $20.17 | $19.02 | 6.0 | ||
Operational non-fuel O&M per MWh | $18.42 | $18.40 | 0.1 | $20.17 | $18.91 | 6.7 | ||
(o) | The effects of weather are estimated using monthly heating degree days and cooling degree days from certain locations within each jurisdiction and comparing to “normal” weather based on 20 year historical data. The models used to estimate weather are updated periodically and subject to change. |
Appendix D-1: EWC Operational Performance Measures | ||||||
Third Quarter and Year-to-Date 2015 vs. 2014 | ||||||
Third Quarter | Year-to-Date | |||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | |
Owned capacity (MW) (p) | 5,463 | 6,068 | (10.0) | 5,463 | 6,068 | (10.0) |
GWh billed | 10,748 | 11,328 | (5.1) | 29,918 | 32,874 | (9.0) |
As-reported average total revenue per MWh | $48.54 | $53.47 | (9.2) | $53.60 | $63.75 | (15.9) |
Adjusted average total revenue per MWh (q) | $48.19 | $53.11 | (9.3) | $53.22 | $63.37 | (16.0) |
Net revenue ($ millions) | 410 | 485 | (15.5) | 1,287 | 1,704 | (24.5) |
As-reported non-fuel O&M per MWh | $23.79 | $26.07 | (8.7) | $25.16 | $26.05 | (3.4) |
Operational non-fuel O&M per MWh (r) | $23.63 | $25.18 | (6.2) | $24.80 | $25.21 | (1.6) |
EWC Nuclear Fleet | ||||||
Capacity factor | 92% | 90% | 2.2 | 90% | 89% | 1.1 |
GWh billed | 9,125 | 9,950 | (8.3) | 26,298 | 29,618 | (11.2) |
As-reported average total revenue per MWh | $50.41 | $53.66 | (6.1) | $53.96 | $63.34 | (14.8) |
Adjusted average total revenue per MWh (s) | $49.99 | $53.24 | (6.1) | $53.53 | $62.93 | (14.9) |
Production cost per MWh | $26.90 | $27.37 | (1.7) | $26.24 | $26.54 | (1.1) |
Net revenue ($ millions) | 395 | 470 | (16.0) | 1,242 | 1,660 | (25.2) |
Refueling outage days | ||||||
FitzPatrick | — | 37 | — | 37 | ||
Indian Point 2 | — | — | — | 24 | ||
Indian Point 3 | — | — | 23 | — | ||
Palisades (t) | 13 | — | 13 | 56 | ||
Pilgrim | — | — | 34 | — |
(p) | Third quarter and year-to-date 2014 include capacity for VY, which was retired in December 2014 (605 MW). |
(q) | Excluding VY, $55.28/MWh and $62.97/MWh in third quarter and year-to-date 2014 periods. |
(r) | Excluding VY, $24.44/MWh and $24.67/MWh in third quarter and year-to-date 2014 periods. |
(s) | Excluding VY, $55.78/MWh and $62.40/MWh in third quarter and year-to-date 2014 periods. |
(t) | Palisades had 19 refueling outage days in fourth quarter 2015. |
Appendix E: GAAP and Non-GAAP Financial Performance Measures | ||||
Third Quarter 2015 vs. 2014 | ||||
For 12 months ending Sept. 30 | 2015 | 2014 | Change | |
GAAP Measures | ||||
ROIC - as-reported | 1.1% | 5.8% | (4.7%) | |
ROE - as-reported | (1.6%) | 9.9% | (11.5%) | |
Book value per share | $51.33 | $56.49 | ($5.16) | |
End of period shares outstanding (millions) | 178.4 | 179.6 | (1.2) | |
Non-GAAP Measures | ||||
ROIC - operational | 5.6% | 6.3% | (0.7%) | |
ROE - operational | 9.6% | 11.2% | (1.6%) | |
As of Sept. 30 ($ in millions) | 2015 | 2014 | Change | |
GAAP Measures | ||||
Cash and cash equivalents | 1,041 | 1,069 | (28) | |
Revolver capacity | 3,869 | 3,975 | (106) | |
Commercial paper outstanding | 664 | 776 | (112) | |
Total debt | 14,144 | 13,673 | 471 | |
Securitization debt | 814 | 814 | — | |
Debt to capital ratio | 60.2% | 56.7% | 3.5% | |
Off-balance sheet liabilities: | ||||
Debt of joint ventures - Entergy’s share | 78 | 83 | (5) | |
Leases - Entergy’s share | 422 | 456 | (34) | |
Power purchase agreements accounted for as leases | 224 | 224 | — | |
Total off-balance sheet liabilities | 724 | 763 | (39) | |
Non-GAAP Measures | ||||
Debt to capital ratio, excluding securitization debt | 58.7% | 55.2% | 3.5% | |
Gross liquidity | 4,910 | 5,044 | (134) | |
Net debt to net capital ratio, excluding securitization debt | 56.7% | 53.0% | 3.7% | |
Parent debt to total debt ratio, excluding securitization debt | 20.9% | 19.6% | 1.3% | |
Debt to operational adjusted EBITDA, excluding securitization debt | 3.9 | 3.6 | 0.3 | |
Operational FFO to debt ratio, excluding securitization debt | 25.4% | 29.4% | (4.0%) | |
Appendix F-1: Definitions | |
Utility Operational Performance Measures | |
GWh billed | Total number of GWh billed to all retail and wholesale customers |
Net revenue | Operating revenue less fuel, fuel related expenses and gas purchased for resale, purchased power and other regulatory charges (credits) - net |
Non-fuel O&M | Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale and purchased power |
Non-fuel O&M per MWh | Non-fuel O&M per MWh of billed sales |
Number of retail customers | Number of customers at end of period |
EWC Operational Performance Measures | |
As-reported average total revenue per MWh | As-reported revenue per MWh billed, excluding revenue from investments in wind generation accounted for under the equity method of accounting |
Adjusted average total revenue per MWh | As-reported average total revenue per MWh, excluding revenue from the amortization of the Palisades below-market PPA |
Average revenue under contract per kW per month (applies to capacity contracts only) | Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards |
Average revenue per MWh on contracted volumes | Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades; revenue will fluctuate due to factors including market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at the time of option expiration, costs to convert firm LD to unit-contingent and other risk management costs |
Bundled capacity and energy contracts | A contract for the sale of installed capacity and related energy, priced per MWh sold |
Capacity contracts | A contract for the sale of the installed capacity product in regional markets managed by ISO-NE, the NYISO and MISO |
Capacity factor | Normalized percentage of the period that the nuclear plants generate power |
Expected sold and market total revenue per MWh | Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including estimates for market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at time of option expiration, costs to convert Firm LD to unit-contingent and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA |
Firm LD | Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract; a portion of which may be capped through the use of risk management products |
GWh billed | Total number of GWh billed to customers, excluding investments in wind generation accounted for under the equity method of accounting and financially-settled instruments |
Appendix F-1: Definitions | ||
EWC Operational Performance Measures (continued) | ||
Net revenue | Operating revenue less fuel, fuel related expenses and purchased power | |
Non-fuel O&M | Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale, purchased power and investments in wind generation accounted for under the equity method of accounting | |
Non-fuel O&M per MWh | Non-fuel O&M per MWh billed | |
Offsetting positions | Transactions for the purchase of energy, generally to offset a Firm LD transaction | |
Owned capacity (MW) | Installed capacity owned and operated by EWC, including investments in wind generation accounted for under the equity method of accounting; VY (nuclear) was retired on Dec. 29, 2014 (605 MW) | |
Percent of capacity sold forward | Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions | |
Percent of planned generation under contract | Percent of planned generation output sold or purchased forward under contracts, forward physical contracts, forward financial contracts or options that mitigate price uncertainty that may or may not require regulatory approval or approval of transmission rights or other conditions precedent; positions that are no longer classified as hedges are netted in the planned generation under contract | |
Planned net MW in operation | Amount of installed capacity to generate power and/or sell capacity, assuming shutdown of Pilgrim June 1, 2019 and FitzPatrick at the end of January 2017, excludes energy and capacity from EWC’s wind investment accounted for under the equity method of accounting | |
Planned TWh of generation | Amount of output expected to be generated by EWC resources considering plant operating characteristics and outage schedules, assuming shutdown of Pilgrim June 1, 2019 and FitzPatrick at the end of January 2017, uninterrupted normal plant operation and timely renewal of plant operating licenses at IPEC | |
Production cost per MWh | Fuel and non-fuel O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation), excluding special items | |
Refueling outage days | Number of days lost for scheduled refueling outage during the period | |
Unit-contingent | Transaction under which power is supplied from a specific generation asset; if the asset is on operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee | |
Financial Measures - GAAP | ||
Book value per share | End of period common equity divided by end of period shares outstanding | |
Debt of joint ventures - Entergy’s share | Entergy’s share of debt issued by business joint ventures at EWC | |
Debt to capital ratio | Total debt divided by total capitalization | |
Leases - Entergy’s share | Operating leases held by subsidiaries capitalized at implicit interest rate | |
Revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers, including Entergy Nuclear Vermont Yankee | |
ROIC - as-reported | 12-months rolling net income attributable to Entergy Corporation or Subsidiary (Net Income) adjusted for preferred dividends and tax-effected interest expense divided by average invested capital | |
ROE - as-reported | 12-months rolling Net Income divided by average common equity | |
Securitization debt | Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at ETI and Hurricane Isaac at ENOI; the 2009 ice storm at EAI, investment recovery of costs associated with the cancelled Little Gypsy repowering project at ELL | |
Total debt | Sum of short-term and long-term debt, notes payable and commercial paper and capital leases on the balance sheet | |
Appendix F-1: Definitions | |
Financial Measures - Non-GAAP | |
Adjusted EBITDA | Earnings before interest, depreciation and amortization and income taxes excluding decommissioning expense and other than temporary impairment losses on decommissioning trust fund assets; for Entergy consolidated, also excludes AFUDC-equity funds and subtracts securitization proceeds |
Debt to capital ratio, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt |
Debt to EBITDA | End of period total debt excluding securitization debt divided by 12-months rolling operational adjusted EBITDA |
FFO | Net cash flow provided by operations less AFUDC-borrowed funds, working capital items in operating cash flow (receivables, fuel inventory, accounts payable, prepaid taxes and taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charge |
FFO to debt | 12-months rolling operational FFO as a percentage of end of period total debt excluding securitization debt |
Gross liquidity | Sum of cash and revolver capacity |
Operational adjusted EBITDA | Adjusted EBITDA excluding effects of special items |
Operational earnings | As-reported Net Income adjusted to exclude the impact of special items |
Operational FFO | FFO excluding effects of special items |
Parent debt to total debt | End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of total debt excluding securitization debt |
Net debt to net capital ratio, excluding securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt |
ROIC - operational | 12-months rolling operational Net Income adjusted for preferred dividends and tax-effected interest expense divided by average invested capital |
ROE - operational | 12-months rolling operational Net Income divided by average common equity |
Appendix F-2: Abbreviations and Acronyms | |||
AFUDC-borrowed funds | Allowance for borrowed funds used during construction | ISO-NE | ISO New England |
LHV | Lower Hudson Valley | ||
LPSC | Louisiana Public Service Commission | ||
AFUDC-equity funds | Allowance for equity funds used during construction | LTM | Last twelve months |
MISO | Midcontinent Independent System Operator, Inc. | ||
ADIT | Accumulated deferred income taxes | MPSC | Mississippi Public Service Commission |
ALJ | Administrative law judge | NEPOOL | New England Power Pool |
ANO | Arkansas Nuclear One (nuclear) | Ninemile 6 Non-fuel O&M | Ninemile Point Unit 6 Non-fuel O&M |
APSC | Arkansas Public Service Commission | NRC NYISO | Nuclear Regulatory Commission New York Independent System Operator, Inc. |
ARO | Asset retirement obligation | ||
BTA | Best technology available | NYPA | New York Power Authority |
CCGT | Combined cycle gas turbine | NYS | New York State |
CCNO | Council of the City of New Orleans, Louisiana | NYSDEC | New York State Department of Environmental Conservation |
COD | Commercial operation date | NYSDOS | New York State Department of State |
CZM | Coastal zone management | NYSE | New York Stock Exchange |
DCRF DOJ EAI EBITDA | Distribution cost recovery factor U.S. Department of Justice Entergy Arkansas, Inc. Earnings before interest, income taxes, depreciation and amortization | O&M | Operation and maintenance expense |
OCF | Operating cash flow | ||
EEI | Edison Electric Institute | OPEB | Other post-employment benefits |
EGSL | Entergy Gulf States Louisiana, L.L.C. | Palisades | Palisades Power Plant (nuclear) |
ELL | Entergy Louisiana, LLC | Pilgrim | Pilgrim Nuclear Power Station (nuclear) |
EMI | Entergy Mississippi, Inc. | PPA | Power purchase agreement |
ENOI | Entergy New Orleans, Inc. | PUCT | Public Utility Commission of Texas |
EPA | Environmental Protection Agency | RFO | Refueling outage |
EPS | Earnings per share | RFP | Request for proposal |
ETI | Entergy Texas, Inc. | RISEC | Rhode Island State Energy Center (CCGT) |
ETR | Entergy Corporation | ROE | Return on equity |
EWC | Entergy Wholesale Commodities | ROIC | Return on invested capital |
FCA | Forward capacity auction | ROS | Rest of state |
FERC | Federal Energy Regulatory Commission | RPCE | Rough production cost equalization |
FFO | Funds from operations | SEC | U.S. Securities and Exchange Commission |
Firm LD | Firm liquidated damages | SEMARI | Southeast Massachusetts/Rhode Island |
FitzPatrick | James A. FitzPatrick Nuclear Power Plant | SERI | System Energy Resources, Inc. |
FRP | Formula rate plan | SPDES | State Pollutant Discharge Elimination System |
GAAP | Generally accepted accounting principles | SPP | Southwest Power Pool |
HCM | Human Capital Management program | TCRF | Transmission cost recovery factor |
HSR | Hart-Scott-Rodino | UP&O | Utility, Parent & Other |
Indian Point 2 | Indian Point Energy Center Unit 2 (nuclear) | VY | Vermont Yankee Nuclear Power Station (nuclear) |
Indian Point 3 | Indian Point Energy Center Unit 3 (nuclear) | WACC | Weighted-average cost of capital |
IPEC | Indian Point Energy Center (nuclear) | WOTAB | West of the Atchafalaya Basin |
ISES | Independence Steam Electric Station (coal) | WQC | Water Quality Certification |
YOY | Year-over-year |
Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - Utility and EWC Non-fuel O&M per MWh, EWC and EWC Nuclear Average Total Revenue per MWh | |||||
($ in thousands except where noted) | Third Quarter | Year-to-Date | |||
2015 | 2014 | 2015 | 2014 | ||
Utility | |||||
As-reported Utility non-fuel O&M | (A) | 663,142 | 617,104 | 1,889,982 | 1,727,878 |
Special Items included in non-fuel O&M: | |||||
HCM implementation expenses | — | 681 | — | 10,202 | |
Total special items included in non-fuel O&M | (B) | — | 681 | — | 10,202 |
Operational Utility non-fuel O&M | (A-B) | 663,142 | 616,423 | 1,889,982 | 1,717,676 |
Utility billed sales (GWh) | (C) | 35,996 | 33,504 | 93,704 | 90,827 |
As-reported Utility non-fuel O&M per MWh | (A/C) | 18.42 | 18.42 | 20.17 | 19.02 |
Operational Utility non-fuel O&M per MWh | [(A-B)/(C)] | 18.42 | 18.40 | 20.17 | 18.91 |
EWC | |||||
As-reported EWC non-fuel O&M | (D) | 255,656 | 295,375 | 752,719 | 856,399 |
Special Items included in non-fuel O&M: | |||||
Decision to close VY | 1,706 | 9,681 | 10,774 | 25,114 | |
HCM implementation expenses | — | 483 | — | 2,525 | |
Total special items included in non-fuel O&M | (E) | 1,706 | 10,164 | 10,774 | 27,639 |
Operational EWC non-fuel O&M | (D-E) | 253,950 | 285,211 | 741,945 | 828,760 |
EWC billed sales (GWh) | (F) | 10,748 | 11,328 | 29,918 | 32,874 |
As-reported EWC non-fuel O&M per MWh | (D/F) | 23.79 | 26.07 | 25.16 | 26.05 |
Operational EWC non-fuel O&M per MWh | [(D-E)/(F)] | 23.63 | 25.18 | 24.80 | 25.21 |
As-reported EWC operating revenue | (G) | 521,746 | 605,740 | 1,603,643 | 2,095,752 |
Less Palisades below-market PPA amortization | (H) | 3,800 | 4,124 | 11,400 | 12,372 |
Adjusted EWC operating revenue | (G-H) | 517,946 | 601,616 | 1,592,243 | 2,083,380 |
As-reported EWC nuclear operating revenue | (I) | 459,964 | 533,887 | 1,419,060 | 1,876,115 |
Less Palisades below-market PPA amortization | (H) | 3,800 | 4,124 | 11,400 | 12,372 |
Adjusted EWC nuclear operating revenue | (I-H) | 456,164 | 529,763 | 1,407,660 | 1,863,743 |
As-reported EWC average total revenue per MWh | (G)/(F) | 48.54 | 53.47 | 53.60 | 63.75 |
Adjusted EWC average total revenue per MWh | [(G-H)/(F)] | 48.19 | 53.11 | 53.22 | 63.37 |
EWC nuclear billed sales (GWh) | (J) | 9,125 | 9,950 | 26,298 | 29,618 |
As-reported EWC nuclear average total revenue per MWh | (I)/(J) | 50.41 | 53.66 | 53.96 | 63.34 |
Adjusted EWC nuclear average total revenue per MWh | [(I-H)/(J)] | 49.99 | 53.24 | 53.53 | 62.93 |
VY operational non-fuel O&M | (K) | 40,388 | 115,203 | ||
VY operating revenue | (L) | 47,824 | 262,312 | ||
VY billed sales | (M) | 1,310 | 3,953 | ||
Operational EWC non-fuel O&M per MWh excluding VY | [(D-E)-(K)]/[(F)-(M)] | 24.44 | 24.67 | ||
Adjusted EWC average total revenue per MWh excluding VY | [(G-H)-(L)]/(F)-(M)] | 55.28 | 62.97 | ||
Adjusted EWC nuclear average total revenue per MWh excluding VY | [(I-H)-(L)]/(J)-(M)] | 55.78 | 62.40 |
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - ROE, ROIC Metrics | |||
($ in millions) | Third Quarter | ||
2015 | 2014 | ||
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months | (A) | (156) | 968 |
Preferred dividends | 19 | 19 | |
Tax effected interest expense | 396 | 383 | |
As-reported net income attributable to Entergy Corporation, rolling 12 months adjusted for preferred dividends and tax effected interest expense | (B) | 259 | 1,370 |
Special items, rolling 12 months | (21) | (52) | |
Pilgrim/FitzPatrick asset impairments and related write-offs | (1,063) | — | |
Decision to close VY | (1) | (74) | |
HCM implementation expenses | — | (1) | |
Total special items, rolling 12 months | (C) | (1,085) | (127) |
Operational earnings, rolling 12 months adjusted for preferred dividends and tax effected interest expense | (B-C) | 1,344 | 1,497 |
Operational earnings, rolling 12 months | (A-C) | 929 | 1,095 |
Average invested capital | (D) | 23,819 | 23,720 |
Average common equity | (E) | 9,653 | 9,779 |
ROIC - as-reported % | (B/D) | 1.1 | 5.8 |
ROIC - operational % | [(B-C)/D] | 5.6 | 6.3 |
ROE - as-reported % | (A/E) | (1.6) | 9.9 |
ROE - operational % | [(A-C)/E] | 9.6 | 11.2 |
Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics | |||
($ in millions) | Third Quarter | ||
2015 | 2014 | ||
Total debt | (A) | 14,144 | 13,673 |
Less securitization debt | (B) | 814 | 814 |
Total debt, excluding securitization debt | (C) | 13,330 | 12,859 |
Less cash and cash equivalents | (D) | 1,041 | 1,069 |
Net debt, excluding securitization debt | (E) | 12,289 | 11,790 |
Total capitalization | (F) | 23,512 | 24,127 |
Less securitization debt | (B) | 814 | 814 |
Total capitalization, excluding securitization debt | (G) | 22,698 | 23,313 |
Less cash and cash equivalents | (D) | 1,041 | 1,069 |
Net capital, excluding securitization debt | (H) | 21,657 | 22,244 |
Debt to capital ratio % | (A/F) | 60.2 | 56.7 |
Debt to capital ratio, excluding securitization debt % | (C/G) | 58.7 | 55.2 |
Net debt to net capital ratio, excluding securitization debt % | (E/H) | 56.7 | 53.0 |
Revolver capacity | (I) | 3,869 | 3,975 |
Gross liquidity | (D+I) | 4,910 | 5,044 |
Entergy Corporation notes: | |||
Due July 2022 | 650 | — | |
Due September 2015 | — | 550 | |
Due January 2017 | 500 | 500 | |
Due September 2020 | 450 | 450 | |
Total parent long-term debt | (J) | 1,600 | 1,500 |
Revolver draw | (K) | 525 | 245 |
Commercial paper | (L) | 664 | 776 |
Total parent debt | (J)+(K)+(L) | 2,789 | 2,521 |
Parent debt to total debt ratio, excluding securitization debt % | [((J)+(K)+(L))/(C)] | 20.9% | 19.6% |
Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics (continued) | |||
($ in millions) | Third Quarter | ||
2015 | 2014 | ||
Total debt | (A) | 14,144 | 13,673 |
Less securitization debt | (B) | 814 | 814 |
Total debt, excluding securitization debt | (C) | 13,330 | 12,859 |
As-reported consolidated net income (loss), rolling 12 months | (156) | 968 | |
Add back: interest expense, rolling 12 months | 644 | 623 | |
Add back: income tax expense, rolling 12 months | (35) | 519 | |
Add back: depreciation and amortization, rolling 12 months | 1,333 | 1,330 | |
Add back: regulatory charges (credits), rolling 12 months | 29 | 16 | |
Subtract: securitization proceeds, rolling 12 months | 134 | 132 | |
Subtract: interest and investment income, rolling 12 months | 186 | 206 | |
Subtract: AFUDC - equity funds, rolling 12 months | 56 | 66 | |
Add back: decommissioning expense, rolling 12 months | 279 | 264 | |
Adjusted EBITDA, rolling 12 months | (D) | 1,718 | 3,316 |
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | — | 6 | |
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 3 | 55 | |
Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax) | 31 | 186 | |
Add back: special item for Pilgrim/FitzPatrick asset impairments and related write-offs | 1,642 | — | |
Operational adjusted EBITDA, rolling 12 months | (E) | 3,394 | 3,563 |
Debt to operational adjusted EBITDA, excluding securitization debt | (C)/(E) | 3.9 | 3.6 |
Net cash flow provided by operating activities, rolling 12 months | (F) | 3,348 | 3,881 |
AFUDC borrowed funds used during construction, rolling 12 months | (G) | (29) | (31) |
Working capital items in net cash flow provided by operating activities, rolling 12 months: | |||
Receivables | (5) | (26) | |
Fuel inventory | (34) | 18 | |
Accounts payable | (63) | 135 | |
Prepaid taxes and taxes accrued | 25 | (117) | |
Interest accrued | (5) | 18 | |
Other working capital accounts | (17) | 11 | |
Securitization regulatory charge | 104 | 99 | |
Total | (H) | 5 | 138 |
FFO, rolling 12 months | (F)+(G)-(H) | 3,314 | 3,712 |
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | 8 | ||
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 11 | 52 | |
Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax) | 56 | 8 | |
Operational FFO, rolling 12 months | (I) | 3,381 | 3,780 |
Operational FFO to debt ratio, excluding securitization debt % | (I)/(C) | 25.4% | 29.4% |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
September 30, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 69,786 | $ | 1,647 | $ | 8,203 | $ | 79,637 | ||||||||
Temporary cash investments | 760,047 | 17,503 | 183,412 | 960,961 | ||||||||||||
Total cash and cash equivalents | 829,833 | 19,150 | 191,615 | 1,040,598 | ||||||||||||
Notes receivable | 107,000 | (631,998 | ) | 524,998 | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 664,636 | — | 141,328 | 805,964 | ||||||||||||
Allowance for doubtful accounts | (39,581 | ) | — | — | (39,581 | ) | ||||||||||
Associated companies | 25,276 | (26,152 | ) | 876 | — | |||||||||||
Other | 181,885 | — | 9,100 | 190,984 | ||||||||||||
Accrued unbilled revenues | 375,772 | — | — | 375,772 | ||||||||||||
Total accounts receivable | 1,207,988 | (26,152 | ) | 151,304 | 1,333,139 | |||||||||||
Deferred fuel costs | 54,431 | — | — | 54,431 | ||||||||||||
Accumulated deferred income taxes | 2,698 | — | 253 | 2,951 | ||||||||||||
Fuel inventory - at average cost | 202,650 | — | 10,363 | 213,012 | ||||||||||||
Materials and supplies - at average cost | 631,898 | — | 249,610 | 881,508 | ||||||||||||
Deferred nuclear refueling outage costs | 97,727 | — | 93,866 | 191,594 | ||||||||||||
Prepayments and other | 220,329 | (4,496 | ) | 184,279 | 400,113 | |||||||||||
TOTAL | 3,354,554 | (643,496 | ) | 1,406,288 | 4,117,346 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,390,786 | (1,390,673 | ) | 36,572 | 36,684 | |||||||||||
Decommissioning trust funds | 2,421,300 | — | 2,769,792 | 5,191,092 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 206,858 | 3,649 | 7,250 | 217,756 | ||||||||||||
Other | 465,807 | — | 8,382 | 474,190 | ||||||||||||
TOTAL | 4,484,751 | (1,387,024 | ) | 2,821,996 | 5,919,722 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 40,831,406 | 3,562 | 3,909,117 | 44,744,086 | ||||||||||||
Property under capital lease | 944,774 | — | — | 944,774 | ||||||||||||
Natural gas | 389,175 | — | — | 389,175 | ||||||||||||
Construction work in progress | 1,077,774 | 250 | 346,840 | 1,424,863 | ||||||||||||
Nuclear fuel | 842,369 | — | 516,857 | 1,359,226 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 44,085,498 | 3,812 | 4,772,814 | 48,862,124 | ||||||||||||
Less - accumulated depreciation and amortization | 19,601,976 | 208 | 1,273,389 | 20,875,573 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 24,483,522 | 3,604 | 3,499,425 | 27,986,551 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Regulatory asset for income taxes - net | 785,753 | — | — | 785,753 | ||||||||||||
Other regulatory assets | 4,825,115 | — | — | 4,825,115 | ||||||||||||
Deferred fuel costs | 238,837 | — | — | 238,837 | ||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||
Accumulated deferred income taxes | 13,940 | 487 | 38,169 | 52,596 | ||||||||||||
Other | 179,177 | 18,566 | 540,769 | 738,513 | ||||||||||||
TOTAL | 6,416,921 | 19,053 | 582,011 | 7,017,986 | ||||||||||||
TOTAL ASSETS | $ | 38,739,748 | $ | (2,007,863 | ) | $ | 8,309,720 | $ | 45,041,605 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
September 30, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $ | 257,129 | $ | — | $ | 21,585 | $ | 278,714 | ||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | (213,393 | ) | 213,393 | — | |||||||||||
Other | 118,461 | 663,560 | — | 782,022 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 16,752 | (30,990 | ) | 14,238 | — | |||||||||||
Other | 798,925 | 419 | 242,829 | 1,042,173 | ||||||||||||
Customer deposits | 419,963 | — | — | 419,963 | ||||||||||||
Taxes accrued | 270,942 | (416,710 | ) | 382,105 | 236,337 | |||||||||||
Accumulated deferred income taxes | 47,315 | 2,084 | 44,160 | 93,558 | ||||||||||||
Interest accrued | 157,661 | 13,193 | 788 | 171,642 | ||||||||||||
Deferred fuel costs | 157,011 | — | — | 157,011 | ||||||||||||
Obligations under capital leases | 2,657 | — | — | 2,657 | ||||||||||||
Pension and other postretirement liabilities | 44,571 | — | 10,016 | 54,587 | ||||||||||||
Other | 181,684 | 992 | 32,485 | 215,162 | ||||||||||||
TOTAL | 2,473,071 | 19,155 | 961,599 | 3,453,826 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 7,771,891 | 728,617 | 192,830 | 8,693,338 | ||||||||||||
Accumulated deferred investment tax credits | 247,001 | — | — | 247,001 | ||||||||||||
Obligations under capital leases | 27,697 | — | — | 27,697 | ||||||||||||
Other regulatory liabilities | 1,258,329 | — | — | 1,258,329 | ||||||||||||
Decommissioning and retirement cost liabilities | 2,658,437 | — | 2,010,384 | 4,668,821 | ||||||||||||
Accumulated provisions | 468,641 | — | 4,690 | 473,330 | ||||||||||||
Pension and other postretirement liabilities | 2,513,459 | — | 820,605 | 3,334,064 | ||||||||||||
Long-term debt | 10,868,330 | 2,123,935 | 60,282 | 13,052,547 | ||||||||||||
Other | 743,924 | (591,063 | ) | 311,906 | 464,767 | |||||||||||
TOTAL | 26,557,709 | 2,261,489 | 3,400,697 | 32,219,894 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 186,511 | — | 24,249 | 210,760 | ||||||||||||
EQUITY | ||||||||||||||||
Common Shareholders' Equity: | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 254,752,788 shares in 2015 | 2,161,268 | (2,359,823 | ) | 201,103 | 2,548 | |||||||||||
Paid-in capital | 2,461,136 | 1,512,748 | 1,405,063 | 5,378,947 | ||||||||||||
Retained earnings | 5,180,987 | 1,991,109 | 2,273,873 | 9,445,969 | ||||||||||||
Accumulated other comprehensive income (loss) | (160,934 | ) | — | 43,136 | (117,798 | ) | ||||||||||
Less - treasury stock, at cost (76,365,988 shares in 2015) | 120,000 | 5,432,541 | — | 5,552,541 | ||||||||||||
Total common shareholders' equity | 9,522,457 | (4,288,507 | ) | 3,923,175 | 9,157,125 | |||||||||||
Subsidiaries' preferred stock without sinking fund | — | — | — | — | ||||||||||||
TOTAL | 9,522,457 | (4,288,507 | ) | 3,923,175 | 9,157,125 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 38,739,748 | $ | (2,007,863 | ) | $ | 8,309,720 | $ | 45,041,605 | |||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 109,253 | $ | 4,306 | $ | 17,768 | $ | 131,327 | ||||||||
Temporary cash investments | 864,162 | 11,606 | 414,931 | 1,290,699 | ||||||||||||
Total cash and cash equivalents | 973,415 | 15,912 | 432,699 | 1,422,026 | ||||||||||||
Notes receivable | — | (521,183 | ) | 521,183 | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 473,695 | — | 123,222 | 596,917 | ||||||||||||
Allowance for doubtful accounts | (35,663 | ) | — | — | (35,663 | ) | ||||||||||
Associated companies | 28,475 | (30,281 | ) | 1,806 | — | |||||||||||
Other | 198,525 | 11,315 | 10,502 | 220,342 | ||||||||||||
Accrued unbilled revenues | 321,659 | — | — | 321,659 | ||||||||||||
Total accounts receivable | 986,691 | (18,966 | ) | 135,530 | 1,103,255 | |||||||||||
Deferred fuel costs | 155,140 | — | — | 155,140 | ||||||||||||
Accumulated deferred income taxes | 107,482 | (139,913 | ) | 60,214 | 27,783 | |||||||||||
Fuel inventory - at average cost | 193,710 | — | 11,724 | 205,434 | ||||||||||||
Materials and supplies - at average cost | 602,656 | — | 315,928 | 918,584 | ||||||||||||
Deferred nuclear refueling outage costs | 86,753 | — | 127,435 | 214,188 | ||||||||||||
Prepayments and other | 155,219 | (4,784 | ) | 192,788 | 343,223 | |||||||||||
TOTAL | 3,261,066 | (668,934 | ) | 1,797,501 | 4,389,633 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,390,786 | (1,390,674 | ) | 36,122 | 36,234 | |||||||||||
Decommissioning trust funds | 2,471,082 | — | 2,899,850 | 5,370,932 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 201,618 | 4,261 | 7,912 | 213,791 | ||||||||||||
Other | 396,102 | — | 9,067 | 405,169 | ||||||||||||
TOTAL | 4,459,588 | (1,386,413 | ) | 2,952,951 | 6,026,126 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 39,845,364 | 3,402 | 5,032,653 | 44,881,419 | ||||||||||||
Property under capital lease | 945,784 | — | — | 945,784 | ||||||||||||
Natural gas | 377,565 | — | — | 377,565 | ||||||||||||
Construction work in progress | 970,629 | 289 | 455,063 | 1,425,981 | ||||||||||||
Nuclear fuel | 839,694 | — | 702,361 | 1,542,055 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 42,979,036 | 3,691 | 6,190,077 | 49,172,804 | ||||||||||||
Less - accumulated depreciation and amortization | 19,007,189 | 204 | 1,442,465 | 20,449,858 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 23,971,847 | 3,487 | 4,747,612 | 28,722,946 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Regulatory asset for income taxes - net | 836,064 | — | — | 836,064 | ||||||||||||
Other regulatory assets | 4,968,553 | — | — | 4,968,553 | ||||||||||||
Deferred fuel costs | 238,102 | — | — | 238,102 | ||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||
Accumulated deferred income taxes | 9,804 | 1,825 | 36,722 | 48,351 | ||||||||||||
Other | 176,186 | 3,080 | 741,641 | 920,907 | ||||||||||||
TOTAL | 6,602,808 | 4,905 | 781,436 | 7,389,149 | ||||||||||||
TOTAL ASSETS | $ | 38,295,309 | $ | (2,046,955 | ) | $ | 10,279,500 | $ | 46,527,854 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $ | 327,790 | $ | 550,000 | $ | 21,585 | $ | 899,375 | ||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | (238,196 | ) | 238,196 | — | |||||||||||
Other | 114,417 | 483,990 | — | 598,407 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 19,617 | (39,323 | ) | 19,706 | — | |||||||||||
Other | 889,763 | 332 | 276,336 | 1,166,431 | ||||||||||||
Customer deposits | 412,166 | — | — | 412,166 | ||||||||||||
Taxes accrued | 88,681 | 19,887 | 19,540 | 128,108 | ||||||||||||
Accumulated deferred income taxes | 20,653 | 17,386 | — | 38,039 | ||||||||||||
Interest accrued | 181,359 | 24,550 | 101 | 206,010 | ||||||||||||
Deferred fuel costs | 91,602 | — | — | 91,602 | ||||||||||||
Obligations under capital leases | 2,508 | — | — | 2,508 | ||||||||||||
Pension and other postretirement liabilities | 47,269 | — | 10,725 | 57,994 | ||||||||||||
Other | 148,473 | 2,339 | 97,439 | 248,251 | ||||||||||||
TOTAL | 2,344,298 | 820,965 | 683,628 | 3,848,891 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 7,780,487 | 88,150 | 1,264,524 | 9,133,161 | ||||||||||||
Accumulated deferred investment tax credits | 247,521 | — | — | 247,521 | ||||||||||||
Obligations under capital leases | 29,710 | — | — | 29,710 | ||||||||||||
Other regulatory liabilities | 1,383,609 | — | — | 1,383,609 | ||||||||||||
Decommissioning and retirement cost liabilities | 2,540,529 | — | 1,917,767 | 4,458,296 | ||||||||||||
Accumulated provisions | 413,842 | — | 4,286 | 418,128 | ||||||||||||
Pension and other postretirement liabilities | 2,767,800 | — | 870,495 | 3,638,295 | ||||||||||||
Long-term debt | 10,797,389 | 1,644,667 | 58,053 | 12,500,109 | ||||||||||||
Other | 803,136 | (584,460 | ) | 338,973 | 557,649 | |||||||||||
TOTAL | 26,764,023 | 1,148,357 | 4,454,098 | 32,366,478 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 186,511 | — | 24,249 | 210,760 | ||||||||||||
EQUITY | ||||||||||||||||
Common Shareholders' Equity: | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 254,752,788 shares in 2014 | 2,161,268 | (2,359,824 | ) | 201,104 | 2,548 | |||||||||||
Paid-in capital | 2,458,397 | 1,239,983 | 1,676,973 | 5,375,353 | ||||||||||||
Retained earnings | 4,572,383 | 2,481,090 | 3,116,184 | 10,169,657 | ||||||||||||
Accumulated other comprehensive income (loss) | (165,571 | ) | — | 123,264 | (42,307 | ) | ||||||||||
Less - treasury stock, at cost (75,512,079 shares in 2014) | 120,000 | 5,377,526 | — | 5,497,526 | ||||||||||||
Total common shareholders' equity | 8,906,477 | (4,016,277 | ) | 5,117,525 | 10,007,725 | |||||||||||
Subsidiaries' preferred stock without sinking fund | 94,000 | — | — | 94,000 | ||||||||||||
TOTAL | 9,000,477 | (4,016,277 | ) | 5,117,525 | 10,101,725 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 38,295,309 | $ | (2,046,955 | ) | $ | 10,279,500 | $ | 46,527,854 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended September 30, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 2,825,164 | $ | (21 | ) | $ | — | $ | 2,825,143 | |||||||
Natural gas | 24,517 | — | — | 24,517 | ||||||||||||
Competitive businesses | — | — | 521,746 | 521,746 | ||||||||||||
Total | 2,849,681 | (21 | ) | 521,746 | 3,371,406 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 654,579 | (21 | ) | 84,891 | 739,449 | |||||||||||
Purchased power | 422,693 | 25 | 27,066 | 449,784 | ||||||||||||
Nuclear refueling outage expenses | 30,094 | — | 38,483 | 68,577 | ||||||||||||
Other operation and maintenance | 633,048 | 2,164 | 217,173 | 852,385 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 1,642,204 | 1,642,204 | ||||||||||||
Decommissioning | 35,978 | — | 32,910 | 68,888 | ||||||||||||
Taxes other than income taxes | 135,032 | 212 | 22,890 | 158,134 | ||||||||||||
Depreciation and amortization | 273,937 | 489 | 60,415 | 334,841 | ||||||||||||
Other regulatory charges (credits) - net | 22,160 | — | — | 22,160 | ||||||||||||
Total | 2,207,521 | 2,869 | 2,126,032 | 4,336,422 | ||||||||||||
OPERATING INCOME (LOSS) | 642,160 | (2,890 | ) | (1,604,286 | ) | (965,016 | ) | |||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 14,129 | — | — | 14,129 | ||||||||||||
Interest and investment income | 46,979 | (37,338 | ) | 29,413 | 39,054 | |||||||||||
Miscellaneous - net | (5,086 | ) | (1,100 | ) | (3,819 | ) | (10,005 | ) | ||||||||
Total | 56,022 | (38,438 | ) | 25,594 | 43,178 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 142,261 | 21,857 | 7,231 | 171,349 | ||||||||||||
Allowance for borrowed funds used during construction | (7,289 | ) | — | — | (7,289 | ) | ||||||||||
Total | 134,972 | 21,857 | 7,231 | 164,060 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 563,210 | (63,185 | ) | (1,585,923 | ) | (1,085,898 | ) | |||||||||
Income taxes | 198,945 | (12,097 | ) | (554,513 | ) | (367,665 | ) | |||||||||
CONSOLIDATED NET INCOME (LOSS) | 364,265 | (51,088 | ) | (1,031,410 | ) | (718,233 | ) | |||||||||
Preferred dividend requirements of subsidiaries | 4,247 | — | 547 | 4,794 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 360,018 | $ | (51,088 | ) | $ | (1,031,957 | ) | $ | (723,027 | ) | |||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $2.01 | ($0.29) | ($5.76) | ($4.04) | ||||||||||||
DILUTED | $2.01 | ($0.29) | ($5.76) | ($4.04) | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,151,832 | |||||||||||||||
DILUTED | 179,151,832 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 2,824,049 | $ | 6 | $ | — | $ | 2,824,055 | ||||||||
Natural gas | 28,039 | — | — | 28,039 | ||||||||||||
Competitive businesses | — | 276 | 605,740 | 606,016 | ||||||||||||
Total | 2,852,088 | 282 | 605,740 | 3,458,110 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 761,913 | (34 | ) | 97,022 | 858,901 | |||||||||||
Purchased power | 440,791 | 161 | 24,154 | 465,106 | ||||||||||||
Nuclear refueling outage expenses | 30,763 | — | 40,888 | 71,651 | ||||||||||||
Other operation and maintenance | 586,341 | 1,111 | 254,487 | 841,939 | ||||||||||||
Asset write-offs, impairments and related charges | 60,857 | — | 102,978 | 163,835 | ||||||||||||
Decommissioning | 33,130 | — | 35,240 | 68,370 | ||||||||||||
Taxes other than income taxes | 126,951 | 205 | 32,579 | 159,735 | ||||||||||||
Depreciation and amortization | 259,590 | 866 | 71,623 | 332,079 | ||||||||||||
Other regulatory charges (credits) - net | 3,635 | — | — | 3,635 | ||||||||||||
Total | 2,303,971 | 2,309 | 658,971 | 2,965,251 | ||||||||||||
OPERATING INCOME | 548,117 | (2,027 | ) | (53,231 | ) | 492,859 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 16,737 | — | — | 16,737 | ||||||||||||
Interest and investment income | 58,536 | (37,645 | ) | 28,656 | 49,547 | |||||||||||
Miscellaneous - net | (3,499 | ) | (1,132 | ) | (2,013 | ) | (6,644 | ) | ||||||||
Total | 71,774 | (38,777 | ) | 26,643 | 59,640 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 141,104 | 19,591 | 3,787 | 164,482 | ||||||||||||
Allowance for borrowed funds used during construction | (8,664 | ) | — | — | (8,664 | ) | ||||||||||
Total | 132,440 | 19,591 | 3,787 | 155,818 | ||||||||||||
INCOME BEFORE INCOME TAXES | 487,451 | (60,395 | ) | (30,375 | ) | 396,681 | ||||||||||
Income taxes | 172,188 | (12,726 | ) | 2,303 | 161,765 | |||||||||||
CONSOLIDATED NET INCOME | 315,263 | (47,669 | ) | (32,678 | ) | 234,916 | ||||||||||
Preferred dividend requirements of subsidiaries | 4,332 | — | 547 | 4,879 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 310,931 | $ | (47,669 | ) | $ | (33,225 | ) | $ | 230,037 | ||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $1.73 | ($0.27) | ($0.18) | $1.28 | ||||||||||||
DILUTED | $1.72 | ($0.27) | ($0.18) | $1.27 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,610,067 | |||||||||||||||
DILUTED | 180,527,116 | |||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Nine Months Ended September 30, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 7,289,331 | $ | (51 | ) | $ | — | $ | 7,289,280 | |||||||
Natural gas | 111,805 | — | — | 111,805 | ||||||||||||
Competitive businesses | — | — | 1,603,643 | 1,603,643 | ||||||||||||
Total | 7,401,136 | (51 | ) | 1,603,643 | 9,004,728 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,658,220 | (51 | ) | 261,436 | 1,919,605 | |||||||||||
Purchased power | 1,059,325 | 55 | 55,356 | 1,114,736 | ||||||||||||
Nuclear refueling outage expenses | 89,642 | — | 110,933 | 200,575 | ||||||||||||
Other operation and maintenance | 1,800,340 | 8,242 | 641,786 | 2,450,368 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 1,642,204 | 1,642,204 | ||||||||||||
Decommissioning | 106,224 | — | 101,393 | 207,617 | ||||||||||||
Taxes other than income taxes | 387,779 | 1,234 | 83,022 | 472,035 | ||||||||||||
Depreciation and amortization | 819,143 | 1,524 | 186,514 | 1,007,181 | ||||||||||||
Other regulatory charges (credits) - net | 35,271 | — | — | 35,271 | ||||||||||||
Total | 5,955,944 | 11,004 | 3,082,644 | 9,049,592 | ||||||||||||
OPERATING INCOME (LOSS) | 1,445,192 | (11,055 | ) | (1,479,001 | ) | (44,864 | ) | |||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 37,841 | — | — | 37,841 | ||||||||||||
Interest and investment income | 142,720 | (111,678 | ) | 115,851 | 146,893 | |||||||||||
Miscellaneous - net | (12,389 | ) | (5,335 | ) | (17,045 | ) | (34,769 | ) | ||||||||
Total | 168,172 | (117,013 | ) | 98,806 | 149,965 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 428,770 | 55,824 | 18,952 | 503,546 | ||||||||||||
Allowance for borrowed funds used during construction | (19,450 | ) | — | — | (19,450 | ) | ||||||||||
Total | 409,320 | 55,824 | 18,952 | 484,096 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,204,044 | (183,892 | ) | (1,399,147 | ) | (378,995 | ) | |||||||||
Income taxes | 407,993 | (37,783 | ) | (487,622 | ) | (117,412 | ) | |||||||||
CONSOLIDATED NET INCOME (LOSS) | 796,051 | (146,109 | ) | (911,525 | ) | (261,583 | ) | |||||||||
Preferred dividend requirements of subsidiaries | 12,912 | — | 1,640 | 14,552 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 783,139 | $ | (146,109 | ) | $ | (913,165 | ) | $ | (276,135 | ) | |||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.36 | ($0.81) | ($5.09) | ($1.54) | ||||||||||||
DILUTED | $4.36 | ($0.81) | ($5.09) | ($1.54) | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,442,172 | |||||||||||||||
DILUTED | 179,442,172 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 7,424,460 | $ | (100 | ) | $ | — | $ | 7,424,360 | |||||||
Natural gas | 141,727 | — | — | 141,727 | ||||||||||||
Competitive businesses | — | 1,764 | 2,095,752 | 2,097,516 | ||||||||||||
Total | 7,566,187 | 1,664 | 2,095,752 | 9,663,603 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,684,109 | (138 | ) | 322,840 | 2,006,811 | |||||||||||
Purchased power | 1,488,388 | 16 | 69,227 | 1,557,631 | ||||||||||||
Nuclear refueling outage expenses | 87,878 | — | 109,814 | 197,692 | ||||||||||||
Other operation and maintenance | 1,640,000 | 6,005 | 746,585 | 2,392,590 | ||||||||||||
Asset write-offs, impairments and related charges | 60,857 | — | 106,915 | 167,772 | ||||||||||||
Decommissioning | 97,474 | — | 103,944 | 201,418 | ||||||||||||
Taxes other than income taxes | 367,269 | 1,015 | 98,655 | 466,939 | ||||||||||||
Depreciation and amortization | 776,893 | 2,946 | 212,705 | 992,544 | ||||||||||||
Other regulatory charges (credits) - net | (7,010 | ) | — | — | (7,010 | ) | ||||||||||
Total | 6,195,858 | 9,844 | 1,770,685 | 7,976,387 | ||||||||||||
OPERATING INCOME | 1,370,329 | (8,180 | ) | 325,067 | 1,687,216 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 46,654 | — | — | 46,654 | ||||||||||||
Interest and investment income | 132,874 | (100,570 | ) | 76,736 | 109,040 | |||||||||||
Miscellaneous - net | (12,829 | ) | (7,519 | ) | (12,677 | ) | (33,025 | ) | ||||||||
Total | 166,699 | (108,089 | ) | 64,059 | 122,669 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 418,254 | 61,011 | 12,094 | 491,359 | ||||||||||||
Allowance for borrowed funds used during construction | (24,199 | ) | — | — | (24,199 | ) | ||||||||||
Total | 394,055 | 61,011 | 12,094 | 467,160 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,142,973 | (177,280 | ) | 377,032 | 1,342,725 | |||||||||||
Income taxes | 410,135 | (43,438 | ) | 140,777 | 507,474 | |||||||||||
CONSOLIDATED NET INCOME | 732,838 | (133,842 | ) | 236,255 | 835,251 | |||||||||||
Preferred dividend requirements of subsidiaries | 13,016 | — | 1,641 | 14,657 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 719,822 | $ | (133,842 | ) | $ | 234,614 | $ | 820,594 | |||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.02 | ($0.75) | $1.31 | $4.58 | ||||||||||||
DILUTED | $4.00 | ($0.74) | $1.30 | $4.56 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,256,975 | |||||||||||||||
DILUTED | 179,867,018 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended September 30, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 9,456,898 | $ | (77 | ) | $ | — | $ | 9,456,821 | |||||||
Natural gas | 151,872 | — | — | 151,872 | ||||||||||||
Competitive businesses | — | 58 | 2,227,295 | 2,227,353 | ||||||||||||
Total | 9,608,770 | (19 | ) | 2,227,295 | 11,836,046 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,193,747 | (77 | ) | 351,682 | 2,545,352 | |||||||||||
Purchased power | 1,404,203 | 81 | 68,234 | 1,472,518 | ||||||||||||
Nuclear refueling outage expenses | 120,121 | — | 150,441 | 270,562 | ||||||||||||
Other operation and maintenance | 2,436,604 | 12,517 | 919,196 | 3,368,317 | ||||||||||||
Asset write-offs, impairments and related charges | 11,368 | — | 1,642,816 | 1,654,184 | ||||||||||||
Decommissioning | 139,860 | — | 138,959 | 278,819 | ||||||||||||
Taxes other than income taxes | 493,239 | 1,375 | 115,088 | 609,702 | ||||||||||||
Depreciation and amortization | 1,081,262 | 2,284 | 249,727 | 1,333,273 | ||||||||||||
Other regulatory charges (credits) - net | 28,509 | — | — | 28,509 | ||||||||||||
Total | 7,908,913 | 16,180 | 3,636,143 | 11,561,236 | ||||||||||||
OPERATING INCOME | 1,699,857 | (16,199 | ) | (1,408,848 | ) | 274,810 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 55,989 | — | — | 55,989 | ||||||||||||
Interest and investment income | 181,063 | (148,597 | ) | 153,073 | 185,539 | |||||||||||
Miscellaneous - net | (10,200 | ) | (7,207 | ) | (26,353 | ) | (43,760 | ) | ||||||||
Total | 226,852 | (155,804 | ) | 126,720 | 197,768 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 575,821 | 73,945 | 23,503 | 673,269 | ||||||||||||
Allowance for borrowed funds used during construction | (28,827 | ) | — | — | (28,827 | ) | ||||||||||
Total | 546,994 | 73,945 | 23,503 | 644,442 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,379,715 | (245,948 | ) | (1,305,631 | ) | (171,864 | ) | |||||||||
Income taxes | 470,006 | (53,506 | ) | (451,788 | ) | (35,288 | ) | |||||||||
CONSOLIDATED NET INCOME (LOSS) | 909,709 | (192,442 | ) | (853,843 | ) | (136,576 | ) | |||||||||
Preferred dividend requirements of subsidiaries | 17,244 | — | 2,188 | 19,432 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 892,465 | $ | (192,442 | ) | $ | (856,031 | ) | $ | (156,008 | ) | |||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.97 | ($1.07) | ($4.77) | ($0.87) | ||||||||||||
DILUTED | $4.97 | ($1.07) | ($4.77) | ($0.87) | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,644,669 | |||||||||||||||
DILUTED | 179,644,669 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended September 30, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 9,536,951 | $ | (1,520 | ) | $ | — | $ | 9,535,431 | |||||||
Natural gas | 182,766 | — | — | 182,766 | ||||||||||||
Competitive businesses | — | (621 | ) | 2,637,933 | 2,637,312 | |||||||||||
Total | 9,719,717 | (2,141 | ) | 2,637,933 | 12,355,509 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,211,594 | (672 | ) | 423,513 | 2,634,435 | |||||||||||
Purchased power | 1,789,849 | (8,173 | ) | 78,869 | 1,860,545 | |||||||||||
Nuclear refueling outage expenses | 121,472 | — | 141,081 | 262,553 | ||||||||||||
Other operation and maintenance | 2,227,211 | 12,407 | 1,047,807 | 3,287,425 | ||||||||||||
Asset write-offs, impairments and related charges | 70,268 | 2,790 | 144,746 | 217,804 | ||||||||||||
Decommissioning | 127,359 | — | 136,822 | 264,181 | ||||||||||||
Taxes other than income taxes | 482,077 | 1,318 | 130,960 | 614,355 | ||||||||||||
Depreciation and amortization | 1,052,198 | 3,946 | 273,904 | 1,330,048 | ||||||||||||
Other regulatory charges (credits) - net | 15,673 | — | — | 15,673 | ||||||||||||
Total | 8,097,701 | 11,616 | 2,377,702 | 10,487,019 | ||||||||||||
Gain on sale of business | — | — | 43,569 | 43,569 | ||||||||||||
OPERATING INCOME | 1,622,016 | (13,757 | ) | 303,800 | 1,912,059 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 66,031 | — | — | 66,031 | ||||||||||||
Interest and investment income | 194,976 | (131,822 | ) | 142,909 | 206,063 | |||||||||||
Miscellaneous - net | (23,363 | ) | (8,887 | ) | (22,841 | ) | (55,091 | ) | ||||||||
Total | 237,644 | (140,709 | ) | 120,068 | 217,003 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 557,333 | 79,959 | 17,181 | 654,473 | ||||||||||||
Allowance for borrowed funds used during construction | (31,267 | ) | — | — | (31,267 | ) | ||||||||||
Total | 526,066 | 79,959 | 17,181 | 623,206 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,333,594 | (234,425 | ) | 406,687 | 1,505,856 | |||||||||||
Income taxes | 435,235 | (44,255 | ) | 128,274 | 519,254 | |||||||||||
CONSOLIDATED NET INCOME | 898,359 | (190,170 | ) | 278,413 | 986,602 | |||||||||||
Preferred dividend requirements of subsidiaries | 17,348 | — | 1,732 | 19,080 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 881,011 | $ | (190,170 | ) | $ | 276,681 | $ | 967,522 | |||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.92 | ($1.06) | $1.54 | $5.40 | ||||||||||||
DILUTED | $4.91 | ($1.06) | $1.54 | $5.39 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,023,926 | |||||||||||||||
DILUTED | 179,615,339 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Three Months Ended September 30, 2015 vs. 2014 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2015 | 2014 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income (loss) | $ | (718,233 | ) | $ | 234,916 | $ | (953,149 | ) | ||||
Adjustments to reconcile consolidated net income (loss) to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 542,802 | 543,577 | (775 | ) | ||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (447,990 | ) | 122,811 | (570,801 | ) | |||||||
Asset write-offs, impairments and related charges | 1,642,204 | 102,978 | 1,539,226 | |||||||||
Changes in working capital: | ||||||||||||
Receivables | (122,143 | ) | (71,988 | ) | (50,155 | ) | ||||||
Fuel inventory | (3,830 | ) | (2,262 | ) | (1,568 | ) | ||||||
Accounts payable | 14,286 | (86,864 | ) | 101,150 | ||||||||
Prepaid taxes and taxes accrued | 127,256 | 59,062 | 68,194 | |||||||||
Interest accrued | (15,384 | ) | (5,439 | ) | (9,945 | ) | ||||||
Deferred fuel costs | 92,935 | 113,251 | (20,316 | ) | ||||||||
Other working capital accounts | (8,996 | ) | 111,510 | (120,506 | ) | |||||||
Changes in provisions for estimated losses | 62,164 | 283,199 | (221,035 | ) | ||||||||
Changes in other regulatory assets | 30,459 | 120,985 | (90,526 | ) | ||||||||
Changes in other regulatory liabilities | (80,268 | ) | (48,266 | ) | (32,002 | ) | ||||||
Changes in pensions and other postretirement liabilities | (190,742 | ) | (162,532 | ) | (28,210 | ) | ||||||
Other | 86,764 | 47,988 | 38,776 | |||||||||
Net cash flow provided by operating activities | 1,011,284 | 1,362,926 | (351,642 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (605,832 | ) | (546,993 | ) | (58,839 | ) | ||||||
Allowance for equity funds used during construction | 14,263 | 17,560 | (3,297 | ) | ||||||||
Nuclear fuel purchases | (174,558 | ) | (117,176 | ) | (57,382 | ) | ||||||
Insurance proceeds received for property damages | — | 5,124 | (5,124 | ) | ||||||||
Changes in securitization account | (15,360 | ) | (11,895 | ) | (3,465 | ) | ||||||
Payments to storm reserve escrow account | (65,267 | ) | (270,546 | ) | 205,279 | |||||||
Decrease (increase) in other investments | 38,699 | 177,862 | (139,163 | ) | ||||||||
Proceeds from nuclear decommissioning trust fund sales | 539,217 | 465,287 | 73,930 | |||||||||
Investment in nuclear decommissioning trust funds | (547,445 | ) | (497,004 | ) | (50,441 | ) | ||||||
Net cash flow used in investing activities | (816,283 | ) | (777,781 | ) | (38,502 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 1,340,250 | 435,455 | 904,795 | |||||||||
Treasury stock | 321 | 6,710 | (6,389 | ) | ||||||||
Retirement of long-term debt | (910,460 | ) | (310,962 | ) | (599,498 | ) | ||||||
Repurchase of common stock | (74,729 | ) | — | (74,729 | ) | |||||||
Repurchase / redemption of preferred stock | (94,285 | ) | — | (94,285 | ) | |||||||
Changes in credit borrowings and commercial paper - net | (157,951 | ) | (147,899 | ) | (10,052 | ) | ||||||
Other | (13,820 | ) | 3,952 | (17,772 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (149,009 | ) | (149,080 | ) | 71 | |||||||
Preferred stock | (5,090 | ) | (4,880 | ) | (210 | ) | ||||||
Net cash flow used in financing activities | (64,773 | ) | (166,704 | ) | 101,931 | |||||||
Net increase (decrease) in cash and cash equivalents | 130,228 | 418,441 | (288,213 | ) | ||||||||
Cash and cash equivalents at beginning of period | 910,370 | 650,068 | 260,302 | |||||||||
Cash and cash equivalents at end of period | $ | 1,040,598 | $ | 1,068,509 | $ | (27,911 | ) | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest - net of amount capitalized | $182,496 | $163,353 | $19,143 | |||||||||
Income taxes | $5,012 | $28,355 | ($23,343) |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Nine Months Ended September 30, 2015 vs. 2014 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2015 | 2014 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income (loss) | $ | (261,583 | ) | $ | 835,250 | $ | (1,096,833 | ) | ||||
Adjustments to reconcile consolidated net income (loss) to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 1,612,690 | 1,585,547 | 27,143 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (267,984 | ) | 480,382 | (748,366 | ) | |||||||
Asset write-offs, impairments and related charges | 1,642,204 | 106,915 | 1,535,289 | |||||||||
Changes in working capital: | ||||||||||||
Receivables | (222,311 | ) | (119,108 | ) | (103,203 | ) | ||||||
Fuel inventory | (7,578 | ) | 29,863 | (37,441 | ) | |||||||
Accounts payable | (90,309 | ) | (40,167 | ) | (50,142 | ) | ||||||
Prepaid taxes and taxes accrued | 108,229 | 19,745 | 88,484 | |||||||||
Interest accrued | (34,368 | ) | (3,931 | ) | (30,437 | ) | ||||||
Deferred fuel costs | 165,384 | (124,475 | ) | 289,859 | ||||||||
Other working capital accounts | (133,142 | ) | (4,095 | ) | (129,047 | ) | ||||||
Changes in provisions for estimated losses | 55,177 | 287,513 | (232,336 | ) | ||||||||
Changes in other regulatory assets | 155,244 | 147,055 | 8,189 | |||||||||
Changes in other regulatory liabilities | (95,327 | ) | 41,594 | (136,921 | ) | |||||||
Changes in pensions and other postretirement liabilities | (307,638 | ) | (291,454 | ) | (16,184 | ) | ||||||
Other | 30,957 | (59,145 | ) | 90,102 | ||||||||
Net cash flow provided by operating activities | 2,349,645 | 2,891,489 | (541,844 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (1,701,758 | ) | (1,506,611 | ) | (195,147 | ) | ||||||
Allowance for equity funds used during construction | 39,428 | 49,137 | (9,709 | ) | ||||||||
Nuclear fuel purchases | (340,262 | ) | (353,472 | ) | 13,210 | |||||||
Proceeds from sale of assets | — | 10,100 | (10,100 | ) | ||||||||
Insurance proceeds received for property damages | 12,745 | 33,350 | (20,605 | ) | ||||||||
Changes in securitization account | (8,756 | ) | (4,908 | ) | (3,848 | ) | ||||||
NYPA value sharing payment | (70,790 | ) | (72,000 | ) | 1,210 | |||||||
Payments to storm reserve escrow account | (68,956 | ) | (274,170 | ) | 205,214 | |||||||
Decrease (increase) in other investments | (15,323 | ) | 37,090 | (52,413 | ) | |||||||
Proceeds from nuclear decommissioning trust fund sales | 1,487,759 | 1,446,817 | 40,942 | |||||||||
Investment in nuclear decommissioning trust funds | (1,520,461 | ) | (1,533,774 | ) | 13,313 | |||||||
Net cash flow used in investing activities | (2,186,374 | ) | (2,168,441 | ) | (17,933 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 2,205,884 | 1,667,616 | 538,268 | |||||||||
Treasury stock | 24,218 | 88,068 | (63,850 | ) | ||||||||
Retirement of long-term debt | (2,295,118 | ) | (1,535,695 | ) | (759,423 | ) | ||||||
Repurchase of common stock | (99,807 | ) | (18,259 | ) | (81,548 | ) | ||||||
Repurchase / redemption of preferred stock | (94,285 | ) | — | (94,285 | ) | |||||||
Changes in credit borrowings and commercial paper - net | 183,627 | (155,437 | ) | 339,064 | ||||||||
Other | (7,102 | ) | 20,982 | (28,084 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (447,268 | ) | (446,308 | ) | (960 | ) | ||||||
Preferred stock | (14,848 | ) | (14,632 | ) | (216 | ) | ||||||
Net cash flow used in financing activities | (544,699 | ) | (393,665 | ) | (151,034 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (381,428 | ) | 329,383 | (710,811 | ) | |||||||
Cash and cash equivalents at beginning of period | 1,422,026 | 739,126 | 682,900 | |||||||||
Cash and cash equivalents at end of period | $ | 1,040,598 | $ | 1,068,509 | $ | (27,911 | ) | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest - net of amount capitalized | $ | 523,489 | $ | 476,100 | $ | 47,389 | ||||||
Income taxes | $ | 95,779 | $ | 47,860 | $ | 47,919 |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Twelve Months Ended September 30, 2015 vs. 2014 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2015 | 2014 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $ | (136,576 | ) | $ | 986,602 | $ | (1,123,178 | ) | ||||
Adjustments to reconcile consolidated net income (loss) to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,155,035 | 2,124,638 | 30,397 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (151,431 | ) | 618,119 | (769,550 | ) | |||||||
Asset write-offs, impairments and related charges | 1,658,816 | 156,947 | 1,501,869 | |||||||||
Gain on sale of business | — | (43,569 | ) | 43,569 | ||||||||
Changes in working capital: | ||||||||||||
Receivables | (4,710 | ) | (25,880 | ) | 21,170 | |||||||
Fuel inventory | (33,917 | ) | 18,315 | (52,232 | ) | |||||||
Accounts payable | (63,138 | ) | 134,895 | (198,033 | ) | |||||||
Prepaid taxes and taxes accrued | 25,499 | (116,731 | ) | 142,230 | ||||||||
Interest accrued | (5,424 | ) | 17,988 | (23,412 | ) | |||||||
Deferred fuel costs | 219,168 | (85,880 | ) | 305,048 | ||||||||
Other working capital accounts | (16,657 | ) | 10,890 | (27,547 | ) | |||||||
Changes in provisions for estimated losses | 69,535 | 286,868 | (217,333 | ) | ||||||||
Changes in other regulatory assets | (1,053,348 | ) | 1,079,513 | (2,132,861 | ) | |||||||
Changes in other regulatory liabilities | (49,267 | ) | 147,970 | (197,237 | ) | |||||||
Changes in pensions and other postretirement liabilities | 1,291,982 | (1,676,303 | ) | 2,968,285 | ||||||||
Other | (557,850 | ) | 246,867 | (804,717 | ) | |||||||
Net cash flow provided by operating activities | 3,347,717 | 3,881,249 | (533,532 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (2,314,338 | ) | (2,012,996 | ) | (301,342 | ) | ||||||
Allowance for equity funds used during construction | 58,666 | 69,415 | (10,749 | ) | ||||||||
Nuclear fuel purchases | (524,338 | ) | (472,841 | ) | (51,497 | ) | ||||||
Payment for purchase of plant | — | (17,300 | ) | 17,300 | ||||||||
Proceeds from sale of assets and businesses | — | 158,022 | (158,022 | ) | ||||||||
Insurance proceeds received for property damages | 20,065 | 33,350 | (13,285 | ) | ||||||||
Changes in securitization account | (2,337 | ) | (1,051 | ) | (1,286 | ) | ||||||
NYPA value sharing payment | (70,790 | ) | (72,000 | ) | 1,210 | |||||||
Payments to storm reserve escrow account | (70,843 | ) | (276,004 | ) | 205,161 | |||||||
Decrease (increase) in other investments | (5,430 | ) | (2,209 | ) | (3,221 | ) | ||||||
Proceeds from nuclear decommissioning trust fund sales | 1,913,057 | 2,414,658 | (501,601 | ) | ||||||||
Investment in nuclear decommissioning trust funds | (1,976,133 | ) | (2,533,302 | ) | 557,169 | |||||||
Net cash flow used in investing activities | (2,972,421 | ) | (2,712,258 | ) | (260,163 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 3,638,337 | 2,487,635 | 1,150,702 | |||||||||
Preferred stock of subsidiary | — | 24,249 | (24,249 | ) | ||||||||
Treasury stock | 131,016 | 91,875 | 39,141 | |||||||||
Retirement of long-term debt | (3,082,736 | ) | (2,244,135 | ) | (838,601 | ) | ||||||
Repurchase of common stock | (264,819 | ) | (18,259 | ) | (246,560 | ) | ||||||
Repurchase / redemption of preferred stock | (94,285 | ) | — | (94,285 | ) | |||||||
Changes in credit borrowings and commercial paper - net | (109,411 | ) | (214,590 | ) | 105,179 | |||||||
Other | (4,505 | ) | 20,982 | (25,487 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (597,077 | ) | (594,314 | ) | (2,763 | ) | ||||||
Preferred stock | (19,727 | ) | (18,965 | ) | (762 | ) | ||||||
Net cash flow used in financing activities | (403,207 | ) | (465,522 | ) | 62,315 | |||||||
Effect of exchange rates on cash and cash equivalents | — | (292 | ) | 292 | ||||||||
Net increase in cash and cash equivalents | (27,911 | ) | 703,177 | (731,088 | ) | |||||||
Cash and cash equivalents at beginning of period | 1,068,509 | 365,332 | 703,177 | |||||||||
Cash and cash equivalents at end of period | $ | 1,040,598 | $ | 1,068,509 | $ | (27,911 | ) | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest - net of amount capitalized | $ | 658,765 | $ | 611,151 | $ | 47,614 | ||||||
Income taxes | $ | 125,718 | $ | 68,035 | $ | 57,683 |