Date: | October 30, 2019 | ||
For Release: | Immediately | ||
Contact: | Neal Kirby (Media) (504) 576-4238 nkirby@entergy.com | David Borde (Investor Relations) (504) 576-5668 dborde@entergy.com |
• | Entergy updated its 2019 adjusted EPS guidance range to $5.25 to $5.45, raising the midpoint 5 cents and narrowing the range. |
Table of Contents Page |
News Release1 Appendices7 A: Consolidated Results and Adjustments8 B: Earnings Variance Analysis11 C: Utility Financial and Operating Measures14 D: EWC Financial and Operating Measures15 E: Consolidated Financial Measures16 F: Definitions and Abbreviations and Acronyms17 G: Other GAAP to Non-GAAP Reconciliations21 Financial Statements24 |
• | The MPSC approved Entergy Mississippi’s acquisition of the Choctaw Generating Station. |
• | Entergy completed the sale of Pilgrim Nuclear Power Station. |
• | Construction began on Capital Region Solar, a 50 MW solar project, from which Entergy Louisiana will purchase the output. |
• | Entergy was named as one of the nation’s top utilities in economic development by Site Selection magazine for the 12th consecutive year. |
• | Entergy was named to the 2019 Dow Jones Sustainability North America Index and received perfect scores in five areas, including climate strategy; this is the 18th consecutive year Entergy has appeared on the World or North America Index or both. |
Consolidated Earnings (GAAP and Non-GAAP Measures) | ||||||
Third Quarter and Year-to-Date 2019 vs. 2018 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | ||||||
Third Quarter | Year-to-Date | |||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
(After-tax, $ in millions) | ||||||
As-reported earnings | 365 | 536 | (171) | 856 | 915 | (58) |
Less adjustments | (141) | 105 | (246) | (70) | 73 | (143) |
Adjusted earnings (non-GAAP) | 506 | 431 | 75 | 927 | 842 | 85 |
Estimated weather in billed sales | 13 | 5 | 7 | 1 | 42 | (41) |
(After-tax, per share in $) | ||||||
As-reported earnings | 1.82 | 2.92 | (1.10) | 4.38 | 5.01 | (0.63) |
Less adjustments | (0.70) | 0.57 | (1.27) | (0.36) | 0.39 | (0.75) |
Adjusted earnings (non-GAAP) | 2.52 | 2.35 | 0.17 | 4.74 | 4.62 | 0.12 |
Estimated weather in billed sales | 0.06 | 0.03 | 0.03 | 0.01 | 0.23 | (0.22) |
• | rate activity at Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas; |
• | higher sales volume, primarily in the unbilled period; |
• | third quarter 2018 regulatory charges to return benefits of the lower federal tax rate to customers; and |
• | lower nuclear generation O&M. |
• | higher depreciation expense; |
• | higher spending on information technology, loss reserves, initiatives to explore new customer products and services, as well as distribution operations; and |
• | lower other income largely due to lower gains on decommissioning trust funds. |
• | tax items recorded in third quarter 2018; |
• | lower revenue due to the shutdown of Pilgrim and lower capacity pricing; |
• | lower gains on decommissioning trust funds; |
• | higher asset write-offs, impairments and related charges as compared to a year ago; and |
• | higher refueling outage expenses at Palisades. |
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Third Quarter and Year-to-Date 2019 vs. 2018 (See Appendix A-3 and Appendix A-4 for details on adjustments) | ||||||
Third Quarter | Year-to-Date | |||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
(After-tax, $ in millions) | ||||||
Earnings (loss) | ||||||
Utility | 578 | 505 | 73 | 1,140 | 1,095 | 45 |
Parent & Other | (72) | (73) | 1 | (213) | (211) | (3) |
EWC | (141) | 105 | (246) | (70) | 30 | (100) |
Consolidated | 365 | 536 | (171) | 856 | 915 | (58) |
Less adjustments | ||||||
Utility | — | — | — | — | 43 | (43) |
Parent & Other | — | — | — | — | — | — |
EWC | (141) | 105 | (246) | (70) | 30 | (100) |
Consolidated | (141) | 105 | (246) | (70) | 73 | (143) |
Adjusted earnings (loss) (non-GAAP) | ||||||
Utility | 578 | 505 | 73 | 1,140 | 1,052 | 88 |
Parent & Other | (72) | (73) | 1 | (213) | (211) | (3) |
EWC | — | — | — | — | — | — |
Consolidated | 506 | 431 | 75 | 927 | 842 | 85 |
Estimated weather in billed sales | 13 | 5 | 7 | 1 | 42 | (41) |
Diluted average number of common shares outstanding (in millions) | 200 | 184 | 196 | 183 | ||
(After-tax, per share in $) (a) | ||||||
Earnings (loss) | ||||||
Utility | 2.88 | 2.75 | 0.13 | 5.83 | 6.00 | (0.17) |
Parent & Other | (0.36) | (0.40) | 0.04 | (1.09) | (1.15) | 0.06 |
EWC | (0.70) | 0.57 | (1.27) | (0.36) | 0.16 | (0.52) |
Consolidated | 1.82 | 2.92 | (1.10) | 4.38 | 5.01 | (0.63) |
Less adjustments | ||||||
Utility | — | — | — | — | 0.23 | (0.23) |
Parent & Other | — | — | — | — | — | — |
EWC | (0.70) | 0.57 | (1.27) | (0.36) | 0.16 | (0.52) |
Consolidated | (0.70) | 0.57 | (1.27) | (0.36) | 0.39 | (0.75) |
Adjusted earnings (loss) (non-GAAP) | ||||||
Utility | 2.88 | 2.75 | 0.13 | 5.83 | 5.77 | 0.06 |
Parent & Other | (0.36) | (0.40) | 0.04 | (1.09) | (1.15) | 0.06 |
EWC | — | — | — | — | — | — |
Consolidated | 2.52 | 2.35 | 0.17 | 4.74 | 4.62 | 0.12 |
Estimated weather in billed sales | 0.06 | 0.03 | 0.03 | 0.01 | 0.23 | (0.22) |
(a) | Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period. |
Appendix A-2: Consolidated Operating Cash Flow | ||||||
Third Quarter and Year-to-Date 2019 vs. 2018 | ||||||
($ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
Utility | 1,143 | 845 | 298 | 2,297 | 1,994 | 303 |
Parent & Other | (93) | (99) | 6 | (216) | (214) | (2) |
EWC | 15 | 33 | (18) | 37 | 79 | (42) |
Consolidated | 1,065 | 780 | 286 | 2,118 | 1,860 | 259 |
Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS) | ||||||
Third Quarter and Year-to-Date 2019 vs. 2018 | ||||||
(Pre-tax except for Income taxes, Preferred dividend requirements of subsidiaries, and Total, $ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
(Pre-tax except for income taxes, preferred dividend requirements of subsidiaries, and totals, $ in millions) | ||||||
Utility | ||||||
2012 / 2013 IRS settlement | — | — | — | — | 43 | (43) |
Total Utility | — | — | — | — | 43 | (43) |
EWC | ||||||
Income before income taxes | (171) | (30) | (141) | (43) | (135) | 93 |
Income taxes | 31 | 136 | (105) | (26) | 167 | (193) |
Preferred dividend requirements of subsidiaries | (1) | (1) | — | (2) | (2) | — |
Total EWC | (141) | 105 | (246) | (70) | 30 | (100) |
Total adjustments | (141) | 105 | (246) | (70) | 73 | (143) |
(After-tax, per share in $) (b) | ||||||
Utility | ||||||
2012 / 2013 IRS settlement | — | — | — | — | 0.23 | (0.23) |
Total Utility | — | — | — | — | 0.23 | (0.23) |
EWC | ||||||
Total EWC | (0.70) | 0.57 | (1.27) | (0.36) | 0.16 | (0.52) |
Total adjustments | (0.70) | 0.57 | (1.27) | (0.36) | 0.39 | (0.75) |
(b) | Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period. |
Appendix A-4: Adjustments by Income Statement Line Item (shown as positive/(negative) impact on earnings) | ||||||
Third Quarter and Year-to-Date 2019 vs. 2018 | ||||||
(Pre-tax except for Income taxes, Preferred dividend, and totals, $ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
Utility | ||||||
Income taxes | — | — | — | — | 43 | (43) |
Total Utility | — | — | — | — | 43 | (43) |
EWC | ||||||
Operating revenues | 300 | 380 | (80) | 1,024 | 1,108 | (84) |
Fuel and fuel-related expenses | (26) | (19) | (6) | (76) | (58) | (19) |
Purchased power | (18) | (20) | 2 | (49) | (54) | 6 |
Nuclear refueling outage expense | (12) | — | (12) | (36) | (3) | (33) |
Other O&M | (136) | (209) | 73 | (513) | (600) | 87 |
Asset write-off and impairments | (198) | (155) | (43) | (289) | (297) | 9 |
Decommissioning expense | (60) | (56) | (4) | (187) | (175) | (13) |
Taxes other than income taxes | (13) | (19) | 6 | (46) | (58) | 12 |
Depreciation/amortization exp. | (38) | (40) | 2 | (114) | (116) | 3 |
Other income (deductions)-other | 34 | 116 | (82) | 266 | 143 | 124 |
Interest exp. and other charges | (6) | (9) | 3 | (24) | (25) | 1 |
Income taxes | 31 | 136 | (105) | (26) | 167 | (193) |
Preferred dividend | (1) | (1) | — | (2) | (2) | — |
Total EWC | (141) | 105 | (246) | (70) | 30 | (100) |
Total adjustments | (141) | 105 | (246) | (70) | 73 | (143) |
Appendix B-1: As-Reported and Adjusted Earnings Variance Analysis (c), (d) |
Third Quarter 2019 vs. 2018 |
Utility | Parent & Other | EWC | Consolidated | |||||||
As-Reported | Adjusted | As-Reported | Adjusted | As- Reported | As- Reported | Adjusted | ||||
2018 earnings | 2.75 | 2.75 | (0.40) | (0.40) | 0.57 | 2.92 | 2.35 | |||
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits) | 0.91 | 0.91 | (e) | — | — | (0.36) | (f) | 0.55 | 0.91 | |
Nuclear refueling outage expense | (0.01) | (0.01) | — | — | (0.05) | (g) | (0.06) | (0.01) | ||
Other O&M | (0.11) | (0.11) | (h) | — | — | 0.31 | (i) | 0.20 | (0.11) | |
Asset write-offs and impairments | — | — | — | — | (0.18) | (j) | (0.18) | — | ||
Decommissioning expense | (0.02) | (0.02) | — | — | (0.02) | (0.04) | (0.02) | |||
Taxes other than income taxes | (0.04) | (0.04) | — | — | 0.03 | (0.01) | (0.04) | |||
Depreciation/amortization exp. | (0.23) | (0.23) | (k) | — | — | 0.01 | (0.22) | (0.23) | ||
Other income (deductions)-other | (0.08) | (0.08) | (l) | — | — | (0.35) | (m) | (0.43) | (0.08) | |
Interest exp. and other charges | (0.04) | (0.04) | — | — | 0.01 | (0.03) | (0.04) | |||
Income taxes-other | 0.01 | 0.01 | 0.01 | 0.01 | (0.73) | (n) | (0.71) | 0.02 | ||
Share effect | (0.26) | (0.26) | (o) | 0.03 | 0.03 | 0.06 | (o) | (0.17) | (0.23) | |
2019 earnings | 2.88 | 2.88 | (0.36) | (0.36) | (0.70) | 1.82 | 2.52 | |||
Appendix B-2: As-Reported and Adjusted Earnings Variance Analysis (c), (d) |
Year-to-Date 2019 vs. 2018 |
Utility | Parent & Other | EWC | Consolidated | |||||||
As-Reported | Adjusted | As-Reported | Adjusted | As- Reported | As- Reported | Adjusted | ||||
2018 earnings | 6.00 | 5.77 | (1.15) | (1.15) | 0.16 | 5.01 | 4.62 | |||
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits) | 1.16 | 1.16 | (e) | — | — | (0.42) | (f) | 0.74 | 1.16 | |
Nuclear refueling outage expense | (0.02) | (0.02) | — | — | (0.14) | (g) | (0.16) | (0.02) | ||
Other O&M | (0.19) | (0.19) | (h) | 0.01 | 0.01 | 0.38 | (i) | 0.20 | (0.18) | |
Asset write-offs and impairments | — | — | — | — | 0.04 | 0.04 | — | |||
Decommissioning expense | (0.04) | (0.04) | — | — | (0.05) | (p) | (0.09) | (0.04) | ||
Taxes other than income taxes | (0.06) | (0.06) | (q) | — | — | 0.05 | (r) | (0.01) | (0.06) | |
Depreciation/amortization exp. | (0.32) | (0.32) | (k) | — | — | 0.01 | (0.31) | (0.32) | ||
Other income (deductions)-other | 0.01 | 0.01 | (0.02) | (0.02) | 0.53 | (m) | 0.52 | (0.01) | ||
Interest exp. and other charges | (0.09) | (0.09) | (s) | (0.03) | (0.03) | 0.01 | (0.11) | (0.12) | ||
Income taxes-other | (0.20) | 0.03 | (t) | 0.02 | 0.02 | (0.95) | (n) | (1.13) | 0.05 | |
Preferred dividend requirements | (0.01) | (0.01) | — | — | — | (0.01) | (0.01) | |||
Share effect | (0.41) | (0.41) | (o) | 0.08 | 0.08 | (o) | 0.02 | (0.31) | (0.33) | |
2019 earnings | 5.83 | 5.83 | (1.09) | (1.09) | (0.36) | 4.38 | 4.74 | |||
(c) | Utility revenue, Utility other O&M and Utility income taxes exclude $93 million, $3 million, and $96 million respectively in third quarter 2019 and $277 million, $6 million, and $283 million respectively in third quarter 2018 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings). On a year-to-date basis, Utility revenue, Utility other O&M and Utility income taxes exclude $216 million, $3 million, and $219 million respectively in 2019 and $555 million, $6 million, and $561 million respectively in 2018 (net effect is neutral to earnings). |
(d) | EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes-other represents income tax differences other than the tax effect of individual line items. |
Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits) variance analysis 2019 vs. 2018 ($ EPS) | ||
3Q | YTD | |
Volume/weather | 0.20 | (0.13) |
Retail electric price Reg. charges for lower tax rate | 0.52 0.07 | 0.85 0.31 |
Other, including Grand Gulf recovery | 0.12 | 0.13 |
Total | 0.91 | 1.16 |
(e) | The third quarter and year-to-date earnings increases were primarily driven by rate activity from E-AR’s FRP, E-LA’s FRP, including recovery of the St. Charles Power Station, E-LA’s AMI rider, E-TX’s base rate case, and E-MS’s FRP. In addition, in the third quarter and year-to-date 2018, E-LA recorded regulatory charges to return the benefits of the lower effective federal tax rate to customers. Also contributing was the net effect of volume/weather primarily due to higher volume in the unbilled period, net of lower billed sales volume. |
(f) | The third quarter and year-to-date earnings decreases were due largely to lower revenues from the shutdown of Pilgrim in May 2019, lower capacity prices, and impacts on fuel expense from EWC plant impairments, partially offset by higher nuclear energy volume. |
(g) | The third quarter and year-to-date earnings decreases from higher EWC nuclear refueling outage expense is due primarily to increased outage amortization at Palisades due to the plant no longer being impaired. |
(h) | The third quarter and year-to-date earnings decreases from higher Utility other O&M reflected higher spending on information technology, loss reserves, initiatives to explore new customer products and services, and distribution operations. These were partially offset by lower spending on nuclear operations. The year-to-date variance also reflected lower energy efficiency costs (largely offset in operating revenue and/or regulatory charges (credits)). |
(i) | The third quarter and year-to-date earnings increases from lower EWC other O&M is due largely to a decrease in severance and retention expense, as well as the Pilgrim plant shutdown in May 2019. |
(j) | The third quarter earnings decrease from higher EWC asset write-offs and impairments was due to a $191 million loss (pre-tax) on the sale of Pilgrim in third quarter 2019, compared to $155 million (pre-tax) of impairment charges in third quarter 2018 primarily due to an upward revision of Pilgrim's ARO and a write-off of materials and supplies at Pilgrim. |
(k) | The third quarter and year-to-date earnings decreases from higher Utility depreciation expense were due primarily to higher plant in service, including the St. Charles Power Station, as well as the third quarter 2018 depreciation adjustment related to Grand Gulf, partially offset by the ongoing effect of Grand Gulf’s lower depreciation rate (variances from Grand Gulf are largely offset in operating revenue). |
(l) | The third quarter earnings decrease from lower Utility other income (deductions)-other was due largely to differences in decommissioning trust fund returns. |
(m) | The third quarter earnings decrease from lower EWC other income (deductions)-other was due largely to lower gains on the decommissioning trust fund investments in 2019 as compared to 2018, as well as a $16 million pension settlement charge in third quarter 2019 related to the exit of the EWC business. The year-to-date earnings increase from higher EWC other income (deductions)-other was due largely to higher gains on the decommissioning trust fund investments in 2019 as compared to 2018. These gains were partially offset by the pension settlement charge mentioned above. |
(n) | The third quarter and year-to-date earnings decreases from higher EWC income taxes were due primarily to two tax items in third quarter 2018. First, a restructuring of an interest in an EWC decommissioning trust fund resulted in a reduction in income tax expense of $107 million. Second, the conclusion of a state income tax audit resulted in a benefit of $23 million. The year-to date earnings decrease also reflected an accrual of $29 million of tax expense, which resulted from the sale of Vermont Yankee in January 2019 and $13 million in tax benefits from the settlement of the 2012 / 2013 IRS audit in second quarter 2018. |
(o) | The third quarter and year-to-date earnings per share decreases from share effect were due to settlement of the equity forward (6.8 million shares settled in December 2018 and 8.4 million shares settled in May 2019). |
(p) | The year-to-date earnings decrease from higher EWC decommissioning expense was due to the acceleration of the ARO accretion for Indian Point and Palisades, as those plants move closer to their projected decommissioning dates. |
(q) | The year-to date earnings decrease from higher Utility taxes other than income taxes was primarily higher ad valorem at E-AR, E-LA, and E-MS. |
(r) | The year-to-date earnings increase from lower EWC taxes other than income taxes was primarily due to a true-up as well as lower ad valorem taxes due to a lower assessment at Palisades. |
(s) | The year-to-date earnings decrease from higher Utility interest expense and other charges was largely due to higher debt balances at E-AR and E-LA. |
(t) | The year-to-date as-reported earnings decrease from higher Utility income taxes was primarily due to the settlement of the 2012 / 2013 IRS audit totaling $43 million in second quarter 2018. |
Appendix C-1: Utility Operating and Financial Measures | |||||||||||
Third Quarter and Year-to-Date 2019 vs. 2018 | |||||||||||
Third Quarter | Year-to-Date | ||||||||||
2019 | 2018 | % Change | % Weather Adjusted (t) | 2019 | 2018 | % Change | % Weather Adjusted (t) | ||||
GWh billed | |||||||||||
Residential | 11,627 | 11,821 | (1.6) | (2.9) | 27,749 | 28,857 | (3.8) | (1.2) | |||
Commercial | 8,499 | 8,726 | (2.6) | (3.3) | 21,764 | 22,401 | (2.8) | (1.8) | |||
Governmental | 705 | 714 | (1.3) | (1.8) | 1,932 | 1,934 | (0.1) | (0.2) | |||
Industrial | 12,861 | 12,879 | (0.1) | (0.1) | 36,509 | 36,503 | — | — | |||
Total retail sales | 33,692 | 34,140 | (1.3) | (1.9) | 87,954 | 89,695 | (1.9) | (0.8) | |||
Wholesale | 3,025 | 2,978 | 1.6 | 10,009 | 8,788 | 13.9 | |||||
Total sales | 36,717 | 37,118 | (1.1) | 97,963 | 98,483 | (0.5) | |||||
Number of electric retail customers | |||||||||||
Residential | 2,497,790 | 2,482,698 | 0.6 | ||||||||
Commercial | 356,259 | 357,050 | (0.2) | ||||||||
Governmental | 17,630 | 17,867 | (1.3) | ||||||||
Industrial | 48,532 | 49,491 | (1.9) | ||||||||
Total retail customers | 2,920,211 | 2,907,106 | 0.5 | ||||||||
Other O&M and refueling outage expense per MWh | $19.02 | $18.12 | 5.0 | $20.53 | $19.95 | 2.9 | |||||
Appendix C-2: Utility Operating Measures | ||||
Twelve Months Ended September 30, 2019 vs. 2018 | ||||
Twelve Months Ended September 30 | ||||
2019 | 2018 | % Change | % Weather Adjusted (t) | |
GWh billed | ||||
Residential | 35,999 | 36,881 | (2.4) | (1.0) |
Commercial | 28,789 | 29,551 | (2.6) | (1.8) |
Governmental | 2,579 | 2,560 | 0.7 | 0.6 |
Industrial | 48,390 | 48,443 | (0.1) | (0.1) |
Total retail sales | 115,757 | 117,435 | (1.4) | (0.8) |
(u) | The effects of weather were estimated using heating degree days and cooling degree days for the billing cycles from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change. |
Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Third Quarter and Year-to-Date 2019 vs. 2018 | ||||||
($ in millions) | Third Quarter | Year-to-Date | ||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
Net income (loss) | (141) | 106 | (247) | (69) | 31 | (100) |
Add back: interest expense | 6 | 9 | (3) | 24 | 25 | (1) |
Add back: income taxes | (31) | (136) | 105 | 26 | (167) | 193 |
Add back: depreciation and amortization | 38 | 40 | (2) | 114 | 116 | (2) |
Subtract: interest and investment income | 59 | 127 | (68) | 316 | 183 | 133 |
Add back: decommissioning expense | 60 | 56 | 4 | 187 | 174 | 13 |
Adjusted EBITDA (non-GAAP) | (127) | (52) | (75) | (34) | (5) | (29) |
Appendix D-2: EWC Operating and Financial Measures | ||||||
Third Quarter and Year-to-Date 2019 vs. 2018 | ||||||
Third Quarter | Year-to-Date | |||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |
Owned capacity (MW) (u) | 3,274 | 3,962 | (17.4) | 3,274 | 3,962 | (17.4) |
GWh billed | 6,847 | 7,576 | (9.6) | 21,308 | 21,853 | (2.5) |
EWC Nuclear Fleet | ||||||
Capacity factor | 98% | 90% | 8.9 | 91% | 86% | 5.8 |
GWh billed | 6,210 | 6,976 | (11.0) | 19,602 | 20,096 | (2.5) |
Production cost per MWh | $15.68 | $17.15 | (8.6) | $17.87 | $17.93 | (0.3) |
Average energy/capacity revenue per MWh | $42.15 | $48.97 | (13.9) | $46.53 | $49.13 | (5.3) |
Refueling outage days | ||||||
Indian Point 2 | — | — | — | 33 | ||
Indian Point 3 | — | — | 29 | — | ||
Palisades | — | — | — | — | ||
(v) | Third quarter and year-to-date 2019 exclude Pilgrim (688MW), which was shut down May 31, 2019. |
Appendix E: GAAP and Non-GAAP Financial Measures | |||
Third Quarter 2019 vs. 2018 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures) | |||
For 12 months ending September 30 | 2019 | 2018 | Change |
GAAP Measures | |||
As-reported ROIC | 4.8% | 3.7% | 1.1% |
As-reported ROE | 8.6% | 5.1% | 3.5% |
Non-GAAP Measures | |||
Adjusted ROIC | 5.6% | 5.5% | 0.1% |
Adjusted ROE | 11.4% | 10.7% | 0.7% |
As of September 30 ($ in millions) | 2019 | 2018 | Change |
GAAP Measures | |||
Cash and cash equivalents | 956 | 988 | (32) |
Revolver capacity | 4,115 | 3,653 | 462 |
Commercial paper | 1,918 | 1,947 | (29) |
Total debt | 19,441 | 18,485 | 956 |
Securitization debt | 338 | 463 | (125) |
Debt to capital | 65.4% | 68.2% | (2.8%) |
Off-balance sheet liabilities: | |||
Debt of joint ventures - Entergy’s share | 56 | 62 | (6) |
Leases - Entergy’s share (v) | — | 429 | (429) |
Power purchase agreements accounted for as leases (v) | — | 136 | (136) |
Total off-balance sheet liabilities | 56 | 627 | (571) |
Non-GAAP Financial Measures | |||
Debt to capital, excluding securitization debt | 65.0% | 67.7% | (2.7%) |
Gross liquidity | 5,071 | 4,641 | 430 |
Net debt to net capital, excluding securitization debt | 63.8% | 66.4% | (2.6%) |
Parent debt to total debt, excluding securitization debt | 20.5% | 24.5% | (4.0%) |
FFO to debt, excluding securitization debt | 14.2% | 13.1% | 1.1% |
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 17.6% | 15.0% | 2.6% |
(w) | As of January 1, 2019, Entergy adopted Financial Accounting Standards Board Accounting Standards Codification 842, the new lease accounting standard. As a result, Entergy re-evaluated all agreements and put all agreements that qualified as operating leases on the balance sheet, and there are no longer any off-balance sheet liabilities for leases. |
Appendix F-1: Definitions | |
Utility Financial and Operating Measures | |
GWh billed | Total number of GWh billed to retail and wholesale customers |
Other O&M and refueling outage expense per MWh | Other operation and maintenance expense plus nuclear refueling outage expense per MWh of billed sales |
Number of electric retail customers | Number of electric customers at the end of the period |
EWC Financial and Operating Measures | |
Adjusted EBITDA (non-GAAP) | Earnings before interest, depreciation and amortization and income taxes and excluding decommissioning expense |
Average revenue under contract per kW-month (applies to capacity contracts only) | Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards |
Average revenue per MWh on contracted volumes | Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades. Revenue will fluctuate due to factors including positive or negative basis differentials 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 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 positive or negative basis differentials 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 |
Appendix F-1: Definitions | ||
EWC Financial and Operating Measures (continued) | ||
GWh billed | Total number of GWh billed to customers and financially-settled instruments | |
Owned capacity (MW) | Installed capacity owned by EWC | |
Percent of capacity sold forward | Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions | |
Percent of planned generation under contract | Percent of planned generation output sold or purchased forward under contracts, forward physical contracts, forward financial contracts or options that mitigate price uncertainty that may or may not require regulatory approval or approval of transmission rights or other conditions precedent; positions that are no longer classified as hedges are netted in the planned generation under contract | |
Planned net MW in operation | Amount of installed capacity to generate power and/or sell capacity, assuming intent to shutdown Indian Point 2 (April 30, 2020), Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022) | |
Planned TWh of generation | Amount of output expected to be generated by EWC resources considering plant operating characteristics and outage schedules, assuming intent to shutdown Indian Point 2 (April 30, 2020), Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022) | |
Production cost per MWh | Fuel and other O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation) | |
Refueling outage days | Number of days lost for a scheduled refueling and maintenance outage during the period | |
Unit-contingent | Transaction under which power is supplied from a specific generation asset; if the asset is in operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee | |
Financial Measures - GAAP | ||
As-reported ROE | 12-months rolling net income attributable to Entergy Corporation divided by average common equity | |
As-reported ROIC | 12-months rolling net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital | |
Debt of joint ventures - Entergy’s share | Entergy’s share of debt issued by business joint ventures at EWC | |
Debt to capital | Total debt divided by total capitalization | |
Leases - Entergy’s share | Operating leases held by subsidiaries capitalized at implicit interest rate | |
Revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers | |
Securitization debt | Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections | |
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 EPS | As-reported EPS excluding adjustments |
Adjusted ROE | 12-months rolling adjusted net income attributable to Entergy Corporation divided by average common equity |
Adjusted ROIC | 12-months rolling adjusted net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital |
Adjustments | Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items and other items such as certain costs, expenses, or other specified items |
Debt to capital, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt |
FFO | OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charges |
FFO to debt, excluding securitization debt | 12-months rolling adjusted FFO as a percentage of end of period total debt excluding securitization debt |
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 12-months rolling adjusted FFO as a percentage of end of period total debt excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC |
Gross liquidity | Sum of cash and revolver capacity |
Net debt to net capital, excluding securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt |
Parent debt to total debt, excluding securitization debt | End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excluding securitization debt |
Appendix F-2: Abbreviations and Acronyms | |||
ADIT AFUDC - borrowed funds ALJ AMI ANO APSC ARO bps CCGT CCN CCNO COD CT CWIP DCRF E-AR E-LA E-MS E-NO E-TX EBITDA ENP EPS ETR EWC FERC FFO FRP GAAP Grand Gulf or GGNS Indian Point 1 Indian Point 2 or IP2 Indian Point 3 or IP3 IPEC ISES 2 IRS | Accumulated deferred income taxes Allowance for borrowed funds used during construction Administrative law judge Advanced metering infrastructure Units 1 and 2 of Arkansas Nuclear One owned by E-AR (nuclear) Arkansas Public Service Commission Asset retirement obligation Basis points Combined cycle gas turbine Certificate of convenience & necessity Council of the City of New Orleans, Louisiana Commercial operation date Simple cycle combustion turbine Construction work in progress Distribution cost recovery factor Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc. Earnings before interest, income taxes, depreciation and amortization Entergy Nuclear Palisades, LLC Earnings per share Entergy Corporation Entergy Wholesale Commodities Federal Energy Regulatory Commission Funds from operations Formula rate plan U.S. generally accepted accounting principles Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI Indian Point Energy Center Unit 1 (nuclear) (shut down in 1974) Indian Point Energy Center Unit 2 (nuclear) Indian Point Energy Center Unit 3 (nuclear) Indian Point Energy Center (nuclear) Unit 2 of Independence Steam Electric Station (coal) Internal Revenue Service | ISO LPSC LTM LTSA MISO Moody’s MPSC MTEP Nelson 6 NEPOOL Ninemile 6 NDT NRC NY PSC NYISO NYPA NYSE OCF OpCo OPEB Other O&M P&O Palisades Pilgrim PMR PPA PUCT RICE RFP ROE ROIC RS Cogen RSP S&P SCPS SEC SERI TCRF Union UPSA Vermont Yankee WACC | Independent system operator Louisiana Public Service Commission Last twelve months Long-term service agreement Midcontinent Independent System Operator, Inc. Moody’s Investor Service Mississippi Public Service Commission MISO Transmission Expansion Planning Unit 6 of Roy S. Nelson plant (coal) New England Power Pool Ninemile Point Unit 6 (CCGT) Nuclear decommissioning trust Nuclear Regulatory Commission New York Public Service Commission New York Independent System Operator, Inc. New York Power Authority New York Stock Exchange Net cash flow provided by operating activities Operating Company Other post-employment benefits Other non-fuel operation and maintenance expense Parent & Other Palisades Power Plant (nuclear) Pilgrim Nuclear Power Station (nuclear, sold August 26, 2019) Performance Management Rider Power purchase agreement or purchased power agreement Public Utility Commission of Texas Reciprocating Internal Combustion Engine Request for proposals Return on equity Return on invested capital RS Cogen facility (CCGT cogeneration) Rate Stabilization Plan (E-LA Gas) Standard & Poor’s St. Charles Power Station (CCGT) U.S. Securities and Exchange Commission System Energy Resources, Inc. Transmission cost recovery factor Union Power Station (CCGT) Unit Power Sales Agreement Vermont Yankee Nuclear Power Station (nuclear, sold January 11, 2019) Weighted-average cost of capital |
Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE | |||
($ in millions except where noted) | Third Quarter | ||
2019 | 2018 | ||
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months | (A) | 790 | 435 |
Preferred dividends | 16 | 14 | |
Tax effected interest expense | 548 | 520 | |
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months adjusted for preferred dividends and tax effected interest expense | (B) | 1,354 | 969 |
Adjustments in prior quarters | (123) | (586) | |
Adjustments | (141) | 105 | |
Total adjustments | (C) | (264) | (481) |
EWC preferred dividends and tax-effected interest expense, rolling 12 months | 27 | 27 | |
Total adjustments, including preferred dividends and tax effected interest expense (non-GAAP) | (D) | (237) | (454) |
Adjusted earnings, rolling 12 months (non-GAAP) | (A-C) | 1,054 | 916 |
Adjusted earnings, rolling 12 months including preferred dividends and tax- effected interest expense (non-GAAP) | (B-D) | 1,591 | 1,423 |
Average invested capital | (E) | 28,413 | 26,107 |
Average common equity | (F) | 9,224 | 8,551 |
As-reported ROIC | (B/E) | 4.8% | 3.7% |
Adjusted ROIC (non-GAAP) | [(B-D)/E] | 5.6% | 5.5% |
As-reported ROE | (A/F) | 8.6% | 5.1% |
Adjusted ROE (non-GAAP) | [(A-C)/F] | 11.4% | 10.7% |
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross Liquidity; FFO to Debt, excluding Securitization Debt; FFO to Debt, excluding Securitization Debt, Return of Unprotected Excess ADIT, and Severance and Retention Payments Associated with Exit of EWC | |||
($ in millions except where noted) | Third Quarter | ||
2019 | 2018 | ||
Total debt | (A) | 19,441 | 18,485 |
Less securitization debt | (B) | 338 | 463 |
Total debt, excluding securitization debt | (C) | 19,103 | 18,022 |
Less cash and cash equivalents | (D) | 956 | 988 |
Net debt, excluding securitization debt | (E) | 18,147 | 17,034 |
Total capitalization | (F) | 29,730 | 27,095 |
Less securitization debt | (B) | 338 | 463 |
Total capitalization, excluding securitization debt | (G) | 29,392 | 26,632 |
Less cash and cash equivalents | (D) | 956 | 988 |
Net capital, excluding securitization debt | (H) | 28,436 | 25,644 |
Debt to capital | (A/F) | 65.4% | 68.2% |
Debt to capital, excluding securitization debt (non-GAAP) | (C/G) | 65.0% | 67.7% |
Net debt to net capital, excluding securitization debt (non-GAAP) | (E/H) | 63.8% | 66.4% |
Revolver capacity | (I) | 4,115 | 3,653 |
Gross liquidity (non-GAAP) | (D+I) | 5,071 | 4,641 |
Entergy Corporation notes: | |||
Due September 2020 | 450 | 450 | |
Due July 2022 | 650 | 650 | |
Due September 2026 | 750 | 750 | |
Total parent long-term debt | (J) | 1,850 | 1,850 |
Revolver draw | (K) | 155 | 630 |
Commercial paper | (L) | 1,918 | 1,947 |
Unamortized debt issuance and discounts | (M) | (9) | (10) |
Total parent debt | (J+K+L+M) | 3,914 | 4,417 |
Parent debt to total debt, excluding securitization debt (non-GAAP) | [(J+K+L+M)/C] | 20.5% | 24.5% |
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross Liquidity; FFO to Debt, excluding Securitization Debt; FFO to Debt, excluding Securitization Debt, Return of Unprotected Excess ADIT, and Severance and Retention Payments Associated with Exit of EWC (continued) | |||
($ in millions except where noted) | Third Quarter | ||
2019 | 2018 | ||
Total debt | (A) | 19,441 | 18,485 |
Less securitization debt | (B) | 338 | 463 |
Total debt, excluding securitization debt | (C) | 19,103 | 18,022 |
Net cash flow provided by operating activities, rolling 12 months | (D) | 2,644 | 2,770 |
AFUDC - borrowed funds, rolling 12 months | (E) | (67) | (57) |
Working capital items in net cash flow provided by operating activities (rolling 12 months): | |||
Receivables | 21 | (53) | |
Fuel inventory | (18) | 26 | |
Accounts payable | (158) | 258 | |
Taxes accrued | (7) | 10 | |
Interest accrued | 12 | (3) | |
Other working capital accounts | (97) | (9) | |
Securitization regulatory charges | 120 | 125 | |
Total | (F) | (127) | 354 |
FFO, rolling 12 months (non-GAAP) | (G)=(D+E-F) | 2,704 | 2,359 |
FFO to debt, excluding securitization debt (non-GAAP) | (G/C) | 14.2% | 13.1% |
Estimated return of unprotected excess ADIT (rolling 12 months pre-tax) | (H) | 469 | 342 |
Severance and retention payments associated with exit of EWC (rolling 12 months pre-tax) | (I) | 183 | — |
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC (non-GAAP) | [(G+H+I)/(C)] | 17.6% | 15.0% |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
September 30, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 62,525 | $ | 6,345 | $ | 1,525 | $ | 70,395 | ||||||||
Temporary cash investments | 604,283 | 11,208 | 269,945 | 885,436 | ||||||||||||
Total cash and cash equivalents | 666,808 | 17,553 | 271,470 | 955,831 | ||||||||||||
Notes receivable | — | (511,316 | ) | 511,316 | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 663,021 | — | 69,742 | 732,763 | ||||||||||||
Allowance for doubtful accounts | (7,987 | ) | — | — | (7,987 | ) | ||||||||||
Associated companies | 15,394 | (34,081 | ) | 18,687 | — | |||||||||||
Other | 124,200 | 1 | 8,346 | 132,547 | ||||||||||||
Accrued unbilled revenues | 481,048 | — | — | 481,048 | ||||||||||||
Total accounts receivable | 1,275,676 | (34,080 | ) | 96,775 | 1,338,371 | |||||||||||
Fuel inventory - at average cost | 126,520 | — | 5,183 | 131,703 | ||||||||||||
Materials and supplies - at average cost | 771,776 | — | 32,067 | 803,843 | ||||||||||||
Deferred nuclear refueling outage costs | 124,291 | — | 48,938 | 173,229 | ||||||||||||
Prepayments and other | 196,961 | (15,763 | ) | 77,497 | 258,695 | |||||||||||
TOTAL | 3,162,032 | (543,606 | ) | 1,043,246 | 3,661,672 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,443,623 | (1,443,710 | ) | 87 | — | |||||||||||
Decommissioning trust funds | 3,533,656 | — | 2,594,991 | 6,128,647 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 314,704 | (10 | ) | 12,010 | 326,704 | |||||||||||
Other | 443,523 | — | 4,617 | 448,140 | ||||||||||||
TOTAL | 5,735,506 | (1,443,720 | ) | 2,611,705 | 6,903,491 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 51,748,049 | 10,562 | 946,531 | 52,705,142 | ||||||||||||
Natural gas | 533,217 | — | — | 533,217 | ||||||||||||
Construction work in progress | 2,849,799 | 298 | 20,957 | 2,871,054 | ||||||||||||
Nuclear fuel | 636,881 | — | 70,317 | 707,198 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 55,767,946 | 10,860 | 1,037,805 | 56,816,611 | ||||||||||||
Less - accumulated depreciation and amortization | 21,955,480 | 1,553 | 738,853 | 22,695,886 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 33,812,466 | 9,307 | 298,952 | 34,120,725 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Other regulatory assets | 4,839,357 | — | — | 4,839,357 | ||||||||||||
Deferred fuel costs | 239,793 | — | — | 239,793 | ||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||
Accumulated deferred income taxes | 54,907 | 2,540 | 9,991 | 67,438 | ||||||||||||
Other | 130,211 | 11,369 | 155,040 | 296,620 | ||||||||||||
TOTAL | 5,638,367 | 13,909 | 168,104 | 5,820,380 | ||||||||||||
TOTAL ASSETS | $ | 48,348,371 | $ | (1,964,110 | ) | $ | 4,122,007 | $ | 50,506,268 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
September 30, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $70,012 | $450,000 | $— | $520,012 | ||||||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | — | — | — | ||||||||||||
Other | — | 1,917,788 | — | 1,917,788 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 21,613 | (29,375 | ) | 7,762 | — | |||||||||||
Other | 1,155,512 | 136 | 172,983 | 1,328,631 | ||||||||||||
Customer deposits | 409,090 | — | — | 409,090 | ||||||||||||
Taxes accrued | 270,722 | (18,214 | ) | (687 | ) | 251,821 | ||||||||||
Interest accrued | 181,049 | 8,598 | 1,230 | 190,877 | ||||||||||||
Deferred fuel costs | 115,761 | — | — | 115,761 | ||||||||||||
Pension and other postretirement liabilities | 44,963 | — | 12,411 | 57,374 | ||||||||||||
Current portion of unprotected excess accumulated deferred | ||||||||||||||||
income taxes | 117,575 | — | — | 117,575 | ||||||||||||
Other | 170,606 | 1,899 | 21,612 | 194,117 | ||||||||||||
TOTAL | 2,556,903 | 2,330,832 | 215,311 | 5,103,046 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 5,914,150 | (369,392 | ) | (992,302 | ) | 4,552,456 | ||||||||||
Accumulated deferred investment tax credits | 206,837 | — | — | 206,837 | ||||||||||||
Regulatory liability for income taxes - net | 1,677,707 | — | — | 1,677,707 | ||||||||||||
Other regulatory liabilities | 1,871,005 | — | — | 1,871,005 | ||||||||||||
Decommissioning and retirement cost liabilities | 3,647,134 | — | 2,421,189 | 6,068,323 | ||||||||||||
Accumulated provisions | 527,649 | — | 523 | 528,172 | ||||||||||||
Pension and other postretirement liabilities | 1,858,756 | — | 629,150 | 2,487,906 | ||||||||||||
Long-term debt | 15,252,564 | 1,546,451 | 138,999 | 16,938,014 | ||||||||||||
Other | 1,167,473 | (442,611 | ) | 58,468 | 783,330 | |||||||||||
TOTAL | 32,123,275 | 734,448 | 2,256,027 | 35,113,750 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 195,162 | — | 24,249 | 219,411 | ||||||||||||
EQUITY | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 270,035,180 shares in 2019 | 1,973,748 | (2,172,151 | ) | 201,103 | 2,700 | |||||||||||
Paid-in capital | 3,984,855 | 966,489 | 1,601,665 | 6,553,009 | ||||||||||||
Retained earnings | 7,694,799 | 1,214,897 | 148,053 | 9,057,749 | ||||||||||||
Accumulated other comprehensive income (loss) | (95,371 | ) | — | (324,401 | ) | (419,772 | ) | |||||||||
Less - treasury stock, at cost (70,947,950 shares in 2019) | 120,000 | 5,038,625 | — | 5,158,625 | ||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY | 13,438,031 | (5,029,390 | ) | 1,626,420 | 10,035,061 | |||||||||||
Subsidiary's preferred stock without sinking fund | 35,000 | — | — | 35,000 | ||||||||||||
TOTAL | 13,473,031 | (5,029,390 | ) | 1,626,420 | 10,070,061 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | $48,348,371 | ($1,964,110 | ) | $4,122,007 | $50,506,268 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
December 31, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $52,362 | $4,096 | $232 | $56,690 | ||||||||||||
Temporary cash investments | 207,590 | 3,792 | 212,903 | 424,285 | ||||||||||||
Total cash and cash equivalents | 259,952 | 7,888 | 213,135 | 480,975 | ||||||||||||
Notes receivable | — | (511,786 | ) | 511,786 | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 481,059 | — | 77,435 | 558,494 | ||||||||||||
Allowance for doubtful accounts | (7,322 | ) | — | — | (7,322 | ) | ||||||||||
Associated companies | 28,949 | (32,855 | ) | 3,906 | — | |||||||||||
Other | 157,656 | — | 10,066 | 167,722 | ||||||||||||
Accrued unbilled revenues | 395,511 | — | — | 395,511 | ||||||||||||
Total accounts receivable | 1,055,853 | (32,855 | ) | 91,407 | 1,114,405 | |||||||||||
Deferred fuel costs | 27,251 | — | — | 27,251 | ||||||||||||
Fuel inventory - at average cost | 113,698 | — | 3,606 | 117,304 | ||||||||||||
Materials and supplies - at average cost | 719,438 | — | 33,405 | 752,843 | ||||||||||||
Deferred nuclear refueling outage costs | 147,796 | — | 83,164 | 230,960 | ||||||||||||
Prepayments and other | 171,199 | (16,113 | ) | 79,240 | 234,326 | |||||||||||
TOTAL | 2,495,187 | (552,866 | ) | 1,015,743 | 2,958,064 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,430,792 | (1,430,878 | ) | 86 | — | |||||||||||
Decommissioning trust funds | 3,066,588 | — | 3,853,576 | 6,920,164 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 293,182 | (14 | ) | 11,214 | 304,382 | |||||||||||
Other | 436,981 | — | 284 | 437,265 | ||||||||||||
TOTAL | 5,227,543 | (1,430,892 | ) | 3,865,160 | 7,661,811 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 48,275,159 | 9,585 | 911,834 | 49,196,578 | ||||||||||||
Property under capital lease | 634,908 | — | — | 634,908 | ||||||||||||
Natural gas | 496,150 | — | — | 496,150 | ||||||||||||
Construction work in progress | 2,815,214 | 270 | 73,155 | 2,888,639 | ||||||||||||
Nuclear fuel | 753,513 | — | 107,759 | 861,272 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 52,974,944 | 9,855 | 1,092,748 | 54,077,547 | ||||||||||||
Less - accumulated depreciation and amortization | 21,430,017 | 198 | 672,886 | 22,103,101 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 31,544,927 | 9,657 | 419,862 | 31,974,446 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Other regulatory assets | 4,746,496 | — | — | 4,746,496 | ||||||||||||
Deferred fuel costs | 239,496 | — | — | 239,496 | ||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||
Accumulated deferred income taxes | 41,969 | 2,677 | 9,947 | 54,593 | ||||||||||||
Other | 107,450 | 10,048 | 145,490 | 262,988 | ||||||||||||
TOTAL | 5,509,510 | 12,725 | 158,510 | 5,680,745 | ||||||||||||
TOTAL ASSETS | $44,777,167 | ($1,961,376 | ) | $5,459,275 | $48,275,066 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
December 31, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $650,009 | $— | $— | $650,009 | ||||||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | (227,298 | ) | 227,298 | — | |||||||||||
Other | — | 1,942,339 | — | 1,942,339 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 29,135 | (51,435 | ) | 22,300 | — | |||||||||||
Other | 1,174,309 | 45 | 321,704 | 1,496,058 | ||||||||||||
Customer deposits | 411,505 | — | — | 411,505 | ||||||||||||
Taxes accrued | 267,678 | (18,490 | ) | 5,053 | 254,241 | |||||||||||
Interest accrued | 166,592 | 26,401 | 199 | 193,192 | ||||||||||||
Deferred fuel costs | 52,396 | — | — | 52,396 | ||||||||||||
Obligations under capital leases | 1,617 | — | — | 1,617 | ||||||||||||
Pension and other postretirement liabilities | 49,104 | — | 12,136 | 61,240 | ||||||||||||
Current portion of unprotected excess accumulated deferred | ||||||||||||||||
income taxes | 248,127 | — | — | 248,127 | ||||||||||||
Other | 92,168 | 1,638 | 39,014 | 132,820 | ||||||||||||
TOTAL | 3,142,640 | 1,673,200 | 627,704 | 5,443,544 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 5,458,667 | (317,012 | ) | (1,034,503 | ) | 4,107,152 | ||||||||||
Accumulated deferred investment tax credits | 213,101 | — | — | 213,101 | ||||||||||||
Obligations under capital leases | 20,378 | — | — | 20,378 | ||||||||||||
Regulatory liability for income taxes - net | 1,817,021 | — | — | 1,817,021 | ||||||||||||
Other regulatory liabilities | 1,620,254 | — | — | 1,620,254 | ||||||||||||
Decommissioning and retirement cost liabilities | 3,244,419 | — | 3,111,124 | 6,355,543 | ||||||||||||
Accumulated provisions | 513,489 | — | 618 | 514,107 | ||||||||||||
Pension and other postretirement liabilities | 1,937,884 | — | 678,201 | 2,616,085 | ||||||||||||
Long-term debt | 13,319,111 | 2,060,192 | 139,000 | 15,518,303 | ||||||||||||
Other | 740,865 | (397,003 | ) | 642,009 | 985,871 | |||||||||||
TOTAL | 28,885,189 | 1,346,177 | 3,536,449 | 33,767,815 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 195,153 | — | 24,249 | 219,402 | ||||||||||||
COMMON EQUITY | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 261,587,009 shares in 2018 | 1,973,748 | (2,172,235 | ) | 201,103 | 2,616 | |||||||||||
Paid-in capital | 3,864,764 | 767,625 | 1,319,042 | 5,951,431 | ||||||||||||
Retained earnings | 6,931,882 | 1,577,576 | 211,692 | 8,721,150 | ||||||||||||
Accumulated other comprehensive income (loss) | (96,209 | ) | — | (460,964 | ) | (557,173 | ) | |||||||||
Less - treasury stock, at cost (72,530,866 shares in 2018) | 120,000 | 5,153,719 | — | 5,273,719 | ||||||||||||
TOTAL | 12,554,185 | (4,980,753 | ) | 1,270,873 | 8,844,305 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $44,777,167 | ($1,961,376 | ) | $5,459,275 | $48,275,066 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $2,812,953 | ($19 | ) | $— | $2,812,934 | |||||||||||
Natural gas | 27,269 | — | — | 27,269 | ||||||||||||
Competitive businesses | — | 9 | 300,363 | 300,372 | ||||||||||||
Total | 2,840,222 | (10 | ) | 300,363 | 3,140,575 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 571,499 | (19 | ) | 25,459 | 596,939 | |||||||||||
Purchased power | 298,566 | 19 | 17,754 | 316,339 | ||||||||||||
Nuclear refueling outage expenses | 39,818 | — | 12,226 | 52,044 | ||||||||||||
Other operation and maintenance | 658,475 | 10,885 | 136,336 | 805,696 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 198,086 | 198,086 | ||||||||||||
Decommissioning | 42,296 | — | 59,515 | 101,811 | ||||||||||||
Taxes other than income taxes | 152,881 | 144 | 12,706 | 165,731 | ||||||||||||
Depreciation and amortization | 340,643 | 773 | 37,803 | 379,219 | ||||||||||||
Other regulatory charges | 4,781 | — | — | 4,781 | ||||||||||||
Total | 2,108,959 | 11,802 | 499,885 | 2,620,646 | ||||||||||||
OPERATING INCOME | 731,263 | (11,812 | ) | (199,522 | ) | 519,929 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 33,161 | — | — | 33,161 | ||||||||||||
Interest and investment income | 62,414 | (38,655 | ) | 58,536 | 82,295 | |||||||||||
Miscellaneous - net | (23,215 | ) | (2,450 | ) | (24,421 | ) | (50,086 | ) | ||||||||
Total | 72,360 | (41,105 | ) | 34,115 | 65,370 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 164,735 | 30,728 | 5,949 | 201,412 | ||||||||||||
Allowance for borrowed funds used during construction | (14,773 | ) | — | — | (14,773 | ) | ||||||||||
Total | 149,962 | 30,728 | 5,949 | 186,639 | ||||||||||||
INCOME BEFORE INCOME TAXES | 653,661 | (83,645 | ) | (171,356 | ) | 398,660 | ||||||||||
Income taxes | 71,698 | (11,642 | ) | (30,855 | ) | 29,201 | ||||||||||
CONSOLIDATED NET INCOME | 581,963 | (72,003 | ) | (140,501 | ) | 369,459 | ||||||||||
Preferred dividend requirements of subsidiaries | 3,672 | — | 547 | 4,219 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $578,291 | ($72,003 | ) | ($141,048 | ) | $365,240 | ||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $2.91 | ($0.36) | ($0.71) | $1.84 | ||||||||||||
DILUTED | $2.88 | ($0.36) | ($0.70) | $1.82 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 198,932,387 | |||||||||||||||
DILUTED | 200,492,935 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended September 30, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $2,697,927 | ($40 | ) | $— | $2,697,887 | |||||||||||
Natural gas | 26,352 | — | — | 26,352 | ||||||||||||
Competitive businesses | — | — | 380,080 | 380,080 | ||||||||||||
Total | 2,724,279 | (40 | ) | 380,080 | 3,104,319 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 710,199 | (40 | ) | 19,110 | 729,269 | |||||||||||
Purchased power | 419,514 | 40 | 19,826 | 439,380 | ||||||||||||
Nuclear refueling outage expenses | 37,937 | — | — | 37,937 | ||||||||||||
Other operation and maintenance | 634,806 | 10,080 | 209,127 | 854,013 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 155,215 | 155,215 | ||||||||||||
Decommissioning | 37,795 | — | 56,034 | 93,829 | ||||||||||||
Taxes other than income taxes | 142,502 | 440 | 18,974 | 161,916 | ||||||||||||
Depreciation and amortization | 284,857 | 252 | 39,519 | 324,628 | ||||||||||||
Other regulatory charges | 37,097 | — | — | 37,097 | ||||||||||||
Total | 2,304,707 | 10,772 | 517,805 | 2,833,284 | ||||||||||||
OPERATING INCOME | 419,572 | (10,812 | ) | (137,725 | ) | 271,035 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 32,354 | — | — | 32,354 | ||||||||||||
Interest and investment income | 88,814 | (38,892 | ) | 127,159 | 177,081 | |||||||||||
Miscellaneous - net | (30,341 | ) | (2,443 | ) | (10,807 | ) | (43,591 | ) | ||||||||
Total | 90,827 | (41,335 | ) | 116,352 | 165,844 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 154,933 | 31,663 | 8,715 | 195,311 | ||||||||||||
Allowance for borrowed funds used during construction | (15,244 | ) | — | — | (15,244 | ) | ||||||||||
Total | 139,689 | 31,663 | 8,715 | 180,067 | ||||||||||||
INCOME BEFORE INCOME TAXES | 370,710 | (83,810 | ) | (30,088 | ) | 256,812 | ||||||||||
Income taxes | (137,035 | ) | (10,312 | ) | (135,659 | ) | (283,006 | ) | ||||||||
CONSOLIDATED NET INCOME | 507,745 | (73,498 | ) | 105,571 | 539,818 | |||||||||||
Preferred dividend requirements of subsidiaries | 2,892 | — | 547 | 3,439 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $504,853 | ($73,498 | ) | $105,024 | $536,379 | |||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $2.79 | ($0.41) | $0.58 | $2.96 | ||||||||||||
DILUTED | $2.75 | ($0.40) | $0.57 | $2.92 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 181,002,303 | |||||||||||||||
DILUTED | 183,664,583 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 7,279,725 | $ | (42 | ) | $ | — | $ | 7,279,683 | |||||||
Natural gas | 112,916 | — | — | 112,916 | ||||||||||||
Competitive businesses | — | 11 | 1,023,757 | 1,023,768 | ||||||||||||
Total | 7,392,641 | (31 | ) | 1,023,757 | 8,416,367 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,466,242 | (42 | ) | 76,392 | 1,542,592 | |||||||||||
Purchased power | 953,017 | 42 | 48,648 | 1,001,707 | ||||||||||||
Nuclear refueling outage expenses | 117,061 | — | 36,386 | 153,447 | ||||||||||||
Other operation and maintenance | 1,894,419 | 23,498 | 512,700 | 2,430,617 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 288,483 | 288,483 | ||||||||||||
Decommissioning | 121,422 | — | 187,135 | 308,557 | ||||||||||||
Taxes other than income taxes | 441,368 | 672 | 45,675 | 487,715 | ||||||||||||
Depreciation and amortization | 984,064 | 2,178 | 113,748 | 1,099,990 | ||||||||||||
Other regulatory credits | (38,698 | ) | — | — | (38,698 | ) | ||||||||||
Total | 5,938,895 | 26,348 | 1,309,167 | 7,274,410 | ||||||||||||
OPERATING INCOME | 1,453,746 | (26,379 | ) | (285,410 | ) | 1,141,957 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 108,546 | — | — | 108,546 | ||||||||||||
Interest and investment income | 208,767 | (117,677 | ) | 315,573 | 406,663 | |||||||||||
Miscellaneous - net | (101,199 | ) | (10,225 | ) | (49,190 | ) | (160,614 | ) | ||||||||
Total | 216,114 | (127,902 | ) | 266,383 | 354,595 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 486,748 | 92,755 | 24,014 | 603,517 | ||||||||||||
Allowance for borrowed funds used during construction | (49,034 | ) | — | — | (49,034 | ) | ||||||||||
Total | 437,714 | 92,755 | 24,014 | 554,483 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,232,146 | (247,036 | ) | (43,041 | ) | 942,069 | ||||||||||
Income taxes | 81,283 | (33,616 | ) | 25,763 | 73,430 | |||||||||||
CONSOLIDATED NET INCOME | 1,150,863 | (213,420 | ) | (68,804 | ) | 868,639 | ||||||||||
Preferred dividend requirements of subsidiaries | 10,797 | — | 1,641 | 12,438 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 1,140,066 | $ | (213,420 | ) | $ | (70,445 | ) | $ | 856,201 | ||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $5.88 | ($1.10) | ($0.36) | $4.42 | ||||||||||||
DILUTED | $5.83 | ($1.09) | ($0.36) | $4.38 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 193,876,557 | |||||||||||||||
DILUTED | 195,685,851 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 7,276,487 | $ | (113 | ) | $ | — | $ | 7,276,374 | |||||||
Natural gas | 112,990 | — | — | 112,990 | ||||||||||||
Competitive businesses | — | — | 1,107,606 | 1,107,606 | ||||||||||||
Total | 7,389,477 | (113 | ) | 1,107,606 | 8,496,970 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,580,647 | (113 | ) | 57,833 | 1,638,367 | |||||||||||
Purchased power | 1,197,955 | 109 | 54,373 | 1,252,437 | ||||||||||||
Nuclear refueling outage expenses | 113,061 | — | 2,996 | 116,057 | ||||||||||||
Other operation and maintenance | 1,851,560 | 26,627 | 599,512 | 2,477,699 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 297,082 | 297,082 | ||||||||||||
Decommissioning | 111,345 | — | 174,489 | 285,834 | ||||||||||||
Taxes other than income taxes | 426,231 | 1,814 | 57,637 | 485,682 | ||||||||||||
Depreciation and amortization | 904,841 | 1,009 | 116,249 | 1,022,099 | ||||||||||||
Other regulatory charges | 223,416 | — | — | 223,416 | ||||||||||||
Total | 6,409,056 | 29,446 | 1,360,171 | 7,798,673 | ||||||||||||
OPERATING INCOME | 980,421 | (29,559 | ) | (252,565 | ) | 698,297 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 92,367 | — | — | 92,367 | ||||||||||||
Interest and investment income | 197,915 | (116,179 | ) | 183,350 | 265,086 | |||||||||||
Miscellaneous - net | (75,844 | ) | (6,829 | ) | (40,766 | ) | (123,439 | ) | ||||||||
Total | 214,438 | (123,008 | ) | 142,584 | 234,014 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 459,092 | 86,011 | 25,445 | 570,548 | ||||||||||||
Allowance for borrowed funds used during construction | (43,177 | ) | — | — | (43,177 | ) | ||||||||||
Total | 415,915 | 86,011 | 25,445 | 527,371 | ||||||||||||
INCOME BEFORE INCOME TAXES | 778,944 | (238,578 | ) | (135,426 | ) | 404,940 | ||||||||||
Income taxes | (325,134 | ) | (27,921 | ) | (166,882 | ) | (519,937 | ) | ||||||||
CONSOLIDATED NET INCOME | 1,104,078 | (210,657 | ) | 31,456 | 924,877 | |||||||||||
Preferred dividend requirements of subsidiaries | 8,676 | — | 1,641 | 10,317 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 1,095,402 | $ | (210,657 | ) | $ | 29,815 | $ | 914,560 | |||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $6.06 | ($1.16) | $0.16 | $5.06 | ||||||||||||
DILUTED | $6.00 | ($1.15) | $0.16 | $5.01 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 180,845,440 | |||||||||||||||
DILUTED | 182,692,325 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended September 30, 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $9,387,472 | ($51 | ) | $— | $9,387,421 | |||||||||||
Natural gas | 156,362 | — | — | 156,362 | ||||||||||||
Competitive businesses | — | 11 | 1,385,056 | 1,385,067 | ||||||||||||
Total | 9,543,834 | (40 | ) | 1,385,056 | 10,928,850 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,956,272 | (51 | ) | 95,797 | 2,052,018 | |||||||||||
Purchased power | 1,298,532 | 51 | 109,486 | 1,408,069 | ||||||||||||
Nuclear refueling outage expenses | 154,255 | — | 36,960 | 191,215 | ||||||||||||
Other operation and maintenance | 2,544,227 | 34,199 | 720,888 | 3,299,314 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 523,722 | 523,722 | ||||||||||||
Decommissioning | 159,701 | — | 251,531 | 411,232 | ||||||||||||
Taxes other than income taxes | 577,123 | 653 | 66,208 | 643,984 | ||||||||||||
Depreciation and amortization | 1,297,542 | 2,443 | 147,348 | 1,447,333 | ||||||||||||
Other regulatory charges | 38,936 | — | — | 38,936 | ||||||||||||
Total | 8,026,588 | 37,295 | 1,951,940 | 10,015,823 | ||||||||||||
OPERATING INCOME | 1,517,246 | (37,335 | ) | (566,884 | ) | 913,027 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 145,781 | — | — | 145,781 | ||||||||||||
Interest and investment income | 214,788 | (156,113 | ) | 146,765 | 205,440 | |||||||||||
Miscellaneous - net | (87,379 | ) | (14,648 | ) | (64,901 | ) | (166,928 | ) | ||||||||
Total | 273,190 | (170,761 | ) | 81,864 | 184,293 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 641,550 | 127,478 | 32,264 | 801,292 | ||||||||||||
Allowance for borrowed funds used during construction | (66,831 | ) | — | — | (66,831 | ) | ||||||||||
Total | 574,719 | 127,478 | 32,264 | 734,461 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,215,717 | (335,574 | ) | (517,284 | ) | 362,859 | ||||||||||
Income taxes | (326,130 | ) | (40,947 | ) | (76,381 | ) | (443,458 | ) | ||||||||
CONSOLIDATED NET INCOME | 1,541,847 | (294,627 | ) | (440,903 | ) | 806,317 | ||||||||||
Preferred dividend requirements of subsidiaries | 13,828 | — | 2,188 | 16,016 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $1,528,019 | ($294,627 | ) | ($443,091 | ) | $790,301 | ||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $7.99 | ($1.54) | ($2.32) | $4.13 | ||||||||||||
DILUTED | $7.90 | ($1.52) | ($2.29) | $4.09 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 191,156,159 | |||||||||||||||
DILUTED | 193,423,076 | |||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended September 30, 2018 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $9,498,643 | ($132 | ) | $— | $9,498,511 | |||||||||||
Natural gas | 151,835 | — | — | 151,835 | ||||||||||||
Competitive businesses | — | — | 1,470,469 | 1,470,469 | ||||||||||||
Total | 9,650,478 | (132 | ) | 1,470,469 | 11,120,815 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,126,647 | (228 | ) | 77,075 | 2,203,494 | |||||||||||
Purchased power | 1,432,444 | 224 | 65,315 | 1,497,983 | ||||||||||||
Nuclear refueling outage expenses | 154,968 | — | 5,114 | 160,082 | ||||||||||||
Other operation and maintenance | 2,530,140 | 35,572 | 818,128 | 3,383,840 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | 413,870 | 413,870 | ||||||||||||
Decommissioning | 147,136 | — | 234,321 | 381,457 | ||||||||||||
Taxes other than income taxes | 554,884 | 1,984 | 77,279 | 634,147 | ||||||||||||
Depreciation and amortization | 1,205,760 | 1,424 | 152,482 | 1,359,666 | ||||||||||||
Other regulatory charges | 150,909 | — | — | 150,909 | ||||||||||||
Total | 8,302,888 | 38,976 | 1,843,584 | 10,185,448 | ||||||||||||
OPERATING INCOME | 1,347,590 | (39,108 | ) | (373,115 | ) | 935,367 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 121,733 | — | — | 121,733 | ||||||||||||
Interest and investment income | 248,642 | (154,619 | ) | 264,283 | 358,306 | |||||||||||
Miscellaneous - net | (92,237 | ) | (7,089 | ) | (58,813 | ) | (158,139 | ) | ||||||||
Total | 278,138 | (161,708 | ) | 205,470 | 321,900 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 613,737 | 109,834 | 31,332 | 754,903 | ||||||||||||
Allowance for borrowed funds used during construction | (56,990 | ) | — | — | (56,990 | ) | ||||||||||
Total | 556,747 | 109,834 | 31,332 | 697,913 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,068,981 | (310,650 | ) | (198,977 | ) | 559,354 | ||||||||||
Income taxes | 9,491 | (93,661 | ) | 194,358 | 110,188 | |||||||||||
CONSOLIDATED NET INCOME | 1,059,490 | (216,989 | ) | (393,335 | ) | 449,166 | ||||||||||
Preferred dividend requirements of subsidiaries | 11,533 | — | 2,187 | 13,720 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $1,047,957 | ($216,989 | ) | ($395,522 | ) | $435,446 | ||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $5.80 | ($1.20) | ($2.19) | $2.41 | ||||||||||||
DILUTED | $5.75 | ($1.19) | ($2.17) | $2.39 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 180,708,842 | |||||||||||||||
DILUTED | 182,220,263 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Nine Months Ended September 30, 2019 vs. 2018 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2019 | 2018 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $868,639 | $924,877 | ($56,238 | ) | ||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 1,634,677 | 1,517,344 | 117,333 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 373,723 | 82,641 | 291,082 | |||||||||
Asset write-offs, impairments and related charges | 225,175 | 210,263 | 14,912 | |||||||||
Changes in working capital: | ||||||||||||
Receivables | (231,005 | ) | (153,703 | ) | (77,302 | ) | ||||||
Fuel inventory | (14,399 | ) | 49,728 | (64,127 | ) | |||||||
Accounts payable | (175,246 | ) | 79,949 | (255,195 | ) | |||||||
Taxes accrued | (2,420 | ) | 43,510 | (45,930 | ) | |||||||
Interest accrued | (2,314 | ) | (9,398 | ) | 7,084 | |||||||
Deferred fuel costs | 90,319 | (25,284 | ) | 115,603 | ||||||||
Other working capital accounts | (19,232 | ) | (86,063 | ) | 66,831 | |||||||
Changes in provisions for estimated losses | 14,114 | 28,599 | (14,485 | ) | ||||||||
Changes in other regulatory assets | (92,861 | ) | 207,135 | (299,996 | ) | |||||||
Changes in other regulatory liabilities | (19,115 | ) | (413,684 | ) | 394,569 | |||||||
Changes in pensions and other postretirement liabilities | (132,044 | ) | (345,526 | ) | 213,482 | |||||||
Other | (400,064 | ) | (250,884 | ) | (149,180 | ) | ||||||
Net cash flow provided by operating activities | 2,117,947 | 1,859,504 | 258,443 | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (3,079,726 | ) | (2,883,047 | ) | (196,679 | ) | ||||||
Allowance for equity funds used during construction | 108,867 | 92,829 | 16,038 | |||||||||
Nuclear fuel purchases | (55,176 | ) | (170,819 | ) | 115,643 | |||||||
Proceeds from sale of assets | 19,801 | 12,915 | 6,886 | |||||||||
Insurance proceeds received for property damages | 7,040 | 10,523 | (3,483 | ) | ||||||||
Changes in securitization account | (4,213 | ) | (12,985 | ) | 8,772 | |||||||
Payments to storm reserve escrow account | (6,184 | ) | (4,515 | ) | (1,669 | ) | ||||||
Decrease (increase) in other investments | 30,370 | (36,140 | ) | 66,510 | ||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 2,369 | — | 2,369 | |||||||||
Proceeds from nuclear decommissioning trust fund sales | 3,518,616 | 4,177,919 | (659,303 | ) | ||||||||
Investment in nuclear decommissioning trust funds | (3,566,690 | ) | (4,187,161 | ) | 620,471 | |||||||
Net cash flow used in investing activities | (3,024,926 | ) | (3,000,481 | ) | (24,445 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 7,133,571 | 5,604,131 | 1,529,440 | |||||||||
Preferred stock of subsidiary | 33,486 | — | 33,486 | |||||||||
Treasury stock | 89,303 | 24,646 | 64,657 | |||||||||
Common stock | 607,650 | — | 607,650 | |||||||||
Retirement of long-term debt | (5,859,714 | ) | (4,181,820 | ) | (1,677,894 | ) | ||||||
Repurchase of preferred membership units | (50,000 | ) | — | (50,000 | ) | |||||||
Changes in credit borrowings and commercial paper - net | (24,550 | ) | 368,370 | (392,920 | ) | |||||||
Other | (9,175 | ) | 25,540 | (34,715 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (526,408 | ) | (482,865 | ) | (43,543 | ) | ||||||
Preferred stock | (12,328 | ) | (10,317 | ) | (2,011 | ) | ||||||
Net cash flow provided by financing activities | 1,381,835 | 1,347,685 | 34,150 | |||||||||
Net increase in cash and cash equivalents | 474,856 | 206,708 | 268,148 | |||||||||
Cash and cash equivalents at beginning of period | 480,975 | 781,273 | (300,298 | ) | ||||||||
Cash and cash equivalents at end of period | $955,831 | $987,981 | ($32,150 | ) | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid (received) during the period for: | ||||||||||||
Interest - net of amount capitalized | $584,622 | $558,381 | $26,241 | |||||||||
Income taxes | ($8,649 | ) | $18,200 | ($26,849 | ) |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Three Months Ended September 30, 2019 vs. 2018 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2019 | 2018 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $369,459 | $539,818 | ($170,359 | ) | ||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 565,870 | 489,735 | 76,135 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 147,974 | (6,091 | ) | 154,065 | ||||||||
Asset write-offs, impairments and related charges | 198,491 | 158,760 | 39,731 | |||||||||
Changes in working capital: | ||||||||||||
Receivables | (103,746 | ) | (108,188 | ) | 4,442 | |||||||
Fuel inventory | (1,053 | ) | 41,216 | (42,269 | ) | |||||||
Accounts payable | (156,414 | ) | (17,515 | ) | (138,899 | ) | ||||||
Taxes accrued | 35,766 | 51,602 | (15,836 | ) | ||||||||
Interest accrued | (2,170 | ) | (7,342 | ) | 5,172 | |||||||
Deferred fuel costs | 58,523 | 106,979 | (48,456 | ) | ||||||||
Other working capital accounts | 32,550 | 48,919 | (16,369 | ) | ||||||||
Changes in provisions for estimated losses | 9,395 | 1,156 | 8,239 | |||||||||
Changes in other regulatory assets | 43,075 | 100,423 | (57,348 | ) | ||||||||
Changes in other regulatory liabilities | (126,997 | ) | (166,445 | ) | 39,448 | |||||||
Changes in pensions and other postretirement liabilities | (66,011 | ) | (164,248 | ) | 98,237 | |||||||
Other | 60,145 | (289,198 | ) | 349,343 | ||||||||
Net cash flow provided by operating activities | 1,064,857 | 779,581 | 285,276 | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (984,206 | ) | (997,628 | ) | 13,422 | |||||||
Allowance for equity funds used during construction | 33,260 | 32,494 | 766 | |||||||||
Nuclear fuel purchases | (653 | ) | (80,498 | ) | 79,845 | |||||||
Proceeds from sale of assets | — | 3,752 | (3,752 | ) | ||||||||
Changes in securitization account | (16,247 | ) | (17,739 | ) | 1,492 | |||||||
Payments to storm reserve escrow account | (1,561 | ) | (1,771 | ) | 210 | |||||||
Decrease (increase) in other investments | (20,703 | ) | (25,371 | ) | 4,668 | |||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 2,369 | — | 2,369 | |||||||||
Proceeds from nuclear decommissioning trust fund sales | 1,030,701 | 2,376,749 | (1,346,048 | ) | ||||||||
Investment in nuclear decommissioning trust funds | (1,042,885 | ) | (2,360,777 | ) | 1,317,892 | |||||||
Net cash flow used in investing activities | (999,925 | ) | (1,070,789 | ) | 70,864 | |||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 1,742,024 | 2,244,938 | (502,914 | ) | ||||||||
Preferred stock of subsidiary | 33,486 | — | 33,486 | |||||||||
Treasury stock | 31,506 | 20,955 | 10,551 | |||||||||
Retirement of long-term debt | (1,645,219 | ) | (1,612,689 | ) | (32,530 | ) | ||||||
Changes in credit borrowings and commercial paper - net | 282,327 | (37,425 | ) | 319,752 | ||||||||
Other | (4,069 | ) | 15,106 | (19,175 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (180,956 | ) | (161,044 | ) | (19,912 | ) | ||||||
Preferred stock | (4,109 | ) | (3,439 | ) | (670 | ) | ||||||
Net cash flow provided by financing activities | 254,990 | 466,402 | (211,412 | ) | ||||||||
Net increase in cash and cash equivalents | 319,922 | 175,194 | 144,728 | |||||||||
Cash and cash equivalents at beginning of period | 635,909 | 812,787 | (176,878 | ) | ||||||||
Cash and cash equivalents at end of period | $955,831 | $987,981 | ($32,150 | ) | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid (received) during the period for: | ||||||||||||
Interest - net of amount capitalized | $196,056 | $195,752 | $304 | |||||||||
Income taxes | ($1,682) | $4,055 | ($5,737) |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Twelve Months Ended September 30, 2019 vs. 2018 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2019 | 2018 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $806,317 | $449,166 | $357,151 | |||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,157,888 | 2,034,357 | 123,531 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 34,234 | 702,301 | (668,067 | ) | ||||||||
Asset write-offs, impairments and related charges | 506,651 | 325,676 | 180,975 | |||||||||
Changes in working capital: | ||||||||||||
Receivables | 21,244 | (53,311 | ) | 74,555 | ||||||||
Fuel inventory | (18,288 | ) | 25,939 | (44,227 | ) | |||||||
Accounts payable | (157,883 | ) | 257,713 | (415,596 | ) | |||||||
Taxes accrued | (6,658 | ) | 10,468 | (17,126 | ) | |||||||
Interest accrued | 12,304 | (2,545 | ) | 14,849 | ||||||||
Deferred fuel costs | 89,774 | 148,642 | (58,868 | ) | ||||||||
Other working capital accounts | (97,342 | ) | (8,615 | ) | (88,727 | ) | ||||||
Changes in provisions for estimated losses | 21,221 | 35,393 | (14,172 | ) | ||||||||
Changes in other regulatory assets | (110,803 | ) | 685,209 | (796,012 | ) | |||||||
Changes in other regulatory liabilities | (408,754 | ) | 2,479,987 | (2,888,741 | ) | |||||||
Deferred tax rate change recognized as regulatory liability / asset | — | (3,665,498 | ) | 3,665,498 | ||||||||
Changes in pensions and other postretirement liabilities | (91,459 | ) | (121,915 | ) | 30,456 | |||||||
Other | (114,756 | ) | (532,714 | ) | 417,958 | |||||||
Net cash flow provided by operating activities | 2,643,690 | 2,770,253 | (126,563 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (4,138,689 | ) | (3,868,475 | ) | (270,214 | ) | ||||||
Allowance for equity funds used during construction | 146,233 | 122,392 | 23,841 | |||||||||
Nuclear fuel purchases | (186,941 | ) | (322,089 | ) | 135,148 | |||||||
Payment for purchase of plant or assets | (26,623 | ) | (16,762 | ) | (9,861 | ) | ||||||
Proceeds from sale of assets | 31,788 | 12,915 | 18,873 | |||||||||
Insurance proceeds received for property damages | 14,787 | 10,523 | 4,264 | |||||||||
Changes in securitization account | 2,928 | (5,168 | ) | 8,096 | ||||||||
Payments to storm reserve escrow account | (8,220 | ) | (5,468 | ) | (2,752 | ) | ||||||
Receipts from storm reserve escrow account | — | 2,487 | (2,487 | ) | ||||||||
Decrease (increase) in other investments | 12,010 | 77,155 | (65,145 | ) | ||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 62,012 | — | 62,012 | |||||||||
Proceeds from nuclear decommissioning trust fund sales | 5,825,488 | 5,437,883 | 387,605 | |||||||||
Investment in nuclear decommissioning trust funds | (5,865,205 | ) | (5,459,201 | ) | (406,004 | ) | ||||||
Net cash flow used in investing activities | (4,130,432 | ) | (4,013,808 | ) | (116,624 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 9,564,976 | 6,190,915 | 3,374,061 | |||||||||
Preferred stock of subsidiary | 106,816 | 14,399 | 92,417 | |||||||||
Treasury stock | 167,972 | 90,254 | 77,718 | |||||||||
Common stock | 1,106,922 | — | 1,106,922 | |||||||||
Retirement of long-term debt | (8,643,632 | ) | (4,544,586 | ) | (4,099,046 | ) | ||||||
Repurchase / redemption of preferred stock and preferred membership units | (103,868 | ) | (20,599 | ) | (83,269 | ) | ||||||
Changes in credit borrowings and commercial paper - net | (28,889 | ) | 593,989 | (622,878 | ) | |||||||
Other | (8,262 | ) | 18,146 | (26,408 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (691,247 | ) | (643,354 | ) | (47,893 | ) | ||||||
Preferred stock | (16,196 | ) | (13,919 | ) | (2,277 | ) | ||||||
Net cash flow provided by financing activities | 1,454,592 | 1,685,245 | (230,653 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | (32,150 | ) | 441,690 | (473,840 | ) | |||||||
Cash and cash equivalents at beginning of period | 987,981 | 546,291 | 441,690 | |||||||||
Cash and cash equivalents at end of period | $955,831 | $987,981 | ($32,150 | ) | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid (received) during the period for: | ||||||||||||
Interest - net of amount capitalized | $761,086 | $728,840 | $32,246 | |||||||||
Income taxes | ($7,024) | $16,708 | ($23,732) |