8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date earliest event reported) May 11, 2020

Commission File Number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.	Commission File Number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
1-11299	ENTERGY CORPORATION	1-35747	ENTERGY NEW ORLEANS, LLC
	(a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000		(a Texas limited liability company) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone (504) 670-3700
	72-1229752		82-2212934
1-10764	ENTERGY ARKANSAS, LLC	1-34360	ENTERGY TEXAS, INC.
	(a Texas limited liability company) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone (501) 377-4000		(a Texas corporation) 10055 Grogans Mill Road The Woodlands, Texas 77380 Telephone (409) 981-2000
	83-1918668		61-1435798
1-32718	ENTERGY LOUISIANA, LLC	1-09067	SYSTEM ENERGY RESOURCES, INC.
	(a Texas limited liability company) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 576-4000		(an Arkansas corporation) 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000
	47-4469646		72-0752777
1-31508	ENTERGY MISSISSIPPI, LLC
	(a Texas limited liability company) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000
	83-1950019

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of Class	Trading Symbol	Name of Each Exchange on Which Registered
Entergy Corporation	Common Stock, $0.01 Par Value	ETR	New York Stock Exchange
	Common Stock, $0.01 Par Value	ETR	NYSE Chicago, Inc.
Entergy Arkansas, LLC	Mortgage Bonds, 4.90% Series due December 2052	EAB	New York Stock Exchange
	Mortgage Bonds, 4.75% Series due June 2063	EAE	New York Stock Exchange
	Mortgage Bonds, 4.875% Series due September 2066	EAI	New York Stock Exchange
Entergy Louisiana, LLC	Mortgage Bonds, 5.25% Series due July 2052	ELJ	New York Stock Exchange
	Mortgage Bonds, 4.70% Series due June 2063	ELU	New York Stock Exchange
	Mortgage Bonds, 4.875% Series due September 2066	ELC	New York Stock Exchange
Entergy Mississippi, LLC	Mortgage Bonds, 4.90% Series due October 2066	EMP	New York Stock Exchange
Entergy New Orleans, LLC	Mortgage Bonds, 5.0% Series due December 2052	ENJ	New York Stock Exchange
	Mortgage Bonds, 5.50% Series due April 2066	ENO	New York Stock Exchange
Entergy Texas, Inc.	Mortgage Bonds, 5.625% Series due June 2064	EZT	New York Stock Exchange
	5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)	ETI/PR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Item 2.02. Results of Operations and Financial Condition

On May 11, 2020, Entergy Corporation (the “Company”) issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2020 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.

Item 7.01. Regulation FD Disclosure

On May 11, 2020, the Company issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2020. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 7.01.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	Release, dated May 11, 2020, issued by Entergy Corporation
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Entergy Corporation

Entergy Arkansas, LLC

Entergy Louisiana, LLC

Entergy Mississippi, LLC

Entergy New Orleans, LLC

Entergy Texas, Inc.

System Energy Resources, Inc.

By: /s/ Kimberly A. Fontan

Kimberly A. Fontan

Senior Vice President and

Chief Accounting Officer

Dated: May 11, 2020

EX-99.1

Entergy

639 Loyola Avenue

New Orleans, LA 70113

Exhibit 99.1

Date:	May 11, 2020
For Release:	Immediately
Contact:	Neal Kirby (Media) (504) 576-4238 nkirby@entergy.com	David Borde (Investor Relations) (504) 576-5668 dborde@entergy.com

Entergy Reports First Quarter Earnings

Company affirms guidance and financial outlooks

NEW ORLEANS - Entergy Corporation (NYSE: ETR) reported first quarter 2020 earnings of 59 cents per share on an as-reported basis and $1.14 per share on an adjusted basis (non-GAAP).

“The past few months have presented extraordinary circumstances, and we extend our well-wishes to all affected. We also extend our deepest thanks to everyone working tirelessly to help those in need,” said Entergy Chairman and Chief Executive Officer Leo Denault. “Providing safe, reliable power is essential, especially during times like these; that’s why at Entergy we plan and prepare for the extraordinary, and our response has been effective. We are meeting the needs and expectations of our customers and communities, our major projects remain on track, and our capital plan is unchanged. Our first quarter results were solid, and recent events have not changed our objective to be the premier utility that delivers sustainable value for our stakeholders.”

Table of Contents Page

News Release1

Appendices8

A: Consolidated Results and Adjustments9

B: Earnings Variance Analysis12

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

Business highlights included the following:

• Entergy affirms 2020 adjusted EPS guidance of $5.45 to $5.75.

• The Lake Charles Power Station was placed in service on budget and ahead of schedule.

• Entergy Texas issued an RFP for a 1,000MW to 1,200MW CCGT and Entergy Louisiana issued an RFP for 250MW of solar resources.

• Entergy Mississippi received approval for the Sunflower Solar project and Entergy Arkansas received approval for the Searcy Solar project.

• Entergy Mississippi made its annual formula rate plan filing.

• Entergy Texas filed for an increase in its distribution cost recovery factor.

• Indian Point Unit 2 was permanently shutdown.

• The Entergy Charitable Foundation established the COVID-19 Emergency Relief Fund.

Consolidated Earnings (GAAP and Non-GAAP Measures)
First Quarter 2020 vs. 2019 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
	First Quarter
	2020	2019	Change
(After-tax, $ in millions)
As-reported earnings	119	255	(136)
Less adjustments	(111)	97	(208)
Adjusted earnings (non-GAAP)	230	158	72
Estimated weather in billed sales	(50)	(23)	(26)
(After-tax, per share in $)
As-reported earnings	0.59	1.32	(0.73)
Less adjustments	(0.55)	0.50	(1.05)
Adjusted earnings (non-GAAP)	1.14	0.82	0.32
Estimated weather in billed sales	(0.25)	(0.12)	(0.13)

Calculations may differ due to rounding

Consolidated Results

For first quarter 2020, the company reported earnings of $119 million, or 59 cents per share, on an as-reported basis, and earnings of $230 million, or $1.14 per share, on an adjusted basis. This compared to first quarter 2019 earnings of $255 million, or $1.32 per share, on an as-reported basis, and earnings of $158 million, or 82 cents per share, on an adjusted basis.

Summary discussions by business are below. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of quarterly variances by business is provided in Appendix B.

Business Segment Results

Utility

For first quarter 2020, the Utility business reported earnings attributable to Entergy Corporation of $320 million, or $1.59 per share, on both an as-reported and an adjusted basis. This compared to first quarter 2019 earnings of $231 million, or $1.20 per share, on both an as-reported basis and an adjusted basis. Drivers for the quarter included:

• rate activity at E-AR, E-LA, E-MS, and E-TX;

• a first quarter 2019 reserve at E-AR;

• higher nuclear insurance refunds, as well as lower fossil and nuclear generation spending;

• a favorable book-to-tax permanent difference related to stock-based compensation; and

• an IRS settlement related to Hurricane Isaac Act 55 financing, net of customer sharing (largely offset by higher tax expense from this settlement at P&O).

These drivers were partially offset by:

• higher pension and benefits expenses;

• higher depreciation and interest expenses; and

• lower sales volume, including the net effect of billed and unbilled sales, and the effects of weather.

On a per share basis, first quarter 2020 results reflected higher common shares outstanding.

Appendix C contains additional details on Utility financial and operating measures.

Parent & Other

For first quarter 2020, Parent & Other reported a loss attributable to Entergy Corporation of $(90 million), or (45) cents per share, on both an as-reported basis and an adjusted basis. This compared to a loss of $(73 million), or (38) cents per share, on both an as-reported and an adjusted basis in first quarter 2019. The main driver for the quarter was higher income tax expense resulting from the IRS settlement related to Hurricane Isaac Act 55 financing, which largely offsets the benefit from this settlement at the Utility.

On a per share basis, first quarter 2020 results reflected higher common shares outstanding.

Entergy Wholesale Commodities

For first quarter 2020, EWC reported a loss attributable to Entergy Corporation of

$(111 million), or (55) cents per share, on an as-reported basis. This compared to first quarter 2019 earnings attributable to Entergy Corporation of $97 million, or 50 cents per share, on an as-reported basis. Drivers for the quarter included:

• losses on decommissioning trust funds; and

• lower revenue due to the shutdown of Pilgrim, as well as lower nuclear pricing.

These drivers were partially offset by:

• lower impairments as compared to a year ago;

• lower other O&M expense due to the shutdown of Pilgrim, as well as lower severance and retention expense;

• higher nuclear volume; and

• an income tax item related to the sale of Vermont Yankee recorded in first quarter 2019.

On a per share basis, first quarter 2020 results reflected higher common shares outstanding.

Appendix D contains additional details on EWC financial and operating measures, including reconciliation for non-GAAP EWC adjusted EBITDA.

Earnings per Share Guidance

Entergy affirmed its 2020 adjusted EPS guidance range of $5.45 to $5.75. See webcast presentation slides for additional details.

The company has provided 2020 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP Financial Measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately $(1.25)

in 2020. These estimates are subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.

Earnings Teleconference

A teleconference will be held at 10:00 a.m. Central Time on Monday, May 11, 2020, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 5242577, no more than 15 minutes prior to the start of the call. The webcast slide presentation is also posted to Entergy’s website concurrent with this news release, which was issued before market open on the day of the call. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through May 18, 2020, by dialing 855-859-2056, conference ID 5242577.

Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 8,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy has annual revenues of $11 billion and approximately 13,600 employees.

Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR.”

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast slide presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.

Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates of certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.

For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.

Non-GAAP Financial Measures

This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s decision to exit the merchant power business. Adjustments are 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. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.

Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROIC; gross liquidity; net liquidity; net liquidity, including storm escrow balances; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility, and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the Utility sector. In addition, other financial measures including net income (or earnings), adjusted for preferred dividends and tax-effected interest expense; return on average invested capital; and return on average common equity are included on both an adjusted and an as-reported basis. In each case, the metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) excludes the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy’s 2020 earnings guidance; its current financial and operational outlooks; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs

may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected, and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of technological changes and changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; and (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers.

First Quarter 2020 Earnings Release Appendices and Financial Statements

Appendices

Appendices are presented in this section as follows:

A: Consolidated Results and Adjustments

B: Earnings Variance Analysis

C: Utility Financial and Operating Measures

D: EWC Financial and Operating Measures

E: Consolidated Financial Measures

F: Definitions and Abbreviations and Acronyms

G: Other GAAP to Non-GAAP Reconciliations

Financial Statements

Financial statements are presented in this section.

A: Consolidated Results and Adjustments

Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures First Quarter 2020 vs. 2019 (See Appendix A-3 and Appendix A-4 for details on adjustments)
	First Quarter
	2020	2019	Change
(After-tax, $ in millions)
Earnings (loss)
Utility	320	231	89
Parent & Other	(90)	(73)	(18)
EWC	(111)	97	(208)
Consolidated	119	255	(136)
Less adjustments
Utility	—	—	—
Parent & Other	—	—	—
EWC	(111)	97	(208)
Consolidated	(111)	97	(208)
Adjusted earnings (loss) (non-GAAP)
Utility	320	231	89
Parent & Other	(90)	(73)	(18)
EWC	—	—	—
Consolidated	230	158	72
Estimated weather in billed sales	(50)	(23)	(26)
Diluted average number of common shares outstanding (in millions)	201	192
(After-tax, per share in $) (a)
Earnings (loss)
Utility	1.59	1.20	0.39
Parent & Other	(0.45)	(0.38)	(0.07)
EWC	(0.55)	0.50	(1.05)
Consolidated	0.59	1.32	(0.73)
Less adjustments
Utility	—	—	—
Parent & Other	—	—	—
EWC	(0.55)	0.50	(1.05)
Consolidated	(0.55)	0.50	(1.05)
Adjusted earnings (loss) (non-GAAP)
Utility	1.59	1.20	0.39
Parent & Other	(0.45)	(0.38)	(0.07)
EWC	—	—	—
Consolidated	1.14	0.82	0.32
Estimated weather in billed sales	(0.25)	(0.12)	(0.13)

Calculations may differ due to rounding

(a) Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.

See Appendix B for detailed earnings variance analysis.

Appendix A-2 provides a comparative summary of OCF, by business.

Appendix A-2: Consolidated Operating Cash Flow
First Quarter 2020 vs. 2019
($ in millions)
	First Quarter
	2020	2019	Change
Utility	603	455	148
Parent & Other	(81)	(78)	(3)
EWC	137	124	13
Consolidated	659	501	158

Calculations may differ due to rounding

OCF increased quarter-over-quarter due primarily to higher collections for fuel and purchased power cost recovery, a lower amount of unprotected excess ADIT returned to customers, higher nuclear insurance refunds, and lower nuclear refueling outage spending at EWC. Unfavorable weather and higher pension contributions partially offset the increase. Intercompany income tax payments also contributed to the line of business variances.

Appendix A-3 and Appendix A-4 list adjustments by business. Amounts are shown on both an earnings and an EPS basis. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS)
First Quarter 2020 vs. 2019
	First Quarter
	2020	2019	Change
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
EWC
Income before income taxes	(141)	163	(304)
Income taxes	(31)	66	(96)
Preferred dividend requirements	1	1	—
Total EWC	(111)	97	(208)
Total adjustments	(111)	97	(208)
(After-tax, per share in $) (b)
EWC
Total EWC	(0.55)	0.50	(1.05)
Total adjustments	(0.55)	0.50	(1.05)

Calculations may differ due to rounding

(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)
First Quarter 2020 vs. 2019
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
	First Quarter
	2020	2019	Change
EWC
Operating revenue	333	434	(101)
Fuel and fuel-related expenses	(20)	(25)	5
Purchased power	(11)	(16)	5
Nuclear refueling outage expenses	(12)	(12)	—
Other O&M	(131)	(189)	58
Asset write-off and impairments	(5)	(74)	69
Decommissioning expense	(50)	(63)	13
Taxes other than income taxes	(20)	(13)	(7)
Depreciation/amortization exp.	(35)	(38)	3
Other income (deductions)-other	(184)	169	(352)
Interest exp. and other charges	(5)	(9)	4
Income taxes	31	(66)	96
Preferred dividend requirements	(1)	(1)	—
Total EWC	(111)	97	(208)
Total adjustments (after-tax)	(111)	97	(208)

Calculations may differ due to rounding

B: Earnings Variance Analysis

Appendix B provides details of current quarter 2020 versus 2019 as-reported and adjusted earnings variance analysis for Utility, Parent & Other, and EWC.

Appendix B: As-Reported and Adjusted Earnings Variance Analysis (c), (d)
First Quarter 2020 vs. 2019
(After-tax, per share in $)
	Utility			Parent & Other			EWC		Consolidated
	As-Reported	Adjusted		As-Reported	Adjusted		As- Reported		As- Reported	Adjusted
2019 earnings	1.20	1.20		(0.38)	(0.38)		0.50		1.32	0.82
Operating revenue less:   Fuel, fuel-related expenses and   gas purchased for resale,   Purchased power, and   Regulatory charges (credits)	0.28	0.28	(e)	—	—		(0.37)	(f)	(0.09)	0.28
Nuclear refueling outage expense	—	—		—	—		—		—	—
Other O&M	0.08	0.08	(g)	0.02	0.02		0.24	(h)	0.34	0.10
Asset write-offs and impairments	—	—		—	—		0.28	(i)	0.28	—
Decommissioning expense	(0.02)	(0.02)		—	—		0.06	(j)	0.04	(0.02)
Taxes other than income taxes	(0.02)	(0.02)		—	—		(0.03)		(0.05)	(0.02)
Depreciation/amortization exp.	(0.18)	(0.18)	(k)	—	—		0.01		(0.17)	(0.18)
Other income (deductions)-other	(0.03)	(0.03)		—	—		(1.45)	(l)	(1.48)	(0.03)
Interest exp. and other charges	(0.05)	(0.05)	(m)	0.01	0.01		0.02		(0.02)	(0.04)
Income taxes-other	0.40	0.40	(n)	(0.12)	(0.12)	(o)	0.17	(p)	0.45	0.28
Preferred dividend requirements	—	—		—	—		—		—	—
Share effect	(0.07)	(0.07)	(q)	0.02	0.02		0.02		(0.03)	(0.05)
2020 earnings	1.59	1.59		(0.45)	(0.45)		(0.55)		0.59	1.14

Calculations may differ due to rounding

(c) Utility operatingrevenue / regulatory charges and Utility income taxes exclude $30 million in first quarter 2020 and $61 million in first quarter 2019 for the return of unprotected excess ADIT to customers (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 2020 vs. 2019 ($ EPS)
	1Q
Volume/weather	(0.04)
Retail electric price	0.33
Reg. provision for E-AR FRP	0.04
Reg. liability for tax sharing	(0.10)
Other	0.05
Total	0.28

(e) The earnings increase was primarily driven by rate activity from E-AR’s FRP; E-LA’s FRP, including recovery of the J. Wayne Leonard Power Station (formerly St Charles Power Station); E-MS’s FRP; recovery of E-MS’s Choctaw Generating Station; and E-TX’s TCRF and AMI rider. The variance also reflected a first quarter 2019 regulatory reserve at E-AR, as well as higher regulatory credits at E-LA for the difference between asset retirement obligation-related expenses and

trust earnings plus asset retirement obligation-related costs collected in revenue. Partially offsetting was the net effect of volume/weather, as well as a regulatory liability for tax sharing with E-LA customers (this partially offsets the Hurricane Isaac Act 55 income tax item discussed in footnote n).

(f) The earnings decrease was due largely to lower revenues from the shutdown of Pilgrim in May 2019, as well as lower capacity and energy prices. These were partially offset by higher energy volume at Indian Point.

(g) The earnings increase from lower Utility other O&M was due largely to higher nuclear insurance refunds and lower fossil and nuclear generation spending. These were partially offset by higher pension and benefits expenses, as well as higher E-MS storm damage provisions (offset in operating revenue).

(h) The earnings increase from lower EWC other O&M was due largely to the shutdown of Pilgrim in May 2019, as well as a decrease in severance and retention expense.

(i) The earnings increase from lower EWC asset write-offs and impairments was due primarily to higher impairment charges in first quarter 2019, largely refueling outage costs at Indian Point.

(j) The earnings increase from lower EWC decommissioning expense was due to the sale of Pilgrim in 2019.

(k) The earnings decrease from higher Utility depreciation expense was due primarily to higher plant in service, including J. Wayne Leonard Power Station and Choctaw County Generating Station, as well as higher depreciation rates at E-MS.

(l) The earnings decrease from lower EWC other income (deductions)-other was due largely to losses on the decommissioning trust fund investments in first quarter 2020 as compared to gains in first quarter 2019.

(m) The earnings decrease from higher Utility interest expense was due primarily to higher debt balances at E-LA and E-AR.

(n) The earnings increase from lower Utility effective income tax rate reflected two first quarter 2020 items. A $55 million tax benefit was recorded as a result of an IRS settlement related to Act 55 financing of Hurricane Isaac costs (partly offset by customer sharing, recorded as a regulatory charge discussed in footnote e). In addition, an annual tax deduction related to stock-based compensation resulted in an income tax benefit of $22million, $20 million greater than first quarter 2019.

(o) The earnings decrease from higher Parent & Other effective income tax rate was due to an increase in income tax expense of $23 million as a result of the IRS settlement related to the Hurricane Isaac Act 55 financing (discussed in footnote n).

(p) The earnings increase from lower EWC effective income tax rate is primarily due to a first quarter 2019 accrual of $29 million of tax expense, which resulted from the sale of Vermont Yankee in January 2019.

(q) The earnings per share impacts from share effect were due to settlement of the equity forward (8.4 million shares settled in May 2019).

C: Utility Financial and Operating Measures

Appendix C-1 and Appendix C-2 provide comparative summaries of Utility operating and financial measures.

Appendix C-1: Utility Operating and Financial Measures
First Quarter 2020 vs. 2019
	First Quarter
	2020	2019	% Change	% Weather Adjusted (r)
GWh billed
Residential	8,126	8,471	(4.1)	1.4
Commercial	6,244	6,423	(2.8)	(2.7)
Governmental	595	601	(1.0)	(1.5)
Industrial	11,815	11,683	1.1	1.1
Total retail sales	26,780	27,178	(1.5)	0.3
Wholesale	3,117	3,814	(18.3)
Total sales	29,897	30,992	(3.5)
Number of electric retail customers
Residential	2,504,243	2,485,256	0.8
Commercial	356,303	357,950	(0.5)
Governmental	17,724	17,814	(0.5)
Industrial	44,443	44,429	—
Total retail customers	2,922,713	2,905,449	0.6
Other O&M and refueling outage expense per MWh	$20.20	$20.12	0.4

Appendix C-2: Utility Operating Measures
Twelve Months Ended March 31, 2020 vs. 2019
	Twelve Months Ended March 31
	2020	2019	% Change	% Weather Adjusted (r)
GWh billed
Residential	35,748	36,291	(1.5)	(0.8)
Commercial	28,576	29,117	(1.9)	(2.2)
Governmental	2,573	2,574	—	(0.4)
Industrial	48,616	48,662	(0.1)	(0.1)
Total retail sales	115,513	116,644	(1.0)	(0.8)

Calculations may differ due to rounding

(r) 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.

On a weather-adjusted basis for first quarter 2020, billed retail sales increased 0.3 percent. Residential billed sales increased 1.4 percent primarily due to more days billed compared to a year ago. Commercial billed sales decreased (2.7) percent driven by the continued impact of energy efficiency as well as billing delays. Industrial billed sales volume increased 1.1 percent driven by continued growth from new/expansion customers, partially offset by lower sales to existing large customers.

D: EWC Financial and Operating Measures

Appendix D-1 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures
First Quarter 2020 vs. 2019
($ in millions)	First Quarter
	2020	2019	Change
Net income (loss)	(110)	97	(207)
Add back: interest expense	5	9	(4)
Add back: income taxes	(31)	66	(97)
Add back: depreciation and amortization	35	38	(3)
Subtract: interest and investment income	(172)	181	(353)
Add back: decommissioning expense	50	63	(13)
Adjusted EBITDA (non-GAAP)	122	92	30

Calculations may differ due to rounding

Appendix D-2 provides a comparative summary of EWC operating and financial measures.

Appendix D-2: EWC Operational and Financial Measures
First Quarter 2020 vs. 2019
	First Quarter
	2020	2019	% Change
Owned capacity (MW) (s)	3,274	3,962	(17.4)
GWh billed	6,757	7,203	(6.2)
EWC Nuclear Fleet
Capacity factor	99%	85%	16.5
GWh billed	6,259	6,690	(6.5)
Production cost per MWh	$15.42	$20.04	(23.1)
Average energy/capacity revenue per MWh	$48.44	$57.99	(16.5)
Refueling outage days
Indian Point 3	—	21

Calculations may differ due to rounding

(s) First quarter 2020 excludes Pilgrim (688MW), which was shut down May 31, 2019 and sold August 26, 2019.

See the appendix in the webcast slide presentation for EWC hedging and price disclosures.

E: Consolidated Financial Measures

Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix E: GAAP and Non-GAAP Financial Measures
First Quarter 2020 vs. 2019 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending March 31	2020	2019	Change
GAAP Measures
As-reported ROIC	5.6%	5.6%	0.0%
As-reported ROE	11.5%	11.4%	0.1%
Non-GAAP Financial Measures
Adjusted ROIC	5.6%	5.5%	0.1%
Adjusted ROE	11.8%	11.5%	0.3%
As of March 31 ($ in millions, except where noted)	2020	2019	Change
GAAP Measures
Cash and cash equivalents	1,464	983	480
Available revolver capacity	3,348	3,950	(602)
Commercial paper	1,942	1,942	(1)
Total debt	21,465	19,325	2,140
Securitization debt	271	398	(127)
Debt to capital	67.2%	67.8%	(0.6%)
Off-balance sheet liabilities:
Debt of joint ventures - Entergy’s share	53	59	(7)
Total off-balance sheet liabilities	53	59	(7)
Storm escrow balances	373	405	(33)
Non-GAAP Financial Measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt	66.9%	67.3%	(0.4%)
Gross liquidity	4,811	4,933	(122)
Net liquidity	2,870	2,991	(121)
Net liquidity, including storm escrow balances	3,242	3,396	(154)
Net debt to net capital, excluding securitization debt	65.3%	66.1%	(0.8%)
Parent debt to total debt, excluding securitization debt	22.2%	21.7%	0.5%
FFO to debt, excluding securitization debt	14.3%	11.1%	3.1%
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC	16.0%	15.0%	1.0%

Calculations may differ due to rounding

F: Definitions and Abbreviations and Acronyms

Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

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	Average number of electric customers over the period
EWC Financial and Operating Measures
Adjusted EBITDA (non-GAAP)	Earnings before interest, income taxes, and depreciation and amortization, 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(continued)
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, reflecting the shutdown of 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, reflecting the shutdown of 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
Available 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(continued)
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 excluding return of unprotected excess ADIT and severance and retention payments associated with exit of EWC as a percentage of end of period total debt excluding securitization debt
Gross liquidity	Sum of cash and available 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
Net liquidity	Sum of cash and available revolver capacity less commercial paper borrowing
Net liquidity, including storm escrow reserves	Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing
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 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix F-2: Abbreviations and Acronyms
ADIT AFUDC - borrowed funds ALJ AMI ANO APSC ARO bps CCGT CCN CCNO Choctaw COD CT CWIP DCRF DOE E-AR E-LA E-MS E-NO E-TX EBITDA ENP EPS ETR EWC FERC FFO FRP GAAP Grand Gulf or GGNS IIRR-G 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 and necessity Council of the City of New Orleans Choctaw County Generating Station (CCGT) Commercial operation date Simple cycle combustion turbine Construction work in progress Distribution cost recovery factor U.S. Department of Energy Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc. Earnings before interest, income taxes, and 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 Infrastructure investment recovery rider - gas Indian Point Energy Center Unit 1 (nuclear) (shut down in 1974) Indian Point Energy Center Unit 2 (nuclear) (shut down 4/30/20) Indian Point Energy Center Unit 3 (nuclear) Indian Point Energy Center (nuclear) Unit 2 of Independence Steam Electric Station (coal) Internal Revenue Service	ISO LCPS LPSC LTM MCPS MISO Moody’s MPSC MTEP Nelson 6 NDT NOPS NRC NY PSC NYISO NYSE OCF OpCo OPEB Other O&M P&O Palisades Pilgrim PMR PPA PSC PUCT RICE RFP ROE ROIC RS Cogen RSP S&P SEC SERI TCRF UPSA Vermont Yankee WACC WPEC	Independent system operator Lake Charles Power Station (CCGT) Louisiana Public Service Commission Last twelve months Montgomery County Power Station (CCGT) Midcontinent Independent System Operator, Inc. Moody’s Investor Service Mississippi Public Service Commission MISO Transmission Expansion Plan Unit 6 of Roy S. Nelson plant (coal) Nuclear decommissioning trust New Orleans Power Station U.S. Nuclear Regulatory Commission New York Public Service Commission New York Independent System Operator, Inc. New York Stock Exchange Net cash flow provided by operating activities Utility 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 service commission 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 U.S. Securities and Exchange Commission System Energy Resources, Inc. Transmission cost recovery factor Unit Power Sales Agreement Vermont Yankee Nuclear Power Station (nuclear, sold January 11, 2019) Weighted-average cost of capital Washington Parish Energy Center

G: Other GAAP to Non-GAAP Reconciliations

Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE
($ in millions except where noted)		First Quarter
		2020	2019
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months	(A)	1,105	970
Preferred dividends		17	15
Tax-effected interest expense		559	539
As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months adjusted for preferred dividends and tax-effected interest expense	(B)	1,681	1,524
Adjustments in prior three quarters		80	(103)
Adjustments in current quarter		(111)	97
Total adjustments, last 12 months	(C)	(31)	(6)
EWC preferred dividends and tax-effected interest expense, rolling 12 months		22	30
Total adjustments, adding back EWC preferred dividends and tax-effected interest expense (non-GAAP)	(D)	(9)	24
Adjusted earnings, rolling 12 months (non-GAAP)	(A-C)	1,136	976
Adjusted earnings, rolling 12 months including preferred dividends and tax- effected interest expense (non-GAAP)	(B-D)	1,690	1,501
Average invested capital	(E)	30,229	27,184
Average common equity	(F)	9,597	8,473
As-reported ROIC	(B/E)	5.6%	5.6%
Adjusted ROIC (non-GAAP)	[(B-D)/E]	5.6%	5.5%
As-reported ROE	(A/F)	11.5%	11.4%
Adjusted ROE (non-GAAP)	[(A-C)/F]	11.8%	11.5%

Calculations may differ due to rounding

Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrow balances
($ in millions except where noted)		First Quarter
		2020	2019
Total debt	(A)	21,465	19,325
Less securitization debt	(B)	271	398
Total debt, excluding securitization debt	(C)	21,193	18,927
Less cash and cash equivalents	(D)	1,464	983
Net debt, excluding securitization debt	(E)	19,730	17,944
Commercial paper	(F)	1,942	1,942
Total capitalization	(G)	31,943	28,515
Less securitization debt	(B)	271	398
Total capitalization, excluding securitization debt	(H)	31,672	28,117
Less cash and cash equivalents	(D)	1,464	983
Net capital, excluding securitization debt	(I)	30,208	27,134
Debt to capital	(A/G)	67.2%	67.8%
Debt to capital, excluding securitization debt (non-GAAP)	(C/H)	66.9%	67.3%
Net debt to net capital, excluding securitization debt (non-GAAP)	(E/I)	65.3%	66.1%
Available revolver capacity	(J)	3,348	3,950
Storm escrow balances	(K)	373	405
Gross liquidity (non-GAAP)	(D+J)	4,811	4,933
Net liquidity (non-GAAP)	(D+J-F)	2,870	2,991
Net liquidity, including storm escrow balances (non-GAAP)	(D+J-F+K)	3,242	3,396
Entergy Corporation notes:
Due September 2020		450	450
Due July 2022		650	650
Due September 2026		750	750
Total parent long-term debt	(L)	1,850	1,850
Revolver draw	(M)	922	320
Unamortized debt issuance costs and discounts	(N)	(8)	(9)
Total parent debt	(F+L+M+N)	4,706	4,103
Parent debt to total debt, excluding securitization debt (non-GAAP)	[(F+L+M+N)/C]	22.2%	21.7%

Calculations may differ due to rounding

Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - FFO to debt, excluding securitization debt; FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC
($ in millions except where noted)		First Quarter
		2020	2019
Total debt	(A)	21,465	19,325
Less securitization debt	(B)	271	398
Total debt, excluding securitization debt	(C)	21,193	18,927
Net cash flow provided by operating activities, rolling 12 months	(D)	2,974	2,329
AFUDC - borrowed funds, rolling 12 months	(E)	(63)	(65)
Working capital items in net cash flow provided by operating activities (rolling 12 months):
Receivables		(71)	7
Fuel inventory		(39)	58
Accounts payable		(136)	103
Taxes accrued		(21)	51
Interest accrued		17	(5)
Other working capital accounts		17	(178)
Securitization regulatory charges		122	121
Total	(F)	(111)	157
FFO, rolling 12 months (non-GAAP)	(G)=(D+E-F)	3,023	2,107
FFO to debt, excluding securitization debt (non-GAAP)	(G/C)	14.3%	11.1%
Estimated return of unprotected excess ADIT (rolling 12 months pre-tax)	(H)	236	692
Severance and retention payments associated with exit of EWC (rolling 12 months pre-tax)	(I)	141	43
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)]	16.0%	15.0%

Calculations may differ due to rounding

Financial Statements

Entergy Corporation
Consolidating Balance Sheet
March 31, 2020
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities		Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash	$	43,837		$	229,300		$	10,354	$	283,491
Temporary cash investments	954,499			5,860			219,983		1,180,342
Total cash and cash equivalents	998,336			235,160			230,337		1,463,833
Notes receivable	—			(514,116		)	514,116		—
Accounts receivable:
Customer	532,206			—			70,072		602,278
Allowance for doubtful accounts	(8,521		)	—			—		(8,521		)
Associated companies	11,437			(23,020		)	11,583		—
Other	104,124			606			7,638		112,368
Accrued unbilled revenues	369,948			—			—		369,948
Total accounts receivable	1,009,194			(22,414		)	89,293		1,076,073
Fuel inventory - at average cost	154,302			—			6,563		160,865
Materials and supplies - at average cost	806,299			—			31,556		837,855
Deferred nuclear refueling outage costs	140,674			—			26,450		167,124
Prepayments and other	170,412			(16,499		)	114,288		268,201
TOTAL	3,279,217			(317,869		)	1,012,603		3,973,951
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity	1,491,018			(1,491,104		)	86		—
Decommissioning trust funds	3,280,341			—			2,497,944		5,778,285
Non-utility property - at cost (less accumulated depreciation)	321,631			(6		)	13,689		335,314
Other	452,903			1,212			6,454		460,569
TOTAL	5,545,893			(1,489,898		)	2,518,173		6,574,168
PROPERTY, PLANT, AND EQUIPMENT
Electric	54,551,227			10,634			962,442		55,524,303
Natural gas	553,323			—			—		553,323
Construction work in progress	2,455,645			257			13,228		2,469,130
Nuclear fuel	595,236			—			61,980		657,216
TOTAL PROPERTY, PLANT, AND EQUIPMENT	58,155,431			10,891			1,037,650		59,203,972
Less - accumulated depreciation and amortization	22,617,341			2,535			802,975		23,422,851
PROPERTY, PLANT, AND EQUIPMENT - NET	35,538,090			8,356			234,675		35,781,121
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets	5,192,780			—			—		5,192,780
Deferred fuel costs	240,024			—			—		240,024
Goodwill	374,099			—			3,073		377,172
Accumulated deferred income taxes	71,736			1,022			3,922		76,680
Other	179,822			10,218			149,093		339,133
TOTAL	6,058,461			11,240			156,088		6,225,789
TOTAL ASSETS	$	50,421,661		$	(1,788,171	)	$	3,921,539	$	52,555,029
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
March 31, 2020
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities			Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt	$	780,015		$	450,000		$	—		$	1,230,015
Notes payable and commercial paper:
Other	—			1,941,816			—			1,941,816
Account payable:
Associated companies	10,944			(17,092		)	6,148			—
Other	1,297,159			216			205,017			1,502,392
Customer deposits	408,803			—			—			408,803
Taxes accrued	225,668			23,094			(59,548		)	189,214
Interest accrued	179,480			8,802			1,056			189,338
Deferred fuel costs	228,379			—			—			228,379
Pension and other postretirement liabilities	48,244			—			13,885			62,129
Current portion of unprotected excess accumulated deferred
income taxes	64,339									64,339
Other	180,704			1,659			19,151			201,514
TOTAL	3,423,735			2,408,495			185,709			6,017,939
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued	5,913,361			(392,073		)	(1,136,794		)	4,384,494
Accumulated deferred investment tax credits	205,041			—			—			205,041
Regulatory liability for income taxes - net	1,600,189			—			—			1,600,189
Other regulatory liabilities	1,555,188			—			—			1,555,188
Decommissioning and retirement cost liabilities	3,738,604			—			2,512,347			6,250,951
Accumulated provisions	497,877			—			322			498,199
Pension and other postretirement liabilities	2,069,403			—			619,846			2,689,249
Long-term debt	15,775,121			2,314,407			139,000			18,228,528
Other	1,032,558			(435,306		)	49,647			646,899
TOTAL	32,387,342			1,487,028			2,184,368			36,058,738
Subsidiaries' preferred stock without sinking fund	195,136			—			24,249			219,385
EQUITY
Common stock, $.01 par value, authorized 500,000,000 shares;
issued 270,035,180 shares in 2020	1,973,748			(2,172,151		)	201,103			2,700
Paid-in capital	4,314,748			731,087			1,464,848			6,510,683
Retained earnings	8,288,415			717,940			183,786			9,190,141
Accumulated other comprehensive income loss	(76,463		)	—			(322,524		)	(398,987		)
Less - treasury stock, at cost (69,874,430 shares in 2020)	120,000			4,960,570			—			5,080,570
TOTAL COMMON SHAREHOLDERS' EQUITY	14,380,448			(5,683,694		)	1,527,213			10,223,967
Subsidiaries' preferred stock without sinking fund	35,000			—			—			35,000
TOTAL	14,415,448			(5,683,694		)	1,527,213			10,258,967
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	50,421,661		$	(1,788,171	)	$	3,921,539		$	52,555,029
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
December 31, 2019
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities		Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash	$	28,010		$	4,858		$	1,374	$	34,242
Temporary cash investments	173,613			10,192			207,675		391,480
Total cash and cash equivalents	201,623			15,050			209,049		425,722
Notes receivable	—			(514,116		)	514,116		—
Accounts receivable:
Customer	512,228			—			83,281		595,509
Allowance for doubtful accounts	(7,404		)	—			—		(7,404		)
Associated companies	20,481			(25,572		)	5,091		—
Other	210,452			817			8,601		219,870
Accrued unbilled revenues	400,617			—			—		400,617
Total accounts receivable	1,136,374			(24,755		)	96,973		1,208,592
Deferred fuel costs	—			—			—		—
Fuel inventory - at average cost	140,010			—			5,466		145,476
Materials and supplies - at average cost	792,192			—			32,797		824,989
Deferred nuclear refueling outage costs	120,110			—			37,458		157,568
Prepayments and other	171,874			(16,346		)	128,117		283,645
TOTAL	2,562,183			(540,167		)	1,023,976		3,045,992
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity	1,468,991			(1,469,077		)	86		—
Decommissioning trust funds	3,719,193			—			2,684,837		6,404,030
Non-utility property - at cost (less accumulated depreciation)	319,504			(5		)	13,365		332,864
Other	492,245			—			4,207		496,452
TOTAL	5,999,933			(1,469,082		)	2,702,495		7,233,346
PROPERTY, PLANT, AND EQUIPMENT
Electric	53,298,795			10,633			962,039		54,271,467
Natural gas	547,110			—			—		547,110
Construction work in progress	2,813,416			245			9,630		2,823,291
Nuclear fuel	612,900			—			64,281		677,181
TOTAL PROPERTY, PLANT, AND EQUIPMENT	57,272,221			10,878			1,035,950		58,319,049
Less - accumulated depreciation and amortization	22,364,188			2,044			770,124		23,136,356
PROPERTY, PLANT, AND EQUIPMENT - NET	34,908,033			8,834			265,826		35,182,693
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Regulatory asset for income taxes - net	—			—			—		—
Other regulatory assets	5,292,055			—			—		5,292,055
Deferred fuel costs	239,892			—			—		239,892
Goodwill	374,099			—			3,073		377,172
Accumulated deferred income taxes	59,425			1,022			4,014		64,461
Other	122,044			10,680			155,577		288,301
TOTAL	6,087,515			11,702			162,664		6,261,881
TOTAL ASSETS	$	49,557,664		$	(1,988,713	)	$	4,154,961	$	51,723,912
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
December 31, 2019
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities			Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt	$	345,012		$	450,000		$	—		$	795,012
Notes payable and commercial paper:
Other	—			1,946,727			—			1,946,727
Account payable:
Associated companies	34,378			(48,342		)	13,964			—
Other	1,303,705			60			196,096			1,499,861
Customer deposits	409,171			—			—			409,171
Taxes accrued	261,125			(957		)	(26,713		)	233,455
Interest accrued	167,332			26,649			148			194,129
Deferred fuel costs	197,687			—			—			197,687
Pension and other postretirement liabilities	49,348			—			16,836			66,184
Current portion of unprotected excess accumulated deferred
income taxes	76,457									76,457
Other	180,327			1,837			19,616			201,780
TOTAL	3,024,542			2,375,974			219,947			5,620,463
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued	5,899,201			(374,582		)	(1,123,429		)	4,401,190
Accumulated deferred investment tax credits	207,113			—			—			207,113
Regulatory liability for income taxes - net	1,633,159			—			—			1,633,159
Other regulatory liabilities	1,961,005			—			—			1,961,005
Decommissioning and retirement cost liabilities	3,692,574			—			2,466,638			6,159,212
Accumulated provisions	533,706			—			322			534,028
Pension and other postretirement liabilities	2,141,381			—			656,884			2,798,265
Long-term debt	15,107,596			1,832,047			139,000			17,078,643
Other	1,243,775			(446,069		)	55,043			852,749
TOTAL	32,419,510			1,011,396			2,194,458			35,625,364
Subsidiaries' preferred stock without sinking fund	195,161			—			24,249			219,410
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	4,117,727			882,286			1,564,423			6,564,436
Retained earnings	8,014,497			947,932			295,180			9,257,609
Accumulated other comprehensive income loss	(102,521		)	—			(344,399		)	(446,920		)
Less - treasury stock, at cost (70,886,400 shares in 2019)	120,000			5,034,150			—			5,154,150
TOTAL COMMON SHAREHOLDERS' EQUITY	13,883,451			(5,376,083		)	1,716,307			10,223,675
Subsidiaries' preferred stock without sinking fund	35,000			—			—			35,000
TOTAL	13,918,451			(5,376,083		)	1,716,307			10,258,675
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	49,557,664		$	(1,988,713	)	$	4,154,961		$	51,723,912
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2020
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities			Consolidated
OPERATING REVENUES
Electric	$	2,050,653		$	(15	)	$	—		$	2,050,638
Natural gas	43,976			—			—			43,976
Competitive businesses	—			16			332,549			332,565
Total	2,094,629			1			332,549			2,427,179
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale	377,166			(10		)	20,247			397,403
Purchased power	205,914			10			10,690			216,614
Nuclear refueling outage expenses	38,149			—			12,069			50,218
Other operation and maintenance	565,720			5,373			130,991			702,084
Asset write-offs, impairments, and related charges	—			—			5,095			5,095
Decommissioning	43,400			—			50,284			93,684
Taxes other than income taxes	150,191			26			20,077			170,294
Depreciation and amortization	364,050			748			34,912			399,710
Other regulatory credits	(7,679		)	—			—			(7,679		)
Total	1,736,911			6,147			284,365			2,027,423
OPERATING INCOME	357,718			(6,146		)	48,184			399,756
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	35,953			—			—			35,953
Interest and investment income (loss)	(6,131		)	(38,875		)	(171,847		)	(216,853		)
Miscellaneous - net	37,302			(2,045		)	(11,868		)	23,389
Total	67,124			(40,920		)	(183,715		)	(157,511		)
INTEREST EXPENSE
Interest expense	169,386			30,766			5,437			205,589
Allowance for borrowed funds used during construction	(15,444		)	—			—			(15,444		)
Total	153,942			30,766			5,437			190,145
INCOME BEFORE INCOME TAXES	270,900			(77,832		)	(140,968		)	52,100
Income taxes	(52,949		)	12,295			(30,540		)	(71,194		)
CONSOLIDATED NET INCOME	323,849			(90,127		)	(110,428		)	123,294
Preferred dividend requirements of subsidiaries	4,033			—			547			4,580
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	319,816		$	(90,127	)	$	(110,975	)	$	118,714
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$1.60			($0.45)			($0.56)			$0.59
DILUTED	$1.59			($0.45)			($0.55)			$0.59
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC										199,790,016
DILUTED										200,901,349
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2019
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities			Consolidated
OPERATING REVENUES
Electric	$	2,121,034		$	(10	)	$	—		$	2,121,024
Natural gas	54,948			—			—			54,948
Competitive businesses	—			—			433,612			433,612
Total	2,175,982			(10		)	433,612			2,609,584
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale	453,130			(10		)	25,210			478,330
Purchased power	323,724			10			15,773			339,507
Nuclear refueling outage expenses	38,243			—			12,198			50,441
Other operation and maintenance	585,369			9,041			188,641			783,051
Asset write-offs, impairments and related charges	—			—			73,979			73,979
Decommissioning	38,724			—			63,395			102,119
Taxes other than income taxes	145,725			114			12,736			158,575
Depreciation and amortization	318,565			671			38,038			357,274
Other regulatory credits	(16,946		)	—			—			(16,946		)
Total	1,886,534			9,826			429,970			2,326,330
OPERATING INCOME	289,448			(9,836		)	3,642			283,254
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	38,216			—			—			38,216
Interest and investment income	86,279			(39,774		)	181,644			228,149
Miscellaneous - net	(49,404		)	(2,138		)	(13,116		)	(64,658		)
Total	75,091			(41,912		)	168,528			201,707
INTEREST EXPENSE
Interest expense	159,405			32,405			9,183			200,993
Allowance for borrowed funds used during construction	(17,449		)	—			—			(17,449		)
Total	141,956			32,405			9,183			183,544
INCOME BEFORE INCOME TAXES	222,583			(84,153		)	162,987			301,417
Income taxes	(11,564		)	(11,573		)	65,908			42,771
CONSOLIDATED NET INCOME	234,147			(72,580		)	97,079			258,646
Preferred dividend requirements of subsidiaries	3,562			—			547			4,109
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	230,585		$	(72,580	)	$	96,532		$	254,537
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$1.21			($0.38)			$0.51			$1.34
DILUTED	$1.20			($0.38)			$0.50			$1.32
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC										189,575,187
DILUTED										192,234,191
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2020
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities			Consolidated
OPERATING REVENUES
Electric	$	9,359,651		$	(57	)	$	—		$	9,359,594
Natural gas	142,982			—			—			142,982
Competitive businesses	—			37			1,193,655			1,193,692
Total	9,502,633			(20		)	1,193,655			10,696,268
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale	1,855,514			(52		)	93,249			1,948,711
Purchased power	1,016,383			52			53,532			1,069,967
Nuclear refueling outage expenses	156,221			—			48,483			204,704
Other operation and maintenance	2,542,919			28,499			619,996			3,191,414
Asset write-offs, impairments and related charges	—			—			221,144			221,144
Decommissioning	168,943			—			223,423			392,366
Taxes other than income taxes	587,277			545			67,642			655,464
Depreciation and amortization	1,374,385			3,021			145,045			1,522,451
Other regulatory credits	(16,952		)	—			—			(16,952		)
Total	7,684,690			32,065			1,472,514			9,189,269
OPERATING INCOME	1,817,943			(32,085		)	(278,859		)	1,506,999
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	142,711			—			—			142,711
Interest and investment income	197,160			(155,395		)	61,144			102,909
Miscellaneous - net	(62,839		)	(28,690		)	(72,961		)	(164,490		)
Total	277,032			(184,085		)	(11,817		)	81,130
INTEREST EXPENSE
Interest expense	664,334			121,942			25,703			811,979
Allowance for borrowed funds used during construction	(62,952		)	—			—			(62,952		)
Total	601,382			121,942			25,703			749,027
INCOME BEFORE INCOME TAXES	1,493,593			(338,112		)	(316,379		)	839,102
Income taxes	(21,751		)	(4,296		)	(257,742		)	(283,789		)
CONSOLIDATED NET INCOME	1,515,344			(333,816		)	(58,637		)	1,122,891
Preferred dividend requirements of subsidiaries	15,300			—			2,188			17,488
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	1,500,044		$	(333,816	)	$	(60,825	)	$	1,105,403
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$7.59			($1.69)			($0.31)			$5.59
DILUTED	$7.53			($1.67)			($0.31)			$5.55
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC										197,720,253
DILUTED										199,251,525
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2019
(Dollars in thousands)
(Unaudited)
	Utility			Parent & Other			Entergy Wholesale Commodities			Consolidated
OPERATING REVENUES
Electric	$	9,256,973		$	(100	)	$	—		$	9,256,873
Natural gas	154,689			—			—			154,689
Competitive businesses	—			—			1,483,593			1,483,593
Total	9,411,662			(100		)	1,483,593			10,895,155
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale	2,100,411			(100		)	82,516			2,182,827
Purchased power	1,488,206			100			113,977			1,602,283
Nuclear refueling outage expenses	148,025			—			13,482			161,507
Other operation and maintenance	2,498,733			41,546			805,584			3,345,863
Asset write-offs, impairments and related charges	—			—			533,376			533,376
Decommissioning	152,083			—			244,144			396,227
Taxes other than income taxes	559,794			951			74,564			635,309
Depreciation and amortization	1,228,340			1,574			149,737			1,379,651
Other regulatory charges	241,157			—			—			241,157
Total	8,416,749			44,071			2,017,380			10,478,200
OPERATING INCOME	994,913			(44,171		)	(533,787		)	416,955
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	139,475			—			—			139,475
Interest and investment income	233,411			(155,815		)	197,547			275,143
Miscellaneous - net	(94,298		)	(11,789		)	(56,969		)	(163,056		)
Total	278,588			(167,604		)	140,578			251,562
INTEREST EXPENSE
Interest expense	623,727			128,052			34,613			786,392
Allowance for borrowed funds used during construction	(65,158		)	—			—			(65,158		)
Total	558,569			128,052			34,613			721,234
INCOME (LOSS) BEFORE INCOME TAXES	714,932			(339,827		)	(427,822		)	(52,717		)
Income taxes	(796,336		)	(39,343		)	(202,039		)	(1,037,718		)
CONSOLIDATED NET INCOME	1,511,268			(300,484		)	(225,783		)	985,001
Preferred dividend requirements of subsidiaries	12,376			—			2,188			14,564
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	1,498,892		$	(300,484	)	$	(227,971	)	$	970,437
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$8.17			($1.64)			($1.24)			$5.29
DILUTED	$8.06			($1.61)			($1.23)			$5.22
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC										183,596,132
DILUTED										186,009,438
*Totals may not foot due to rounding.

Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended March 31, 2020 vs. 2019
(Dollars in thousands)
(Unaudited)
	2020			2019			Variance
OPERATING ACTIVITIES
Consolidated net income	$	1,122,891		$	985,001		$	137,890
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization	2,220,685			2,045,598			175,087
Deferred income taxes, investment tax credits, and non-current taxes accrued	57,661			(256,571		)	314,232
Asset write-offs, impairments and related charges	206,178			491,401			(285,223		)
Changes in working capital:
Receivables	(70,567		)	7,093			(77,660		)
Fuel inventory	(39,161		)	57,699			(96,860		)
Accounts payable	(136,012		)	102,556			(238,568		)
Taxes accrued	(20,942		)	51,490			(72,432		)
Interest accrued	16,692			(5,315		)	22,007
Deferred fuel costs	182,505			70,610			111,895
Other working capital accounts	17,150			(178,185		)	195,335
Changes in provisions for estimated losses	(29,635		)	38,682			(68,317		)
Changes in other regulatory assets	(284,092		)	(57,348		)	(226,744		)
Changes in other regulatory liabilities	(596,610		)	(641,019		)	44,409
Changes in pensions and other postretirement liabilities	81,766			(215,236		)	297,002
Other	245,989			(167,413		)	413,402
Net cash flow provided by operating activities	2,974,498			2,329,043			645,455
INVESTING ACTIVITIES
Construction/capital expenditures	(4,289,646		)	(3,962,160		)	(327,486		)
Allowance for equity funds used during construction	142,493			140,005			2,488
Nuclear fuel purchases	(175,255		)	(291,382		)	116,127
Payment for purchase of plant or assets	(330,105		)	(26,623		)	(303,482		)
Proceeds from sale of assets	28,932			24,902			4,030
Insurance proceeds received for property damages	7,040			16,688			(9,648		)
Changes in securitization account	4,312			135			4,177
Payments to storm reserve escrow account	(7,310		)	(7,661		)	351
Receipts from storm reserve escrow account	40,589			—			40,589
Decrease in other investments	(6,461		)	(15,049		)	8,588
Litigation proceeds for reimbursement of spent nuclear fuel storage costs	64,531			59,643			4,888
Proceeds from nuclear decommissioning trust fund sales	3,501,291			6,701,006			(3,199,715		)
Investment in nuclear decommissioning trust funds	(3,585,182		)	(6,722,011		)	3,136,829
Net cash flow used in investing activities	(4,604,771		)	(4,082,507		)	(522,264		)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt	9,055,511			8,974,040			81,471
Preferred stock of subsidiary	(2,389		)	73,330			(75,719		)
Treasury stock	133,826			136,940			(3,114		)
Common stock	607,650			499,272			108,378
Retirement of long-term debt	(6,935,103		)	(8,530,593		)	1,595,490
Repurchase / redemption of preferred stock and preferred membership units	—			(103,868		)	103,868
Changes in credit borrowings and commercial paper - net	(505		)	1,137,191			(1,137,696		)
Other	(6,543		)	19,315			(25,858		)
Dividends paid:
Common stock	(724,745		)	(659,408		)	(65,337		)
Preferred stock	(17,092		)	(14,855		)	(2,237		)
Net cash flow provided by financing activities	2,110,610			1,531,364			579,246
Net increase (decrease) in cash and cash equivalents	480,337			(222,100		)	702,437
Cash and cash equivalents at beginning of period	983,496			1,205,596			(222,100		)
Cash and cash equivalents at end of period	$	1,463,833		$	983,496		$	480,337
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	766,740		$	764,174		$	2,566
Income taxes	$	(49,654	)	$	10,278		$	(59,932	)

Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended March 31, 2020 vs. 2019
(Dollars in thousands)
(Unaudited)
	2020			2019			Variance
OPERATING ACTIVITIES
Consolidated net income	$	123,294		$	258,646		$	(135,352	)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization	568,596			530,224			38,372
Deferred income taxes, investment tax credits, and non-current taxes accrued	(31,405		)	104,884			(136,289		)
Asset write-offs, impairments and related charges	4,962			25,462			(20,500		)
Changes in working capital:
Receivables	70,357			39,697			30,660
Fuel inventory	(15,389		)	(4,401		)	(10,988		)
Accounts payable	(127,727		)	(63,613		)	(64,114		)
Taxes accrued	(44,241		)	(44,083		)	(158		)
Interest accrued	(4,791		)	(20,546		)	15,755
Deferred fuel costs	30,560			20,201			10,359
Other working capital accounts	(21,758		)	(42,016		)	20,258
Changes in provisions for estimated losses	(35,829		)	13,720			(49,549		)
Changes in other regulatory assets	99,275			(162,192		)	261,467
Changes in other regulatory liabilities	(450,905		)	130,924			(581,829		)
Changes in pensions and other postretirement liabilities	(113,071		)	(7,713		)	(105,358		)
Other	607,132			(278,005		)	885,137
Net cash flow provided by operating activities	659,060			501,189			157,871
INVESTING ACTIVITIES
Construction/capital expenditures	(1,043,608		)	(951,629		)	(91,979		)
Allowance for equity funds used during construction	35,953			38,322			(2,369		)
Nuclear fuel purchases	(85,334		)	(38,445		)	(46,889		)
Payment for purchase of plant	(24,633		)	—			(24,633		)
Changes in securitization account	(70		)	(1,084		)	1,014
Payments to storm reserve escrow account	(1,557		)	(2,285		)	728
Receipts from storm reserve escrow account	40,589			—			40,589
Decrease in other investments	2,265			39,045			(36,780		)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs	62,162			—			62,162
Proceeds from nuclear decommissioning trust fund sales	687,487			1,307,547			(620,060		)
Investment in nuclear decommissioning trust funds	(718,741		)	(1,342,429		)	623,688
Net cash flow used in investing activities	(1,045,487		)	(950,958		)	(94,529		)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt	3,195,345			3,444,230			(248,885		)
Treasury stock	39,964			35,577			4,387
Retirement of long-term debt	(1,614,578		)	(2,298,855		)	684,277
Repurchase of preferred membership units	—			(50,000		)	50,000
Changes in credit borrowings and commercial paper - net	(4,911		)	(17		)	(4,894		)
Other	(756		)	(1,945		)	1,189
Dividends paid:
Common stock	(185,763		)	(172,591		)	(13,172		)
Preferred stock	(4,763		)	(4,109		)	(654		)
Net cash flow provided by financing activities	1,424,538			952,290			472,248
Net increase in cash and cash equivalents	1,038,111			502,521			535,590
Cash and cash equivalents at beginning of period	425,722			480,975			(55,253		)
Cash and cash equivalents at end of period	$	1,463,833		$	983,496		$	480,337
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	203,466		$	214,935		$	(11,469	)
Income taxes	$	(23,063	)	$	(13,844	)	$	(9,219	)

XML

Document and Entity Information Document	May 11, 2020
Written Communications	false
Amendment Flag	false
Entity File Number	1-11299
Document Type	8-K
Document Period End Date	May 11, 2020
Entity Registrant Name	ENTERGY CORPORATION
Entity Tax Identification Number	72-1229752
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	639 Loyola Avenue
Entity Address, City or Town	New Orleans
Entity Address, State or Province	LA
Entity Address, Country	US
Entity Address, Postal Zip Code	70113
City Area Code	504
Local Phone Number	576-4000
Entity Central Index Key	0000065984
Entity Emerging Growth Company	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
NEW YORK STOCK EXCHANGE, INC. [Member]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Security Exchange Name	NYSE
Trading Symbol	ETR
CHICAGO STOCK EXCHANGE, INC [Member]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Security Exchange Name	CHX
Trading Symbol	ETR
Entergy New Orleans [Member]
Entity File Number	1-35747
Entity Registrant Name	ENTERGY NEW ORLEANS, LLC
Entity Tax Identification Number	82-2212934
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line One	1600 Perdido Street
Entity Address, City or Town	New Orleans
Entity Address, State or Province	LA
Entity Address, Country	US
Entity Address, Postal Zip Code	70112
City Area Code	504
Local Phone Number	670-3700
Entity Central Index Key	0000071508
Entity Emerging Growth Company	false
Entergy Arkansas [Member]
Entity File Number	1-10764
Entity Registrant Name	ENTERGY ARKANSAS, LLC
Entity Tax Identification Number	83-1918668
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line One	425 West Capitol Avenue
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Country	US
Entity Address, Postal Zip Code	72201
City Area Code	501
Local Phone Number	377-4000
Entity Central Index Key	0000007323
Entity Emerging Growth Company	false
Entergy Texas [Member]
Entity File Number	1-34360
Entity Registrant Name	ENTERGY TEXAS, INC.
Entity Tax Identification Number	61-1435798
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line One	10055 Grogans Mill Road
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Country	US
Entity Address, Postal Zip Code	77380
City Area Code	409
Local Phone Number	981-2000
Entity Central Index Key	0001427437
Entity Emerging Growth Company	false
Entergy Louisiana [Member]
Entity File Number	1-32718
Entity Registrant Name	ENTERGY LOUISIANA, LLC
Entity Tax Identification Number	47-4469646
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line One	4809 Jefferson Highway
Entity Address, City or Town	Jefferson
Entity Address, State or Province	LA
Entity Address, Country	US
Entity Address, Postal Zip Code	70121
City Area Code	504
Local Phone Number	576-4000
Entity Central Index Key	0001348952
Entity Emerging Growth Company	false
System Energy [Member]
Entity File Number	1-09067
Entity Registrant Name	SYSTEM ENERGY RESOURCES, INC.
Entity Tax Identification Number	72-0752777
Entity Incorporation, State or Country Code	AR
Entity Address, Address Line One	1340 Echelon Parkway
Entity Address, City or Town	Jackson
Entity Address, State or Province	MS
Entity Address, Country	US
Entity Address, Postal Zip Code	39213
City Area Code	601
Local Phone Number	368-5000
Entity Central Index Key	0000202584
Entity Emerging Growth Company	false
Entergy Mississippi [Member]
Entity File Number	1-31508
Entity Registrant Name	ENTERGY MISSISSIPPI, LLC
Entity Tax Identification Number	83-1950019
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line One	308 East Pearl Street
Entity Address, City or Town	Jackson
Entity Address, State or Province	MS
Entity Address, Country	US
Entity Address, Postal Zip Code	39201
City Area Code	601
Local Phone Number	368-5000
Entity Central Index Key	0000066901
Entity Emerging Growth Company	false
Mortgage Bonds Four Point Nine Percent Series Due Decembertwenty Fifty Two [Member] | Entergy Arkansas [Member]
Title of 12(b) Security	Mortgage Bonds, 4.90% Series due December 2052
Security Exchange Name	NYSE
Trading Symbol	EAB
Mortgage Bonds Four Point Seven Five Percent Series Due June Two Thousand Sixty Three [Member] [Member] | Entergy Arkansas [Member]
Title of 12(b) Security	Mortgage Bonds, 4.75% Series due June 2063
Security Exchange Name	NYSE
Trading Symbol	EAE
Four Point Eight Seven Five Percent Series First Mortgage Bonds Due September Two Thousand Sixty Six [Member] | Entergy Arkansas [Member]
Title of 12(b) Security	Mortgage Bonds, 4.875% Series due September 2066
Security Exchange Name	NYSE
Trading Symbol	EAI
Four Point Eight Seven Five Percent Series First Mortgage Bonds Due September Two Thousand Sixty Six [Member] | Entergy Louisiana [Member]
Title of 12(b) Security	Mortgage Bonds, 4.875% Series due September 2066
Security Exchange Name	NYSE
Trading Symbol	ELC
Mortgage Bonds Five Point Two Five Percent Series Due July Two Thousand Fifty Two [Member] | Entergy Louisiana [Member]
Title of 12(b) Security	Mortgage Bonds, 5.25% Series due July 2052
Security Exchange Name	NYSE
Trading Symbol	ELJ
Mortgage Bonds Four Point Seven Percent Series Due June Two Thousand Sixty Three [Member] | Entergy Louisiana [Member]
Title of 12(b) Security	Mortgage Bonds, 4.70% Series due June 2063
Security Exchange Name	NYSE
Trading Symbol	ELU
Mortgage Bonds, Four Point Nine Zero Percent Series, Due October Two Thousand Sixty Six [Member] | Entergy Mississippi [Member]
Title of 12(b) Security	Mortgage Bonds, 4.90% Series due October 2066
Security Exchange Name	NYSE
Trading Symbol	EMP
Mortgage Bonds 5.0 Series Due December Two Thousand Fifty Two [Member] | Entergy New Orleans [Member]
Title of 12(b) Security	Mortgage Bonds, 5.0% Series due December 2052
Security Exchange Name	NYSE
Trading Symbol	ENJ
Mortgage Bonds, Five Point Five Percent Series, Due April Two Thousand Sixty Six [Member] | Entergy New Orleans [Member]
Title of 12(b) Security	Mortgage Bonds, 5.50% Series due April 2066
Security Exchange Name	NYSE
Trading Symbol	ENO
Five Point Six Two Five Percent Series First Mortgage Bonds Due June Two Thousand Sixty Four [Member] | Entergy Texas [Member]
Title of 12(b) Security	Mortgage Bonds, 5.625% Series due June 2064
Security Exchange Name	NYSE
Trading Symbol	EZT
5.375% Series A Preferred Stock, Cumulative, No Par Value [Domain] | Entergy Texas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Title of 12(b) Security	5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)
Security Exchange Name	NYSE
Trading Symbol	ETI/PR