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. | |||||||||||
(a Telephone ( | (a Telephone ( | |||||||||||||
(a Telephone ( | (a Telephone ( | |||||||||||||
(a Telephone ( | (an Telephone ( | |||||||||||||
(a Telephone ( | ||||||||||||||
Registrant | Title of Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||
Entergy Corporation | |||||||||||
NYSE Chicago, Inc. | |||||||||||
Entergy Arkansas, LLC | |||||||||||
Entergy Louisiana, LLC | |||||||||||
Entergy Mississippi, LLC | |||||||||||
Entergy New Orleans, LLC | |||||||||||
Entergy Texas, Inc. |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
Date: | February 24, 2021 | ||||||||||
For Release: | Immediately | ||||||||||
Contact: | Neal Kirby (Media) (504) 576-4238 nkirby@entergy.com | David Borde (Investor Relations) (504) 576-5668 dborde@entergy.com |
Table of Contents Page | ||
News Release 1 Appendices 8 A: Consolidated Results and Adjustments 9 B: Earnings Variance Analysis 13 C: Utility Financial and Operating Measures 16 D: EWC Financial and Operating Measures 17 E: Consolidated Financial Measures 18 F: Definitions and Abbreviations and Acronyms 19 G: Other GAAP to Non-GAAP Reconciliations 22 Financial Statements 25 |
Consolidated Earnings (GAAP and Non-GAAP Measures) | ||||||||||||||||||||
Fourth Quarter and Full Year 2020 vs. 2019 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | ||||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||
(After-tax, $ in millions) | ||||||||||||||||||||
As-reported earnings | 388 | 385 | 3 | 1,388 | 1,241 | 147 | ||||||||||||||
Less adjustments | 246 | 248 | (1) | 250 | 177 | 73 | ||||||||||||||
Adjusted earnings (non-GAAP) | 142 | 137 | 4 | 1,138 | 1,064 | 74 | ||||||||||||||
Estimated weather in billed sales | (22) | 45 | (66) | (75) | 46 | (120) | ||||||||||||||
(After-tax, per share in $) | ||||||||||||||||||||
As-reported earnings | 1.93 | 1.92 | 0.01 | 6.90 | 6.30 | 0.60 | ||||||||||||||
Less adjustments | 1.22 | 1.24 | (0.02) | 1.24 | 0.90 | 0.34 | ||||||||||||||
Adjusted earnings (non-GAAP) | 0.71 | 0.68 | 0.03 | 5.66 | 5.40 | 0.26 | ||||||||||||||
Estimated weather in billed sales | (0.11) | 0.22 | (0.33) | (0.37) | 0.23 | (0.60) | ||||||||||||||
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Fourth Quarter and Full Year 2020 vs. 2019 (See Appendix A-3 and Appendix A-4 for details on adjustments) | ||||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||
(After-tax, $ in millions) | ||||||||||||||||||||
As-reported earnings (loss) | ||||||||||||||||||||
Utility | 584 | 271 | 313 | 1,800 | 1,411 | 389 | ||||||||||||||
Parent & Other | (127) | (103) | (24) | (347) | (316) | (31) | ||||||||||||||
EWC | (69) | 217 | (286) | (65) | 147 | (212) | ||||||||||||||
Consolidated | 388 | 385 | 3 | 1,388 | 1,241 | 147 | ||||||||||||||
Less adjustments | ||||||||||||||||||||
Utility | 377 | 41 | 335 | 377 | 41 | 335 | ||||||||||||||
Parent & Other | (61) | (11) | (51) | (61) | (11) | (51) | ||||||||||||||
EWC | (69) | 217 | (286) | (65) | 147 | (212) | ||||||||||||||
Consolidated | 246 | 248 | (1) | 250 | 177 | 73 | ||||||||||||||
Adjusted earnings (loss) (non-GAAP) | ||||||||||||||||||||
Utility | 207 | 229 | (22) | 1,424 | 1,369 | 54 | ||||||||||||||
Parent & Other | (66) | (92) | 26 | (286) | (305) | 20 | ||||||||||||||
EWC | - | - | - | - | - | - | ||||||||||||||
Consolidated | 142 | 137 | 4 | 1,138 | 1,064 | 74 | ||||||||||||||
Estimated weather in billed sales | (22) | 45 | (66) | (75) | 46 | (120) | ||||||||||||||
Diluted average number of common shares outstanding (in millions) | 201 | 201 | 201 | 197 | ||||||||||||||||
(After-tax, per share in $) (a) | ||||||||||||||||||||
As-reported earnings (loss) | ||||||||||||||||||||
Utility | 2.90 | 1.35 | 1.55 | 8.95 | 7.16 | 1.79 | ||||||||||||||
Parent & Other | (0.63) | (0.51) | (0.12) | (1.73) | (1.60) | (0.13) | ||||||||||||||
EWC | (0.34) | 1.08 | (1.42) | (0.32) | 0.74 | (1.06) | ||||||||||||||
Consolidated | 1.93 | 1.92 | 0.01 | 6.90 | 6.30 | 0.60 | ||||||||||||||
Less adjustments | ||||||||||||||||||||
Utility | 1.87 | 0.21 | 1.66 | 1.87 | 0.21 | 1.66 | ||||||||||||||
Parent & Other | (0.31) | (0.05) | (0.26) | (0.31) | (0.05) | (0.26) | ||||||||||||||
EWC | (0.34) | 1.08 | (1.42) | (0.32) | 0.74 | (1.06) | ||||||||||||||
Consolidated | 1.22 | 1.24 | (0.02) | 1.24 | 0.90 | 0.34 | ||||||||||||||
Adjusted earnings (loss) (non-GAAP) | ||||||||||||||||||||
Utility | 1.03 | 1.14 | (0.11) | 7.08 | 6.95 | 0.13 | ||||||||||||||
Parent & Other | (0.32) | (0.46) | 0.14 | (1.42) | (1.55) | 0.13 | ||||||||||||||
EWC | - | - | - | - | - | - | ||||||||||||||
Consolidated | 0.71 | 0.68 | 0.03 | 5.66 | 5.40 | 0.26 | ||||||||||||||
Estimated weather in billed sales | (0.11) | 0.22 | (0.33) | (0.37) | 0.23 | (0.60) | ||||||||||||||
Appendix A-2: Consolidated Operating Cash Flow | ||||||||||||||||||||
Fourth Quarter and Full Year 2020 vs. 2019 | ||||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||
Utility | (95) | 677 | (772) | 2,276 | 2,974 | (698) | ||||||||||||||
Parent & Other | 508 | (21) | 529 | 296 | (237) | 534 | ||||||||||||||
EWC | (93) | 43 | (136) | 118 | 80 | 37 | ||||||||||||||
Consolidated | 320 | 699 | (379) | 2,690 | 2,817 | (127) | ||||||||||||||
Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS) | ||||||||||||||||||||
Fourth Quarter and Full Year 2020 vs. 2019 | ||||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions) | ||||||||||||||||||||
Utility | ||||||||||||||||||||
SERI regulatory liability for potential refund for rate base reduction retroactive to 2015 | (25) | - | (25) | (25) | - | (25) | ||||||||||||||
Income tax effect on Utility adjustment above | 6 | - | 6 | 6 | - | 6 | ||||||||||||||
2014 / 2015 IRS settlement – E-LA business combination | 396 | - | 396 | 396 | - | 396 | ||||||||||||||
Reversal of income tax valuation allowance | - | 41 | (41) | - | 41 | (41) | ||||||||||||||
Total Utility | 377 | 41 | 335 | 377 | 41 | 335 | ||||||||||||||
Parent & Other | ||||||||||||||||||||
2014 / 2015 IRS settlement – E-LA business combination | (61) | - | (61) | (61) | - | (61) | ||||||||||||||
Income tax valuation allowance for interest deductibility | - | (11) | 11 | - | (11) | 11 | ||||||||||||||
Total Parent & Other | (61) | (11) | (51) | (61) | (11) | (51) | ||||||||||||||
EWC | ||||||||||||||||||||
Income before income taxes | 30 | 31 | (0) | 42 | (12) | 55 | ||||||||||||||
Income taxes | (99) | 187 | (286) | (105) | 161 | (266) | ||||||||||||||
Preferred dividend requirements | (1) | (1) | - | (2) | (2) | - | ||||||||||||||
Total EWC | (69) | 217 | (286) | (65) | 147 | (212) | ||||||||||||||
Total adjustments | 246 | 248 | (1) | 250 | 177 | 73 | ||||||||||||||
(After-tax, per share in $) (b) | ||||||||||||||||||||
Utility | ||||||||||||||||||||
SERI regulatory liability for potential refund for rate base reduction retroactive to 2015 | (0.09) | - | (0.09) | (0.09) | - | (0.09) | ||||||||||||||
2014 / 2015 IRS settlement – E-LA business combination | 1.96 | - | 1.96 | 1.96 | - | 1.96 | ||||||||||||||
Reversal of income tax valuation allowance | - | 0.21 | (0.21) | - | 0.21 | (0.21) | ||||||||||||||
Total Utility | 1.87 | 0.21 | 1.66 | 1.87 | 0.21 | 1.66 | ||||||||||||||
Parent & Other | ||||||||||||||||||||
2014 / 2015 IRS settlement – E-LA business combination | (0.31) | - | (0.31) | (0.31) | - | (0.31) | ||||||||||||||
Income tax valuation allowance for interest deductibility | - | (0.05) | 0.05 | - | (0.05) | 0.05 | ||||||||||||||
Total Parent & Other | (0.31) | (0.05) | (0.26) | (0.31) | (0.05) | (0.26) | ||||||||||||||
EWC | ||||||||||||||||||||
Total EWC | (0.34) | 1.08 | (1.42) | (0.32) | 0.74 | (1.06) | ||||||||||||||
Total adjustments | 1.22 | 1.24 | (0.02) | 1.24 | 0.9 | 0.34 |
Appendix A-4: Adjustments by Income Statement Line Item (shown as positive/(negative) impact on earnings) | ||||||||||||||||||||
Fourth Quarter and Full Year 2020 vs. 2019 | ||||||||||||||||||||
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions) | ||||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||
Utility | ||||||||||||||||||||
Other regulatory charges | (25) | - | (25) | (25) | - | (25) | ||||||||||||||
Income taxes | 402 | 41 | 361 | 402 | 41 | 361 | ||||||||||||||
Total Utility | 377 | 41 | 335 | 377 | 41 | 335 | ||||||||||||||
Parent & Other | ||||||||||||||||||||
Income taxes | (61) | (11) | (51) | (61) | (11) | (51) | ||||||||||||||
Total Parent & Other | (61) | (11) | (51) | (61) | (11) | (51) | ||||||||||||||
EWC | ||||||||||||||||||||
Operating revenues | 196 | 271 | (75) | 943 | 1,295 | (352) | ||||||||||||||
Fuel and fuel-related expenses | (16) | (22) | 6 | (67) | (98) | 31 | ||||||||||||||
Purchased power | (18) | (10) | (8) | (68) | (59) | (9) | ||||||||||||||
Nuclear refueling outage expense | (11) | (12) | 2 | (45) | (49) | 3 | ||||||||||||||
Other O&M | (115) | (165) | 50 | (500) | (678) | 178 | ||||||||||||||
Asset write-off and impairments | (10) | (2) | (9) | (27) | (290) | 263 | ||||||||||||||
Decommissioning expense | (53) | (49) | (3) | (205) | (237) | 32 | ||||||||||||||
Taxes other than income taxes | (9) | (15) | 6 | (53) | (60) | 7 | ||||||||||||||
Depreciation/amortization exp. | (21) | (34) | 13 | (102) | (148) | 46 | ||||||||||||||
Other income (deductions)–other | 92 | 74 | 18 | 189 | 340 | (152) | ||||||||||||||
Interest exp. and other charges | (5) | (5) | - | (22) | (29) | 7 | ||||||||||||||
Income taxes | (99) | 187 | (286) | (105) | 161 | (266) | ||||||||||||||
Preferred dividend requirements | (1) | (1) | - | (2) | (2) | - | ||||||||||||||
Total EWC | (69) | 217 | (286) | (65) | 147 | (212) | ||||||||||||||
Total adjustments | 246 | 248 | (1) | 250 | 177 | 73 | ||||||||||||||
Appendix B-1: As-Reported and Adjusted Earnings Variance Analysis (c), (d) | ||||||||||||||||||||||||||||||||
Fourth 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 (loss) | 1.35 | 1.14 | (0.51) | (0.46) | 1.08 | 1.92 | 0.68 | |||||||||||||||||||||||||
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits) | (0.20) | (0.11) | (e) | - | - | (0.31) | (f) | (0.51) | (0.11) | |||||||||||||||||||||||
Nuclear refueling outage expense | 0.02 | 0.02 | - | - | 0.01 | 0.03 | 0.02 | |||||||||||||||||||||||||
Other O&M | (0.10) | (0.10) | (g) | 0.01 | 0.01 | 0.20 | (h) | 0.11 | (0.09) | |||||||||||||||||||||||
Asset write-offs and impairments | - | - | - | - | (0.03) | (0.03) | - | |||||||||||||||||||||||||
Decommissioning expense | (0.01) | (0.01) | - | - | (0.01) | (0.02) | (0.01) | |||||||||||||||||||||||||
Taxes other than income taxes | (0.01) | (0.01) | - | - | 0.02 | 0.01 | (0.01) | |||||||||||||||||||||||||
Depreciation/amortization exp. | (0.15) | (0.15) | (i) | - | - | 0.05 | (j) | (0.10) | (0.15) | |||||||||||||||||||||||
Other income (deductions)–other | 0.07 | 0.07 | (k) | 0.09 | 0.09 | 0.07 | (m) | 0.23 | 0.16 | |||||||||||||||||||||||
Interest exp. and other charges | (0.04) | (0.04) | 0.02 | 0.02 | - | (0.02) | (0.02) | |||||||||||||||||||||||||
Income taxes–other | 1.98 | 0.23 | (k) | (0.24) | 0.02 | (1.42) | (p) | 0.32 | 0.25 | |||||||||||||||||||||||
Preferred dividend requirements | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Share effect | (0.01) | (0.01) | - | - | - | (0.01) | (0.01) | |||||||||||||||||||||||||
2020 earnings (loss) | 2.90 | 1.03 | (0.63) | (0.32) | (0.34) | 1.93 | 0.71 | |||||||||||||||||||||||||
Appendix B-2: As-Reported and Adjusted Earnings Variance Analysis (c), (d) | |||||||||||||||||||||||||||||||||||
Full Year 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 (loss) | 7.16 | 6.95 | (1.60) | (1.55) | 0.74 | 6.30 | 5.40 | ||||||||||||||||||||||||||||
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits) | 0.31 | 0.40 | (e) | - | - | (1.32) | (f) | (1.01) | 0.40 | ||||||||||||||||||||||||||
Nuclear refueling outage expense | 0.07 | 0.07 | (q) | - | - | 0.01 | 0.08 | 0.07 | |||||||||||||||||||||||||||
Other O&M | 0.30 | 0.30 | (g) | 0.03 | 0.03 | 0.71 | (h) | 1.04 | 0.33 | ||||||||||||||||||||||||||
Asset write-offs and impairments | - | - | - | - | 1.06 | (r) | 1.06 | - | |||||||||||||||||||||||||||
Decommissioning expense | (0.04) | (0.04) | - | - | 0.12 | (s) | 0.08 | (0.04) | |||||||||||||||||||||||||||
Taxes other than income taxes | (0.06) | (0.06) | (t) | - | - | 0.03 | (0.03) | (0.06) | |||||||||||||||||||||||||||
Depreciation/amortization exp. | (0.68) | (0.68) | (i) | - | - | 0.19 | (j) | (0.49) | (0.68) | ||||||||||||||||||||||||||
Other income (deductions)–other | (0.09) | (0.09) | (k) | 0.15 | 0.15 | (l) | (0.61) | (m) | (0.55) | 0.06 | |||||||||||||||||||||||||
Interest exp. and other charges | (0.22) | (0.22) | (u) | 0.03 | 0.03 | 0.03 | (0.16) | (0.19) | |||||||||||||||||||||||||||
Income taxes–other | 2.40 | 0.65 | (n) | (0.37) | (0.11) | (o) | (1.29) | (p) | 0.74 | 0.54 | |||||||||||||||||||||||||
Preferred dividend requirements | (0.01) | (0.01) | - | - | - | (0.01) | (0.01) | ||||||||||||||||||||||||||||
Share effect | (0.19) | (0.19) | (v) | 0.03 | 0.03 | 0.01 | (0.15) | (0.16) | |||||||||||||||||||||||||||
2020 earnings (loss) | 8.95 | 7.08 | (1.73) | (1.42) | (0.32) | 6.90 | 5.66 | ||||||||||||||||||||||||||||
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) | ||||||||
4Q | FY | |||||||
Volume/weather | (0.07) | (0.61) | ||||||
Retail electric price | 0.3 | 1.39 | ||||||
Reg. provision at E-AR in 4Q20 | (0.16) | (0.16) | ||||||
Reg. provision at E-AR in 1Q19 | - | 0.05 | ||||||
Reg. provision at SERI (classified as an adjustment) | (0.09) | (0.09) | ||||||
Reg. liability for tax sharing | (0.12) | (0.22) | ||||||
Other | (0.06) | (0.05) | ||||||
Total | (0.20) | 0.31 |
Appendix C-1: Utility Operating and Financial Measures | ||||||||||||||||||||||||||
Fourth Quarter and Full Year 2020 vs. 2019 | ||||||||||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||||||||||
2020 | 2019 | % Change | % Weather Adjusted (w) | 2020 | 2019 | % Change | % Weather Adjusted (w) | |||||||||||||||||||
GWh billed | ||||||||||||||||||||||||||
Residential | 7,654 | 8,344 | (8.3) | 3.4 | 35,173 | 36,094 | (2.6) | 2.7 | ||||||||||||||||||
Commercial | 6,359 | 6,991 | (9.0) | (4.6) | 26,466 | 28,755 | (8.0) | (6.5) | ||||||||||||||||||
Governmental | 590 | 647 | (8.8) | (7.9) | 2,414 | 2,579 | (6.4) | (6.3) | ||||||||||||||||||
Industrial | 11,461 | 11,974 | (4.3) | (4.3) | 47,117 | 48,483 | (2.8) | (2.8) | ||||||||||||||||||
Total retail sales | 26,064 | 27,956 | (6.8) | (2.3) | 111,170 | 115,911 | (4.1) | (2.1) | ||||||||||||||||||
Wholesale | 2,549 | 3,201 | (20.4) | 13,658 | 13,210 | 3.4 | ||||||||||||||||||||
Total sales | 28,613 | 31,157 | (8.2) | 124,828 | 129,121 | (3.3) | ||||||||||||||||||||
Number of electric retail customers | ||||||||||||||||||||||||||
Residential | 2,527,402 | 2,500,736 | 1.1 | |||||||||||||||||||||||
Commercial | 361,054 | 359,395 | 0.5 | |||||||||||||||||||||||
Governmental | 17,803 | 17,768 | 0.2 | |||||||||||||||||||||||
Industrial | 47,305 | 45,320 | 4.4 | |||||||||||||||||||||||
Total retail customers | 2,953,564 | 2,923,219 | 1.0 | |||||||||||||||||||||||
Other O&M and refueling outage expense per MWh | $25.34 | $22.70 | 11.6 | $20.96 | $21.06 | (0.5) | ||||||||||||||||||||
Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | ||||||||||||||||||||
Fourth Quarter and Full Year 2020 vs. 2019 | ||||||||||||||||||||
($ in millions) | Fourth Quarter | Full Year | ||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||
Net income (loss) | (68) | 218 | (286) | (63) | 149 | (212) | ||||||||||||||
Add back: interest expense | 5 | 5 | - | 22 | 29 | (7) | ||||||||||||||
Add back: income taxes | 99 | (187) | 286 | 105 | (161) | 266 | ||||||||||||||
Add back: depreciation and amortization | 21 | 34 | (13) | 102 | 148 | (46) | ||||||||||||||
Subtract: interest and investment income | 104 | 99 | 5 | 234 | 415 | (180) | ||||||||||||||
Add back: decommissioning expense | 53 | 49 | 3 | 205 | 237 | (32) | ||||||||||||||
Adjusted EBITDA (non-GAAP) | 5 | 20 | (15) | 137 | (13) | 150 | ||||||||||||||
Appendix D-2: EWC Operating and Financial Measures | ||||||||||||||||||||
Fourth Quarter and Full Year 2020 vs. 2019 | ||||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||
Owned capacity (MW) (w) | 2,246 | 3,274 | (31.4) | 2,246 | 3,274 | (31.4) | ||||||||||||||
GWh billed | 4,442 | 6,780 | (34.5) | 20,581 | 28,088 | (26.7) | ||||||||||||||
EWC Nuclear Fleet | ||||||||||||||||||||
Capacity factor | 89% | 99% | (10.1) | 93% | 93% | - | ||||||||||||||
GWh billed | 4,081 | 6,326 | (35.5) | 18,863 | 25,928 | (27.2) | ||||||||||||||
Production cost per MWh | $19.87 | $17.71 | 12.2 | $18.58 | $18.29 | 1.6 | ||||||||||||||
Average energy/capacity revenue per MWh | $49.71 | $35.73 | 39.1 | $44.34 | $43.88 | 1.0 | ||||||||||||||
Refueling outage days | ||||||||||||||||||||
Indian Point 3 | - | - | - | 29 | ||||||||||||||||
Palisades | 20 | - | 52 | - | ||||||||||||||||
Appendix E: GAAP and Non-GAAP Financial Measures | |||||||||||
Fourth Quarter 2020 vs. 2019 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures) | |||||||||||
For 12 months ending December 31 | 2020 | 2019 | Change | ||||||||
GAAP Measures | |||||||||||
As-reported ROIC | 6.1% | 6.3% | (0.2)% | ||||||||
As-reported ROE | 13.1% | 13.0% | 0.1% | ||||||||
Non-GAAP Financial Measures | |||||||||||
Adjusted ROIC | 5.3% | 5.6% | (0.3)% | ||||||||
Adjusted ROE | 10.8% | 11.2% | (0.4)% | ||||||||
As of December 31 ($ in millions, except where noted) | 2020 | 2019 | Change | ||||||||
GAAP Measures | |||||||||||
Cash and cash equivalents | 1,759 | 426 | 1,333 | ||||||||
Available revolver capacity | 4,110 | 3,810 | 300 | ||||||||
Commercial paper | 1,627 | 1,947 | (319) | ||||||||
Total debt | 24,062 | 19,885 | 4,177 | ||||||||
Securitization debt | 175 | 298 | (123) | ||||||||
Debt to capital | 68.3% | 65.5% | 2.8% | ||||||||
Off-balance sheet liabilities: | |||||||||||
Debt of joint ventures – Entergy’s share | 17 | 54 | (37) | ||||||||
Total off-balance sheet liabilities | 17 | 54 | (37) | ||||||||
Storm escrows | 116 | 412 | (295) | ||||||||
Non-GAAP Financial Measures ($ in millions, except where noted) | |||||||||||
Debt to capital, excluding securitization debt | 68.1% | 65.1% | 3.0% | ||||||||
Net debt to net capital, excluding securitization debt | 66.4% | 64.6% | 1.8% | ||||||||
Gross liquidity | 5,869 | 4,236 | 1,633 | ||||||||
Net liquidity | 4,241 | 2,289 | 1,952 | ||||||||
Net liquidity, including storm escrows | 4,357 | 2,701 | 1,657 | ||||||||
Parent debt to total debt, excluding securitization debt | 21.6% | 21.6% | - | ||||||||
FFO to debt, excluding securitization debt | 10.3% | 14.6% | (4.2)% | ||||||||
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 10.9% | 16.8% | (6.0)% | ||||||||
Appendix F-1: Definitions | |||||
Utility Financial and Operating Measures | |||||
GWh billed | Total number of GWh billed to retail and wholesale customers | ||||
Number of electric retail customers | Average number of electric customers over the period | ||||
Other O&M and refueling outage expense per MWh | Other operation and maintenance expense plus nuclear refueling outage expense per MWh of billed sales | ||||
EWC Financial and Operating Measures | |||||
Adjusted EBITDA (non-GAAP) | Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense | ||||
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) | ||||
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 | ||||
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 | ||||
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 | ||||
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 (unit contingent) | Percent of planned generation output sold under contracts | ||||
Planned net MW in operation (average) | Average installed capacity to generate power and/or sell capacity, reflecting the shutdown of 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 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 | ||||
Appendix F-1: Definitions (continued) | ||||||||
EWC Financial and Operating Measures (continued) | ||||||||
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 avg. 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 | |||||||
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 finance leases on the balance sheet | |||||||
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 FFO as a percentage of end of period total debt excluding securitization debt | |||||||
FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 12-months rolling 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, excl. 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 escrows | Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing | |||||||
Parent debt to total debt, excl. securitization debt | Entergy Corp. debt, incl. amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excl. securitization debt |
Appendix F-2: Abbreviations and Acronyms | |||||||||||
ADIT AFUDC 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 FIN 48 FRP GAAP GCRR Grand Gulf or GGNS IIRR-G Indian Point 1 Indian Point 2 or IP2 Indian Point 3 or IP3 IPEC or Indian Point IRP IRS | Accumulated deferred income taxes Allowance for funds used during construction 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 FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes” Formula rate plan U.S. generally accepted accounting principles Generation Cost Recovery Rider 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 April 30, 2020) Indian Point Energy Center Unit 3 (nuclear) Indian Point Energy Center (nuclear) Integrated resource plan Internal Revenue Service | ISES 2 ISO LCPS LPSC LTM MCPS MISO Moody’s MPSC MTEP Nelson 6 NDT NOPA NOPS NOSS NRC NY PSC NYISO NYSE OCF OCPS 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 | Unit 2 of Independence Steam Electric Station (coal) 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 IRS Notice of Proposed Adjustment New Orleans Power Station New Orleans Solar 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 Orange County Power Station 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 |
Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE | |||||||||||
(LTM $ in millions except where noted) | Fourth Quarter | ||||||||||
2020 | 2019 | ||||||||||
As-reported net income (loss) attributable to Entergy Corporation | (A) | 1,388 | 1,241 | ||||||||
Preferred dividends | 18 | 17 | |||||||||
Tax-effected interest expense | 586 | 554 | |||||||||
As-reported net income (loss) attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense | (B) | 1,992 | 1,812 | ||||||||
Adjustments | (C) | 250 | 177 | ||||||||
EWC preferred dividends and tax-effected interest expense included in adjustments | 20 | 25 | |||||||||
Total adjustments, excluding EWC preferred dividends and tax-effected interest expense (non-GAAP) | (D) | 270 | 202 | ||||||||
Adjusted earnings (non-GAAP) | (A-C) | 1,138 | 1,064 | ||||||||
Adjusted earnings, excluding preferred dividends and tax- effected interest expense (non-GAAP) | (B-D) | 1,722 | 1,610 | ||||||||
Average invested capital (average of beginning and ending balances) | (E) | 32,803 | 28,780 | ||||||||
Average common equity (average of beginning and ending balances) | (F) | 10,575 | 9,534 | ||||||||
As-reported ROIC | (B/E) | 6.1% | 6.3% | ||||||||
Adjusted ROIC (non-GAAP) | [(B-D)/E] | 5.3% | 5.6% | ||||||||
As-reported ROE | (A/F) | 13.1% | 13.0% | ||||||||
Adjusted ROE (non-GAAP) | [(A-C)/F] | 10.8% | 11.2% | ||||||||
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures – Debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows | |||||||||||
($ in millions except where noted) | Fourth Quarter | ||||||||||
2020 | 2019 | ||||||||||
Total debt | (A) | 24,062 | 19,885 | ||||||||
Less securitization debt | (B) | 175 | 298 | ||||||||
Total debt, excluding securitization debt | (C) | 23,887 | 19,587 | ||||||||
Less cash and cash equivalents | (D) | 1,759 | 426 | ||||||||
Net debt, excluding securitization debt | (E) | 22,128 | 19,161 | ||||||||
Commercial paper | (F) | 1,627 | 1,947 | ||||||||
Total capitalization | (G) | 35,243 | 30,363 | ||||||||
Less securitization debt | (B) | 175 | 298 | ||||||||
Total capitalization, excluding securitization debt | (H) | 35,068 | 30,065 | ||||||||
Less cash and cash equivalents | (D) | 1,759 | 426 | ||||||||
Net capital, excluding securitization debt | (I) | 33,309 | 29,639 | ||||||||
Debt to capital | (A/G) | 68.3% | 65.5% | ||||||||
Debt to capital, excluding securitization debt (non-GAAP) | (C/H) | 68.1% | 65.1% | ||||||||
Net debt to net capital, excluding securitization debt (non-GAAP) | (E/I) | 66.4% | 64.6% | ||||||||
Available revolver capacity | (J) | 4,110 | 3,810 | ||||||||
Storm escrows | (K) | 116 | 412 | ||||||||
Gross liquidity (non-GAAP) | (D+J) | 5,869 | 4,236 | ||||||||
Net liquidity (non-GAAP) | (D+J-F) | 4,241 | 2,289 | ||||||||
Net liquidity, including storm escrows (non-GAAP) | (D+J-F+K) | 4,357 | 2,701 | ||||||||
Entergy Corporation notes: | |||||||||||
Due September 2020 | - | 450 | |||||||||
Due July 2022 | 650 | 650 | |||||||||
Due September 2025 | 800 | - | |||||||||
Due September 2026 | 750 | 750 | |||||||||
Due June 2030 | 600 | - | |||||||||
Due June 2050 | 600 | - | |||||||||
Total Entergy Corporation notes | (L) | 3,400 | 1,850 | ||||||||
Revolver draw | (M) | 165 | 440 | ||||||||
Unamortized debt issuance costs and discounts | (N) | (38) | (8) | ||||||||
Total parent debt | (F+L+M+N) | 5,154 | 4,229 | ||||||||
Parent debt to total debt, excluding securitization debt (non-GAAP) | [(F+L+M+N)/C] | 21.6% | 21.6% | ||||||||
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) | Fourth Quarter | ||||||||||
2020 | 2019 | ||||||||||
Total debt | (A) | 24,062 | 19,885 | ||||||||
Less securitization debt | (B) | 175 | 298 | ||||||||
Total debt, excluding securitization debt | (C) | 23,887 | 19,587 | ||||||||
Net cash flow provided by operating activities, LTM | (D) | 2,690 | 2,817 | ||||||||
AFUDC – borrowed funds, LTM | (E) | (52) | (65) | ||||||||
Working capital items in net cash flow provided by operating activities, LTM: | |||||||||||
Receivables | (139) | (101) | |||||||||
Fuel inventory | (27) | (28) | |||||||||
Accounts payable | 137 | (72) | |||||||||
Taxes accrued | 208 | (21) | |||||||||
Interest accrued | 8 | 1 | |||||||||
Other working capital accounts | (143) | (3) | |||||||||
Securitization regulatory charges, LTM | 124 | 122 | |||||||||
Total | (F) | 168 | (102) | ||||||||
FFO, LTM (non-GAAP) | (G)=(D+E-F) | 2,470 | 2,854 | ||||||||
FFO to debt, excluding securitization debt (non-GAAP) | (G/C) | 10.3% | 14.6% | ||||||||
Estimated return of unprotected excess ADIT, LTM | (H) | 70 | 301 | ||||||||
Severance and retention payments associated with exit of EWC, LTM pre-tax | (I) | 55 | 141 | ||||||||
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)] | 10.9% | 16.8% | ||||||||
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||
Cash | 85,219 | 42,388 | 1,244 | 128,851 | ||||||||||||||||||||||
Temporary cash investments | 1,440,796 | 13,648 | 175,804 | 1,630,248 | ||||||||||||||||||||||
Total cash and cash equivalents | 1,526,015 | 56,036 | 177,048 | 1,759,099 | ||||||||||||||||||||||
Notes receivable | — | (75,000) | 75,000 | — | ||||||||||||||||||||||
Accounts receivable: | ||||||||||||||||||||||||||
Customer | 781,272 | — | 52,206 | 833,478 | ||||||||||||||||||||||
Allowance for doubtful accounts | (117,794) | — | — | (117,794) | ||||||||||||||||||||||
Associated companies | 16,999 | (19,008) | 2,009 | — | ||||||||||||||||||||||
Other | 109,725 | — | 25,483 | 135,208 | ||||||||||||||||||||||
Accrued unbilled revenues | 434,835 | — | — | 434,835 | ||||||||||||||||||||||
Total accounts receivable | 1,225,037 | (19,008) | 79,698 | 1,285,727 | ||||||||||||||||||||||
Deferred fuel costs | 4,380 | — | — | 4,380 | ||||||||||||||||||||||
Fuel inventory - at average cost | 167,117 | — | 5,817 | 172,934 | ||||||||||||||||||||||
Materials and supplies - at average cost | 930,895 | (2) | 31,292 | 962,185 | ||||||||||||||||||||||
Deferred nuclear refueling outage costs | 115,559 | — | 63,591 | 179,150 | ||||||||||||||||||||||
Prepayments and other | 162,405 | (16,306) | 50,325 | 196,424 | ||||||||||||||||||||||
TOTAL | 4,131,408 | (54,280) | 482,771 | 4,559,899 | ||||||||||||||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||||||||||||
Investment in affiliates | 1,465,626 | (1,465,712) | 21,993 | 21,907 | ||||||||||||||||||||||
Decommissioning trust funds | 4,283,831 | — | 2,969,384 | 7,253,215 | ||||||||||||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 329,700 | (11) | 13,639 | 343,328 | ||||||||||||||||||||||
Other | 180,971 | 3,002 | 8,342 | 192,315 | ||||||||||||||||||||||
TOTAL | 6,260,128 | (1,462,721) | 3,013,358 | 7,810,765 | ||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||||||||||||
Electric | 58,711,665 | 10,705 | 974,073 | 59,696,443 | ||||||||||||||||||||||
Natural gas | 610,768 | — | — | 610,768 | ||||||||||||||||||||||
Construction work in progress | 2,006,905 | 261 | 4,864 | 2,012,030 | ||||||||||||||||||||||
Nuclear fuel | 548,178 | — | 53,103 | 601,281 | ||||||||||||||||||||||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 61,877,516 | 10,966 | 1,032,040 | 62,920,522 | ||||||||||||||||||||||
Less - accumulated depreciation and amortization | 23,204,219 | 4,006 | 859,520 | 24,067,745 | ||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT - NET | 38,673,297 | 6,960 | 172,520 | 38,852,777 | ||||||||||||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||||||||||||
Regulatory assets: | ||||||||||||||||||||||||||
Other regulatory assets | 6,076,549 | — | — | 6,076,549 | ||||||||||||||||||||||
Deferred fuel costs | 240,422 | — | — | 240,422 | ||||||||||||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||||||||||||
Accumulated deferred income taxes | 72,599 | 373 | 3,317 | 76,289 | ||||||||||||||||||||||
Other | 111,651 | 8,349 | 125,339 | 245,339 | ||||||||||||||||||||||
TOTAL | 6,875,320 | 8,722 | 131,729 | 7,015,771 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 55,940,153 | $ | (1,501,319) | $ | 3,800,378 | $ | 58,239,212 | ||||||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||
Currently maturing long-term debt | $1,025,015 | $— | $ | 139,000 | $1,164,015 | |||||||||||||||||||||
Notes payable and commercial paper: | ||||||||||||||||||||||||||
Other | — | 1,627,489 | — | 1,627,489 | ||||||||||||||||||||||
Account payable: | ||||||||||||||||||||||||||
Associated companies | 32,247 | (42,703) | 10,456 | — | ||||||||||||||||||||||
Other | 2,541,702 | 706 | 197,029 | 2,739,437 | ||||||||||||||||||||||
Customer deposits | 401,512 | — | — | 401,512 | ||||||||||||||||||||||
Taxes accrued | 420,510 | (9,028) | 29,529 | 441,011 | ||||||||||||||||||||||
Interest accrued | 177,557 | 23,708 | 526 | 201,791 | ||||||||||||||||||||||
Deferred fuel costs | 153,113 | — | — | 153,113 | ||||||||||||||||||||||
Pension and other postretirement liabilities | 48,757 | — | 13,058 | 61,815 | ||||||||||||||||||||||
Current portion of unprotected excess accumulated | ||||||||||||||||||||||||||
deferred income taxes | 63,683 | — | — | 63,683 | ||||||||||||||||||||||
Other | 182,095 | 1,892 | 22,653 | 206,640 | ||||||||||||||||||||||
TOTAL | 5,046,191 | 1,602,064 | 412,251 | 7,060,506 | ||||||||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 5,188,989 | (179,493) | (647,724) | 4,361,772 | ||||||||||||||||||||||
Accumulated deferred investment tax credits | 212,494 | — | — | 212,494 | ||||||||||||||||||||||
Regulatory liability for income taxes - net | 1,521,757 | — | — | 1,521,757 | ||||||||||||||||||||||
Other regulatory liabilities | 2,323,851 | — | — | 2,323,851 | ||||||||||||||||||||||
Decommissioning and retirement cost liabilities | 3,877,971 | — | 2,591,481 | 6,469,452 | ||||||||||||||||||||||
Accumulated provisions | 242,511 | — | 324 | 242,835 | ||||||||||||||||||||||
Pension and other postretirement liabilities | 2,224,025 | — | 628,988 | 2,853,013 | ||||||||||||||||||||||
Long-term debt | 17,679,206 | 3,526,555 | — | 21,205,761 | ||||||||||||||||||||||
Other | 1,200,370 | (448,834) | 55,683 | 807,219 | ||||||||||||||||||||||
TOTAL | 34,471,174 | 2,898,228 | 2,628,752 | 39,998,154 | ||||||||||||||||||||||
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 2020 | 1,973,748 | (2,172,151) | 201,103 | 2,700 | ||||||||||||||||||||||
Paid-in capital | 4,722,954 | 651,574 | 1,175,395 | 6,549,923 | ||||||||||||||||||||||
Retained earnings | 9,705,837 | 473,422 | (282,077) | 9,897,182 | ||||||||||||||||||||||
Accumulated other comprehensive loss | (89,912) | — | (359,295) | (449,207) | ||||||||||||||||||||||
Less - treasury stock, at cost (69,790,346 shares in 2020) | 120,000 | 4,954,456 | — | 5,074,456 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDERS' EQUITY | 16,192,627 | (6,001,611) | 735,126 | 10,926,142 | ||||||||||||||||||||||
Subsidiaries' preferred stock without sinking fund | 35,000 | — | — | 35,000 | ||||||||||||||||||||||
TOTAL | 16,227,627 | (6,001,611) | 735,126 | 10,961,142 | ||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $55,940,153 | $ | (1,501,319) | $3,800,378 | $58,239,212 | |||||||||||||||||||||
*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 | ||||||||||||||||||||||
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: | ||||||||||||||||||||||||||
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 December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||||||||
Electric | $2,138,658 | ($15) | $— | $2,138,643 | ||||||||||||||||||||||
Natural gas | 35,180 | — | — | 35,180 | ||||||||||||||||||||||
Competitive businesses | — | 38 | 196,240 | 196,278 | ||||||||||||||||||||||
Total | 2,173,838 | 23 | 196,240 | 2,370,101 | ||||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 388,424 | — | 15,871 | 404,295 | ||||||||||||||||||||||
Purchased power | 192,393 | — | 18,376 | 210,769 | ||||||||||||||||||||||
Nuclear refueling outage expenses | 34,010 | — | 10,651 | 44,661 | ||||||||||||||||||||||
Other operation and maintenance | 690,932 | 7,305 | 114,708 | 812,945 | ||||||||||||||||||||||
Asset write-offs, impairments, and related charges | — | — | 10,291 | 10,291 | ||||||||||||||||||||||
Decommissioning | 45,078 | — | 52,532 | 97,610 | ||||||||||||||||||||||
Taxes other than income taxes | 143,101 | 415 | 8,960 | 152,476 | ||||||||||||||||||||||
Depreciation and amortization | 386,153 | 657 | 21,219 | 408,029 | ||||||||||||||||||||||
Other regulatory credits | 76,914 | — | — | 76,914 | ||||||||||||||||||||||
Total | 1,957,005 | 8,377 | 252,608 | 2,217,990 | ||||||||||||||||||||||
OPERATING INCOME | 216,833 | (8,354) | (56,368) | 152,111 | ||||||||||||||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | 30,192 | — | — | 30,192 | ||||||||||||||||||||||
Interest and investment income | 125,288 | (32,279) | 103,982 | 196,991 | ||||||||||||||||||||||
Miscellaneous - net | (67,414) | (1,829) | (12,245) | (81,488) | ||||||||||||||||||||||
Total | 88,066 | (34,108) | 91,737 | 145,695 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||
Interest expense | 177,223 | 25,592 | 4,966 | 207,781 | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | (13,651) | — | — | (13,651) | ||||||||||||||||||||||
Total | 163,572 | 25,592 | 4,966 | 194,130 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 141,327 | (68,054) | 30,403 | 103,676 | ||||||||||||||||||||||
Income taxes | (446,694) | 59,134 | 98,689 | (288,871) | ||||||||||||||||||||||
CONSOLIDATED NET INCOME | 588,021 | (127,188) | (68,286) | 392,547 | ||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | 4,033 | — | 547 | 4,580 | ||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $583,988 | ($127,188) | ($68,833) | $387,967 | ||||||||||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
BASIC | $2.92 | ($0.64) | ($0.34) | $1.94 | ||||||||||||||||||||||
DILUTED | $2.90 | ($0.63) | ($0.34) | $1.93 | ||||||||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 200,237,064 | |||||||||||||||||||||||||
DILUTED | 201,443,736 | |||||||||||||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||||||||||||
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Income Statement | ||||||||||||||||||||||||||
Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||||||||
Electric | $2,150,307 | ($11) | $— | $2,150,296 | ||||||||||||||||||||||
Natural gas | 41,037 | - | - | 41,037 | ||||||||||||||||||||||
Competitive businesses | - | 11 | 270,962 | 270,973 | ||||||||||||||||||||||
Total | 2,191,344 | - | 270,962 | 2,462,306 | ||||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 465,236 | (10) | 21,820 | 487,046 | ||||||||||||||||||||||
Purchased power | 181,177 | 10 | 9,966 | 191,153 | ||||||||||||||||||||||
Nuclear refueling outage expenses | 39,254 | - | 12,226 | 51,480 | ||||||||||||||||||||||
Other operation and maintenance | 668,148 | 8,670 | 164,946 | 841,764 | ||||||||||||||||||||||
Asset write-offs, impairments and related charges | - | - | 1,544 | 1,544 | ||||||||||||||||||||||
Decommissioning | 42,844 | - | 49,400 | 92,244 | ||||||||||||||||||||||
Taxes other than income taxes | 141,443 | (39) | 14,627 | 156,031 | ||||||||||||||||||||||
Depreciation and amortization | 344,837 | 766 | 34,423 | 380,026 | ||||||||||||||||||||||
Other regulatory charges | 12,478 | - | - | 12,478 | ||||||||||||||||||||||
Total | 1,895,417 | 9,397 | 308,952 | 2,213,766 | ||||||||||||||||||||||
OPERATING INCOME | 295,927 | (9,397) | (37,990) | 248,540 | ||||||||||||||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | 36,428 | - | - | 36,428 | ||||||||||||||||||||||
Interest and investment income | 80,803 | (38,617) | 99,063 | 141,249 | ||||||||||||||||||||||
Miscellaneous - net | (48,348) | (18,557) | (25,020) | (91,925) | ||||||||||||||||||||||
Total | 68,883 | (57,174) | 74,043 | 85,752 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||
Interest expense | 167,603 | 30,826 | 5,436 | 203,865 | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | (15,923) | - | - | (15,923) | ||||||||||||||||||||||
Total | 151,680 | 30,826 | 5,436 | 187,942 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 213,130 | (97,397) | 30,617 | 146,350 | ||||||||||||||||||||||
Income taxes | (61,650) | 5,452 | (187,057) | (243,255) | ||||||||||||||||||||||
CONSOLIDATED NET INCOME | 274,780 | (102,849) | 217,674 | 389,605 | ||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | 4,033 | - | 547 | 4,580 | ||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $270,747 | $(102,849) | $217,127 | $385,025 | ||||||||||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
BASIC | $1.36 | ($0.52) | $1.09 | $1.93 | ||||||||||||||||||||||
DILUTED | $1.35 | ($0.51) | $1.08 | $1.92 | ||||||||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 199,110,740 | |||||||||||||||||||||||||
DILUTED | 200,909,656 | |||||||||||||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Income Statement | ||||||||||||||||||||||||||
Year to Date December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||||||||
Electric | $9,046,706 | $(63) | $- | $9,046,643 | ||||||||||||||||||||||
Natural gas | 124,008 | - | - | 124,008 | ||||||||||||||||||||||
Competitive businesses | - | 116 | 942,869 | 942,985 | ||||||||||||||||||||||
Total | 9,170,714 | 53 | 942,869 | 10,113,636 | ||||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,497,084 | (25) | 67,312 | 1,564,371 | ||||||||||||||||||||||
Purchased power | 836,689 | 25 | 67,554 | 904,268 | ||||||||||||||||||||||
Nuclear refueling outage expenses | 138,779 | - | 45,378 | 184,157 | ||||||||||||||||||||||
Other operation and maintenance | 2,478,020 | 24,905 | 499,701 | 3,002,626 | ||||||||||||||||||||||
Asset write-offs, impairments and related charges | - | - | 26,623 | 26,623 | ||||||||||||||||||||||
Decommissioning | 176,940 | - | 204,921 | 381,861 | ||||||||||||||||||||||
Taxes other than income taxes | 598,554 | 972 | 53,314 | 652,840 | ||||||||||||||||||||||
Depreciation and amortization | 1,508,198 | 2,835 | 102,053 | 1,613,086 | ||||||||||||||||||||||
Other regulatory credits | 14,609 | - | - | 14,609 | ||||||||||||||||||||||
Total | 7,248,873 | 28,712 | 1,066,856 | 8,344,441 | ||||||||||||||||||||||
OPERATING INCOME | 1,921,841 | (28,659) | (123,987) | 1,769,195 | ||||||||||||||||||||||
OTHER INCOME | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | 119,430 | - | - | 119,430 | ||||||||||||||||||||||
Interest and investment income | 299,004 | (140,380) | 234,194 | 392,818 | ||||||||||||||||||||||
Miscellaneous - net | (157,381) | (7,651) | (45,601) | (210,633) | ||||||||||||||||||||||
Total | 261,053 | (148,031) | 188,593 | 301,615 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||
Interest expense | 701,169 | 114,380 | 22,432 | 837,981 | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | (52,318) | - | - | (52,318) | ||||||||||||||||||||||
Total | 648,851 | 114,380 | 22,432 | 785,663 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,534,043 | (291,070) | 42,174 | 1,285,147 | ||||||||||||||||||||||
Income taxes | (282,311) | 55,868 | 104,937 | (121,506) | ||||||||||||||||||||||
CONSOLIDATED NET INCOME | 1,816,354 | (346,938) | (62,763) | 1,406,653 | ||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | 16,131 | - | 2,188 | 18,319 | ||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $1,800,223 | $(346,938) | $(64,951) | $1,388,334 | ||||||||||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
BASIC | $9.00 | ($1.74) | ($0.32) | $6.94 | ||||||||||||||||||||||
DILUTED | $8.95 | ($1.73) | ($0.32) | $6.90 | ||||||||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 200,106,945 | |||||||||||||||||||||||||
DILUTED | 201,102,220 | |||||||||||||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Income Statement | ||||||||||||||||||||||||||
Year to Date December 31, 2019 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||||||||
Electric | $9,430,031 | $(53) | $- | $9,429,978 | ||||||||||||||||||||||
Natural gas | 153,954 | - | - | 153,954 | ||||||||||||||||||||||
Competitive businesses | - | 22 | 1,294,719 | 1,294,741 | ||||||||||||||||||||||
Total | 9,583,985 | - | (31) | 1,294,719 | 10,878,673 | |||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,931,478 | (52) | 98,212 | 2,029,638 | ||||||||||||||||||||||
Purchased power | 1,134,194 | 52 | 58,614 | 1,192,860 | ||||||||||||||||||||||
Nuclear refueling outage expenses | 156,315 | - | 48,612 | 204,927 | ||||||||||||||||||||||
Other operation and maintenance | 2,562,568 | 32,167 | 677,646 | 3,272,381 | ||||||||||||||||||||||
Asset write-offs, impairments and related charges | - | - | 290,027 | 290,027 | ||||||||||||||||||||||
Decommissioning | 164,267 | - | 236,535 | 400,802 | ||||||||||||||||||||||
Taxes other than income taxes | 582,811 | 633 | 60,301 | 643,745 | ||||||||||||||||||||||
Depreciation and amortization | 1,328,900 | 2,944 | 148,172 | 1,480,016 | ||||||||||||||||||||||
Other regulatory charges | (26,220) | - | - | (26,220) | ||||||||||||||||||||||
Total | 7,834,313 | 35,744 | 1,618,119 | 9,488,176 | ||||||||||||||||||||||
OPERATING INCOME | 1,749,672 | (35,775) | (323,400) | 1,390,497 | ||||||||||||||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | 144,974 | - | - | 144,974 | ||||||||||||||||||||||
Interest and investment income | 289,570 | (156,294) | 414,636 | 547,912 | ||||||||||||||||||||||
Miscellaneous - net | (149,544) | (28,784) | (74,211) | (252,539) | ||||||||||||||||||||||
Total | 285,000 | (185,078) | 340,425 | 440,347 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||
Interest expense | 654,352 | 123,580 | 29,450 | 807,382 | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | (64,957) | - | - | (64,957) | ||||||||||||||||||||||
Total | 589,395 | 123,580 | 29,450 | 742,425 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,445,277 | (344,433) | (12,425) | 1,088,419 | ||||||||||||||||||||||
Income taxes | 19,634 | (28,164) | (161,295) | (169,825) | ||||||||||||||||||||||
CONSOLIDATED NET INCOME | 1,425,643 | (316,269) | 148,870 | 1,258,244 | ||||||||||||||||||||||
Preferred dividend requirements of subsidiaries | 14,830 | - | 2,188 | 17,018 | ||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $1,410,813 | $(316,269) | $146,682 | $1,241,226 | ||||||||||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
BASIC | $7.23 | ($1.62) | $0.75 | $6.36 | ||||||||||||||||||||||
DILUTED | $7.16 | ($1.60) | $0.74 | $6.30 | ||||||||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 195,195,858 | |||||||||||||||||||||||||
DILUTED | 196,999,284 | |||||||||||||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||||||||||||
Entergy Corporation | ||||||||||||||||||||
Consolidated Cash Flow Statement | ||||||||||||||||||||
Year to Date December 31, 2020 vs. 2019 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2020 | 2019 | Variance | ||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Consolidated net income | $1,406,653 | $1,258,244 | $148,409 | |||||||||||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||||||||||
flow provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,257,750 | 2,182,313 | 75,437 | |||||||||||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (131,114) | 193,950 | (325,064) | |||||||||||||||||
Asset write-offs, impairments and related charges | 26,379 | 226,678 | (200,299) | |||||||||||||||||
Changes in working capital: | ||||||||||||||||||||
Receivables | (139,296) | (101,227) | (38,069) | |||||||||||||||||
Fuel inventory | (27,458) | (28,173) | 715 | |||||||||||||||||
Accounts payable | 137,457 | (71,898) | 209,355 | |||||||||||||||||
Taxes accrued | 207,556 | (20,784) | 228,340 | |||||||||||||||||
Interest accrued | 7,662 | 937 | 6,725 | |||||||||||||||||
Deferred fuel costs | (49,484) | 172,146 | (221,630) | |||||||||||||||||
Other working capital accounts | (143,451) | (3,108) | (140,343) | |||||||||||||||||
Changes in provisions for estimated losses | (291,193) | 19,914 | (311,107) | |||||||||||||||||
Changes in other regulatory assets | (784,494) | (545,559) | (238,935) | |||||||||||||||||
Changes in other regulatory liabilities | 238,669 | (14,781) | 253,450 | |||||||||||||||||
Changes in pension and other postretirement liabilities | 50,379 | 187,124 | (136,745) | |||||||||||||||||
Other | (76,149) | (639,149) | 563,000 | |||||||||||||||||
Net cash flow provided by operating activities | 2,689,866 | 2,816,627 | (126,761) | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Construction/capital expenditures | (4,694,076) | (4,197,667) | (496,409) | |||||||||||||||||
Allowance for equity funds used during construction | 119,430 | 144,862 | (25,432) | |||||||||||||||||
Nuclear fuel purchases | (215,664) | (128,366) | (87,298) | |||||||||||||||||
Payment for purchase of plant or assets | (247,121) | (305,472) | 58,351 | |||||||||||||||||
Proceeds from sale of assets | - | 28,932 | (28,932) | |||||||||||||||||
Insurance proceeds received for property damages | - | 7,040 | (7,040) | |||||||||||||||||
Changes in securitization account | 5,099 | 3,298 | 1,801 | |||||||||||||||||
Payments to storm reserve escrow account | (2,273) | (8,038) | 5,765 | |||||||||||||||||
Receipts from storm reserve escrow account | 297,588 | - | 297,588 | |||||||||||||||||
Decrease (increase) in other investments | (12,755) | 30,319 | (43,074) | |||||||||||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 72,711 | 2,369 | 70,342 | |||||||||||||||||
Proceeds from nuclear decommissioning trust fund sales | 3,107,812 | 4,121,351 | (1,013,539) | |||||||||||||||||
Investment in nuclear decommissioning trust funds | (3,203,057) | (4,208,870) | 1,005,813 | |||||||||||||||||
Net cash flow used in investing activities | (4,772,306) | (4,510,242) | (262,064) | |||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of: | ||||||||||||||||||||
Long-term debt | 12,619,201 | 9,304,396 | 3,314,805 | |||||||||||||||||
Preferred stock of subsidiary | - | 33,188 | (33,188) | |||||||||||||||||
Treasury stock | 42,600 | 93,862 | (51,262) | |||||||||||||||||
Common stock | - | 607,650 | (607,650) | |||||||||||||||||
Retirement of long-term debt | (8,152,378) | (7,619,380) | (532,998) | |||||||||||||||||
Repurchase of preferred membership units | - | (50,000) | 50,000 | |||||||||||||||||
Changes in credit borrowings and commercial paper - net | (319,238) | 4,389 | (323,627) | |||||||||||||||||
Other | (7,524) | (7,732) | 208 | |||||||||||||||||
Dividends paid: | ||||||||||||||||||||
Common stock | (748,342) | (711,573) | (36,769) | |||||||||||||||||
Preferred stock | (18,502) | (16,438) | (2,064) | |||||||||||||||||
Net cash flow provided by financing activities | 3,415,817 | 1,638,362 | 1,777,455 | |||||||||||||||||
Net increase in cash and cash equivalents | 1,333,377 | (55,253) | 1,388,630 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 425,722 | 480,975 | (55,253) | |||||||||||||||||
Cash and cash equivalents at end of period | $1,759,099 | $425,722 | $1,333,377 | |||||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||
Interest - net of amount capitalized | $803,923 | $778,209 | $25,714 |
Income taxes | ($31,228) | ($40,435) | $9,207 | |||||||||||||||||
Entergy Corporation | ||||||||||||||||||||
Consolidated Cash Flow Statement | ||||||||||||||||||||
Three Months Ended December 31, 2020 vs. 2019 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2020 | 2019 | Variance | ||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Consolidated net income | $392,547 | $389,605 | $2,942 | |||||||||||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||||||||||
flow provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 562,846 | 547,636 | 15,210 | |||||||||||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (451,841) | (179,773) | (272,068) | |||||||||||||||||
Asset write-offs, impairments and related charges | 10,262 | 1,503 | 8,759 | |||||||||||||||||
Changes in working capital: | ||||||||||||||||||||
Receivables | 61,694 | 129,778 | (68,084) | |||||||||||||||||
Fuel inventory | (26,850) | (13,774) | (13,076) | |||||||||||||||||
Accounts payable | (36,626) | 103,348 | (139,974) | |||||||||||||||||
Taxes accrued | 787 | (18,364) | 19,151 | |||||||||||||||||
Interest accrued | (3,204) | 3,251 | (6,455) | |||||||||||||||||
Deferred fuel costs | (1,322) | 81,827 | (83,149) | |||||||||||||||||
Other working capital accounts | (28,959) | 16,124 | (45,083) | |||||||||||||||||
Changes in provisions for estimated losses | (253,164) | 5,800 | (258,964) | |||||||||||||||||
Changes in other regulatory assets | (653,961) | (452,698) | (201,263) | |||||||||||||||||
Changes in other regulatory liabilities | 277,040 | 4,334 | 272,706 | |||||||||||||||||
Changes in pension and other postretirement liabilities | 320,523 | 319,168 | 1,355 | |||||||||||||||||
Other | 149,928 | (239,085) | 389,013 | |||||||||||||||||
Net cash flow provided by operating activities | 319,700 | 698,680 | (378,980) | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Construction/capital expenditures | (1,518,517) | (1,117,941) | (400,576) | |||||||||||||||||
Allowance for equity funds used during construction | 30,192 | 35,995 | (5,803) | |||||||||||||||||
Nuclear fuel purchases | (38,279) | (73,190) | 34,911 | |||||||||||||||||
Payment for purchase of plant | (222,488) | (305,472) | 82,984 | |||||||||||||||||
Proceeds from sale of assets | - | 9,131 | (9,131) | |||||||||||||||||
Changes in securitization account | 4,308 | 7,511 | (3,203) | |||||||||||||||||
Payments to storm reserve escrow account | (29) | (1,854) | 1,825 | |||||||||||||||||
Receipts from storm reserve escrow account | 256,941 | - | 256,941 | |||||||||||||||||
Increase in other investments | (2,934) | (51) | (2,883) | |||||||||||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 5,459 | - | 5,459 | |||||||||||||||||
Proceeds from nuclear decommissioning trust fund sales | 1,510,320 | 602,735 | 907,585 | |||||||||||||||||
Investment in nuclear decommissioning trust funds | (1,541,397) | (642,180) | (899,217) | |||||||||||||||||
Net cash flow used in investing activities | (1,516,424) | (1,485,316) | (31,108) | |||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of: | ||||||||||||||||||||
Long-term debt | 4,448,594 | 2,170,825 | 2,277,769 | |||||||||||||||||
Preferred stock of subsidiary | - | (298) | 298 | |||||||||||||||||
Treasury stock | 816 | 4,559 | (3,743) | |||||||||||||||||
Retirement of long-term debt | (2,766,151) | (1,759,666) | (1,006,485) | |||||||||||||||||
Changes in credit borrowings and commercial paper - net | 229,284 | 28,939 | 200,345 | |||||||||||||||||
Other | (1,583) | 1,443 | (3,026) | |||||||||||||||||
Dividends paid: | ||||||||||||||||||||
Common stock | (190,221) | (185,165) | (5,056) | |||||||||||||||||
Preferred stock | (4,580) | (4,110) | (470) | |||||||||||||||||
Net cash flow provided by financing activities | 1,716,159 | 256,527 | 1,459,632 | |||||||||||||||||
Net increase in cash and cash equivalents | 519,435 | (530,109) | 1,049,544 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1,239,664 | 955,831 | 283,833 | |||||||||||||||||
Cash and cash equivalents at end of period | $1,759,099 | $425,722 | $1,333,377 | |||||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||
Interest - net of amount capitalized | $204,240 | $193,587 | $10,653 | |||||||||||||||||
Income taxes | ($28,744) | ($31,786) | $3,042 |
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