Commission File Number | Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | Commission File Number | Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. |
1-11299 | ENTERGY CORPORATION (a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000 72-1229752 | 1-31508 | ENTERGY MISSISSIPPI, INC. (a Mississippi corporation) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000 64-0205830 |
1-10764 | ENTERGY ARKANSAS, INC. (an Arkansas corporation) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone (501) 377-4000 71-0005900 | 0-05807 | ENTERGY NEW ORLEANS, INC. (a Louisiana corporation) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone (504) 670-3700 72-0273040 |
0-20371 | ENTERGY GULF STATES LOUISIANA, L.L.C. (a Louisiana limited liability company) 446 North Boulevard Baton Rouge, Louisiana 70802 Telephone (800) 368-3749 74-0662730 | 1-34360 | ENTERGY TEXAS, INC. (a Texas corporation) 350 Pine Street Beaumont, Texas 77701 Telephone (409) 981-2000 61-1435798 |
1-32718 | ENTERGY LOUISIANA, LLC (a Texas limited liability company) 446 North Boulevard Baton Rouge, Louisiana 70802 Telephone (800) 368-3749 75-3206126 | 1-09067 | SYSTEM ENERGY RESOURCES, INC. (an Arkansas corporation) Echelon One 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000 72-0752777 |
Exhibit No. | Description |
99.1 | Release, dated November 4, 2014, issued by Entergy Corporation |
99.2 | Release, dated November 4, 2014, issued by Entergy Corporation |
99.3 | Statement on Uses and Usefulness of Non-GAAP Financial Measures |
For further information: Paula Waters, VP, Investor Relations 504/576-4380 pwater1@entergy.com |
Table 1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Third Quarter and Year-to-Date 2014 vs. 2013 | ||||||
(Per share in U.S. $) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
As-Reported Earnings | 1.27 | 1.34 | (0.07) | 4.56 | 3.16 | 1.40 |
Less Special Items | (0.41) | (1.07) | 0.66 | (0.52) | (1.20) | 0.68 |
Operational Earnings | 1.68 | 2.41 | (0.73) | 5.08 | 4.36 | 0.72 |
Weather Impact | (0.11) | 0.01 | (0.12) | 0.02 | (0.11) | 0.13 |
• | Utility results were down driven by a higher effective income tax rate, higher other O&M expense and a regulatory charge; these decreases were partially offset by higher net revenue. |
• | EWC earnings declined due to increased depreciation expense and a higher effective income tax rate on operational earnings. These items were partially offset by lower other O&M expense. |
• | Parent & Other results declined due primarily to higher income tax expense. |
• | In a move designed to attract industry and jobs to the state, ELL and EGSL asked the LPSC for permission to become a single utility. |
• | We also made progress on our rate case in Mississippi, and reached a constructive settlement with the MPUS - one which aligns customer, regulator and state objectives with our own. |
• | For the seventh consecutive year, Site Selection magazine named Entergy one of the nation’s top 10 utilities in economic development, citing the more than 9,000 new jobs created and nearly $21 billion in corporate facility investment. |
• | FitzPatrick completed its 21st refueling outage in 44 days, including a complete retube of the plant’s main condenser to improve the plant’s capacity factor. |
I. | Consolidated Results |
Table 2: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Third Quarter and Year-to-Date 2014 vs. 2013 (see Appendix C for definitions of certain measures) | ||||||
(Per share in U.S. $) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
As-Reported | ||||||
Utility | 1.72 | 1.95 | (0.23) | 4.00 | 3.74 | 0.26 |
EWC | (0.18) | (0.52) | 0.34 | 1.30 | 1.30 | |
Parent & Other | (0.27) | (0.09) | (0.18) | (0.74) | (0.58) | (0.16) |
Consolidated As-Reported Earnings | 1.27 | 1.34 | (0.07) | 4.56 | 3.16 | 1.40 |
Less Special Items | ||||||
Utility | (0.09) | 0.09 | (0.03) | (0.21) | 0.18 | |
EWC | (0.41) | (0.98) | 0.57 | (0.49) | (0.99) | 0.50 |
Parent & Other | ||||||
Consolidated Special Items | (0.41) | (1.07) | 0.66 | (0.52) | (1.20) | 0.68 |
Operational | ||||||
Utility | 1.72 | 2.04 | (0.32) | 4.03 | 3.95 | 0.08 |
EWC | 0.23 | 0.46 | (0.23) | 1.79 | 0.99 | 0.80 |
Parent & Other | (0.27) | (0.09) | (0.18) | (0.74) | (0.58) | (0.16) |
Consolidated Operational Earnings | 1.68 | 2.41 | (0.73) | 5.08 | 4.36 | 0.72 |
Weather Impact | (0.11) | 0.01 | (0.12) | 0.02 | (0.11) | 0.13 |
Table 3: Consolidated Operating Cash Flow | ||||||
Third Quarter and Year-to-Date 2014 vs. 2013 | ||||||
(U.S. $ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
Utility | 1,239 | 921 | 318 | 2,243 | 1,302 | 941 |
EWC | 207 | 220 | (13) | 856 | 535 | 321 |
Parent & Other | (83) | (57) | (26) | (208) | 362 | (570) |
Total Operating Cash Flow | 1,363 | 1,084 | 279 | 2,891 | 2,199 | 692 |
II. | Utility |
• | Residential sales, on a weather-adjusted basis, decreased (0.2) percent compared to third quarter 2013. |
• | Weather-adjusted commercial and governmental sales increased 0.9 percent quarter over quarter. |
• | Industrial sales in the third quarter increased 5.3 percent compared to the same quarter of 2013. |
Table 4: Utility Operational Performance Measures | ||||||||
Third Quarter and Year-to-Date 2014 vs. 2013 (see Appendix C for definitions of certain measures) | ||||||||
Third Quarter | Year-to-Date | |||||||
2014 | 2013 | % Change | % Weather Adjusted | 2014 | 2013 | % Change | % Weather Adjusted | |
GWh billed | ||||||||
Residential | 10,869 | 11,359 | (4.3)% | (0.2)% | 28,162 | 27,080 | 4.0% | 0.5% |
Commercial and governmental | 8,940 | 9,041 | (1.1)% | 0.9% | 23,673 | 23,312 | 1.5% | 1.4% |
Industrial | 11,620 | 11,038 | 5.3% | 5.3% | 32,635 | 31,264 | 4.4% | 4.4% |
Total Retail Sales | 31,429 | 31,438 | 2.0% | 84,470 | 81,656 | 3.4% | 2.2% | |
Wholesale | 2,075 | 667 | 211.1% | 6,357 | 1,887 | 236.9% | ||
Total Sales | 33,504 | 32,105 | 4.4% | 90,827 | 83,543 | 8.7% | ||
Non-fuel O&M per MWh (a) | $18.40 | $18.15 | 1.4% | $18.91 | $20.65 | (8.5)% | ||
Number of electric retail customers | ||||||||
Residential | 2,411,773 | 2,397,877 | 0.6% | |||||
Commercial and governmental | 361,750 | 359,232 | 0.7% | |||||
Industrial | 50,770 | 48,709 | 4.2% | |||||
Total Retail Customers | 2,824,293 | 2,805,818 | 0.7% | |||||
(a) | Third quarter and year-to-date 2013 excluded the special item associated with the proposed spin-merge of the transmission business. Third quarter and year-to-date 2013 and 2014 excluded the special item for HCM implementation expenses. |
III. | EWC |
Table 5: EWC Operational Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Third Quarter and Year-to-Date 2014 vs. 2013 (see Appendix C for definitions of certain measures) | ||||||
($ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
Net income | (33) | (93) | 60 | 235 | 1 | 234 |
Add back: interest expense | 4 | 4 | 12 | 11 | 1 | |
Add back: income tax expense | 2 | (107) | 109 | 141 | (65) | 206 |
Add back: depreciation and amortization | 72 | 55 | 17 | 213 | 155 | 58 |
Subtract: interest and investment income | 29 | 21 | 8 | 77 | 72 | 5 |
Add back: decommissioning expense | 35 | 32 | 3 | 104 | 92 | 12 |
Adjusted EBITDA | 51 | (130) | 181 | 627 | 122 | 505 |
Add back: special item for HCM implementation expenses (pre-tax) | 1 | 3 | (2) | 3 | 5 | (2) |
Add back: special item resulting from the decision to close VY (pre-tax) | 113 | 292 | (179) | 134 | 292 | (158) |
Operational adjusted EBITDA | 165 | 165 | 0 | 764 | 419 | 345 |
Table 6: EWC Operational Performance Measures | ||||||
Third Quarter and Year-to-Date 2014 vs. 2013 (see Appendix C for definitions of certain measures) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | |
Owned capacity (MW) (b) | 6,068 | 6,612 | (8.2)% | 6,068 | 6,612 | (8.2)% |
GWh billed | 11,328 | 11,630 | (2.6)% | 32,874 | 33,189 | (0.9)% |
Net revenue ($ millions) | 485 | 494 | (1.8)% | 1,704 | 1,370 | 24.4% |
Average realized revenue per MWh | $53.11 | $53.22 | (0.2)% | $63.37 | $52.95 | 19.7% |
Non-fuel O&M per MWh (c) | $25.18 | $25.28 | (0.4)% | $25.21 | $25.40 | (0.7)% |
EWC Nuclear Fleet | ||||||
Capacity factor | 90% | 94% | (4.3)% | 89% | 86% | 3.5% |
GWh billed | 9,950 | 10,274 | (3.2)% | 29,618 | 29,309 | 1.1% |
Average realized revenue per MWh | $53.24 | $53.16 | 0.2% | $62.93 | $52.37 | 20.2% |
Production cost per MWh (c) | $27.37 | $25.32 | 8.1% | $26.54 | $26.73 | (0.7)% |
Refueling outage days | ||||||
FitzPatrick (d) | 37 | 37 | ||||
IP2 | 24 | |||||
IP3 | 28 | |||||
Palisades | 56 | |||||
Pilgrim | 45 | |||||
VY | 27 | |||||
(b) | Third quarter and year-to-date 2014 were lower due to the retirement of R.E. Ritchie Unit 2 (gas/oil) plant in November 2013 (544 MW). |
(c) | Third quarter and year-to-date 2013 and 2014 excluded the effect of the special item for HCM implementation expenses. Third quarter and year-to-date 2014 also excluded special items in non-fuel O&M resulting from the decision to close VY. |
(d) | FitzPatrick had seven refueling outage days in fourth quarter 2014. |
Table 7: EWC Capacity and Generation | ||||||
Fourth Quarter 2014 through 2019 (see Appendix C for definitions of certain measures) | ||||||
(Based on market prices as of Sept. 30, 2014) (e) | ||||||
Balance of 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
EWC Nuclear Portfolio | ||||||
Energy | ||||||
Planned TWh of generation | 10 | 35 | 36 | 35 | 35 | 36 |
Percent of planned generation under contract | ||||||
Unit-contingent | 29% | 38% | 23% | 14% | 14% | 16% |
Unit-contingent with availability guarantees | 13% | 15% | 14% | 15% | 3% | 3% |
Firm LD | 55% | 40% | 34% | 0 | 0 | 0 |
Offsetting positions | (22)% | (9)% | 0 | 0 | 0 | 0 |
Total | 75% | 84% | 71% | 29% | 17% | 19% |
Average revenue per MWh on contracted volumes | ||||||
Minimum | $43 | $47 | $47 | $51 | $56 | $57 |
Expected based on current market prices | $50 | $51 | $52 | $53 | $56 | $57 |
Sensitivity: -/+ $10 per MWh market price change | $48 - $53 | $49 - $53 | $48 - $55 | $53 - $54 | $56 | $57 |
Capacity | ||||||
Planned net MW in operation | 5,011 | 4,406 | 4,406 | 4,406 | 4,406 | 4,406 |
Percent of capacity sold forward | ||||||
Bundled capacity and energy contracts | 15% | 18% | 18% | 18% | 18% | 18% |
Capacity contracts | 42% | 15% | 15% | 16% | 7% | 0 |
Total | 57% | 33% | 33% | 34% | 25% | 18% |
Average revenue under contract per kW-month (applies to capacity contracts only) | $5.5 | $3.2 | $3.4 | $5.6 | $7.0 | 0 |
Total Nuclear Energy and Capacity Revenues | ||||||
Expected sold and market total revenue per MWh | $57 | $57 | $54 | $54 | $56 | $57 |
Sensitivity: -/+ $10 per MWh market price change | $52 - $63 | $52 - $62 | $47 - $60 | $47 - $61 | $48 - $64 | $49 - $65 |
EWC Non-Nuclear Portfolio | ||||||
Energy | ||||||
Planned TWh of generation | 1 | 5 | 6 | 6 | 6 | 6 |
Percent of planned generation under contract | ||||||
Cost-based contracts | 35% | 38% | 36% | 34% | 35% | 32% |
Firm LD | 6% | 7% | 7% | 7% | 7% | 6% |
Total (f) | 41% | 45% | 43% | 41% | 42% | 38% |
Capacity | ||||||
Planned net MW in operation | 1,052 | 1,052 | 1,052 | 977 | 977 | 977 |
Percent of capacity sold forward | ||||||
Cost-based contracts | 24% | 24% | 24% | 26% | 26% | 26% |
Bundled capacity and energy contracts | 8% | 8% | 8% | 8% | 8% | 8% |
Capacity contracts | 54% | 53% | 53% | 57% | 24% | 0 |
Total | 86% | 85% | 85% | 91% | 58% | 34% |
Total Non-Nuclear Net Revenue | ||||||
Expected portfolio net revenue in $ millions | $19 | $82 | $89 | $112 | $138 | $173 |
(e) | Assumes shutdown of VY in fourth quarter 2014 and uninterrupted normal operation at the remaining nuclear plants. NRC license renewal applications are in process for both Indian Point units; at midnight on 9/28/13, IP2 entered the period of extended operations under its current license and the current license for IP3 expires 12/12/15. |
(f) | The percentage sold assumes completion of the necessary transmission upgrades required for the approved transmission rights. |
IV. | Parent & Other |
V. | 2014 Earnings Guidance |
Table 8: 2014 Earnings Sensitivities | |||
(Per share in U.S. $) - Updated April 2014 | |||
Variable | 2014 Revised Guidance Assumption | Description of Change | Estimated Annual Impact |
Utility | |||
Retail sales growth Residential Commercial/Governmental Industrial | Around 1.9% retail sales growth on a weather adjusted basis, 0.6% excluding industrial expansions | 1% change in Residential MWh sold 1% change in Comm/Govt MWh sold 1% change in Industrial MWh sold | -/+ 0.05 -/+ 0.04 -/+ 0.02 |
Rate base | Growing rate base | $100 million change in rate base | -/+0.03 |
ROE | Authorized regulatory ROEs | 100 basis point change in allowed ROE | -/+ 0.44 |
Non-fuel O&M | Lower due to HCM and compensation and benefits costs, partially offset by other increases | 1% change in expense | +/- 0.08 |
EWC | |||
Nuclear capacity factor | 90% capacity factor | 1% change in capacity factor | -/+ 0.06 |
EWC revenue (energy) | $54/MWh nuclear revenue; Non-nuclear net revenue | $10/MWh market price change | (0.46)/+ 0.51 (g) |
EWC revenue (capacity) | $5.7/kW-month average capacity price on 45% unsold nuclear capacity (including VY) | $0.50/kW-month change in capacity price on nuclear capacity | -/+ 0.03 (g) |
Total non-fuel O&M | Lower due to HCM, compensation and benefits costs and the sale of District Energy, partially offset by other increases | 1% change in expense | +/- 0.04 |
Nuclear Outage (lost revenue only) | 90% capacity factor, including refueling outages for three EWC nuclear units | 1,000 MW plant for 10 days at average portfolio energy price of $47/MWh for contracted volumes and $39/MWh for unsold volumes in 2014 (assuming no resupply option exercise) | (0.03)/n/a |
Consolidated | |||
Interest expense | Higher debt outstanding balances | 1% change in interest rate on $1 billion debt | +/- 0.03 |
Pension and other postretirement costs (expense portion only) | Discount rate of 5.14% | 0.25% change | -/+ 0.07 |
Effective income tax rate | 37% effective income tax rate | 1% change in overall effective income tax rate | +/- 0.10 |
(g) | Reflects price sensitivity for the second through fourth quarters of 2014. |
VI. | Appendices |
• | Appendix A includes earnings per share variance analysis and detail on special items that relate to the current quarter and year-to-date results. |
• | Appendix B provides financial metrics for both current and historical periods. In addition, historical financial and operating performance metrics are included for the trailing eight quarters. |
• | Appendix C provides definitions of the operational performance measures, GAAP and non-GAAP financial measures and abbreviations or acronyms that are used in this release. |
• | Appendix D provides a reconciliation of GAAP to non-GAAP financial measures used in this release. |
A. | Variance Analysis and Special Items |
Appendix A-1: As-Reported and Operational Earnings Per Share Variance Analysis | |||||||||||
Third Quarter 2014 vs. 2013 | |||||||||||
(Per share in U.S. $, sorted in consolidated operational column, most to least favorable) | |||||||||||
Utility | EWC | Parent & Other | Consolidated | ||||||||
As-Reported | Opera- tional | As-Reported | Opera-tional | As- Reported | Opera-tional | As- Reported | Opera-tional | ||||
2013 earnings | 1.95 | 2.04 | (0.52) | 0.46 | (0.09) | (0.09) | 1.34 | 2.41 | |||
Other income (deductions) - other | 0.11 | 0.11 | (h) | 0.03 | 0.03 | (0.04) | (0.04) | 0.10 | 0.10 | ||
Net revenue | 0.06 | 0.06 | (i) | (0.03) | (0.03) | (0.02) | (0.02) | 0.01 | 0.01 | ||
Taxes other than income taxes | (0.02) | (0.02) | 0.01 | 0.01 | (0.01) | (0.01) | |||||
Share effect | (0.02) | (0.02) | (0.02) | (0.02) | |||||||
Interest expense and other charges | (0.02) | (0.02) | (0.02) | (0.02) | |||||||
Nuclear refueling outage expense | (0.03) | (0.03) | (0.03) | (0.03) | |||||||
Decommissioning expense | (0.01) | (0.01) | (0.02) | (0.02) | (0.03) | (0.03) | |||||
Depreciation/ amortization expense | 0.03 | 0.03 | (0.06) | (0.06) | (j) | (0.03) | (0.03) | ||||
Other O&M | (0.03) | (0.12) | (k) | 0.03 | 0.06 | (l) | 0.02 | 0.02 | 0.02 | (0.04) | |
Asset write-off and impairments | (0.23) | (0.23) | (m) | 0.60 | (n) | 0.37 | (0.23) | ||||
Income taxes - other | (0.10) | (0.10) | (o) | (0.19) | (0.19) | (p) | (0.14) | (0.14) | (q) | (0.43) | (0.43) |
2014 earnings | 1.72 | 1.72 | (0.18) | 0.23 | (0.27) | (0.27) | 1.27 | 1.68 | |||
Appendix A-2: As-Reported and Operational Earnings Per Share Variance Analysis | |||||||||||
Year-to-Date Third Quarter 2014 vs. 2013 | |||||||||||
(Per share in U.S. $, sorted in consolidated operational column, most to least favorable) | |||||||||||
Utility | EWC | Parent & Other | Consolidated | ||||||||
As-Reported | Opera- tional | As-Reported | Opera-tional | As- Reported | Opera-tional | As- Reported | Opera-tional | ||||
2013 earnings | 3.74 | 3.95 | 0.99 | (0.58) | (0.58) | 3.16 | 4.36 | ||||
Net revenue | 0.62 | 0.62 | (i) | 1.15 | 1.15 | (r) | (0.04) | (0.04) | 1.73 | 1.73 | |
Other O&M | 0.19 | 0.01 | (k) | 0.08 | (l) | 0.03 | 0.03 | 0.22 | 0.12 | ||
Other income (deductions) - other | 0.07 | 0.07 | (h) | 0.01 | 0.01 | (0.04) | (0.04) | 0.04 | 0.04 | ||
Preferred dividend requirements | (0.01) | (0.01) | 0.01 | 0.01 | |||||||
Nuclear refueling outage expense | 0.01 | 0.01 | (0.03) | (0.03) | (0.02) | (0.02) | |||||
Share effect | (0.03) | (0.03) | (0.01) | (0.01) | (0.04) | (0.04) | |||||
Taxes other than income taxes | (0.04) | (0.04) | (0.01) | (0.05) | (0.04) | ||||||
Interest expense and other charges | (0.06) | (0.06) | (s) | (0.01) | (0.01) | (0.07) | (0.07) | ||||
Decommissioning expense | (0.04) | (0.04) | (0.04) | (0.04) | (0.08) | (0.08) | |||||
Asset write-off and impairments | (0.23) | (0.23) | (m) | 0.59 | (n) | 0.36 | (0.23) | ||||
Depreciation/ amortization expense | (0.04) | (0.04) | (0.20) | (0.20) | (j) | (0.24) | (0.24) | ||||
Income taxes - other | (0.19) | (0.19) | (o) | (0.15) | (0.15) | (p) | (0.11) | (0.11) | (q) | (0.45) | (0.45) |
2014 earnings | 4.00 | 4.03 | 1.30 | 1.79 | (0.74) | (0.74) | 4.56 | 5.08 | |||
(h) | The current quarter and year-to-date increases were due partly to $6.5 million higher affiliate dividend income resulting from Hurricane Isaac Act 55 financing (offset at Parent & Other) recorded in the current quarter. Earnings on decommissioning trust fund investments (offset in net revenue) also contributed to the increases. |
(i) | The current quarter and year-to-date increases reflected pricing adjustments from rate actions. A portion of the price difference was for recovery of costs outside of net revenue. Sales growth on a weather-adjusted basis also contributed to the increases. For the quarter, the impact of weather partially offset the increases while weather had a favorable effect on a year-to-date basis. A portion of the year-to-date variance was attributable to higher regulatory credits recorded for the difference between asset retirement obligation-related expenses and |
Utility Net Revenue Variance Analysis 2014 vs. 2013 ($ EPS) | ||
Third Quarter | Year-to-Date | |
Weather | (0.12) | 0.13 |
Sales growth/pricing | 0.17 | 0.35 |
Other | 0.01 | 0.14 |
Total | 0.06 | 0.62 |
(j) | The quarter-over-quarter and year-to-date decreases were due to the effects of a new depreciation study as well as additions to plant in service. |
(k) | The decrease in the current quarter was attributable to several factors including an increase in nuclear generation spending as well as higher energy efficiency spending and storm accruals (offset by net revenue increases). New MISO RTO administration fees (partially offset in net revenue) also contributed. The decreases were partially offset by lower compensation and benefits costs due primarily to fewer employees and lower post-retirement benefit costs. The as-reported year-to-date increase reflected 2013 expenses in connection with the planned spin-merge of the transmission business in 2013 and reduced spending related to HCM implementation. |
(l) | The current quarter and year-to-date increases reflected lower compensation and benefits expense due to fewer employees and lower post-retirement benefit costs and the deferral of costs for future amortization associated with nuclear refueling outages. The sale of Entergy Solutions District Energy in November 2013 also contributed to the increases. |
(m) | The decreases in the current quarter and year-to-date resulted from a charge associated with the Mississippi rate case settlement ($61 million pre-tax, $40 million after-tax). |
(n) | The as-reported increase in the current quarter and year-to-date periods were driven largely by the net effect of two charges. The charge in third quarter of the prior year was larger than the charge in the current year. In third quarter 2013, as a result of the decision to shut down VY at the end of its current operating cycle, the company recorded a non-cash impairment of the carrying values of VY and related assets to their fair value, in accordance with GAAP, and other related charges. In third quarter 2014, the company recorded additional impairment charges. The third quarter 2014 impairment was the result of an updated decommissioning cost study completed during the quarter. |
(o) | The decreases in the current quarter and year-to-date periods were due primarily to the net effect of two items. Favorable interest settlements on the filing of state income tax adjustments totaling approximately $27 million were recorded in third quarter 2013; this decrease was partially offset by a state income tax benefit of approximately $10 million resulting from Act 55 storm securitization in third quarter 2014. The year-to-date decrease also reflected a state tax benefit in second quarter 2013. |
(p) | The current quarter and year-to-date decreases reflected the third quarter 2013 resolution of a tax basis issue which resulted in the reversal of an income tax reserve for approximately $22 million. The year-to-date decrease also included a state income tax benefit of approximately $17 million recorded in second quarter 2013. The year-to-date decrease was partially offset by a change in New York law which resulted in a reduction of deferred income taxes of approximately $22 million in first quarter 2014. |
(q) | The decrease in the current quarter and year-to-date periods were due primarily to a third quarter 2013 reversal of a state valuation allowance of approximately $28 million. |
(r) | The year-to-date increase was attributable largely to higher realized price for EWC’s nuclear fleet reflecting significantly higher energy prices in first quarter 2014 as well as the effect of mark-to-market activity. A higher nuclear capacity factor due to fewer unplanned outage days also contributed. |
(s) | The decrease year-to-date was due primarily to higher interest expense related to net debt issuances and the lease renewal in December 2013 of the Grand Gulf sale leaseback. |
Appendix A-3: Special Items (shown as positive/(negative) impact on earnings) | ||||||
Third Quarter and Year-to-Date 2014 vs. 2013 | ||||||
(Per share in U.S. $) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
Utility | ||||||
Transmission business spin-merge expenses | (0.06) | 0.06 | (0.16) | 0.16 | ||
HCM implementation expenses | (0.03) | 0.03 | (0.03) | (0.05) | 0.02 | |
Total Utility | (0.09) | 0.09 | (0.03) | (0.21) | 0.18 | |
EWC | ||||||
Decision to close VY | (0.41) | (0.97) | 0.56 | (0.48) | (0.97) | 0.49 |
HCM implementation expenses | (0.01) | 0.01 | (0.01) | (0.02) | 0.01 | |
Total EWC | (0.41) | (0.98) | 0.57 | (0.49) | (0.99) | 0.50 |
Parent & Other | ||||||
Total Special Items | (0.41) | (1.07) | 0.66 | (0.52) | (1.20) | 0.68 |
(U.S. $ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
Utility | ||||||
Transmission business spin-merge expenses | (10.1) | 10.1 | (28.6) | 28.6 | ||
HCM implementation expenses | (0.3) | (5.2) | 4.9 | (6.1) | (7.9) | 1.8 |
Total Utility | (0.3) | (15.3) | 15.0 | (6.1) | (36.5) | 30.4 |
EWC | ||||||
Decision to close VY | (73.7) | (173.1) | 99.4 | (86.4) | (173.1) | 86.7 |
HCM implementation expenses | (0.3) | (2.1) | 1.8 | (1.7) | (3.2) | 1.5 |
Total EWC | (74.0) | (175.2) | 101.2 | (88.1) | (176.3) | 88.2 |
Parent & Other | ||||||
Total Special Items | (74.3) | (190.5) | 116.2 | (94.2) | (212.8) | 118.6 |
B. | Financial and Historical Performance Measures |
Appendix B-1: GAAP and Non-GAAP Financial Performance Measures | ||||
Third Quarter 2014 vs. 2013 (see Appendix C for definitions of certain measures) | ||||
For 12 months ending September 30 | 2014 | 2013 | Change | |
GAAP Measures | ||||
ROIC - as-reported | 5.8% | 5.5% | 0.3% | |
ROE - as-reported | 9.9% | 9.3% | 0.6% | |
Book value per share | $56.49 | $52.77 | $3.72 | |
End of period shares outstanding (millions) | 179.6 | 178.3 | 1.3 | |
Non-GAAP Measures | ||||
ROIC - operational | 6.3% | 6.4% | (0.1%) | |
ROE - operational | 11.2% | 11.7% | (0.5%) | |
As of September 30 ($ in millions) | 2014 | 2013 | Change | |
GAAP Measures | ||||
Cash and cash equivalents | 1,069 | 365 | 704 | |
Revolver capacity | 3,975 | 4,129 | (154) | |
Commercial paper outstanding | 776 | 1,015 | (239) | |
Total debt | 13,673 | 13,623 | 50 | |
Securitization debt | 814 | 910 | (96) | |
Debt to capital ratio | 56.7% | 58.4% | (1.7%) | |
Off-balance sheet liabilities: | ||||
Debt of joint ventures - Entergy’s share | 83 | 87 | (4) | |
Leases - Entergy’s share | 456 | 505 | (49) | |
Total off-balance sheet liabilities | 539 | 592 | (53) | |
Non-GAAP Measures | ||||
Debt to capital ratio, excluding securitization debt | 55.2% | 56.7% | (1.5%) | |
Gross liquidity | 5,044 | 4,494 | 550 | |
Net debt to net capital ratio, excluding securitization debt | 53.0% | 56.0% | (3.0%) | |
Net debt to net capital ratio including off-balance sheet liabilities, excluding securitization debt | 54.1% | 57.2% | (3.1%) | |
Parent debt to total debt ratio, excluding securitization debt | 19.6% | 21.0% | (1.4%) | |
Debt to operational adjusted EBITDA, excluding securitization debt | 3.6 | 4.1 | (0.5) | |
Operational FFO to debt ratio, excluding securitization debt | 29.4% | 25.9% | 3.5% | |
Appendix B-2: Historical Performance Measures (see Appendix C for definitions of certain measures) | |||||||||||
4Q12 | 1Q13 | 2Q13 | 3Q13 | 4Q13 | 1Q14 | 2Q14 | 3Q14 | 14YTD | 13YTD | ||
Financial | |||||||||||
EPS - as-reported ($) | 1.66 | 0.90 | 0.92 | 1.34 | 0.82 | 2.24 | 1.05 | 1.27 | 4.56 | 3.16 | |
Less - special items ($) | (0.06) | (0.04) | (0.09) | (1.07) | (0.18) | (0.05) | (0.06) | (0.41) | (0.52) | (1.20) | |
EPS - operational ($) | 1.72 | 0.94 | 1.01 | 2.41 | 1.00 | 2.29 | 1.11 | 1.68 | 5.08 | 4.36 | |
Trailing twelve months | |||||||||||
ROIC - as-reported (%) | 5.5 | 6.9 | 5.9 | 5.5 | 4.7 | 5.7 | 5.8 | 5.8 | |||
ROIC - operational (%) | 6.6 | 7.0 | 6.1 | 6.4 | 5.8 | 6.8 | 6.8 | 6.3 | |||
ROE - as-reported (%) | 9.3 | 12.8 | 10.5 | 9.3 | 7.6 | 9.9 | 10.1 | 9.9 | |||
ROE - operational (%) | 12.2 | 13.2 | 10.9 | 11.7 | 10.2 | 12.5 | 12.6 | 11.2 | |||
Debt to capital ratio (%) | 58.7 | 58.7 | 59.0 | 58.4 | 57.9 | 57.5 | 56.9 | 56.7 | |||
Debt to capital ratio, excluding securitization debt (%) | 56.9 | 56.9 | 57.3 | 56.7 | 56.3 | 55.9 | 55.4 | 55.2 | |||
Net debt to net capital ratio, excluding securitization debt (%) | 55.8 | 56.3 | 56.7 | 56.0 | 54.8 | 54.1 | 54.1 | 53.0 | |||
Parent debt to total debt ratio, excluding securitization debt (%) | 23.7 | 23.6 | 20.6 | 21.0 | 21.9 | 20.6 | 20.2 | 19.6 | |||
Debt to operational adjusted EBITDA, excluding securitization debt | 4.1 | 4.0 | 4.1 | 4.1 | 4.1 | 3.7 | 3.5 | 3.6 | |||
Operational FFO to debt ratio, excluding securitization debt (%) | 23.8 | 24.3 | 23.3 | 25.9 | 26.8 | 26.9 | 28.9 | 29.4 | |||
Utility | |||||||||||
GWh billed | |||||||||||
Residential | 7,360 | 8,344 | 7,377 | 11,359 | 8,089 | 10,027 | 7,266 | 10,869 | 28,162 | 27,080 | |
Commercial & Governmental | 7,313 | 7,005 | 7,267 | 9,041 | 7,647 | 7,384 | 7,349 | 8,940 | 23,673 | 23,312 | |
Industrial | 10,067 | 9,868 | 10,357 | 11,038 | 10,389 | 10,113 | 10,902 | 11,620 | 32,635 | 31,264 | |
Wholesale | 798 | 630 | 590 | 667 | 1,133 | 2,234 | 2,048 | 2,075 | 6,357 | 1,887 | |
Non-fuel O&M per MWh (t) | $22.19 | $21.02 | $23.44 | $18.15 | $21.99 | $17.53 | $21.00 | $18.40 | $18.91 | $20.65 | |
EWC | |||||||||||
Owned Capacity in MW (u) | 6,612 | 6,612 | 6,612 | 6,612 | 6,068 | 6,068 | 6,068 | 6,068 | 6,068 | 6,612 | |
GWh billed | 11,221 | 10,387 | 11,172 | 11,630 | 11,938 | 10,014 | 11,533 | 11,328 | 32,874 | 33,189 | |
Net revenue ($ millions) | 463 | 493 | 383 | 494 | 432 | 748 | 471 | 485 | 1,704 | 1,370 | |
Operational adjusted EBITDA ($ millions) | 161 | 194 | 61 | 165 | 133 | 455 | 145 | 165 | 764 | 419 | |
Avg realized revenue per MWh | $50.56 | $58.66 | $47.36 | $53.22 | $45.05 | $90.68 | $49.75 | $53.11 | $63.37 | $52.95 | |
Non-fuel O&M per MWh (t) | $23.52 | $25.22 | $25.69 | $25.28 | $25.10 | $25.50 | $24.99 | $25.18 | $25.21 | $25.40 | |
EWC Nuclear Operational Measures | |||||||||||
Capacity factor (%) | 90 | 83 | 82 | 94 | 97 | 82 | 95 | 90 | 89 | 86 | |
GWh billed | 10,298 | 9,246 | 9,789 | 10,274 | 10,858 | 9,079 | 10,588 | 9,950 | 29,618 | 29,309 | |
Avg realized revenue per MWh | $49.88 | $57.82 | $46.40 | $53.16 | $44.15 | $88.86 | $49.79 | $53.24 | $62.93 | $52.37 | |
Production cost per MWh (t) | $26.18 | $25.94 | $29.16 | $25.32 | $25.37 | $26.72 | $25.88 | $27.37 | $26.54 | $26.73 | |
(t) | Excludes effect of special items: the proposed spin-merge of the transmission business at Utility (2012 and 2013 quarterly periods and 2013 year-to-date) and HCM implementation expenses at Utility and EWC (2013 second, third and fourth quarters and year-to-date; 2014 first, second and third quarters and year-to-date) and special items in non-fuel O&M resulting from the decision to close VY (2013 third and fourth quarters and year-to-date; 2014 first, second and third quarters and year-to-date). |
(u) | Fourth quarter 2013 and first, second and third quarters and year-to-date 2014 were reduced due to the retirement of R.E. Ritchie Unit 2 (gas/oil) plant in November 2013 (544 MW). |
C. | Definitions |
Appendix C: Definitions of Operational Performance Measures, GAAP and Non-GAAP Financial Measures and Abbreviations or Acronyms | |
Utility Operational Performance Measures | |
GWh billed | Total number of GWh billed to all retail and wholesale customers |
Non-fuel O&M per MWh | Operation and maintenance expenses per MWh of billed sales, excluding fuel, fuel-related expenses and gas purchased for resale, purchased power and special items |
Number of retail customers | Number of customers at end of period |
EWC Operational Performance Measures | |
Net revenue | Operating revenue less fuel, fuel related expenses and purchased power |
Owned capacity (MW) | Installed capacity owned and operated by EWC, including investments in wind generation accounted for under the equity method of accounting; in November 2013, R.E. Ritchie Unit 2 (gas/oil) plant was retired (544 MW) |
GWh billed | Total number of GWh billed to customers, excluding investments in wind generation accounted for under the equity method of accounting and financially-settled instruments |
Average realized revenue per MWh | As-reported revenue per MWh billed, excluding revenue from the amortization of the Palisades below-market PPA and/or investments in wind generation accounted for under the equity method of accounting |
Non-fuel O&M per MWh | Operation and maintenance expenses per MWh billed, excluding fuel, fuel-related expenses and gas purchased for resale, purchased power, special items and investments in wind generation accounted for under the equity method of accounting |
Capacity factor | Normalized percentage of the period that the nuclear plants generate power |
Production cost per MWh | Fuel and non-fuel O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation), excluding special items |
Refueling outage days | Number of days lost for scheduled refueling outage during the period |
Planned TWh of generation | Amount of output expected to be generated by EWC resources considering plant operating characteristics, outage schedules and expected market conditions which impact dispatch, assuming shutdown of VY in fourth quarter 2014, uninterrupted normal operation at the remaining nuclear plants and timely renewal of plant operating licenses; non-nuclear also includes purchases from affiliated and non-affiliated counterparties under long-term contracts and excludes energy and capacity from EWC’s wind investment accounted for under the equity method of accounting |
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 |
Unit-contingent | Transaction under which power is supplied from a specific generation asset; if the asset is not operating, seller is generally not liable to buyer for any damages |
Unit-contingent with availability guarantees | Transaction under which power is supplied from a specific generation asset; if the asset is not operating, seller is generally not liable to buyer for any damages, unless the actual availability over a specified period of time is below an availability threshold specified in the contract |
Firm LD | Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract; a portion of which may be capped through the use of risk management products |
Offsetting positions | Transactions for the purchase of energy, generally to offset a Firm LD transaction |
Cost-based contracts | Contracts priced in accordance with cost-based rates, a ratemaking concept used for the design and development of rate schedules to ensure that the filed rate schedules recover only the cost of providing the service; these contracts are on owned EWC resources located within Entergy’s utility service territory and were executed prior to EWC receiving market-based authority under MISO |
Planned net MW in operation | Amount of installed capacity to generate power and/or sell capacity; non-nuclear also includes purchases from affiliated and non-affiliated counterparties under long-term contracts and excludes energy and capacity from EWC’s wind investment accounted for under the equity method of accounting |
Percent of capacity sold forward | Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions |
Bundled capacity and energy contracts | A contract for the sale of installed capacity and related energy, priced per MWh sold |
Capacity contracts | A contract for the sale of the installed capacity product in regional markets managed by ISO-NE, the NYISO and MISO |
Appendix C: Definitions of Operational Performance Measures, GAAP and Non-GAAP Financial Measures and Abbreviations or Acronyms (continued) | ||
EWC Operational Performance Measures (continued) | ||
Average revenue per MWh on contracted volumes | Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades; revenue will fluctuate due to factors including market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at the time of option expiration, costs to convert firm LD to unit-contingent and other risk management costs; also, excludes payments owed under the value sharing agreements, if any | |
Average revenue under contract per kW per month (applies to capacity contracts only) | Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards | |
Expected sold and market total revenue per MWh | Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including estimates for market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at time of option expiration, costs to convert Firm LD to unit-contingent and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA; also excludes payments owed under value sharing agreements, if any | |
Financial Measures - GAAP | ||
ROIC - as-reported | 12-months rolling net income attributable to Entergy Corporation or Subsidiary (Net Income) adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital | |
ROE - as-reported | 12-months rolling Net Income divided by average common equity | |
Book value per share | End of period common equity divided by end of period shares outstanding | |
Revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers | |
Total debt | Sum of short-term and long-term debt, notes payable and commercial paper and capital leases on the balance sheet | |
Debt of joint ventures - Entergy’s share | Entergy’s share of debt issued by business joint ventures at EWC | |
Leases - Entergy’s share | Operating leases held by subsidiaries capitalized at implicit interest rate | |
Debt to capital ratio | Total debt divided by total capitalization | |
Securitization debt | Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at ETI; the 2009 ice storm at EAI and investment recovery of costs associated with the cancelled Little Gypsy repowering project at ELL | |
Financial Measures - Non-GAAP | ||
Operational earnings | As-reported Net Income adjusted to exclude the impact of special items | |
Adjusted EBITDA | Earnings before interest, income taxes, depreciation and amortization, and interest and investment income excluding decommissioning expense, and other than temporary impairment losses on decommissioning trust fund assets; for Entergy consolidated, also excludes AFUDC-equity funds and subtracts securitization proceeds. | |
Operational adjusted EBITDA | Adjusted EBITDA excluding effects of special items | |
ROIC - operational | 12-months rolling operational Net Income adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital | |
ROE - operational | 12-months rolling operational Net Income divided by average common equity | |
Gross liquidity | Sum of cash and revolver capacity | |
Debt to capital ratio, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt | |
Net debt to net capital ratio, excluding securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt | |
Net debt to net capital ratio, including off-balance sheet liabilities, excluding securitization debt | Sum of total debt and off-balance sheet debt less cash and cash equivalents divided by sum of total capitalization and off-balance sheet debt less cash and cash equivalents, excluding securitization debt | |
Debt to EBITDA | End of period total debt excluding securitization debt divided by 12-months rolling operational adjusted EBITDA | |
FFO | Net cash flow provided by operations less AFUDC-borrowed funds, working capital items in operating cash flow (receivables, fuel inventory, accounts payable, prepaid taxes and taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charge | |
Operational FFO | FFO excluding effects of special items | |
FFO to debt | 12-months rolling operational FFO as a percentage of end of period total debt excluding securitization debt | |
Parent debt to total debt | End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of total debt excluding securitization debt | |
Appendix C: Definitions of Operational Performance Measures, GAAP and Non-GAAP Financial Measures and Abbreviations or Acronyms (continued) | |
Abbreviations or Acronyms | |
AFUDC-borrowed funds | Allowance for borrowed funds used during construction |
AFUDC-equity funds | Allowance for equity funds used during construction |
APSC | Arkansas Public Service Commission |
DOE | U.S. Department of Energy |
EAI | Entergy Arkansas, Inc. |
EGSL | Entergy Gulf States Louisiana, L.L.C. |
ELL | Entergy Louisiana, LLC |
EMI | Entergy Mississippi, Inc. |
ENOI | Entergy New Orleans, Inc. |
ETI | Entergy Texas, Inc. |
EWC | Entergy Wholesale Commodities |
Firm LD | Firm liquidated damages |
FitzPatrick | James A. FitzPatrick Nuclear Power Plant |
FFO | Funds from operations |
GAAP | Generally accepted accounting principles |
HCM | Human Capital Management program |
IP2 | Indian Point Energy Center Unit 2 (nuclear) |
IP3 | Indian Point Energy Center Unit 3 (nuclear) |
ISO | Independent system operator |
ISO-NE | ISO New England |
LHV | Lower Hudson Valley |
LPSC | Louisiana Public Service Commission |
MISO | Midcontinent Independent System Operator, Inc. |
MPSC | Mississippi Public Service Commission |
MPUS | Mississippi Public Utilities Staff |
Non-fuel O&M | Operation and maintenance expenses excluding fuel, fuel related expenses, and gas purchased for resale and purchased power |
NRC | Nuclear Regulatory Commission |
NYISO | New York Independent System Operator, Inc. |
NYSE | New York Stock Exchange |
Palisades | Palisades Power Plant (nuclear) |
PPA | Power purchase agreement |
PUCT | Public Utility Commission of Texas |
ROE | Return on equity |
ROIC | Return on invested capital |
RTO | Regional transmission organization |
VY | Vermont Yankee Nuclear Power Station (nuclear) |
D. | GAAP to Non-GAAP Reconciliations |
Appendix D-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROE, ROIC Metrics | ||||||||
($ in millions) | ||||||||
4Q12 | 1Q13 | 2Q13 | 3Q13 | 4Q13 | 1Q14 | 2Q14 | 3Q14 | |
As-reported net income attributable to Entergy Corporation, rolling 12 months (A) | 847 | 1,160 | 958 | 861 | 712 | 952 | 977 | 968 |
Preferred dividends | 22 | 22 | 21 | 20 | 19 | 18 | 19 | 19 |
Tax effected interest expense | 350 | 356 | 363 | 365 | 371 | 376 | 381 | 383 |
As-reported net income attributable to Entergy Corporation, rolling 12 months including preferred dividends and tax effected interest expense (B) | 1,219 | 1,538 | 1,342 | 1,246 | 1,102 | 1,346 | 1,377 | 1,370 |
Special items in prior quarters | (251) | (31) | (28) | (33) | (212) | (239) | (232) | (52) |
Special items in current quarter | ||||||||
Decision to close VY | 0 | 0 | 0 | (173) | (32) | (6) | (7) | (74) |
Transmission business spin-merge expenses | (11) | (6) | (12) | (10) | 25 | 0 | 0 | 0 |
HCM implementation expenses | 0 | 0 | (4) | (7) | (26) | (3) | (4) | (1) |
Total special items (C) | (262) | (37) | (44) | (224) | (245) | (248) | (243) | (127) |
Operational earnings, rolling 12 months including preferred dividends and tax effected interest expense (B-C) | 1,481 | 1,575 | 1,386 | 1,470 | 1,347 | 1,594 | 1,620 | 1,497 |
Operational earnings, rolling 12 months (A-C) | 1,109 | 1,197 | 1,002 | 1,085 | 957 | 1,200 | 1,220 | 1,095 |
Average invested capital (D) | 22,290 | 22,389 | 22,573 | 22,857 | 23,283 | 23,539 | 23,680 | 23,720 |
Average common equity (E) | 9,079 | 9,064 | 9,152 | 9,299 | 9,415 | 9,581 | 9,668 | 9,779 |
ROIC - as-reported % (B/D) | 5.5 | 6.9 | 5.9 | 5.5 | 4.7 | 5.7 | 5.8 | 5.8 |
ROIC - operational % ((B-C)/D) | 6.6 | 7.0 | 6.1 | 6.4 | 5.8 | 6.8 | 6.8 | 6.3 |
ROE - as-reported % (A/E) | 9.3 | 12.8 | 10.5 | 9.3 | 7.6 | 9.9 | 10.1 | 9.9 |
ROE - operational % ((A-C)/E) | 12.2 | 13.2 | 10.9 | 11.7 | 10.2 | 12.5 | 12.6 | 11.2 |
Appendix D-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics | ||||||||
($ in millions) | ||||||||
4Q12 | 1Q13 | 2Q13 | 3Q13 | 4Q13 | 1Q14 | 2Q14 | 3Q14 | |
Total debt (A) | 13,473 | 13,471 | 13,747 | 13,623 | 13,678 | 13,860 | 13,692 | 13,673 |
Less securitization debt (B) | 973 | 952 | 927 | 910 | 883 | 861 | 832 | 814 |
Total debt, excluding securitization debt (C) | 12,500 | 12,519 | 12,820 | 12,713 | 12,795 | 12,999 | 12,860 | 12,859 |
Less cash and cash equivalents (D) | 533 | 263 | 311 | 365 | 739 | 908 | 650 | 1,069 |
Net debt, excluding securitization debt (E) | 11,967 | 12,256 | 12,509 | 12,348 | 12,056 | 12,091 | 12,210 | 11,790 |
Total capitalization (F) | 22,951 | 22,965 | 23,302 | 23,312 | 23,615 | 24,113 | 24,059 | 24,127 |
Less securitization debt (B) | 973 | 952 | 927 | 910 | 883 | 861 | 832 | 814 |
Total capitalization, excluding securitization debt (G) | 21,978 | 22,013 | 22,375 | 22,402 | 22,732 | 23,252 | 23,227 | 23,313 |
Less cash and cash equivalents (D) | 533 | 263 | 311 | 365 | 739 | 908 | 650 | 1,069 |
Net capital, excluding securitization debt (H) | 21,445 | 21,750 | 22,064 | 22,037 | 21,993 | 22,344 | 22,577 | 22,244 |
Debt to capital ratio % (A/F) | 58.7 | 58.7 | 59.0 | 58.4 | 57.9 | 57.5 | 56.9 | 56.7 |
Debt to capital ratio, excluding securitization debt % (C/G) | 56.9 | 56.9 | 57.3 | 56.7 | 56.3 | 55.9 | 55.4 | 55.2 |
Net debt to net capital ratio, excluding securitization debt % (E/H) | 55.8 | 56.3 | 56.7 | 56.0 | 54.8 | 54.1 | 54.1 | 53.0 |
Off-balance sheet liabilities (I) | 595 | 595 | 594 | 592 | 542 | 542 | 541 | 539 |
Net debt to net capital ratio including off-balance sheet liabilities, excluding securitization debt % ((E+I)/(H+I)) | 57.0 | 57.5 | 57.8 | 57.2 | 55.9 | 55.2 | 55.2 | 54.1 |
Revolver capacity (J) | 3,462 | 3,542 | 3,819 | 4,129 | 3,977 | 4,077 | 4,003 | 3,975 |
Gross liquidity (D+J) | 3,995 | 3,805 | 4,130 | 4,494 | 4,716 | 4,985 | 4,653 | 5,044 |
Entergy Corporation notes: | ||||||||
Due September 2015 | 550 | 550 | 550 | 550 | 550 | 550 | 550 | 550 |
Due January 2017 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 |
Due September 2020 | 450 | 450 | 450 | 450 | 450 | 450 | 450 | 450 |
Total parent long-term debt (K) | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 |
Revolver draw (L) | 795 | 570 | 190 | 150 | 255 | 115 | 195 | 245 |
Commercial paper (M) | 665 | 883 | 947 | 1,015 | 1,045 | 1,059 | 909 | 776 |
Total parent debt (K)+(L)+(M) | 2,960 | 2,953 | 2,637 | 2,665 | 2,800 | 2,674 | 2,604 | 2,521 |
Parent debt to total debt ratio, excluding securitization debt % ((K)+(L)+(M))/(C) | 23.7 | 23.6 | 20.6 | 21.0 | 21.9 | 20.6 | 20.2 | 19.6 |
Appendix D-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics (continued) | ||||||||
($ in millions) | ||||||||
4Q12 | 1Q13 | 2Q13 | 3Q13 | 4Q13 | 1Q14 | 2Q14 | 3Q14 | |
Total debt (A) | 13,473 | 13,471 | 13,747 | 13,623 | 13,678 | 13,860 | 13,692 | 13,673 |
Less securitization debt (B) | 973 | 952 | 927 | 910 | 883 | 861 | 832 | 814 |
Total debt, excluding securitization debt (C) | 12,500 | 12,519 | 12,820 | 12,713 | 12,795 | 12,999 | 12,860 | 12,859 |
As-reported consolidated net income, rolling 12 months | 868 | 1,182 | 980 | 881 | 731 | 970 | 996 | 968 |
Add back: interest expense, rolling 12 months | 569 | 580 | 590 | 593 | 604 | 612 | 618 | 623 |
Add back: income tax expense, rolling 12 months | 31 | 148 | 343 | 135 | 226 | 326 | 382 | 519 |
Add back: depreciation and amortization, rolling 12 months | 1,145 | 1,165 | 1,188 | 1,231 | 1,261 | 1,289 | 1,323 | 1,330 |
Add back: regulatory charges (credits), rolling 12 months | 175 | 180 | 46 | 36 | 46 | 44 | 26 | 16 |
Subtract: securitization proceeds, rolling 12 months | 132 | 133 | 129 | 127 | 127 | 132 | 133 | 132 |
Subtract: interest and investment income, rolling 12 months | 128 | 125 | 136 | 135 | 199 | 196 | 180 | 206 |
Subtract: AFUDC - equity funds, rolling 12 months | 93 | 81 | 69 | 68 | 66 | 68 | 67 | 66 |
Add back: decommissioning expense, rolling 12 months | 185 | 186 | 233 | 237 | 242 | 249 | 257 | 264 |
Adjusted EBITDA, rolling 12 months (D) | 2,620 | 3,102 | 3,046 | 2,783 | 2,718 | 3,094 | 3,222 | 3,316 |
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | 39 | 38 | 41 | 41 | 36 | 29 | 16 | 6 |
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 0 | 0 | 6 | 18 | 60 | 65 | 66 | 55 |
Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax) | 356 | 0 | 0 | 292 | 343 | 353 | 364 | 186 |
Operational adjusted EBITDA, rolling 12 months (E) | 3,015 | 3,140 | 3,094 | 3,134 | 3,157 | 3,541 | 3,668 | 3,563 |
Debt to operational adjusted EBITDA, excluding securitization debt (C)/(E) | 4.1 | 4.0 | 4.1 | 4.1 | 4.1 | 3.7 | 3.5 | 3.6 |
Net cash flow provided by operating activities, rolling 12 months (F) | 2,940 | 2,884 | 2,868 | 2,920 | 3,189 | 3,412 | 3,602 | 3,881 |
AFUDC borrowed funds used during construction, rolling 12 months (G) | (37) | (33) | (29) | (28) | (26) | (27) | (29) | (31) |
Working capital items in net cash flow provided by operating activities, rolling 12 months: | ||||||||
Receivables | (14) | (200) | (180) | (126) | (181) | (102) | (9) | (26) |
Fuel inventory | (12) | 3 | 14 | 14 | 5 | 26 | 31 | 18 |
Accounts payable | (7) | 98 | 137 | (231) | 94 | 168 | (11) | 135 |
Prepaid taxes and taxes accrued | 55 | 109 | 10 | 5 | (143) | (187) | (124) | (117) |
Interest accrued | 1 | 3 | 5 | 0 | (4) | 2 | 1 | 18 |
Other working capital accounts | (152) | (269) | (177) | (102) | (66) | (29) | (48) | 11 |
Securitization regulatory charge | 94 | 95 | 92 | 91 | 93 | 98 | 99 | 99 |
Total (H) | (35) | (161) | (99) | (349) | (202) | (24) | (61) | 138 |
FFO, rolling 12 months (F)+(G)-(H) | 2,938 | 3,012 | 2,938 | 3,241 | 3,365 | 3,409 | 3,634 | 3,712 |
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | 37 | 36 | 37 | 40 | 36 | 31 | 21 | 8 |
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 6 | 12 | 24 | 53 | 55 | 52 | ||
Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax) | 1 | 4 | 6 | 8 | 8 | |||
Operational FFO, rolling 12 months (I) | 2,975 | 3,048 | 2,981 | 3,294 | 3,429 | 3,499 | 3,718 | 3,780 |
Operational FFO to debt ratio, excluding securitization debt % (I)/(C) | 23.8 | 24.3 | 23.3 | 25.9 | 26.8 | 26.9 | 28.9 | 29.4 |
Appendix D-3: Reconciliation of GAAP to Non-GAAP Financial Measures - EWC Operational Adjusted EBITDA | ||||||||
($ in millions) | ||||||||
4Q12 | 1Q13 | 2Q13 | 3Q13 | 4Q13 | 1Q14 | 2Q14 | 3Q14 | |
Net income | 59 | 82 | 12 | (93) | 42 | 242 | 26 | (33) |
Add back: interest expense | 3 | 3 | 4 | 4 | 5 | 5 | 3 | 4 |
Add back: income tax expense | 50 | 57 | (15) | (107) | (12) | 119 | 20 | 2 |
Add back: depreciation and amortization | 47 | 49 | 50 | 55 | 61 | 70 | 71 | 72 |
Subtract: interest and investment income | 28 | 28 | 22 | 21 | 66 | 26 | 22 | 29 |
Add back: decommissioning expense | 30 | 31 | 30 | 32 | 33 | 34 | 35 | 35 |
Adjusted EBITDA | 161 | 194 | 59 | (130) | 63 | 444 | 133 | 51 |
Add back: special item for HCM implementation expenses (pre-tax) | 2 | 3 | 19 | 1 | 1 | 1 | ||
Add back: special item resulting from the decision to close VY (pre-tax) | 292 | 52 | 10 | 11 | 113 | |||
Operational adjusted EBITDA | 161 | 194 | 61 | 165 | 133 | 455 | 145 | 165 |
VII. | Financial Statements |
Entergy Corporation | |||||||||||||||
Consolidating Balance Sheet | |||||||||||||||
September 30, 2014 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | ||||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS | |||||||||||||||
Cash and cash equivalents: | |||||||||||||||
Cash | $88,625 | $1,224 | $1,061 | $90,910 | |||||||||||
Temporary cash investments | 400,742 | 275,864 | 300,993 | 977,599 | |||||||||||
Total cash and cash equivalents | 489,367 | 277,088 | 302,054 | 1,068,509 | |||||||||||
Notes receivable | — | 522,158 | (522,158 | ) | — | ||||||||||
Accounts receivable: | |||||||||||||||
Customer | 639,112 | 126,194 | — | 765,306 | |||||||||||
Allowance for doubtful accounts | (34,687 | ) | — | — | (34,687 | ) | |||||||||
Associated companies | 25,188 | 635 | (25,823 | ) | — | ||||||||||
Other | 206,867 | 11,734 | 699 | 219,300 | |||||||||||
Accrued unbilled revenues | 363,464 | — | — | 363,464 | |||||||||||
Total accounts receivable | 1,199,944 | 138,563 | (25,124 | ) | 1,313,383 | ||||||||||
Deferred fuel costs | 205,553 | — | — | 205,553 | |||||||||||
Accumulated deferred income taxes | 48,303 | 3,591 | (37,735 | ) | 14,159 | ||||||||||
Fuel inventory - at average cost | 168,691 | 10,404 | — | 179,095 | |||||||||||
Materials and supplies - at average cost | 611,201 | 318,733 | — | 929,934 | |||||||||||
Deferred nuclear refueling outage costs | 111,653 | 160,457 | — | 272,110 | |||||||||||
Prepayments and other | 257,332 | 67,582 | (43,118 | ) | 281,796 | ||||||||||
TOTAL | 3,092,044 | 1,498,576 | (326,081 | ) | 4,264,539 | ||||||||||
OTHER PROPERTY AND INVESTMENTS | |||||||||||||||
Investment in affiliates - at equity | 1,390,786 | 39,644 | (1,390,674 | ) | 39,756 | ||||||||||
Decommissioning trust funds | 2,377,835 | 2,802,117 | — | 5,179,952 | |||||||||||
Non-utility property - at cost (less accumulated depreciation) | 187,065 | 8,060 | 6,818 | 201,943 | |||||||||||
Other | 396,995 | 11,544 | — | 408,539 | |||||||||||
TOTAL | 4,352,681 | 2,861,365 | (1,383,856 | ) | 5,830,190 | ||||||||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||||||||
Electric | 38,804,989 | 4,972,793 | 3,401 | 43,781,183 | |||||||||||
Property under capital lease | 940,372 | — | — | 940,372 | |||||||||||
Natural gas | 374,094 | — | — | 374,094 | |||||||||||
Construction work in progress | 1,446,857 | 466,660 | 240 | 1,913,757 | |||||||||||
Nuclear fuel | 859,745 | 690,987 | — | 1,550,732 | |||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 42,426,057 | 6,130,440 | 3,641 | 48,560,138 | |||||||||||
Less - accumulated depreciation and amortization | 18,822,804 | 1,447,995 | 201 | 20,271,000 | |||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 23,603,253 | 4,682,445 | 3,440 | 28,289,138 | |||||||||||
DEFERRED DEBITS AND OTHER ASSETS | |||||||||||||||
Regulatory assets: | |||||||||||||||
Regulatory asset for income taxes - net | 838,899 | — | — | 838,899 | |||||||||||
Other regulatory assets | 3,757,127 | — | — | 3,757,127 | |||||||||||
Deferred fuel costs | 238,102 | — | — | 238,102 | |||||||||||
Goodwill | 374,099 | 3,073 | — | 377,172 | |||||||||||
Accumulated deferred income taxes | 8,807 | 34,469 | — | 43,276 | |||||||||||
Other | 198,412 | 704,355 | 439 | 903,206 | |||||||||||
TOTAL | 5,415,446 | 741,897 | 439 | 6,157,782 | |||||||||||
0 | |||||||||||||||
TOTAL ASSETS | $36,463,424 | $9,784,283 | ($1,706,058 | ) | $44,541,649 | ||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||||||
Consolidating Balance Sheet | |||||||||||||||
September 30, 2014 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
CURRENT LIABILITIES | |||||||||||||||
Currently maturing long-term debt | $545,835 | $18,211 | $550,000 | $1,114,046 | |||||||||||
Notes payable and commercial paper: | |||||||||||||||
Associated companies | — | 41,363 | (41,363 | ) | — | ||||||||||
Other | 115,283 | — | 776,162 | 891,445 | |||||||||||
Account payable: | |||||||||||||||
Associated companies | 16,890 | 9,558 | (26,448 | ) | — | ||||||||||
Other | 789,548 | 314,053 | 504 | 1,104,105 | |||||||||||
Customer deposits | 406,114 | — | — | 406,114 | |||||||||||
Taxes accrued | — | — | 210,838 | 210,838 | |||||||||||
Accumulated deferred income taxes | 15,183 | 17,638 | 22,305 | 55,126 | |||||||||||
Interest accrued | 168,285 | 1,536 | 7,245 | 177,066 | |||||||||||
Deferred fuel costs | 88,230 | — | — | 88,230 | |||||||||||
Obligations under capital leases | 2,460 | — | — | 2,460 | |||||||||||
Pension and other postretirement liabilities | 43,137 | 9,360 | — | 52,497 | |||||||||||
Other | 175,654 | 173,516 | 2,470 | 351,640 | |||||||||||
TOTAL | 2,366,619 | 585,235 | 1,501,713 | 4,453,567 | |||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||
Accumulated deferred income taxes and taxes accrued | 7,642,742 | 1,387,472 | 32,872 | 9,063,086 | |||||||||||
Accumulated deferred investment tax credits | 257,036 | — | — | 257,036 | |||||||||||
Obligations under capital leases | 30,354 | — | — | 30,354 | |||||||||||
Other regulatory liabilities | 1,337,549 | — | — | 1,337,549 | |||||||||||
Decommissioning and retirement cost liabilities | 2,385,283 | 1,886,868 | — | 4,272,151 | |||||||||||
Accumulated provisions | 400,791 | 2,701 | — | 403,492 | |||||||||||
Pension and other postretirement liabilities | 1,472,491 | 571,682 | — | 2,044,173 | |||||||||||
Long-term debt | 10,361,119 | 78,928 | 1,194,615 | 11,634,662 | |||||||||||
Other | 800,754 | 550,913 | (759,883 | ) | 591,784 | ||||||||||
TOTAL | 24,688,119 | 4,478,564 | 467,604 | 29,634,287 | |||||||||||
Subsidiaries' preferred stock without sinking fund | 186,511 | 24,249 | — | 210,760 | |||||||||||
EQUITY | |||||||||||||||
Common Shareholders' Equity: | |||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | |||||||||||||||
issued 254,752,788 shares in 2014 | 2,161,268 | 201,094 | (2,359,814 | ) | 2,548 | ||||||||||
Paid-in capital | 2,458,397 | 1,474,998 | 1,434,373 | 5,367,768 | |||||||||||
Retained earnings | 4,702,327 | 2,925,942 | 2,571,069 | 10,199,338 | |||||||||||
Accumulated other comprehensive income (loss) | (73,817 | ) | 94,201 | — | 20,384 | ||||||||||
Less - treasury stock, at cost (75,103,116 shares in 2014) | 120,000 | — | 5,321,003 | 5,441,003 | |||||||||||
Total common shareholders' equity | 9,128,175 | 4,696,235 | (3,675,375 | ) | 10,149,035 | ||||||||||
Subsidiaries' preferred stock without sinking fund | 94,000 | — | — | 94,000 | |||||||||||
TOTAL | 9,222,175 | 4,696,235 | (3,675,375 | ) | 10,243,035 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $36,463,424 | $9,784,283 | ($1,706,058 | ) | $44,541,649 | ||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||||||
Consolidating Balance Sheet | |||||||||||||||
December 31, 2013 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | ||||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS | |||||||||||||||
Cash and cash equivalents: | |||||||||||||||
Cash | $119,781 | $9,192 | $1,006 | $129,979 | |||||||||||
Temporary cash investments | 431,436 | 167,266 | 10,445 | 609,147 | |||||||||||
Total cash and cash equivalents | 551,217 | 176,458 | 11,451 | 739,126 | |||||||||||
Notes receivable | — | 530,389 | (530,389 | ) | — | ||||||||||
Accounts receivable: | |||||||||||||||
Customer | 509,176 | 161,465 | — | 670,641 | |||||||||||
Allowance for doubtful accounts | (34,311 | ) | — | — | (34,311 | ) | |||||||||
Associated companies | 47,887 | 2,776 | (50,663 | ) | — | ||||||||||
Other | 184,640 | 10,353 | 35 | 195,028 | |||||||||||
Accrued unbilled revenues | 340,828 | — | — | 340,828 | |||||||||||
Total accounts receivable | 1,048,220 | 174,594 | (50,628 | ) | 1,172,186 | ||||||||||
Deferred fuel costs | 116,379 | — | — | 116,379 | |||||||||||
Accumulated deferred income taxes | 195,030 | 13,915 | (33,872 | ) | 175,073 | ||||||||||
Fuel inventory - at average cost | 198,604 | 10,354 | — | 208,958 | |||||||||||
Materials and supplies - at average cost | 603,557 | 311,449 | — | 915,006 | |||||||||||
Deferred nuclear refueling outage costs | 78,633 | 113,841 | — | 192,474 | |||||||||||
Prepayments and other | 362,832 | 180,477 | (132,820 | ) | 410,489 | ||||||||||
TOTAL | 3,154,472 | 1,511,477 | (736,258 | ) | 3,929,691 | ||||||||||
OTHER PROPERTY AND INVESTMENTS | |||||||||||||||
Investment in affiliates - at equity | 1,097,270 | 40,238 | (1,097,158 | ) | 40,350 | ||||||||||
Decommissioning trust funds | 2,235,826 | 2,667,318 | — | 4,903,144 | |||||||||||
Non-utility property - at cost (less accumulated depreciation) | 182,465 | 8,189 | 8,721 | 199,375 | |||||||||||
Other | 150,015 | 60,601 | — | 210,616 | |||||||||||
TOTAL | 3,665,576 | 2,776,346 | (1,088,437 | ) | 5,353,485 | ||||||||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||||||||
Electric | 38,043,514 | 4,888,807 | 3,391 | 42,935,712 | |||||||||||
Property under capital lease | 941,299 | — | — | 941,299 | |||||||||||
Natural gas | 366,365 | — | — | 366,365 | |||||||||||
Construction work in progress | 1,217,138 | 297,451 | 268 | 1,514,857 | |||||||||||
Nuclear fuel | 854,617 | 712,287 | — | 1,566,904 | |||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 41,422,933 | 5,898,545 | 3,659 | 47,325,137 | |||||||||||
Less - accumulated depreciation and amortization | 18,199,512 | 1,243,791 | 190 | 19,443,493 | |||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 23,223,421 | 4,654,754 | 3,469 | 27,881,644 | |||||||||||
DEFERRED DEBITS AND OTHER ASSETS | |||||||||||||||
Regulatory assets: | |||||||||||||||
Regulatory asset for income taxes - net | 849,718 | — | — | 849,718 | |||||||||||
Other regulatory assets | 3,893,363 | — | — | 3,893,363 | |||||||||||
Deferred fuel costs | 172,202 | — | — | 172,202 | |||||||||||
Goodwill | 374,099 | 3,073 | — | 377,172 | |||||||||||
Accumulated deferred income taxes | 9,117 | 52,894 | — | 62,011 | |||||||||||
Other | 197,617 | 698,161 | (8,618 | ) | 887,160 | ||||||||||
TOTAL | 5,496,116 | 754,128 | (8,618 | ) | 6,241,626 | ||||||||||
TOTAL ASSETS | $35,539,585 | $9,696,705 | ($1,829,844 | ) | $43,406,446 | ||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||||||
Consolidating Balance Sheet | |||||||||||||||
December 31, 2013 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
CURRENT LIABILITIES | |||||||||||||||
Currently maturing long-term debt | $438,884 | $18,211 | $— | $457,095 | |||||||||||
Notes payable and commercial paper: | |||||||||||||||
Associated companies | — | 103,739 | (103,739 | ) | — | ||||||||||
Other | 2,940 | — | 1,043,947 | 1,046,887 | |||||||||||
Account payable: | |||||||||||||||
Associated companies | 15,836 | 28,216 | (44,052 | ) | — | ||||||||||
Other | 916,616 | 256,018 | 679 | 1,173,313 | |||||||||||
Customer deposits | 370,997 | — | — | 370,997 | |||||||||||
Taxes accrued | — | — | 191,093 | 191,093 | |||||||||||
Accumulated deferred income taxes | 97,463 | (3 | ) | (69,153 | ) | 28,307 | |||||||||
Interest accrued | 156,968 | 194 | 23,835 | 180,997 | |||||||||||
Deferred fuel costs | 57,631 | — | — | 57,631 | |||||||||||
Obligations under capital leases | 2,323 | — | — | 2,323 | |||||||||||
Pension and other postretirement liabilities | 58,720 | 8,699 | — | 67,419 | |||||||||||
Other | 202,465 | 282,045 | — | 484,510 | |||||||||||
TOTAL | 2,320,843 | 697,119 | 1,042,610 | 4,060,572 | |||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||
Accumulated deferred income taxes and taxes accrued | 7,340,267 | 1,266,913 | 117,455 | 8,724,635 | |||||||||||
Accumulated deferred investment tax credits | 263,765 | — | — | 263,765 | |||||||||||
Obligations under capital leases | 32,218 | — | — | 32,218 | |||||||||||
Other regulatory liabilities | 1,295,955 | — | — | 1,295,955 | |||||||||||
Decommissioning and retirement cost liabilities | 2,235,194 | 1,698,222 | — | 3,933,416 | |||||||||||
Accumulated provisions | 110,899 | 3,191 | 1,049 | 115,139 | |||||||||||
Pension and other postretirement liabilities | 1,708,639 | 612,065 | — | 2,320,704 | |||||||||||
Long-term debt | 10,307,888 | 76,800 | 1,754,461 | 12,139,149 | |||||||||||
Other | 741,376 | 593,325 | (751,034 | ) | 583,667 | ||||||||||
TOTAL | 24,036,201 | 4,250,516 | 1,121,931 | 29,408,648 | |||||||||||
Subsidiaries' preferred stock without sinking fund | 186,511 | 24,249 | — | 210,760 | |||||||||||
EQUITY | |||||||||||||||
Common Shareholders' Equity: | |||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | |||||||||||||||
issued 254,752,788 shares in 2013 | 2,161,268 | 201,094 | (2,359,814 | ) | 2,548 | ||||||||||
Paid-in capital | 2,417,670 | 1,627,856 | 1,322,605 | 5,368,131 | |||||||||||
Retained earnings | 4,518,741 | 2,849,546 | 2,456,766 | 9,825,053 | |||||||||||
Accumulated other comprehensive income (loss) | (75,649 | ) | 46,325 | — | (29,324 | ) | |||||||||
Less - treasury stock, at cost (76,381,936 shares in 2013) | 120,000 | — | 5,413,942 | 5,533,942 | |||||||||||
Total common shareholders' equity | 8,902,030 | 4,724,821 | (3,994,385 | ) | 9,632,466 | ||||||||||
Subsidiaries' preferred stock without sinking fund | 94,000 | — | — | 94,000 | |||||||||||
TOTAL | 8,996,030 | 4,724,821 | (3,994,385 | ) | 9,726,466 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $35,539,585 | $9,696,705 | ($1,829,844 | ) | $43,406,446 | ||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||||||
Consolidating Balance Sheet | |||||||||||||||
September 30, 2014 vs December 31, 2013 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | ||||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS | |||||||||||||||
Cash and cash equivalents: | |||||||||||||||
Cash | ($31,156 | ) | ($7,968 | ) | $55 | ($39,069 | ) | ||||||||
Temporary cash investments | (30,694 | ) | 108,598 | 290,548 | 368,452 | ||||||||||
Total cash and cash equivalents | (61,850 | ) | 100,630 | 290,603 | 329,383 | ||||||||||
Notes receivable | — | (8,231 | ) | 8,231 | — | ||||||||||
Accounts receivable: | |||||||||||||||
Customer | 129,936 | (35,271 | ) | — | 94,665 | ||||||||||
Allowance for doubtful accounts | (376 | ) | — | — | (376 | ) | |||||||||
Associated companies | (22,699 | ) | (2,141 | ) | 24,840 | — | |||||||||
Other | 22,227 | 1,381 | 664 | 24,272 | |||||||||||
Accrued unbilled revenues | 22,636 | — | — | 22,636 | |||||||||||
Total accounts receivable | 151,724 | (36,031 | ) | 25,504 | 141,197 | ||||||||||
Deferred fuel costs | 89,174 | — | — | 89,174 | |||||||||||
Accumulated deferred income taxes | (146,727 | ) | (10,324 | ) | (3,863 | ) | (160,914 | ) | |||||||
Fuel inventory - at average cost | (29,913 | ) | 50 | — | (29,863 | ) | |||||||||
Materials and supplies - at average cost | 7,644 | 7,284 | — | 14,928 | |||||||||||
Deferred nuclear refueling outage costs | 33,020 | 46,616 | — | 79,636 | |||||||||||
Prepayments and other | (105,500 | ) | (112,895 | ) | 89,702 | (128,693 | ) | ||||||||
TOTAL | (62,428 | ) | (12,901 | ) | 410,177 | 334,848 | |||||||||
OTHER PROPERTY AND INVESTMENTS | |||||||||||||||
Investment in affiliates - at equity | 293,516 | (594 | ) | (293,516 | ) | (594 | ) | ||||||||
Decommissioning trust funds | 142,009 | 134,799 | — | 276,808 | |||||||||||
Non-utility property - at cost (less accumulated depreciation) | 4,600 | (129 | ) | (1,903 | ) | 2,568 | |||||||||
Other | 246,980 | (49,057 | ) | — | 197,923 | ||||||||||
TOTAL | 687,105 | 85,019 | (295,419 | ) | 476,705 | ||||||||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||||||||
Electric | 761,475 | 83,986 | 10 | 845,471 | |||||||||||
Property under capital lease | (927 | ) | — | — | (927 | ) | |||||||||
Natural gas | 7,729 | — | — | 7,729 | |||||||||||
Construction work in progress | 229,719 | 169,209 | (28 | ) | 398,900 | ||||||||||
Nuclear fuel | 5,128 | (21,300 | ) | — | (16,172 | ) | |||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 1,003,124 | 231,895 | (18 | ) | 1,235,001 | ||||||||||
Less - accumulated depreciation and amortization | 623,292 | 204,204 | 11 | 827,507 | |||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 379,832 | 27,691 | (29 | ) | 407,494 | ||||||||||
DEFERRED DEBITS AND OTHER ASSETS | |||||||||||||||
Regulatory assets: | |||||||||||||||
Regulatory asset for income taxes - net | (10,819 | ) | — | — | (10,819 | ) | |||||||||
Other regulatory assets | (136,236 | ) | — | — | (136,236 | ) | |||||||||
Deferred fuel costs | 65,900 | — | — | 65,900 | |||||||||||
Goodwill | — | — | — | — | |||||||||||
Accumulated deferred income taxes | (310 | ) | (18,425 | ) | — | (18,735 | ) | ||||||||
Other | 795 | 6,194 | 9,057 | 16,046 | |||||||||||
TOTAL | (80,670 | ) | (12,231 | ) | 9,057 | (83,844 | ) | ||||||||
TOTAL ASSETS | $923,839 | $87,578 | $123,786 | $1,135,203 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||||||
Consolidating Balance Sheet | |||||||||||||||
September 30, 2014 vs December 31, 2013 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
CURRENT LIABILITIES | |||||||||||||||
Currently maturing long-term debt | $106,951 | $— | $550,000 | $656,951 | |||||||||||
Notes payable and commercial paper: | |||||||||||||||
Associated companies | — | (62,376 | ) | 62,376 | — | ||||||||||
Other | 112,343 | — | (267,785 | ) | (155,442 | ) | |||||||||
Account payable: | |||||||||||||||
Associated companies | 1,054 | (18,658 | ) | 17,604 | — | ||||||||||
Other | (127,068 | ) | 58,035 | (175 | ) | (69,208 | ) | ||||||||
Customer deposits | 35,117 | — | — | 35,117 | |||||||||||
Taxes accrued | — | — | 19,745 | 19,745 | |||||||||||
Accumulated deferred income taxes | (82,280 | ) | 17,641 | 91,458 | 26,819 | ||||||||||
Interest accrued | 11,317 | 1,342 | (16,590 | ) | (3,931 | ) | |||||||||
Deferred fuel costs | 30,599 | — | — | 30,599 | |||||||||||
Obligations under capital leases | 137 | — | — | 137 | |||||||||||
Pension and other postretirement liabilities | (15,583 | ) | 661 | — | (14,922 | ) | |||||||||
Other | (26,811 | ) | (108,529 | ) | 2,470 | (132,870 | ) | ||||||||
TOTAL | 45,776 | (111,884 | ) | 459,103 | 392,995 | ||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||
Accumulated deferred income taxes and taxes accrued | 302,475 | 120,559 | (84,583 | ) | 338,451 | ||||||||||
Accumulated deferred investment tax credits | (6,729 | ) | — | — | (6,729 | ) | |||||||||
Obligations under capital leases | (1,864 | ) | — | — | (1,864 | ) | |||||||||
Other regulatory liabilities | 41,594 | — | — | 41,594 | |||||||||||
Decommissioning and retirement cost liabilities | 150,089 | 188,646 | — | 338,735 | |||||||||||
Accumulated provisions | 289,892 | (490 | ) | (1,049 | ) | 288,353 | |||||||||
Pension and other postretirement liabilities | (236,148 | ) | (40,383 | ) | — | (276,531 | ) | ||||||||
Long-term debt | 53,231 | 2,128 | (559,846 | ) | (504,487 | ) | |||||||||
Other | 59,378 | (42,412 | ) | (8,849 | ) | 8,117 | |||||||||
TOTAL | 651,918 | 228,048 | (654,327 | ) | 225,639 | ||||||||||
Subsidiaries' preferred stock without sinking fund | — | — | — | — | |||||||||||
EQUITY | |||||||||||||||
Common Shareholders' Equity: | |||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | |||||||||||||||
issued 254,752,788 shares in 2014 and in 2013 | — | — | — | — | |||||||||||
Paid-in capital | 40,727 | (152,858 | ) | 111,768 | (363 | ) | |||||||||
Retained earnings | 183,586 | 76,396 | 114,303 | 374,285 | |||||||||||
Accumulated other comprehensive income (loss) | 1,832 | 47,876 | — | 49,708 | |||||||||||
Less - treasury stock, at cost | — | — | (92,939 | ) | (92,939 | ) | |||||||||
Total common shareholders' equity | 226,145 | (28,586 | ) | 319,010 | 516,569 | ||||||||||
Subsidiaries' preferred stock without sinking fund | — | — | — | — | |||||||||||
TOTAL | 226,145 | (28,586 | ) | 319,010 | 516,569 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $923,839 | $87,578 | $123,786 | $1,135,203 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $2,824,049 | $— | $6 | $2,824,055 | ||||||||||||
Natural gas | 28,039 | — | — | 28,039 | ||||||||||||
Competitive businesses | — | 605,740 | 276 | 606,016 | ||||||||||||
Total | 2,852,088 | 605,740 | 282 | 3,458,110 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 761,913 | 97,022 | (34 | ) | 858,901 | |||||||||||
Purchased power | 440,791 | 24,154 | 161 | 465,106 | ||||||||||||
Nuclear refueling outage expenses | 30,763 | 40,888 | — | 71,651 | ||||||||||||
Other operation and maintenance | 586,341 | 254,487 | 1,111 | 841,939 | ||||||||||||
Asset write-off, impairments, and related charges | 60,857 | 102,978 | — | 163,835 | ||||||||||||
Decommissioning | 33,130 | 35,240 | — | 68,370 | ||||||||||||
Taxes other than income taxes | 126,951 | 32,579 | 205 | 159,735 | ||||||||||||
Depreciation and amortization | 259,590 | 71,623 | 866 | 332,079 | ||||||||||||
Other regulatory charges (credits) - net | 3,635 | — | — | 3,635 | ||||||||||||
Total | 2,303,971 | 658,971 | 2,309 | 2,965,251 | ||||||||||||
OPERATING INCOME | 548,117 | (53,231 | ) | (2,027 | ) | 492,859 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 16,737 | — | — | 16,737 | ||||||||||||
Interest and investment income | 58,536 | 28,656 | (37,645 | ) | 49,547 | |||||||||||
Miscellaneous - net | (3,499 | ) | (2,013 | ) | (1,132 | ) | (6,644 | ) | ||||||||
Total | 71,774 | 26,643 | (38,777 | ) | 59,640 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 141,104 | 3,787 | 19,591 | 164,482 | ||||||||||||
Allowance for borrowed funds used during construction | (8,664 | ) | — | — | (8,664 | ) | ||||||||||
Total | 132,440 | 3,787 | 19,591 | 155,818 | ||||||||||||
INCOME BEFORE INCOME TAXES | 487,451 | (30,375 | ) | (60,395 | ) | 396,681 | ||||||||||
Income taxes | 172,188 | 2,303 | (12,726 | ) | 161,765 | |||||||||||
CONSOLIDATED NET INCOME | 315,263 | (32,678 | ) | (47,669 | ) | 234,916 | ||||||||||
Preferred dividend requirements of subsidiaries | 4,332 | 547 | — | 4,879 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $310,931 | ($33,225 | ) | ($47,669 | ) | $230,037 | ||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $1.73 | ($0.18 | ) | ($0.27 | ) | $1.28 | ||||||||||
DILUTED | $1.72 | ($0.18 | ) | ($0.27 | ) | $1.27 | ||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,610,067 | |||||||||||||||
DILUTED | 180,527,116 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $2,706,369 | $— | ($1,569 | ) | $2,704,800 | |||||||||||
Natural gas | 26,113 | — | — | 26,113 | ||||||||||||
Competitive businesses | — | 623,321 | (2,275 | ) | 621,046 | |||||||||||
Total | 2,732,482 | 623,321 | (3,844 | ) | 3,351,959 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 712,929 | 105,753 | (428 | ) | 818,254 | |||||||||||
Purchased power | 378,042 | 23,098 | (8,595 | ) | 392,545 | |||||||||||
Nuclear refueling outage expenses | 31,557 | 33,201 | — | 64,758 | ||||||||||||
Other operation and maintenance | 569,829 | 264,138 | 5,381 | 839,348 | ||||||||||||
Asset write-off, impairments, and related charges | — | 291,505 | — | 291,505 | ||||||||||||
Decommissioning | 29,426 | 31,422 | — | 60,848 | ||||||||||||
Taxes other than income taxes | 122,862 | 33,626 | 462 | 156,950 | ||||||||||||
Depreciation and amortization | 269,006 | 55,125 | 1,018 | 325,149 | ||||||||||||
Other regulatory charges (credits) - net | 13,708 | — | — | 13,708 | ||||||||||||
Total | 2,127,359 | 837,868 | (2,162 | ) | 2,963,065 | |||||||||||
OPERATING INCOME | 605,123 | (214,547 | ) | (1,682 | ) | 388,894 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 17,676 | — | — | 17,676 | ||||||||||||
Interest and investment income | 33,821 | 20,946 | (31,337 | ) | 23,430 | |||||||||||
Miscellaneous - net | (5,873 | ) | (2,296 | ) | (2,045 | ) | (10,214 | ) | ||||||||
Total | 45,624 | 18,650 | (33,382 | ) | 30,892 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 134,081 | 4,268 | 19,155 | 157,504 | ||||||||||||
Allowance for borrowed funds used during construction | (6,453 | ) | — | — | (6,453 | ) | ||||||||||
Total | 127,628 | 4,268 | 19,155 | 151,051 | ||||||||||||
INCOME BEFORE INCOME TAXES | 523,119 | (200,165 | ) | (54,219 | ) | 268,735 | ||||||||||
Income taxes | 170,816 | (107,337 | ) | (38,926 | ) | 24,553 | ||||||||||
CONSOLIDATED NET INCOME | 352,303 | (92,828 | ) | (15,293 | ) | 244,182 | ||||||||||
Preferred dividend requirements of subsidiaries | 4,332 | — | — | 4,332 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $347,971 | ($92,828 | ) | ($15,293 | ) | $239,850 | ||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $1.95 | ($0.52 | ) | ($0.08 | ) | $1.35 | ||||||||||
DILUTED | $1.95 | ($0.52 | ) | ($0.09 | ) | $1.34 | ||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 178,283,721 | |||||||||||||||
DILUTED | 178,652,210 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended September 30, 2014 vs. 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $117,680 | $— | $1,575 | $119,255 | ||||||||||||
Natural gas | 1,926 | — | — | 1,926 | ||||||||||||
Competitive businesses | — | (17,581 | ) | 2,551 | (15,030 | ) | ||||||||||
Total | 119,606 | (17,581 | ) | 4,126 | 106,151 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 48,984 | (8,731 | ) | 394 | 40,647 | |||||||||||
Purchased power | 62,749 | 1,056 | 8,756 | 72,561 | ||||||||||||
Nuclear refueling outage expenses | (794 | ) | 7,687 | — | 6,893 | |||||||||||
Other operation and maintenance | 16,512 | (9,651 | ) | (4,270 | ) | 2,591 | ||||||||||
Asset write-off, impairments, and related charges | 60,857 | (188,527 | ) | — | (127,670 | ) | ||||||||||
Decommissioning | 3,704 | 3,818 | — | 7,522 | ||||||||||||
Taxes other than income taxes | 4,089 | (1,047 | ) | (257 | ) | 2,785 | ||||||||||
Depreciation and amortization | (9,416 | ) | 16,498 | (152 | ) | 6,930 | ||||||||||
Other regulatory charges (credits )- net | (10,073 | ) | — | — | (10,073 | ) | ||||||||||
Total | 176,612 | (178,897 | ) | 4,471 | 2,186 | |||||||||||
OPERATING INCOME | (57,006 | ) | 161,316 | (345 | ) | 103,965 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | (939 | ) | — | — | (939 | ) | ||||||||||
Interest and investment income | 24,715 | 7,710 | (6,308 | ) | 26,117 | |||||||||||
Miscellaneous - net | 2,374 | 283 | 913 | 3,570 | ||||||||||||
Total | 26,150 | 7,993 | (5,395 | ) | 28,748 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 7,023 | (481 | ) | 436 | 6,978 | |||||||||||
Allowance for borrowed funds used during construction | (2,211 | ) | — | — | (2,211 | ) | ||||||||||
Total | 4,812 | (481 | ) | 436 | 4,767 | |||||||||||
INCOME BEFORE INCOME TAXES | (35,668 | ) | 169,790 | (6,176 | ) | 127,946 | ||||||||||
Income taxes | 1,372 | 109,640 | 26,200 | 137,212 | ||||||||||||
CONSOLIDATED NET INCOME | (37,040 | ) | 60,150 | (32,376 | ) | (9,266 | ) | |||||||||
Preferred dividend requirements of subsidiaries | — | 547 | — | 547 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ($37,040 | ) | $59,603 | ($32,376 | ) | ($9,813 | ) | |||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | ($0.22 | ) | $0.34 | ($0.19 | ) | ($0.07 | ) | |||||||||
DILUTED | ($0.23 | ) | $0.34 | ($0.18 | ) | ($0.07 | ) | |||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $7,424,460 | $— | ($100 | ) | $7,424,360 | |||||||||||
Natural gas | 141,727 | — | — | 141,727 | ||||||||||||
Competitive businesses | — | 2,095,752 | 1,764 | 2,097,516 | ||||||||||||
Total | 7,566,187 | 2,095,752 | 1,664 | 9,663,603 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,684,109 | 322,840 | (138 | ) | 2,006,811 | |||||||||||
Purchased power | 1,488,388 | 69,227 | 16 | 1,557,631 | ||||||||||||
Nuclear refueling outage expenses | 87,878 | 109,814 | — | 197,692 | ||||||||||||
Other operation and maintenance | 1,640,000 | 746,585 | 6,005 | 2,392,590 | ||||||||||||
Asset write-off, impairments, and related charges | 60,857 | 106,915 | — | 167,772 | ||||||||||||
Decommissioning | 97,474 | 103,944 | — | 201,418 | ||||||||||||
Taxes other than income taxes | 367,269 | 98,655 | 1,015 | 466,939 | ||||||||||||
Depreciation and amortization | 776,893 | 212,705 | 2,946 | 992,544 | ||||||||||||
Other regulatory charges (credits) - net | (7,010 | ) | — | — | (7,010 | ) | ||||||||||
Total | 6,195,858 | 1,770,685 | 9,844 | 7,976,387 | ||||||||||||
OPERATING INCOME | 1,370,329 | 325,067 | (8,180 | ) | 1,687,216 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 46,654 | — | — | 46,654 | ||||||||||||
Interest and investment income | 132,874 | 76,736 | (100,570 | ) | 109,040 | |||||||||||
Miscellaneous - net | (12,829 | ) | (12,677 | ) | (7,519 | ) | (33,026 | ) | ||||||||
Total | 166,699 | 64,059 | (108,089 | ) | 122,668 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 418,254 | 12,094 | 61,011 | 491,359 | ||||||||||||
Allowance for borrowed funds used during construction | (24,199 | ) | — | — | (24,199 | ) | ||||||||||
Total | 394,055 | 12,094 | 61,011 | 467,160 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,142,973 | 377,032 | (177,280 | ) | 1,342,724 | |||||||||||
Income taxes | 410,135 | 140,777 | (43,438 | ) | 507,474 | |||||||||||
CONSOLIDATED NET INCOME | 732,838 | 236,255 | (133,842 | ) | 835,250 | |||||||||||
Preferred dividend requirements of subsidiaries | 13,016 | 1,641 | — | 14,656 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $719,822 | $234,614 | ($133,842 | ) | $820,594 | |||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.02 | $1.31 | ($0.75 | ) | $4.58 | |||||||||||
DILUTED | $4.00 | $1.30 | ($0.74 | ) | $4.56 | |||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,256,975 | |||||||||||||||
DILUTED | 179,867,018 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $6,834,943 | $— | ($3,653 | ) | $6,831,290 | |||||||||||
Natural gas | 113,315 | — | — | 113,315 | ||||||||||||
Competitive businesses | — | 1,770,577 | (16,141 | ) | 1,754,436 | |||||||||||
Total | 6,948,258 | 1,770,577 | (19,794 | ) | 8,699,041 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,509,264 | 310,561 | (1,631 | ) | 1,818,194 | |||||||||||
Purchased power | 1,194,182 | 89,818 | (32,582 | ) | 1,251,418 | |||||||||||
Nuclear refueling outage expenses | 91,367 | 100,573 | — | 191,940 | ||||||||||||
Other operation and maintenance | 1,676,655 | 747,598 | 13,548 | 2,437,801 | ||||||||||||
Asset write-off, impairments, and related charges | — | 291,505 | — | 291,505 | ||||||||||||
Decommissioning | 86,926 | 92,416 | — | 179,342 | ||||||||||||
Taxes other than income taxes | 355,162 | 96,714 | 1,058 | 452,934 | ||||||||||||
Depreciation and amortization | 765,727 | 154,672 | 3,142 | 923,541 | ||||||||||||
Other regulatory charges (credits) - net | 22,914 | — | — | 22,914 | ||||||||||||
Total | 5,702,197 | 1,883,857 | (16,465 | ) | 7,569,589 | |||||||||||
OPERATING INCOME | 1,246,061 | (113,280 | ) | (3,329 | ) | 1,129,452 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 46,675 | — | — | 46,675 | ||||||||||||
Interest and investment income | 124,622 | 71,554 | (93,899 | ) | 102,277 | |||||||||||
Miscellaneous - net | (18,685 | ) | (11,187 | ) | (7,120 | ) | (36,992 | ) | ||||||||
Total | 152,612 | 60,367 | (101,019 | ) | 111,960 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 395,594 | 11,237 | 59,591 | 466,422 | ||||||||||||
Allowance for borrowed funds used during construction | (18,432 | ) | — | — | (18,432 | ) | ||||||||||
Total | 377,162 | 11,237 | 59,591 | 447,990 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,021,511 | (64,150 | ) | (163,939 | ) | 793,422 | ||||||||||
Income taxes | 340,817 | (64,968 | ) | (61,647 | ) | 214,202 | ||||||||||
CONSOLIDATED NET INCOME | 680,694 | 818 | (102,292 | ) | 579,220 | |||||||||||
Preferred dividend requirements of subsidiaries | 12,997 | — | 1,250 | 14,247 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $667,697 | $818 | ($103,542 | ) | $564,973 | |||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $3.75 | $— | ($0.58 | ) | $3.17 | |||||||||||
DILUTED | $3.74 | $— | ($0.58 | ) | $3.16 | |||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 178,170,339 | |||||||||||||||
DILUTED | 178,520,063 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Nine Months Ended September 30, 2014 vs. 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $589,517 | $— | $3,553 | $593,070 | ||||||||||||
Natural gas | 28,412 | — | — | 28,412 | ||||||||||||
Competitive businesses | — | 325,175 | 17,905 | 343,080 | ||||||||||||
Total | 617,929 | 325,175 | 21,458 | 964,562 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 174,845 | 12,279 | 1,493 | 188,617 | ||||||||||||
Purchased power | 294,206 | (20,591 | ) | 32,598 | 306,213 | |||||||||||
Nuclear refueling outage expenses | (3,489 | ) | 9,241 | — | 5,752 | |||||||||||
Other operation and maintenance | (36,655 | ) | (1,013 | ) | (7,543 | ) | (45,211 | ) | ||||||||
Asset write-off, impairments, and related charges | 60,857 | (184,590 | ) | — | (123,733 | ) | ||||||||||
Decommissioning | 10,548 | 11,528 | — | 22,076 | ||||||||||||
Taxes other than income taxes | 12,107 | 1,941 | (43 | ) | 14,005 | |||||||||||
Depreciation and amortization | 11,166 | 58,033 | (196 | ) | 69,003 | |||||||||||
Other regulatory charges (credits )- net | (29,924 | ) | — | — | (29,924 | ) | ||||||||||
Total | 493,661 | (113,172 | ) | 26,309 | 406,798 | |||||||||||
OPERATING INCOME | 124,268 | 438,347 | (4,851 | ) | 557,764 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | (21 | ) | — | — | (21 | ) | ||||||||||
Interest and investment income | 8,252 | 5,182 | (6,671 | ) | 6,763 | |||||||||||
Miscellaneous - net | 5,856 | (1,490 | ) | (399 | ) | 3,966 | ||||||||||
Total | 14,087 | 3,692 | (7,070 | ) | 10,708 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 22,660 | 857 | 1,420 | 24,937 | ||||||||||||
Allowance for borrowed funds used during construction | (5,767 | ) | — | — | (5,767 | ) | ||||||||||
Total | 16,893 | 857 | 1,420 | 19,170 | ||||||||||||
INCOME BEFORE INCOME TAXES | 121,462 | 441,182 | (13,341 | ) | 549,302 | |||||||||||
Income taxes | 69,318 | 205,745 | 18,209 | 293,272 | ||||||||||||
CONSOLIDATED NET INCOME | 52,144 | 235,437 | (31,550 | ) | 256,030 | |||||||||||
Preferred dividend requirements of subsidiaries | 19 | 1,641 | (1,250 | ) | 409 | |||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $52,125 | $233,796 | ($30,300 | ) | $255,621 | |||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $0.27 | $1.31 | ($0.17 | ) | $1.41 | |||||||||||
DILUTED | $0.26 | $1.30 | ($0.16 | ) | $1.40 | |||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended September 30, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $9,536,951 | $— | ($1,520 | ) | $9,535,431 | |||||||||||
Natural gas | 182,766 | — | — | 182,766 | ||||||||||||
Competitive businesses | — | 2,637,933 | (621 | ) | 2,637,312 | |||||||||||
Total | 9,719,717 | 2,637,933 | (2,141 | ) | 12,355,509 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,211,594 | 423,513 | (672 | ) | 2,634,435 | |||||||||||
Purchased power | 1,789,849 | 78,869 | (8,173 | ) | 1,860,545 | |||||||||||
Nuclear refueling outage expenses | 121,472 | 141,081 | — | 262,553 | ||||||||||||
Other operation and maintenance | 2,227,211 | 1,047,807 | 12,407 | 3,287,425 | ||||||||||||
Asset write-off, impairments, and related charges | 70,268 | 144,746 | 2,790 | 217,804 | ||||||||||||
Decommissioning | 127,359 | 136,822 | — | 264,181 | ||||||||||||
Taxes other than income taxes | 482,077 | 130,960 | 1,318 | 614,355 | ||||||||||||
Depreciation and amortization | 1,052,198 | 273,904 | 3,946 | 1,330,048 | ||||||||||||
Other regulatory charges (credits) - net | 15,673 | — | — | 15,673 | ||||||||||||
Total | 8,097,701 | 2,377,702 | 11,616 | 10,487,019 | ||||||||||||
Gain on sale of business | — | 43,569 | — | 43,569 | ||||||||||||
OPERATING INCOME | 1,622,016 | 303,800 | (13,757 | ) | 1,912,059 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 66,031 | — | — | 66,031 | ||||||||||||
Interest and investment income | 194,976 | 142,909 | (131,822 | ) | 206,063 | |||||||||||
Miscellaneous - net | (23,363 | ) | (22,841 | ) | (8,887 | ) | (55,091 | ) | ||||||||
Total | 237,644 | 120,068 | (140,709 | ) | 217,003 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 557,333 | 17,181 | 79,959 | 654,473 | ||||||||||||
Allowance for borrowed funds used during construction | (31,267 | ) | — | — | (31,267 | ) | ||||||||||
Total | 526,066 | 17,181 | 79,959 | 623,206 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,333,594 | 406,687 | (234,425 | ) | 1,505,856 | |||||||||||
Income taxes | 435,235 | 128,274 | (44,255 | ) | 519,254 | |||||||||||
CONSOLIDATED NET INCOME | 898,359 | 278,413 | (190,170 | ) | 986,602 | |||||||||||
Preferred dividend requirements of subsidiaries | 17,348 | 1,732 | — | 19,080 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $881,011 | $276,681 | ($190,170 | ) | $967,522 | |||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.92 | $1.54 | ($1.06 | ) | $5.40 | |||||||||||
DILUTED | $4.91 | $1.54 | ($1.06 | ) | $5.39 | |||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,023,926 | |||||||||||||||
DILUTED | 179,615,339 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended September 30, 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $8,666,541 | $— | ($4,354 | ) | $8,662,187 | |||||||||||
Natural gas | 150,707 | — | — | 150,707 | ||||||||||||
Competitive businesses | — | 2,342,112 | (19,707 | ) | 2,322,406 | |||||||||||
Total | 8,817,248 | 2,342,112 | (24,061 | ) | 11,135,300 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,880,836 | 403,742 | (1,813 | ) | 2,282,765 | |||||||||||
Purchased power | 1,475,609 | 105,167 | (40,375 | ) | 1,540,401 | |||||||||||
Nuclear refueling outage expenses | 120,691 | 132,561 | — | 253,252 | ||||||||||||
Other operation and maintenance | 2,225,169 | 979,490 | 18,776 | 3,223,436 | ||||||||||||
Asset write-off, impairments, and related charges | — | 291,505 | — | 291,505 | ||||||||||||
Decommissioning | 115,015 | 122,447 | — | 237,461 | ||||||||||||
Taxes other than income taxes | 453,668 | 130,842 | 1,393 | 585,903 | ||||||||||||
Depreciation and amortization | 1,025,166 | 201,990 | 4,258 | 1,231,413 | ||||||||||||
Other regulatory charges (credits) - net | 35,509 | — | — | 35,509 | ||||||||||||
Total | 7,331,663 | 2,367,744 | (17,761 | ) | 9,681,645 | |||||||||||
Gain on sale of business | — | — | — | — | ||||||||||||
OPERATING INCOME | 1,485,585 | (25,632 | ) | (6,300 | ) | 1,453,655 | ||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 68,449 | — | — | 68,449 | ||||||||||||
Interest and investment income | 161,851 | 99,138 | (125,702 | ) | 135,286 | |||||||||||
Miscellaneous - net | (25,305 | ) | (14,697 | ) | (8,411 | ) | (48,414 | ) | ||||||||
Total | 204,995 | 84,441 | (134,113 | ) | 155,321 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 526,431 | 14,211 | 80,215 | 620,857 | ||||||||||||
Allowance for borrowed funds used during construction | (27,867 | ) | — | — | (27,867 | ) | ||||||||||
Total | 498,564 | 14,211 | 80,215 | 592,990 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,192,016 | 44,598 | (220,628 | ) | 1,015,986 | |||||||||||
Income taxes | 227,244 | (15,067 | ) | (77,261 | ) | 134,916 | ||||||||||
CONSOLIDATED NET INCOME | 964,772 | 59,665 | (143,367 | ) | 881,070 | |||||||||||
Preferred dividend requirements of subsidiaries | 17,329 | — | 2,500 | 19,829 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $947,443 | $59,665 | ($145,867 | ) | $861,241 | |||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $5.32 | $0.34 | ($0.82 | ) | $4.84 | |||||||||||
DILUTED | $5.31 | $0.34 | ($0.82 | ) | $4.83 | |||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 178,062,568 | |||||||||||||||
DILUTED | 178,469,482 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended September 30, 2014 vs. 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $870,410 | $— | $2,834 | $873,244 | ||||||||||||
Natural gas | 32,059 | — | — | 32,059 | ||||||||||||
Competitive businesses | — | 295,821 | 19,086 | 314,906 | ||||||||||||
Total | 902,469 | 295,821 | 21,920 | 1,220,209 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operation and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 330,758 | 19,771 | 1,141 | 351,670 | ||||||||||||
Purchased power | 314,240 | (26,298 | ) | 32,202 | 320,144 | |||||||||||
Nuclear refueling outage expenses | 781 | 8,520 | — | 9,301 | ||||||||||||
Other operation and maintenance | 2,042 | 68,317 | (6,369 | ) | 63,989 | |||||||||||
Asset write-off, impairments, and related charges | 70,268 | (146,759 | ) | 2,790 | (73,701 | ) | ||||||||||
Decommissioning | 12,344 | 14,375 | — | 26,720 | ||||||||||||
Taxes other than income taxes | 28,409 | 118 | (75 | ) | 28,452 | |||||||||||
Depreciation and amortization | 27,032 | 71,914 | (312 | ) | 98,635 | |||||||||||
Other regulatory charges (credits )- net | (19,836 | ) | — | — | (19,836 | ) | ||||||||||
Total | 766,038 | 9,958 | 29,377 | 805,374 | ||||||||||||
Gain on sale of business | — | 43,569 | — | 43,569 | ||||||||||||
OPERATING INCOME | 136,431 | 329,432 | (7,457 | ) | 458,404 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | (2,418 | ) | — | — | (2,418 | ) | ||||||||||
Interest and investment income | 33,125 | 43,771 | (6,120 | ) | 70,777 | |||||||||||
Miscellaneous - net | 1,942 | (8,144 | ) | (476 | ) | (6,677 | ) | |||||||||
Total | 32,649 | 35,627 | (6,596 | ) | 61,682 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 30,902 | 2,970 | (256 | ) | 33,616 | |||||||||||
Allowance for borrowed funds used during construction | (3,400 | ) | — | — | (3,400 | ) | ||||||||||
Total | 27,502 | 2,970 | (256 | ) | 30,216 | |||||||||||
INCOME BEFORE INCOME TAXES | 141,578 | 362,089 | (13,797 | ) | 489,870 | |||||||||||
Income taxes | 207,991 | 143,341 | 33,006 | 384,338 | ||||||||||||
CONSOLIDATED NET INCOME | (66,413 | ) | 218,748 | (46,803 | ) | 105,532 | ||||||||||
Preferred dividend requirements of subsidiaries | 19 | 1,732 | (2,500 | ) | (749 | ) | ||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ($66,432 | ) | $217,016 | ($44,303 | ) | $106,281 | ||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | ($0.40 | ) | $1.20 | ($0.24 | ) | $0.56 | ||||||||||
DILUTED | ($0.40 | ) | $1.20 | ($0.24 | ) | $0.56 | ||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Three Months Ended September 30, 2014 vs. 2013 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2014 | 2013 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $234,916 | $244,182 | ($9,266 | ) | ||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 543,577 | 524,035 | 19,542 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 122,811 | 11,863 | 110,948 | |||||||||
Asset impairments and related charges | 102,978 | 291,505 | (188,527 | ) | ||||||||
Changes in working capital: | ||||||||||||
Receivables | (71,988 | ) | (55,597 | ) | (16,391 | ) | ||||||
Fuel inventory | (2,262 | ) | 10,231 | (12,493 | ) | |||||||
Accounts payable | (86,864 | ) | (232,619 | ) | 145,755 | |||||||
Prepaid taxes and taxes accrued | 59,062 | 52,026 | 7,036 | |||||||||
Interest accrued | (5,439 | ) | (22,414 | ) | 16,975 | |||||||
Deferred fuel costs | 113,251 | 58,002 | 55,249 | |||||||||
Other working capital accounts | 111,510 | 52,260 | 59,250 | |||||||||
Changes in provisions for estimated losses | 283,199 | 2,783 | 280,416 | |||||||||
Changes in other regulatory assets | 120,985 | (43,495 | ) | 164,480 | ||||||||
Changes in other regulatory liabilities | (48,266 | ) | 192,158 | (240,424 | ) | |||||||
Changes in pensions and other postretirement liabilities | (162,532 | ) | (73,769 | ) | (88,763 | ) | ||||||
Other | 47,988 | 72,403 | (24,415 | ) | ||||||||
Net cash flow provided by operating activities | 1,362,926 | 1,083,554 | 279,372 | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (546,993 | ) | (536,349 | ) | (10,644 | ) | ||||||
Allowance for equity funds used during construction | 17,560 | 18,434 | (874 | ) | ||||||||
Nuclear fuel purchases | (117,176 | ) | (188,947 | ) | 71,771 | |||||||
Insurance proceeds received for property damages | 5,124 | — | 5,124 | |||||||||
Changes in securitization account | (11,895 | ) | (12,820 | ) | 925 | |||||||
Payments to storm reserve escrow account | (270,546 | ) | (2,027 | ) | (268,519 | ) | ||||||
Receipts from storm reserve escrow account | — | 49 | (49 | ) | ||||||||
Decrease (increase) in other investments | 177,862 | (14,761 | ) | 192,623 | ||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 10,271 | (10,271 | ) | ||||||||
Proceeds from nuclear decommissioning trust fund sales | 465,287 | 284,005 | 181,282 | |||||||||
Investment in nuclear decommissioning trust funds | (497,004 | ) | (310,457 | ) | (186,547 | ) | ||||||
Net cash flow used in investing activities | (777,781 | ) | (752,602 | ) | (25,179 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 435,455 | 952,131 | (516,676 | ) | ||||||||
Treasury stock | 6,710 | 4,086 | 2,624 | |||||||||
Retirement of long-term debt | (310,962 | ) | (1,096,115 | ) | 785,153 | |||||||
Changes in credit borrowings and commercial paper - net | (147,899 | ) | 15,919 | (163,818 | ) | |||||||
Other | 3,952 | — | 3,952 | |||||||||
Dividends paid: | ||||||||||||
Common stock | (149,080 | ) | (147,977 | ) | (1,103 | ) | ||||||
Preferred stock | (4,880 | ) | (4,332 | ) | (548 | ) | ||||||
Net cash flow provided by (used in) financing activities | (166,704 | ) | (276,288 | ) | 109,584 | |||||||
Effect of exchange rates on cash and cash equivalents | — | (704 | ) | 704 | ||||||||
Net increase (decrease) in cash and cash equivalents | 418,441 | 53,960 | 364,481 | |||||||||
Cash and cash equivalents at beginning of period | 650,068 | 311,372 | 338,696 | |||||||||
Cash and cash equivalents at end of period | $1,068,509 | $365,332 | $703,177 | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid (received) during the period for: | ||||||||||||
Interest - net of amount capitalized | $163,353 | $173,884 | ($10,531 | ) | ||||||||
Income taxes | $28,355 | $18,895 | $9,460 |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Nine Months Ended September 30, 2014 vs. 2013 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2014 | 2013 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $835,250 | $579,220 | $256,030 | |||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 1,585,547 | 1,472,985 | 112,562 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 480,382 | 174,052 | 306,330 | |||||||||
Asset impairments and related charges | 106,915 | 291,505 | (184,590 | ) | ||||||||
Changes in working capital: | ||||||||||||
Receivables | (119,108 | ) | (273,876 | ) | 154,768 | |||||||
Fuel inventory | 29,863 | 16,421 | 13,442 | |||||||||
Accounts payable | (40,167 | ) | (80,626 | ) | 40,459 | |||||||
Prepaid taxes and taxes accrued | 19,745 | (6,150 | ) | 25,895 | ||||||||
Interest accrued | (3,931 | ) | (25,586 | ) | 21,655 | |||||||
Deferred fuel costs | (124,475 | ) | (43,419 | ) | (81,056 | ) | ||||||
Other working capital accounts | (4,095 | ) | (81,315 | ) | 77,220 | |||||||
Changes in provisions for estimated losses | 287,513 | (247,560 | ) | 535,073 | ||||||||
Changes in other regulatory assets | 147,055 | 173,164 | (26,109 | ) | ||||||||
Changes in other regulatory liabilities | 41,594 | 290,965 | (249,371 | ) | ||||||||
Changes in pensions and other postretirement liabilities | (291,454 | ) | (48,814 | ) | (242,640 | ) | ||||||
Other | (59,145 | ) | 8,493 | (67,638 | ) | |||||||
Net cash flow provided by operating activities | 2,891,489 | 2,199,459 | 692,030 | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (1,506,611 | ) | (1,781,208 | ) | 274,597 | |||||||
Allowance for equity funds used during construction | 49,137 | 49,411 | (274 | ) | ||||||||
Nuclear fuel purchases | (353,472 | ) | (398,456 | ) | 44,984 | |||||||
Proceeds from sale of assets | 10,100 | — | 10,100 | |||||||||
Insurance proceeds received for property damages | 33,350 | — | 33,350 | |||||||||
Changes in securitization account | (4,908 | ) | (3,702 | ) | (1,206 | ) | ||||||
NYPA value sharing payment | (72,000 | ) | (71,736 | ) | (264 | ) | ||||||
Payments to storm reserve escrow account | (274,170 | ) | (5,882 | ) | (268,288 | ) | ||||||
Receipts from storm reserve escrow account | — | 260,279 | (260,279 | ) | ||||||||
Decrease (increase) in other investments | 37,090 | (43,656 | ) | 80,746 | ||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 21,034 | (21,034 | ) | ||||||||
Proceeds from nuclear decommissioning trust fund sales | 1,446,817 | 1,063,711 | 383,106 | |||||||||
Investment in nuclear decommissioning trust funds | (1,533,774 | ) | (1,147,571 | ) | (386,203 | ) | ||||||
Net cash flow used in investing activities | (2,168,441 | ) | (2,057,776 | ) | (110,665 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 1,667,616 | 2,925,997 | (1,258,381 | ) | ||||||||
Treasury stock | 88,068 | 20,720 | 67,348 | |||||||||
Retirement of long-term debt | (1,535,695 | ) | (3,106,226 | ) | 1,570,531 | |||||||
Repurchase of common stock | (18,259 | ) | — | (18,259 | ) | |||||||
Changes in credit borrowings and commercial paper - net | (155,437 | ) | 310,042 | (465,479 | ) | |||||||
Other | 20,982 | — | 20,982 | |||||||||
Dividends paid: | ||||||||||||
Common stock | (446,308 | ) | (445,031 | ) | (1,277 | ) | ||||||
Preferred stock | (14,632 | ) | (14,469 | ) | (163 | ) | ||||||
Net cash flow used in financing activities | (393,665 | ) | (308,967 | ) | (84,698 | ) | ||||||
Effect of exchange rates on cash and cash equivalents | — | 47 | (47 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | 329,383 | (167,237 | ) | 496,620 | ||||||||
Cash and cash equivalents at beginning of period | 739,126 | 532,569 | 206,557 | |||||||||
Cash and cash equivalents at end of period | $1,068,509 | $365,332 | $703,177 | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid (received) during the period for: | ||||||||||||
Interest - net of amount capitalized | $476,100 | $476,063 | $37 | |||||||||
Income taxes | $47,860 | $107,560 | ($59,700 | ) |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Twelve Months Ended September 30, 2014 vs. 2013 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2014 | 2013 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $986,602 | $881,070 | $105,532 | |||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,124,638 | 1,950,967 | 173,671 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 618,119 | 36,345 | 581,774 | |||||||||
Asset impairments and related charges | 156,947 | 291,505 | (134,558 | ) | ||||||||
Gain on sale of business | (43,569 | ) | — | (43,569 | ) | |||||||
Changes in working capital: | ||||||||||||
Receivables | (25,880 | ) | (126,063 | ) | 100,183 | |||||||
Fuel inventory | 18,315 | 13,880 | 4,435 | |||||||||
Accounts payable | 134,895 | (231,001 | ) | 365,896 | ||||||||
Prepaid taxes and taxes accrued | (116,731 | ) | 4,709 | (121,440 | ) | |||||||
Interest accrued | 17,988 | 318 | 17,670 | |||||||||
Deferred fuel costs | (85,880 | ) | (103,214 | ) | 17,334 | |||||||
Other working capital accounts | 10,890 | (101,930 | ) | 112,820 | ||||||||
Changes in provisions for estimated losses | 286,868 | (254,889 | ) | 541,757 | ||||||||
Changes in other regulatory assets | 1,079,513 | (274,514 | ) | 1,354,027 | ||||||||
Changes in other regulatory liabilities | 147,970 | 223,759 | (75,789 | ) | ||||||||
Changes in pensions and other postretirement liabilities | (1,676,303 | ) | 670,389 | (2,346,692 | ) | |||||||
Other | 246,867 | (61,375 | ) | 308,242 | ||||||||
Net cash flow provided by operating activities | 3,881,249 | 2,919,956 | 961,293 | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (2,012,996 | ) | (2,587,168 | ) | 574,172 | |||||||
Allowance for equity funds used during construction | 69,415 | 72,045 | (2,630 | ) | ||||||||
Nuclear fuel purchases | (472,841 | ) | (543,504 | ) | 70,663 | |||||||
Payment for purchase of plant | (17,300 | ) | (455,711 | ) | 438,411 | |||||||
Proceeds from sale of assets and businesses | 158,022 | — | 158,022 | |||||||||
Insurance proceeds received for property damages | 33,350 | — | 33,350 | |||||||||
Changes in securitization account | (1,051 | ) | 2,599 | (3,650 | ) | |||||||
NYPA value sharing payment | (72,000 | ) | (71,736 | ) | (264 | ) | ||||||
Payments to storm reserve escrow account | (276,004 | ) | (7,830 | ) | (268,174 | ) | ||||||
Receipts from storm reserve escrow account | — | 270,279 | (270,279 | ) | ||||||||
Decrease (increase) in other investments | (2,209 | ) | 41,514 | (43,723 | ) | |||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 21,034 | (21,034 | ) | ||||||||
Proceeds from nuclear decommissioning trust fund sales | 2,414,658 | 1,721,069 | 693,589 | |||||||||
Investment in nuclear decommissioning trust funds | (2,533,302 | ) | (1,836,937 | ) | (696,365 | ) | ||||||
Net cash flow used in investing activities | (2,712,258 | ) | (3,374,346 | ) | 662,088 | |||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 2,487,635 | 4,114,864 | (1,627,229 | ) | ||||||||
Preferred stock of subsidiary | 24,249 | — | 24,249 | |||||||||
Treasury stock | 91,875 | 27,004 | 64,871 | |||||||||
Retirement of long-term debt | (2,244,135 | ) | (4,207,443 | ) | 1,963,308 | |||||||
Repurchase of common stock | (18,259 | ) | — | (18,259 | ) | |||||||
Changes in credit borrowings and commercial paper - net | (214,590 | ) | 749,872 | (964,462 | ) | |||||||
Other | 20,982 | — | 20,982 | |||||||||
Dividends paid: | ||||||||||||
Common stock | (594,314 | ) | (592,948 | ) | (1,366 | ) | ||||||
Preferred stock | (18,965 | ) | (21,301 | ) | 2,336 | |||||||
Net cash flow provided by (used in) financing activities | (465,522 | ) | 70,048 | (535,570 | ) | |||||||
Effect of exchange rates on cash and cash equivalents | (292 | ) | (45 | ) | (247 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 703,177 | (384,387 | ) | 1,087,564 | ||||||||
Cash and cash equivalents at beginning of period | 365,332 | 749,719 | (384,387 | ) | ||||||||
Cash and cash equivalents at end of period | $1,068,509 | $365,332 | $703,177 | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid (received) during the period for: | ||||||||||||
Interest - net of amount capitalized | $611,151 | $600,126 | $11,025 | |||||||||
Income taxes | $68,035 | $114,302 | ($46,267 | ) |
Date: | Nov. 4, 2014 | |
For Release: | Immediately | |
Contact: | Shona Sabnis (Media) (504) 576-4238 ssabnis@entergy.com | Paula Waters (Investor Relations) (504) 576-4380 pwater1@entergy.com |
Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Third Quarter and Year-to-Date 2014 vs. 2013 | ||||||
(Per share in U.S. $) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
As-Reported Earnings | 1.27 | 1.34 | (0.07) | 4.56 | 3.16 | 1.40 |
Less Special Items | (0.41) | (1.07) | 0.66 | (0.52) | (1.20) | 0.68 |
Operational Earnings | 1.68 | 2.41 | (0.73) | 5.08 | 4.36 | 0.72 |
• | Utility results were down driven by a higher effective income tax rate, higher other operation and maintenance expense and a regulatory charge; these decreases were partially offset by higher net revenue. |
• | Entergy Wholesale Commodities earnings declined due to increased depreciation expense and a higher effective income tax rate on operational earnings. These items were partially offset by lower other O&M expense. |
• | Parent & Other results declined due primarily to higher income tax expense. |
• | In a move designed to attract industry and jobs to the state, Entergy Louisiana, LLC and Entergy Gulf States Louisiana, L.L.C. asked the Louisiana Public Service Commission for permission to become a single utility. |
• | We also made progress on our rate case in Mississippi, and reached a constructive settlement with the Mississippi Public Utilities Staff - one which aligns customer, regulator and state objectives with our own. |
• | For the seventh consecutive year, Site Selection magazine named Entergy one of the nation’s top 10 utilities in economic development, citing the more than 9,000 new jobs created and nearly $21 billion in corporate facility investment. |
• | James A. FitzPatrick Nuclear Power Plant completed its 21st refueling outage in 44 days, including a complete retube of the plant’s main condenser to improve the plant’s capacity factor. |
Table 1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Third Quarter and Year-to-Date 2014 vs. 2013 | ||||||
(Per share in U.S. $) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
As-Reported | ||||||
Utility | 1.72 | 1.95 | (0.23) | 4.00 | 3.74 | 0.26 |
Entergy Wholesale Commodities | (0.18) | (0.52) | 0.34 | 1.30 | 1.30 | |
Parent & Other | (0.27) | (0.09) | (0.18) | (0.74) | (0.58) | (0.16) |
Consolidated As-Reported Earnings | 1.27 | 1.34 | (0.07) | 4.56 | 3.16 | 1.40 |
Less Special Items | ||||||
Utility | (0.09) | 0.09 | (0.03) | (0.21) | 0.18 | |
Entergy Wholesale Commodities | (0.41) | (0.98) | 0.57 | (0.49) | (0.99) | 0.50 |
Parent & Other | ||||||
Consolidated Special Items | (0.41) | (1.07) | 0.66 | (0.52) | (1.20) | 0.68 |
Operational | ||||||
Utility | 1.72 | 2.04 | (0.32) | 4.03 | 3.95 | 0.08 |
Entergy Wholesale Commodities | 0.23 | 0.46 | (0.23) | 1.79 | 0.99 | 0.80 |
Parent & Other | (0.27) | (0.09) | (0.18) | (0.74) | (0.58) | (0.16) |
Consolidated Operational Earnings | 1.68 | 2.41 | (0.73) | 5.08 | 4.36 | 0.72 |
Appendix B: Entergy Wholesale Commodities Operational Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Third Quarter and Year-to-Date 2014 vs. 2013 | ||||||
($ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2014 | 2013 | Change | 2014 | 2013 | Change | |
Net income | (33) | (93) | 60 | 235 | 1 | 234 |
Add back: interest expense | 4 | 4 | 12 | 11 | 1 | |
Add back: income tax expense | 2 | (107) | 109 | 141 | (65) | 206 |
Add back: depreciation and amortization | 72 | 55 | 17 | 213 | 155 | 58 |
Subtract: interest and investment income | 29 | 21 | 8 | 77 | 72 | 5 |
Add back: decommissioning expense | 35 | 32 | 3 | 104 | 92 | 12 |
Adjusted EBITDA | 51 | (130) | 181 | 627 | 122 | 505 |
Add back: special item for HCM implementation expenses (pre-tax) | 1 | 3 | (2) | 3 | 5 | (2) |
Add back: special item resulting from the decision to close VY (pre-tax) | 113 | 292 | (179) | 134 | 292 | (158) |
Operational adjusted EBITDA | 165 | 165 | 0 | 764 | 419 | 345 |
Entergy Corporation | |||
Consolidated Income Statement | |||
Three Months Ended Sept. 30 | |||
(in thousands) | |||
2014 | 2013 | ||
(unaudited) | |||
Operating Revenues: | |||
Electric | $2,824,055 | $2,704,800 | |
Natural gas | 28,039 | 26,113 | |
Competitive businesses | 606,016 | 621,046 | |
Total | 3,458,110 | 3,351,959 | |
Operating Expenses: | |||
Operation and maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 858,901 | 818,254 | |
Purchased power | 465,106 | 392,545 | |
Nuclear refueling outage expenses | 71,651 | 64,758 | |
Other operation and maintenance | 841,939 | 839,348 | |
Asset write-off, impairments, and related charges | 163,835 | 291,505 | |
Decommissioning | 68,370 | 60,848 | |
Taxes other than income taxes | 159,735 | 156,950 | |
Depreciation and amortization | 332,079 | 325,149 | |
Other regulatory charges (credits) - net | 3,635 | 13,708 | |
Total | 2,965,251 | 2,963,065 | |
Operating Income | 492,859 | 388,894 | |
Other Income (Deductions): | |||
Allowance for equity funds used during construction | 16,737 | 17,676 | |
Interest and investment income | 49,547 | 23,430 | |
Miscellaneous - net | (6,644) | (10,214) | |
Total | 59,640 | 30,892 | |
Interest Expense: | |||
Interest expense | 164,482 | 157,504 | |
Allowance for borrowed funds used during construction | (8,664) | (6,453) | |
Total | 155,818 | 151,051 | |
Income Before Income Taxes | 396,681 | 268,735 | |
Income Taxes | 161,765 | 24,553 | |
Consolidated Net Income | 234,916 | 244,182 | |
Preferred Dividend Requirements of Subsidiaries | 4,879 | 4,332 | |
Net Income Attributable to Entergy Corporation | $230,037 | $239,850 | |
Earnings Per Average Common Share | |||
Basic | $1.28 | $1.35 | |
Diluted | $1.27 | $1.34 | |
Average Number of Common Shares Outstanding - Basic | 179,610,067 | 178,283,721 | |
Average Number of Common Shares Outstanding - Diluted | 180,527,116 | 178,652,210 |
Entergy Corporation | |||
Consolidated Income Statement | |||
Nine Months Ended Sept. 30 | |||
(in thousands) | |||
2014 | 2013 | ||
(unaudited) | |||
Operating Revenues: | |||
Electric | $7,424,360 | $6,831,290 | |
Natural gas | 141,727 | 113,315 | |
Competitive businesses | 2,097,516 | 1,754,436 | |
Total | 9,663,603 | 8,699,041 | |
Operating Expenses: | |||
Operation and maintenance: | |||
Fuel, fuel-related expenses, and gas purchased for resale | 2,006,811 | 1,818,194 | |
Purchased power | 1,557,631 | 1,251,418 | |
Nuclear refueling outage expenses | 197,692 | 191,940 | |
Other operation and maintenance | 2,392,590 | 2,437,801 | |
Asset write-off, impairments, and related charges | 167,772 | 291,505 | |
Decommissioning | 201,418 | 179,342 | |
Taxes other than income taxes | 466,939 | 452,934 | |
Depreciation and amortization | 992,544 | 923,541 | |
Other regulatory charges (credits) - net | (7,010) | 22,914 | |
Total | 7,976,387 | 7,569,589 | |
Operating Income | 1,687,216 | 1,129,452 | |
Other Income (Deductions): | |||
Allowance for equity funds used during construction | 46,654 | 46,675 | |
Interest and investment income | 109,040 | 102,277 | |
Miscellaneous - net | (33,026) | (36,992) | |
Total | 122,668 | 111,960 | |
Interest Expense: | |||
Interest expense | 491,359 | 466,422 | |
Allowance for borrowed funds used during construction | (24,199) | (18,432) | |
Total | 467,160 | 447,990 | |
Income Before Income Taxes | 1,342,724 | 793,422 | |
Income Taxes | 507,474 | 214,202 | |
Consolidated Net Income | 835,250 | 579,220 | |
Preferred Dividend Requirements of Subsidiaries | 14,656 | 14,247 | |
Net Income Attributable to Entergy Corporation | $820,594 | $564,973 | |
Earnings Per Average Common Share | |||
Basic | $4.58 | $3.17 | |
Diluted | $4.56 | $3.16 | |
Average Number of Common Shares Outstanding - Basic | 179,256,975 | 178,170,339 | |
Average Number of Common Shares Outstanding - Diluted | 179,867,018 | 178,520,063 |
Entergy Corporation | |||||||||
Utility Electric Energy Sales & Customers | |||||||||
Three Months Ended Sept. 30 | |||||||||
2014 | 2013 | % Change | % Weather-Adjusted | ||||||
(Millions of kWh) | |||||||||
Electric Energy Sales: | |||||||||
Residential | 10,869 | 11,359 | (4.3) | (0.2) | |||||
Commercial | 8,281 | 8,393 | (1.3) | 0.8 | |||||
Governmental | 659 | 648 | 1.7 | 1.8 | |||||
Industrial | 11,620 | 11,038 | 5.3 | 5.3 | |||||
Total to Ultimate Customers | 31,429 | 31,438 | 2.0 | ||||||
Wholesale | 2,075 | 667 | 211.1 | ||||||
Total Sales | 33,504 | 32,105 | 4.4 | ||||||
Nine Months Ended Sept. 30 | |||||||||
2014 | 2013 | % Change | % Weather-Adjusted | ||||||
(Millions of kWh) | |||||||||
Electric Energy Sales: | |||||||||
Residential | 28,162 | 27,080 | 4.0 | 0.5 | |||||
Commercial | 21,844 | 21,498 | 1.6 | 1.4 | |||||
Governmental | 1,829 | 1,814 | 0.8 | 0.8 | |||||
Industrial | 32,635 | 31,264 | 4.4 | 4.4 | |||||
Total to Ultimate Customers | 84,470 | 81,656 | 3.4 | 2.2 | |||||
Wholesale | 6,357 | 1,887 | 236.9 | ||||||
Total Sales | 90,827 | 83,543 | 8.7 | ||||||
Sept. 30 | |||||||||
2014 | 2013 | % Change | |||||||
Electric Customers (End of period): | |||||||||
Residential | 2,411,773 | 2,397,877 | 0.6 | ||||||
Commercial | 344,436 | 342,291 | 0.6 | ||||||
Governmental | 17,314 | 16,941 | 2.2 | ||||||
Industrial | 50,770 | 48,709 | 4.2 | ||||||
Total Ultimate Customers | 2,824,293 | 2,805,818 | 0.7 | ||||||
Wholesale | 9 | 25 | (64.0) | ||||||
Total Customers | 2,824,302 | 2,805,843 | 0.7 |