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) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 576-4000 74-0662730 | 1-34360 | ENTERGY TEXAS, INC. (a Texas corporation) 9425 Pinecroft The Woodlands, Texas 77380 Telephone (409) 981-2000 61-1435798 |
1-32718 | ENTERGY LOUISIANA, LLC (a Texas limited liability company) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 576-4000 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 April 28, 2015, issued by Entergy Corporation |
99.2 | Statement on Uses and Usefulness of Non-GAAP Financial Measures |
Entergy 639 Loyola Avenue New Orleans, LA 70113 |
Date: | April 28, 2015 |
For Release: | Immediately |
Contact: | Shona Sabnis (Media) (504) 576-5010 ssabnis@entergy.com | Paula Waters (Investor Relations) (504) 576-4380 pwater1@entergy.com |
• | Arkansas Governor Asa Hutchinson signed legislation that establishes a forward test year formula rate plan and provides additional considerations in setting the return on equity. This legislation should result in more efficient rate making, and allow Entergy Arkansas, Inc. to focus time and resources on activities that create sustainable value for the state, including job growth. Subsequent to quarter-end, on April 24, Entergy Arkansas filed a rate case applying this legislation. |
Table of Contents Page |
News Release1 Appendices6 A: Consolidated Results and Special Items7 B: Variance Analysis9 C: Utility Performance Measures11 D: EWC Performance Measures12 E: Financial Performance Measures13 F: Definitions, Abbreviations and Acronyms14 G: GAAP to Non-GAAP Reconciliations18 Earnings Package Guide22 Financial Statements23 |
• | In Mississippi, Governor Phil Bryant signed a bill into law that facilitates Entergy Mississippi, Inc.'s investment in electrical infrastructure at proposed economic development sites, even before a specific customer has been identified - and in doing so, supports growth and job creation in the state. |
• | Indian Point Energy Center Unit 3 completed its refueling outage in 23 days, its shortest outage on record. |
Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures | |||
First Quarter 2015 vs. 2014 | |||
First Quarter | |||
2015 | 2014 | Change | |
As-Reported Earnings ($ in millions) | 298.1 | 401.2 | (103.1) |
Less Special Items: | |||
HCM implementation expenses | — | (3.0) | 3.0 |
Decision to close VY | (4.6) | (5.9) | 1.3 |
Total Special Items | (4.6) | (8.9) | 4.3 |
Operational Earnings | 302.7 | 410.1 | (107.4) |
Weather Impact | 14.3 | 32.4 | (18.1) |
As-Reported Earnings (per share in $) | 1.65 | 2.24 | (0.59) |
Less Special Items: | |||
HCM implementation expenses | — | (0.02) | 0.02 |
Decision to close VY | (0.03) | (0.03) | — |
Total Special Items | (0.03) | (0.05) | 0.02 |
Operational Earnings | 1.68 | 2.29 | (0.61) |
Weather Impact | 0.08 | 0.18 | (0.10) |
• | Weather-adjusted residential sales increased 0.7 percent, |
• | Commercial sales increased 0.6 percent on a weather-adjusted basis, |
• | Weather-adjusted governmental sales increased 1.7 percent and |
• | Industrial sales grew 2.9 percent. |
EWC Operational Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | |||
First Quarter 2015 vs. 2014 | |||
($ in millions) | First Quarter | ||
2015 | 2014 | Change | |
Net income | 123 | 242 | (119) |
Add back: interest expense | 6 | 5 | 1 |
Add back: income tax expense | 70 | 119 | (49) |
Add back: depreciation and amortization | 62 | 70 | (8) |
Subtract: interest and investment income | 50 | 26 | 24 |
Add back: decommissioning expense | 35 | 34 | 1 |
Adjusted EBITDA | 247 | 444 | (197) |
Add back: special item for HCM implementation expenses (pre-tax) | — | 1 | (1) |
Add back: special item for the decision to close VY (pre-tax) | 7 | 10 | (3) |
Operational adjusted EBITDA | 254 | 455 | (201) |
• | Appendix A: Consolidated Results and Special Items |
• | Appendix B: Variance Analysis |
• | Appendix C: Utility Performance Measures |
• | Appendix D: EWC Performance Measures |
• | Appendix E: Financial Performance Measures |
• | Appendix F: Definitions, Abbreviations and Acronyms |
• | Appendix G: GAAP to Non-GAAP Reconciliations |
• | Earnings Package Guide |
• | Financial Statements |
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures First Quarter 2015 vs. 2014 | |||
(Per share in $) | |||
First Quarter | |||
2015 | 2014 | Change | |
As-Reported | |||
Utility | 1.24 | 1.12 | 0.12 |
EWC | 0.68 | 1.35 | (0.67) |
Parent & Other | (0.27) | (0.23) | (0.04) |
Consolidated As-Reported Earnings | 1.65 | 2.24 | (0.59) |
Less Special Items | |||
Utility | — | (0.01) | 0.01 |
EWC | (0.03) | (0.04) | 0.01 |
Parent & Other | — | — | — |
Consolidated Special Items | (0.03) | (0.05) | 0.02 |
Operational | |||
Utility | 1.24 | 1.13 | 0.11 |
EWC | 0.71 | 1.39 | (0.68) |
Parent & Other | (0.27) | (0.23) | (0.04) |
Consolidated Operational Earnings | 1.68 | 2.29 | (0.61) |
Weather Impact | 0.08 | 0.18 | (0.10) |
Appendix A-2: Consolidated Operating Cash Flow | |||||
First Quarter 2015 vs. 2014 | |||||
($ in millions) | |||||
First Quarter | |||||
2015 | 2014 | Change | |||
Utility | 454 | 405 | 49 | ||
EWC | 208 | 424 | (216) | ||
Parent & Other | (51) | (62) | 11 | ||
Total Operating Cash Flow | 611 | 767 | (156) | ||
Appendix A-3: Special Items by Driver (shown as positive/(negative) impact on EPS) | |||
First Quarter 2015 vs. 2014 | |||
(After-tax, per share in $) | |||
First Quarter | |||
2015 | 2014 | Change | |
Utility | |||
HCM implementation expenses | — | (0.01) | 0.01 |
Total Utility | — | (0.01) | 0.01 |
EWC | |||
Decision to close VY | (0.03) | (0.03) | — |
HCM implementation expenses | — | (0.01) | 0.01 |
Total EWC | (0.03) | (0.04) | 0.01 |
Total Special Items | (0.03) | (0.05) | 0.02 |
Appendix A-4: Special Items by Income Statement Line Item (shown as positive/(negative) impact on earnings) | |||
First Quarter 2015 vs. 2014 | |||
(Pre-tax except for Income taxes - other, $ in millions) | |||
First Quarter | |||
2015 | 2014 | Change | |
Utility | |||
Non-fuel O&M | — | (3.9) | 3.9 |
Taxes other than income taxes | — | (0.2) | 0.2 |
Income taxes - other | — | 1.8 | (1.8) |
Total Utility | — | (2.3) | 2.3 |
EWC | |||
Non-fuel O&M | (7.5) | (7.8) | 0.3 |
Taxes other than income taxes | 0.3 | (0.6) | 0.9 |
Asset write-off and impairments | — | (2.3) | 2.3 |
Income taxes - other | 2.5 | 4.1 | (1.6) |
Total EWC | (4.6) | (6.6) | 1.9 |
Total Special Items | (4.6) | (8.9) | 4.3 |
Appendix B-1: As-Reported and Operational EPS Variance Analysis | |||||||||||
First Quarter 2015 vs. 2014 | |||||||||||
(After-tax, per share in $, 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 | ||||
2014 earnings | 1.12 | 1.13 | 1.35 | 1.39 | (0.23) | (0.23) | 2.24 | 2.29 | |||
Other income (deductions) - other | 0.06 | 0.06 | (a) | 0.08 | 0.08 | (b) | (0.03) | (0.03) | 0.11 | 0.11 | |
Income taxes - other | 0.13 | 0.13 | (c) | (0.10) | (0.10) | (d) | (0.02) | (0.02) | 0.01 | 0.01 | |
Asset write-off and impairments | — | — | 0.01 | — | — | — | 0.01 | — | |||
Share effect | (0.01) | (0.01) | — | — | — | — | (0.01) | (0.01) | |||
Decommissioning expense | (0.01) | (0.01) | — | — | — | — | (0.01) | (0.01) | |||
Depreciation/ amortization expense | (0.04) | (0.04) | 0.03 | 0.03 | — | — | (0.01) | (0.01) | |||
Taxes other than income taxes | (0.04) | (0.04) | 0.02 | 0.02 | — | — | (0.02) | (0.02) | |||
Interest expense and other charges | (0.02) | (0.02) | — | — | — | — | (0.02) | (0.02) | |||
Non-fuel O&M | (0.20) | (0.21) | (e) | 0.05 | 0.05 | (f) | 0.01 | 0.01 | (0.14) | (0.15) | |
Net revenue | 0.25 | 0.25 | (g) | (0.76) | (0.76) | (h) | — | — | (0.51) | (0.51) | |
2015 earnings | 1.24 | 1.24 | 0.68 | 0.71 | (0.27) | (0.27) | 1.65 | 1.68 | |||
(a) | The quarter-over-quarter increase was largely attributable to higher earnings on nuclear decommissioning trust funds (offset in net revenue) and higher earnings on investments in affiliate preferred membership interests (offset in Parent & Other). |
(b) | The increase quarter-over-quarter was largely due to realized earnings from decommissioning trusts in the current quarter, including the rebalancing of VY’s decommissioning trust. |
(c) | The quarter-over-quarter increase was attributable to a current period approximate $24 million reversal of a portion of the provision for uncertain tax provisions related to interest accrual. |
(d) | The decrease period-over-period was due primarily to a first quarter 2014 adjustment of approximately $21.5 million related to a change in New York law which resulted in a reduction of deferred income taxes. |
(e) | The quarter-over-quarter decrease reflected higher fossil generation costs, including increased scope for maintenance outages. Nuclear generation expenses were also higher due partly to increased spending for regulatory compliance. Other non-fuel O&M changes with offsets in net revenue include spending for MISO participation and energy efficiency programs. |
(f) | The increase quarter-over-quarter was attributable to the closure of VY at the end of 2014. Excluding VY, non-fuel O&M was higher due to an increase in refueling outage amortization and fewer refueling outage days in the current quarter resulting in the lower deferral of costs for future amortization. |
Utility As-Reported Net Revenue Variance Analysis 2015 vs. 2014 ($ EPS) | |
First Quarter | |
Weather | (0.10) |
Sales growth/pricing | 0.36 |
Other | (0.01) |
Total | 0.25 |
(g) | The quarterly increase was due to both price and volume factors. The effect of pricing adjustments were positive, including the Louisiana FRP rate adjustments for placing Ninemile 6 in rates, the Entergy Louisiana, Entergy Texas and Entergy Mississippi rate cases and energy efficiency. A portion of these rate changes were for recovery of costs below net revenue. For volume, both weather-adjusted retail sales growth and estimated unbilled sales were higher quarter-over-quarter. The effects of weather were favorable in both periods, but more favorable in first quarter 2014 than first quarter 2015. |
(h) | The decrease in the current quarter was due largely to the VY closure. Excluding VY, EWC net revenue declined, reflecting lower price partially offset by higher volume. In addition, the net effect of mark-to-market activity was negative in the current period compared to a positive contribution in the comparable period a year ago. Excluding VY, nuclear generation increased due to fewer refueling outage days. Forced outage days, however, were higher in the current period. |
Appendix C-1: Utility Operational Performance Measures | ||||
First Quarter 2015 vs. 2014 | ||||
First Quarter | ||||
2015 | 2014 | % Change | % Weather Adjusted (i) | |
GWh billed | ||||
Residential | 9,433 | 10,027 | (5.9%) | 0.7% |
Commercial | 6,721 | 6,800 | (1.2%) | 0.6% |
Governmental | 592 | 584 | 1.4% | 1.7% |
Industrial | 10,406 | 10,113 | 2.9% | 2.9% |
Total Retail Sales | 27,152 | 27,524 | (1.4%) | 1.5% |
Wholesale | 1,811 | 2,234 | (18.9%) | |
Total Sales | 28,963 | 29,758 | (2.7%) | |
Number of electric retail customers | ||||
Residential | 2,419,228 | 2,403,321 | 0.7% | |
Commercial | 345,616 | 342,382 | 0.9% | |
Governmental | 17,383 | 17,213 | 1.0% | |
Industrial | 41,047 | 40,044 | 2.5% | |
Total Retail Customers | 2,823,274 | 2,802,960 | 0.7% | |
Net Revenue ($ millions) | $1,410 | $1,337 | 5.5% | |
As-reported non-fuel O&M per MWh | $20.17 | $17.68 | 14.1% | |
Operational non-fuel O&M per MWh | $20.17 | $17.55 | 14.9% | |
(i) | The effects of weather are estimated using monthly heating degree days and cooling degree days from certain locations within each jurisdiction and comparing to “normal” weather based on 20 year historical data. The models used to estimate weather are updated periodically and subject to change. |
Appendix D-1: EWC Operational Performance Measures | |||
First Quarter 2015 vs. 2014 | |||
First Quarter | |||
2015 | 2014 | % Change | |
Owned capacity (MW) (j) | 5,463 | 6,068 | (10.0%) |
GWh billed | 9,592 | 10,014 | (4.2%) |
As-reported average total revenue per MWh | $67.00 | $91.09 | (26.4%) |
Adjusted average total revenue per MWh | $66.60 | $90.68 | (26.4%) |
Net revenue ($ millions) | $527 | $748 | (29.5%) |
As-reported non-fuel O&M per MWh | $25.89 | $26.28 | (1.5%) |
Operational non-fuel O&M per MWh | $25.11 | $25.50 | (1.5%) |
EWC Nuclear Fleet | |||
Capacity factor | 90% | 82% | 9.8% |
GWh billed | 8,618 | 9,079 | (5.1%) |
As-reported average total revenue per MWh | $65.78 | $89.32 | (26.4%) |
Adjusted average total revenue per MWh | $65.34 | $88.86 | (26.5%) |
Production cost per MWh (j) | $25.61 | $26.39 | (3.0%) |
Net revenue ($ millions) | $511 | $732 | (30.2%) |
Refueling outage days | |||
Indian Point 2 | — | 24 | |
Indian Point 3 | 23 | — | |
Palisades | — | 56 | |
Appendix E-1: GAAP and Non-GAAP Financial Performance Measures | ||||
First Quarter 2015 vs. 2014 | ||||
For 12 months ending March 31 | 2015 | 2014 | Change | |
GAAP Measures | ||||
ROIC - as-reported | 5.1% | 5.7% | (0.6%) | |
ROE - as-reported | 8.3% | 9.9% | (1.6%) | |
Book value per share | $56.45 | $55.53 | $0.92 | |
End of period shares outstanding (millions) | 179.5 | 179.1 | 0.4 | |
Non-GAAP Measures | ||||
ROIC - operational | 5.6% | 6.8% | (1.2%) | |
ROE - operational | 9.4% | 12.5% | (3.1%) | |
As of March 31 ($ in millions) | 2015 | 2014 | Change | |
GAAP Measures | ||||
Cash and cash equivalents | 1,181 | 908 | 273 | |
Revolver capacity | 3,779 | 4,077 | (298) | |
Commercial paper outstanding | 762 | 1,059 | (297) | |
Total debt | 14,044 | 13,860 | 184 | |
Securitization debt | 762 | 861 | (99) | |
Debt to capital ratio | 57.4% | 57.5% | (0.1%) | |
Off-balance sheet liabilities: | ||||
Debt of joint ventures - Entergy’s share | 81 | 86 | (5) | |
Leases - Entergy’s share | 422 | 456 | (34) | |
Total off-balance sheet liabilities | 503 | 542 | (39) | |
Non-GAAP Measures | ||||
Debt to capital ratio, excluding securitization debt | 56.0% | 55.9% | 0.1% | |
Gross liquidity | 4,960 | 4,985 | (25) | |
Net debt to net capital ratio, excluding securitization debt | 53.7% | 54.1% | (0.4%) | |
Parent debt to total debt ratio, excluding securitization debt | 20.9% | 20.6% | 0.3% | |
Debt to operational adjusted EBITDA, excluding securitization debt | 3.9 | 3.7 | 0.2 | |
Operational FFO to debt ratio, excluding securitization debt | 28.2% | 26.9% | 1.3% | |
Appendix F-1: Definitions | |
Utility Operational Performance Measures | |
GWh billed | Total number of GWh billed to all retail and wholesale customers |
Net revenue | Operating revenue less fuel, fuel related expenses, purchased power and other regulatory charges (credits) - net |
Non-fuel O&M | Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale and purchased power |
Non-fuel O&M per MWh | Non-fuel O&M per MWh of billed sales |
Number of retail customers | Number of customers at end of period |
EWC Operational Performance Measures | |
As-reported average total revenue per MWh | As-reported revenue per MWh billed, excluding revenue from investments in wind generation accounted for under the equity method of accounting |
Adjusted average total revenue per MWh | As-reported average total revenue per MWh, excluding revenue from the amortization of the Palisades below-market PPA |
Average revenue under contract per kW per month (applies to capacity contracts only) | Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards |
Average revenue per MWh on contracted volumes | Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades; revenue will fluctuate due to factors including market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at the time of option expiration, costs to convert firm LD to unit-contingent and other risk management costs |
Bundled capacity and energy contracts | A contract for the sale of installed capacity and related energy, priced per MWh sold |
Capacity contracts | A contract for the sale of the installed capacity product in regional markets managed by ISO-NE, the NYISO and MISO |
Capacity factor | Normalized percentage of the period that the nuclear plants generate power |
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 |
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 |
Appendix F-1: Definitions | ||
EWC Operational Performance Measures (continued) | ||
Firm LD | Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract; a portion of which may be capped through the use of risk management products | |
GWh billed | Total number of GWh billed to customers, excluding investments in wind generation accounted for under the equity method of accounting and financially-settled instruments | |
Net revenue | Operating revenue less fuel, fuel related expenses and purchased power | |
Non-fuel O&M | Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale, purchased power and investments in wind generation accounted for under the equity method of accounting | |
Non-fuel O&M per MWh | Non-fuel O&M per MWh billed | |
Offsetting positions | Transactions for the purchase of energy, generally to offset a Firm LD transaction | |
Owned capacity (MW) | Installed capacity owned and operated by EWC, including investments in wind generation accounted for under the equity method of accounting; VY (nuclear) was retired on Dec. 29, 2014 (605 MW) | |
Percent of capacity sold forward | Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions | |
Percent of planned generation under contract | Percent of planned generation output sold or purchased forward under contracts, forward physical contracts, forward financial contracts or options that mitigate price uncertainty that may or may not require regulatory approval or approval of transmission rights, or other conditions precedent; positions that are no longer classified as hedges are netted in the planned generation under contract | |
Planned net MW in operation | Amount of installed capacity to generate power and/or sell capacity; 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 | |
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 uninterrupted normal plant operation 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 | |
Production cost per MWh | Fuel and non-fuel O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation), excluding special items | |
Refueling outage days | Number of days lost for scheduled refueling outage during the period | |
Unit-contingent | Transaction under which power is supplied from a specific generation asset; if the asset is not operating, seller is generally not liable to buyer for any damages | |
Financial Measures - GAAP | ||
Book value per share | End of period common equity divided by end of period shares outstanding | |
Debt of joint ventures - Entergy’s share | Entergy’s share of debt issued by business joint ventures at EWC | |
Debt to capital ratio | Total debt divided by total capitalization | |
Leases - Entergy’s share | Operating leases held by subsidiaries capitalized at implicit interest rate | |
Revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers | |
Appendix F-1: Definitions | |
Financial Measures - GAAP (continued) | |
ROIC - as-reported | 12-months rolling net income attributable to Entergy Corporation or Subsidiary (Net Income) adjusted for preferred dividends and tax-effected interest expense divided by average invested capital |
ROE - as-reported | 12-months rolling Net Income divided by average common equity |
Securitization debt | Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at ETI; the 2009 ice storm at EAI and investment recovery of costs associated with the cancelled Little Gypsy repowering project at ELL |
Total debt | Sum of short-term and long-term debt, notes payable and commercial paper and capital leases on the balance sheet |
Financial Measures - Non-GAAP | |
Adjusted EBITDA | Earnings before interest, depreciation and amortization and income taxes excluding decommissioning expense and other than temporary impairment losses on decommissioning trust fund assets; for Entergy consolidated, also excludes AFUDC-equity funds and subtracts securitization proceeds |
Debt to capital ratio, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt |
Debt to EBITDA | End of period total debt excluding securitization debt divided by 12-months rolling operational adjusted EBITDA |
FFO | Net cash flow provided by operations less AFUDC-borrowed funds, working capital items in operating cash flow (receivables, fuel inventory, accounts payable, prepaid taxes and taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charge |
FFO to debt | 12-months rolling operational FFO as a percentage of end of period total debt excluding securitization debt |
Gross liquidity | Sum of cash and revolver capacity |
Operational adjusted EBITDA | Adjusted EBITDA excluding effects of special items |
Operational earnings | As-reported Net Income adjusted to exclude the impact of special items |
Operational FFO | FFO excluding effects of special items |
Parent debt to total debt | End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of total debt excluding securitization debt |
Net debt to net capital ratio, excluding securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt |
ROIC - operational | 12-months rolling operational Net Income adjusted for preferred dividends and tax-effected interest expense divided by average invested capital |
ROE - operational | 12-months rolling operational Net Income divided by average common equity |
Appendix F-2: Abbreviations and Acronyms | |||
AFUDC-borrowed funds | Allowance for borrowed funds used during construction | ISO-NE | ISO New England |
LHV | Lower Hudson Valley | ||
LPSC | Louisiana Public Service Commission | ||
AFUDC-equity funds | Allowance for equity funds used during construction | LTM MISO | Last twelve months Midcontinent Independent System Operator, Inc. |
ADIT | Accumulated deferred income taxes | MPSC | Mississippi Public Service Commission |
ALJ | Administrative law judge | NEPOOL Ninemile 6 | New England Power Pool Ninemile Point Unit 6 |
APSC | Arkansas Public Service Commission | ||
BTA | Best Technology Available | Non-fuel O&M | Non-fuel operation and maintenance expenses |
CCGT | Combined cycle gas turbine | NRC | Nuclear Regulatory Commission |
CCNO CZM | Council of the City of New Orleans, Louisiana Coastal zone management | NYISO NYSDEC | New York Independent System Operator, Inc. New York State Department of Environmental Conservation |
DCRF | Distribution cost recovery factor | NYSDOS | New York State Department of State |
DOJ | U.S. Department of Justice | NYSE | New York Stock Exchange |
EAI | Entergy Arkansas, Inc. | O&M | Operation and maintenance expense |
EBITDA | Earnings before interest, income taxes, depreciation and amortization | OCF | Operating cash flow |
EGSL | Entergy Gulf States Louisiana, L.L.C. | Palisades | Palisades Power Plant (nuclear) |
PPA | Power purchase agreement | ||
ELL | Entergy Louisiana, LLC | PUCT | Public Utility Commission of Texas |
EMI | Entergy Mississippi, Inc. | RFP | Request for proposal |
ENOI | Entergy New Orleans, Inc. | RISEC | Rhode Island State Energy Center (CCGT) |
EPS ETI | Earnings per share Entergy Texas, Inc. | ROE | Return on equity |
ETR | Entergy Corporation | ROIC | Return on invested capital |
ROS | Rest of state | ||
EWC | Entergy Wholesale Commodities | RPCE | Rough production cost equalization |
FCA | Forward capacity auction | SEC | U.S. Securities and Exchange Commission |
FERC | Federal Energy Regulatory Commission | SEMARI | Southeast Massachusetts/Rhode Island |
FFO | Funds from operations | SERI | System Energy Resources, Inc. |
Firm LD | Firm liquidated damages | SPDES | State Pollutant Discharge Elimination System |
FitzPatrick | James A. FitzPatrick Nuclear Power Plant | SPP | Southwest Power Pool |
FRP | Formula rate plan | VY | Vermont Yankee Nuclear Power Station (nuclear) |
GAAP | Generally accepted accounting principles | WACC | Weighted-average cost of capital |
HCM | Human Capital Management program | WOTAB | West of the Atchafalaya Basin |
Indian Point 2 | Indian Point Energy Center Unit 2 (nuclear) | WQC | Water Quality Certification |
Indian Point 3 | Indian Point Energy Center Unit 3 (nuclear) | ||
IPEC | Indian Point Energy Center (nuclear) | ||
ISES | Independence Steam Electric Station (coal) | ||
Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - Utility and EWC Non-fuel O&M per MWh, EWC and EWC Nuclear Average Total Revenue per MWh | |||
($ in thousands except where noted) | |||
1Q15 | 1Q14 | ||
Utility | |||
As-reported Utility non-fuel O&M | (A) | 584,300 | 526,248 |
Special Items included in non-fuel O&M: | |||
HCM implementation expenses | ‒ | 3,948 | |
Total special items included in non-fuel O&M | (B) | ‒ | 3,948 |
Operational Utility non-fuel O&M | (A-B) | 584,300 | 522,300 |
Utility billed sales (GWh) | (C) | 28,963 | 29,758 |
As-reported Utility non-fuel O&M per MWh | (A/C) | 20.17 | 17.68 |
Operational Utility non-fuel O&M per MWh | [(A-B)/(C)] | 20.17 | 17.55 |
EWC | |||
As-reported EWC non-fuel O&M | (D) | 248,326 | 263,160 |
Special Items included in non-fuel O&M: | |||
Decision to close VY | 7,489 | 6,728 | |
HCM implementation expenses | — | 1,093 | |
Total special items included in non-fuel O&M | (E) | 7,489 | 7,821 |
Operational EWC non-fuel O&M | (D-E) | 240,837 | 255,339 |
EWC billed sales (GWh) | (F) | 9,592 | 10,014 |
As-reported EWC non-fuel O&M per MWh | (D/F) | 25.89 | 26.28 |
Operational EWC non-fuel O&M per MWh | [(D-E)/(F)] | 25.11 | 25.50 |
As-reported EWC operating revenues | (G) | 642,590 | 912,122 |
Less Palisades below-market PPA amortization | (H) | 3,800 | 4,124 |
Adjusted EWC operating revenues | (G-H) | 638,790 | 907,998 |
As-reported EWC nuclear operating revenues | (I) | 566,908 | 810,888 |
Less Palisades below-market PPA amortization | (H) | 3,800 | 4,124 |
Adjusted EWC nuclear operating revenues | (I-H) | 563,109 | 806,764 |
As-reported EWC average total revenue per MWh | (G)/(F) | 67.00 | 91.09 |
Adjusted EWC average total revenue per MWh | [(G-H)/(F)] | 66.60 | 90.68 |
EWC nuclear billed sales (GWh) | J | 8,618 | 9,079 |
As-reported EWC nuclear average total revenue per MWh | (I)/(J) | 65.78 | 89.32 |
Adjusted EWC nuclear average total revenue per MWh | [(I-H)/(J)] | 65.34 | 88.86 |
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - ROE, ROIC Metrics | |||
($ in millions) | |||
1Q15 | 1Q14 | ||
As-reported net income attributable to Entergy Corporation, rolling 12 months | (A) | 838 | 952 |
Preferred dividends | 20 | 18 | |
Tax effected interest expense | 389 | 376 | |
As-reported net income attributable to Entergy Corporation, rolling 12 months adjusted for preferred dividends and tax effected interest expense | (B) | 1,247 | 1,346 |
Special items | |||
Decision to close VY | (99) | (211) | |
Transmission business spin-merge expenses | ‒ | 3 | |
HCM implementation expenses | (7) | (40) | |
Total special items | (C) | (105) | (248) |
Operational earnings, rolling 12 months adjusted for preferred dividends and tax effected interest expense | (B-C) | 1,352 | 1,594 |
Operational earnings, rolling 12 months | (A-C) | 943 | 1,200 |
Average invested capital | (D) | 24,298 | 23,539 |
Average common equity | (E) | 10,041 | 9,581 |
ROIC - as-reported % | (B/D) | 5.1 | 5.7 |
ROIC - operational % | [(B-C)/D] | 5.6 | 6.8 |
ROE - as-reported % | (A/E) | 8.3 | 9.9 |
ROE - operational % | [(A-C)/E] | 9.4 | 12.5 |
Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics | |||
($ in millions) | |||
1Q15 | 1Q14 | ||
Total debt | (A) | 14,044 | 13,860 |
Less securitization debt | (B) | 762 | 861 |
Total debt, excluding securitization debt | (C) | 13,282 | 12,999 |
Less cash and cash equivalents | (D) | 1,181 | 908 |
Net debt, excluding securitization debt | (E) | 12,101 | 12,091 |
Total capitalization | (F) | 24,483 | 24,113 |
Less securitization debt | (B) | 762 | 861 |
Total capitalization, excluding securitization debt | (G) | 23,721 | 23,252 |
Less cash and cash equivalents | (D) | 1,181 | 908 |
Net capital, excluding securitization debt | (H) | 22,540 | 22,344 |
Debt to capital ratio % | (A/F) | 57.4 | 57.5 |
Debt to capital ratio, excluding securitization debt % | (C/G) | 56.0 | 55.9 |
Net debt to net capital ratio, excluding securitization debt % | (E/H) | 53.7 | 54.1 |
Revolver capacity | (I) | 3,779 | 4,077 |
Gross liquidity | (D+I) | 4,960 | 4,985 |
Entergy Corporation notes: | |||
Due September 2015 | 550 | 550 | |
Due January 2017 | 500 | 500 | |
Due September 2020 | 450 | 450 | |
Total parent long-term debt | (J) | 1,500 | 1,500 |
Revolver draw | (K) | 508 | 115 |
Commercial paper | (L) | 762 | 1,059 |
Total parent debt | (J)+(K)+(L) | 2,770 | 2,674 |
Parent debt to total debt ratio, excluding securitization debt % | [((J)+(K)+(L))/(C)] | 20.9 | 20.6 |
Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics (continued) | |||
($ in millions) | |||
1Q15 | 1Q14 | ||
Total debt | (A) | 14,044 | 13,860 |
Less securitization debt | (B) | 762 | 861 |
Total debt, excluding securitization debt | (C) | 13,282 | 12,999 |
As-reported consolidated net income, rolling 12 months | 857 | 970 | |
Add back: interest expense, rolling 12 months | 632 | 612 | |
Add back: income tax expense, rolling 12 months | 523 | 326 | |
Add back: depreciation and amortization, rolling 12 months | 1,322 | 1,289 | |
Add back: regulatory charges (credits), rolling 12 months | (7) | 44 | |
Subtract: securitization proceeds, rolling 12 months | 129 | 132 | |
Subtract: interest and investment income, rolling 12 months | 181 | 196 | |
Subtract: AFUDC - equity funds, rolling 12 months | 61 | 68 | |
Add back: decommissioning expense, rolling 12 months | 277 | 249 | |
Adjusted EBITDA, rolling 12 months | (D) | 3,233 | 3,094 |
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | — | 29 | |
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 11 | 65 | |
Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax) | 152 | 353 | |
Operational adjusted EBITDA, rolling 12 months | (E) | 3,396 | 3,541 |
Debt to operational adjusted EBITDA, excluding securitization debt | (C)/(E) | 3.9 | 3.7 |
Net cash flow provided by operating activities, rolling 12 months | (F) | 3,733 | 3,412 |
AFUDC borrowed funds used during construction, rolling 12 months | (G) | (33) | (27) |
Working capital items in net cash flow provided by operating activities, rolling 12 months: | |||
Receivables | 72 | (102) | |
Fuel inventory | (35) | 26 | |
Accounts payable | (200) | 168 | |
Prepaid taxes and taxes accrued | (51) | (187) | |
Interest accrued | 7 | 2 | |
Other working capital accounts | 137 | (29) | |
Securitization regulatory charge | 97 | 98 | |
Total | (H) | 27 | (24) |
FFO, rolling 12 months | (F)+(G)-(H) | 3,673 | 3,409 |
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | — | 31 | |
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 23 | 53 | |
Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax) | 56 | 6 | |
Operational FFO, rolling 12 months | (I) | 3,752 | 3,499 |
Operational FFO to debt ratio, excluding securitization debt % | (I)/(C) | 28.2 | 26.9 |
Disclosures in 4Q14 Materials | Cross Reference to 1Q15 Materials | ||
Earnings Release | Document1 | Page | Reference |
Table 1: Consolidated Earnings | Release | 2 | |
Table 2: Consolidated Earnings by Business Segment | Release | 7 | Appendix A-1 |
Table 3: Consolidated Operating Cash Flow | Release Webcast | 7 7 | Appendix A-2 |
Table 4: Utility Operational Performance Measures | Release | 11 | Appendix C-1 |
Table 5: EWC Operational Adjusted EBITDA | Release | 3 | |
Table 6: EWC Operational Performance Measures | Release | 12 | Appendix D-1 |
Table 7: EWC Capacity and Generation | Webcast | 29-32 | |
Table 8: 2015 Operational EPS Guidance | Guidance details provided annually in fourth quarter materials at initiation | ||
Table 9: 2015 Earnings Sensitivities | Webcast | 39 | |
Appendix A-1/A-2: As-Reported and Operational EPS Variance Analysis | Release | 9 | Appendix B-1 |
Appendix A-3: Special Items | Release | 8 | Appendices A-3, A-42 |
Appendix B: 2015-2017 Capital Expenditure Plan | Provided annually in fourth quarter materials | ||
Appendix C-1: Financial Performance Measures | Release | 13 | Appendix E-1 |
Appendix C-2: Historical Performance Measures (trailing eight quarters) | Eight quarter history no longer repeated | ||
Appendix D: Definitions of Operational Performance Measures, GAAP and Non-GAAP Financial Measures and Abbreviations and Acronyms | Release | 14-17 | Appendices F-1, F-2 |
Appendix E: Reconciliation of GAAP to Non-GAAP Financial Measures | Release | 19-22 | Appendices G-1, G-2, G-3 |
Webcast Presentation | |||
Utility Overview (slide 14) | Webcast | 14 | |
Utility Company and Regulatory Slides (slides 15 - 23, 25) | Webcast | 15-24 | |
2015 - 2017 Utility Capital Plan by Company by Year (slide 24) | Provided annually in fourth quarter materials | ||
EWC Overview (slide 26) | Webcast | 26 | |
EWC EBITDA Outlook (slide 27) | Webcast | 9 | |
Northeast Energy Prices (slide 28) | Webcast | 34 | |
Price Sensitivity on Contracted Nuclear Volumes (slide 29) | Webcast | 33 | |
Capacity Prices (slide 30) | Webcast | 35 | |
Near-term Status of IPEC License Renewal Proceedings (slide 31) | Webcast | 36 | |
Fourth Quarter Credit Metrics Comparison (slide 32) | Release | 13 | Appendix E-1 |
2015 Earnings Guidance (slide 9) | Webcast | 8 | |
2015 Quarterly Earnings Considerations (slide 33) | Provided annually in fourth quarter webcast | ||
2017 Financial Outlook (slide 10) | Webcast | 10 | |
Appendix II, Regulation G Reconciliations (slides 35 - 45) | Webcast | 43-47 | |
Measures and Abbreviations or Acronyms (slides 46 - 47) | Release | 17 | Appendix F-2 |
1 | Release includes full package (news release, appendices and financial statements) |
2 | Specials in pre-tax $ millions (except for Income taxes - other) by income statement line item (NEW) |
Item | Document1 | Page |
Appendix Materials Summary Slide | Webcast | 12 |
Progress Against 2015 Guidance Assumptions | Webcast | 38 |
VY Contribution By Line Item in 2014 and Quarterly Variance Analysis Detail | Webcast | 27-28 |
Entergy Integrated Report and Investor Relations Apps | Webcast | 40-41 |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 64,251 | $ | 2,023 | $ | 846 | $ | 67,120 | ||||||||
Temporary cash investments | 709,281 | 399,900 | 4,245 | 1,113,426 | ||||||||||||
Total cash and cash equivalents | 773,532 | 401,923 | 5,091 | 1,180,546 | ||||||||||||
Notes receivable | — | 529,955 | (529,955 | ) | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 526,681 | 112,040 | — | 638,721 | ||||||||||||
Allowance for doubtful accounts | (35,884 | ) | — | — | (35,884 | ) | ||||||||||
Associated companies | 25,315 | 3,351 | (28,666 | ) | — | |||||||||||
Other | 165,941 | 7,830 | 259 | 174,030 | ||||||||||||
Accrued unbilled revenues | 291,040 | — | — | 291,040 | ||||||||||||
Total accounts receivable | 973,093 | 123,221 | (28,407 | ) | 1,067,907 | |||||||||||
Deferred fuel costs | 127,742 | — | — | 127,742 | ||||||||||||
Accumulated deferred income taxes | 67,258 | 35,845 | (80,150 | ) | 22,953 | |||||||||||
Fuel inventory - at average cost | 212,338 | 15,648 | — | 227,986 | ||||||||||||
Materials and supplies - at average cost | 616,200 | 313,643 | — | 929,843 | ||||||||||||
Deferred nuclear refueling outage costs | 132,481 | 146,419 | — | 278,900 | ||||||||||||
Prepayments and other | 138,744 | 246,055 | (80,691 | ) | 304,108 | |||||||||||
TOTAL | 3,041,388 | 1,812,709 | (714,112 | ) | 4,139,985 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,390,786 | 34,752 | (1,390,674 | ) | 34,864 | |||||||||||
Decommissioning trust funds | 2,519,901 | 2,933,049 | — | 5,452,950 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 206,512 | 7,670 | 4,053 | 218,235 | ||||||||||||
Other | 399,132 | 8,507 | — | 407,639 | ||||||||||||
TOTAL | 4,516,331 | 2,983,978 | (1,386,621 | ) | 6,113,688 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 40,158,082 | 5,072,176 | 3,409 | 45,233,667 | ||||||||||||
Property under capital lease | 945,454 | — | — | 945,454 | ||||||||||||
Natural gas | 379,949 | — | — | 379,949 | ||||||||||||
Construction work in progress | 917,679 | 469,576 | 319 | 1,387,574 | ||||||||||||
Nuclear fuel | 851,478 | 672,134 | — | 1,523,612 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 43,252,642 | 6,213,886 | 3,728 | 49,470,256 | ||||||||||||
Less - accumulated depreciation and amortization | 19,162,982 | 1,499,041 | 206 | 20,662,229 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 24,089,660 | 4,714,845 | 3,522 | 28,808,027 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Regulatory asset for income taxes - net | 803,744 | — | — | 803,744 | ||||||||||||
Other regulatory assets | 4,877,838 | — | — | 4,877,838 | ||||||||||||
Deferred fuel costs | 238,706 | — | — | 238,706 | ||||||||||||
Goodwill | 374,099 | 3,073 | — | 377,172 | ||||||||||||
Accumulated deferred income taxes | 13,048 | 38,297 | 1,790 | 53,135 | ||||||||||||
Other | 220,477 | 739,124 | 5,637 | 965,238 | ||||||||||||
TOTAL | 6,527,912 | 780,494 | 7,427 | 7,315,833 | ||||||||||||
TOTAL ASSETS | $ | 38,175,291 | $ | 10,292,026 | $ | (2,089,784 | ) | $ | 46,377,533 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $ | 325,292 | $ | 21,585 | $ | 550,000 | $ | 896,877 | ||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | 275,518 | (275,518 | ) | — | |||||||||||
Other | 46,811 | — | 761,608 | 808,419 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 6,247 | 14,920 | (21,167 | ) | — | |||||||||||
Other | 722,443 | 218,492 | 661 | 941,596 | ||||||||||||
Customer deposits | 415,195 | — | — | 415,195 | ||||||||||||
Taxes accrued | 152,202 | — | (92,035 | ) | 60,167 | |||||||||||
Accumulated deferred income taxes | 20,003 | (564 | ) | 75,280 | 94,719 | |||||||||||
Interest accrued | 155,723 | 330 | 7,406 | 163,459 | ||||||||||||
Deferred fuel costs | 146,078 | — | — | 146,078 | ||||||||||||
Obligations under capital leases | 2,557 | — | — | 2,557 | ||||||||||||
Pension and other postretirement liabilities | 47,874 | 10,912 | — | 58,786 | ||||||||||||
Other | 134,344 | 41,015 | 2,213 | 177,572 | ||||||||||||
TOTAL | 2,174,769 | 582,208 | 1,008,448 | 3,765,425 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 7,670,452 | 1,378,283 | 109,851 | 9,158,586 | ||||||||||||
Accumulated deferred investment tax credits | 251,616 | — | — | 251,616 | ||||||||||||
Obligations under capital leases | 29,051 | — | — | 29,051 | ||||||||||||
Other regulatory liabilities | 1,369,514 | — | — | 1,369,514 | ||||||||||||
Decommissioning and retirement cost liabilities | 2,577,217 | 1,935,951 | — | 4,513,168 | ||||||||||||
Accumulated provisions | 415,240 | 4,231 | — | 419,471 | ||||||||||||
Pension and other postretirement liabilities | 2,720,137 | 864,857 | — | 3,584,994 | ||||||||||||
Long-term debt | 10,791,025 | 58,796 | 1,457,719 | 12,307,540 | ||||||||||||
Other | 791,587 | 324,909 | (577,067 | ) | 539,429 | |||||||||||
TOTAL | 26,615,839 | 4,567,027 | 990,503 | 32,173,369 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 186,511 | 24,249 | — | 210,760 | ||||||||||||
EQUITY | ||||||||||||||||
Common Shareholders' Equity: | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 254,752,788 shares in 2015 | 2,161,268 | 201,104 | (2,359,824 | ) | 2,548 | |||||||||||
Paid-in capital | 2,458,397 | 1,579,063 | 1,314,230 | 5,351,690 | ||||||||||||
Retained earnings | 4,768,550 | 3,234,069 | 2,315,831 | 10,318,450 | ||||||||||||
Accumulated other comprehensive income (loss) | (164,043 | ) | 104,306 | — | (59,737 | ) | ||||||||||
Less - treasury stock, at cost (75,238,343 shares in 2015) | 120,000 | — | 5,358,972 | 5,478,972 | ||||||||||||
Total common shareholders' equity | 9,104,172 | 5,118,542 | (4,088,735 | ) | 10,133,979 | |||||||||||
Subsidiaries' preferred stock without sinking fund | 94,000 | — | — | 94,000 | ||||||||||||
TOTAL | 9,198,172 | 5,118,542 | (4,088,735 | ) | 10,227,979 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 38,175,291 | $ | 10,292,026 | $ | (2,089,784 | ) | $ | 46,377,533 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet |
December 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 109,253 | $ | 17,768 | $ | 4,306 | $ | 131,327 | ||||||||
Temporary cash investments | 864,162 | 414,931 | 11,606 | 1,290,699 | ||||||||||||
Total cash and cash equivalents | 973,415 | 432,699 | 15,912 | 1,422,026 | ||||||||||||
Notes receivable | — | 521,183 | (521,183 | ) | — | |||||||||||
Accounts receivable: | ||||||||||||||||
Customer | 473,695 | 123,222 | — | 596,917 | ||||||||||||
Allowance for doubtful accounts | (35,663 | ) | — | — | (35,663 | ) | ||||||||||
Associated companies | 28,475 | 1,806 | (30,281 | ) | — | |||||||||||
Other | 198,525 | 10,502 | 11,315 | 220,342 | ||||||||||||
Accrued unbilled revenues | 321,659 | — | — | 321,659 | ||||||||||||
Total accounts receivable | 986,691 | 135,530 | (18,966 | ) | 1,103,255 | |||||||||||
Deferred fuel costs | 155,140 | — | — | 155,140 | ||||||||||||
Accumulated deferred income taxes | 107,482 | 60,214 | (139,913 | ) | 27,783 | |||||||||||
Fuel inventory - at average cost | 193,710 | 11,724 | — | 205,434 | ||||||||||||
Materials and supplies - at average cost | 602,656 | 315,928 | — | 918,584 | ||||||||||||
Deferred nuclear refueling outage costs | 86,753 | 127,435 | — | 214,188 | ||||||||||||
Prepayments and other | 155,219 | 192,788 | (4,784 | ) | 343,223 | |||||||||||
TOTAL | 3,261,066 | 1,797,501 | (668,934 | ) | 4,389,633 | |||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||
Investment in affiliates - at equity | 1,390,786 | 36,122 | (1,390,674 | ) | 36,234 | |||||||||||
Decommissioning trust funds | 2,471,082 | 2,899,850 | — | 5,370,932 | ||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 201,618 | 7,912 | 4,261 | 213,791 | ||||||||||||
Other | 396,102 | 9,067 | — | 405,169 | ||||||||||||
TOTAL | 4,459,588 | 2,952,951 | (1,386,413 | ) | 6,026,126 | |||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||
Electric | 39,845,364 | 5,032,653 | 3,402 | 44,881,419 | ||||||||||||
Property under capital lease | 945,784 | — | — | 945,784 | ||||||||||||
Natural gas | 377,565 | — | — | 377,565 | ||||||||||||
Construction work in progress | 970,629 | 455,063 | 289 | 1,425,981 | ||||||||||||
Nuclear fuel | 839,694 | 702,361 | — | 1,542,055 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 42,979,036 | 6,190,077 | 3,691 | 49,172,804 | ||||||||||||
Less - accumulated depreciation and amortization | 19,007,189 | 1,442,465 | 204 | 20,449,858 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 23,971,847 | 4,747,612 | 3,487 | 28,722,946 | ||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||
Regulatory assets: | ||||||||||||||||
Regulatory asset for income taxes - net | 836,064 | — | — | 836,064 | ||||||||||||
Other regulatory assets | 4,968,553 | — | — | 4,968,553 | ||||||||||||
Deferred fuel costs | 238,102 | — | — | 238,102 | ||||||||||||
Goodwill | 374,099 | 3,073 | — | 377,172 | ||||||||||||
Accumulated deferred income taxes | 9,804 | 36,722 | 1,825 | 48,351 | ||||||||||||
Other | 176,186 | 741,641 | 3,080 | 920,907 | ||||||||||||
TOTAL | 6,602,808 | 781,436 | 4,905 | 7,389,149 | ||||||||||||
0 | ||||||||||||||||
TOTAL ASSETS | $ | 38,295,309 | $ | 10,279,500 | $ | (2,046,955 | ) | $ | 46,527,854 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Currently maturing long-term debt | $ | 327,790 | $ | 21,585 | $ | 550,000 | $ | 899,375 | ||||||||
Notes payable and commercial paper: | ||||||||||||||||
Associated companies | — | 238,196 | (238,196 | ) | — | |||||||||||
Other | 114,417 | — | 483,990 | 598,407 | ||||||||||||
Account payable: | ||||||||||||||||
Associated companies | 19,617 | 19,706 | (39,323 | ) | — | |||||||||||
Other | 889,763 | 276,336 | 332 | 1,166,431 | ||||||||||||
Customer deposits | 412,166 | — | — | 412,166 | ||||||||||||
Taxes accrued | 88,681 | 19,540 | 19,887 | 128,108 | ||||||||||||
Accumulated deferred income taxes | 20,653 | — | 17,386 | 38,039 | ||||||||||||
Interest accrued | 181,359 | 101 | 24,550 | 206,010 | ||||||||||||
Deferred fuel costs | 91,602 | — | — | 91,602 | ||||||||||||
Obligations under capital leases | 2,508 | — | — | 2,508 | ||||||||||||
Pension and other postretirement liabilities | 47,269 | 10,725 | — | 57,994 | ||||||||||||
Other | 148,473 | 97,439 | 2,339 | 248,251 | ||||||||||||
TOTAL | 2,344,298 | 683,628 | 820,965 | 3,848,891 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 7,780,487 | 1,264,524 | 88,150 | 9,133,161 | ||||||||||||
Accumulated deferred investment tax credits | 247,521 | — | — | 247,521 | ||||||||||||
Obligations under capital leases | 29,710 | — | — | 29,710 | ||||||||||||
Other regulatory liabilities | 1,383,609 | — | — | 1,383,609 | ||||||||||||
Decommissioning and retirement cost liabilities | 2,540,529 | 1,917,767 | — | 4,458,296 | ||||||||||||
Accumulated provisions | 413,842 | 4,286 | — | 418,128 | ||||||||||||
Pension and other postretirement liabilities | 2,767,800 | 870,495 | — | 3,638,295 | ||||||||||||
Long-term debt | 10,797,389 | 58,053 | 1,644,667 | 12,500,109 | ||||||||||||
Other | 803,136 | 338,973 | (584,460 | ) | 557,649 | |||||||||||
TOTAL | 26,764,023 | 4,454,098 | 1,148,357 | 32,366,478 | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 186,511 | 24,249 | — | 210,760 | ||||||||||||
EQUITY | ||||||||||||||||
Common Shareholders' Equity: | ||||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||
issued 254,752,788 shares in 2014 | 2,161,268 | 201,104 | (2,359,824 | ) | 2,548 | |||||||||||
Paid-in capital | 2,458,397 | 1,676,973 | 1,239,983 | 5,375,353 | ||||||||||||
Retained earnings | 4,572,383 | 3,116,184 | 2,481,090 | 10,169,657 | ||||||||||||
Accumulated other comprehensive income (loss) | (165,571 | ) | 123,264 | — | (42,307 | ) | ||||||||||
Less - treasury stock, at cost (75,512,079 shares in 2014) | 120,000 | — | 5,377,526 | 5,497,526 | ||||||||||||
Total common shareholders' equity | 8,906,477 | 5,117,525 | (4,016,277 | ) | 10,007,725 | |||||||||||
Subsidiaries' preferred stock without sinking fund | 94,000 | — | — | 94,000 | ||||||||||||
TOTAL | 9,000,477 | 5,117,525 | (4,016,277 | ) | 10,101,725 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 38,295,309 | $ | 10,279,500 | $ | (2,046,955 | ) | $ | 46,527,854 | |||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 2,217,999 | $ | — | $ | (10 | ) | $ | 2,217,989 | |||||||
Natural gas | 59,511 | — | — | 59,511 | ||||||||||||
Competitive businesses | — | 642,590 | — | 642,590 | ||||||||||||
Total | 2,277,510 | 642,590 | (10 | ) | 2,920,090 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 529,308 | 101,156 | (11 | ) | 630,453 | |||||||||||
Purchased power | 327,263 | 14,749 | 11 | 342,023 | ||||||||||||
Nuclear refueling outage expenses | 28,874 | 35,996 | — | 64,870 | ||||||||||||
Other operation and maintenance | 555,426 | 212,330 | 2,354 | 770,110 | ||||||||||||
Asset write-offs, impairments and related charges | — | — | — | — | ||||||||||||
Decommissioning | 34,861 | 35,038 | — | 69,899 | ||||||||||||
Taxes other than income taxes | 131,482 | 25,214 | 827 | 157,523 | ||||||||||||
Depreciation and amortization | 269,289 | 62,263 | 434 | 331,986 | ||||||||||||
Other regulatory charges (credits) - net | 10,457 | — | — | 10,457 | ||||||||||||
Total | 1,886,960 | 486,746 | 3,615 | 2,377,321 | ||||||||||||
OPERATING INCOME | 390,550 | 155,844 | (3,625 | ) | 542,769 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 11,738 | — | — | 11,738 | ||||||||||||
Interest and investment income | 55,017 | 50,163 | (37,047 | ) | 68,133 | |||||||||||
Miscellaneous - net | (974 | ) | (6,470 | ) | (1,576 | ) | (9,020 | ) | ||||||||
Total | 65,781 | 43,693 | (38,623 | ) | 70,851 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 143,447 | 5,915 | 16,975 | 166,337 | ||||||||||||
Allowance for borrowed funds used during construction | (6,117 | ) | — | — | (6,117 | ) | ||||||||||
Total | 137,330 | 5,915 | 16,975 | 160,220 | ||||||||||||
INCOME BEFORE INCOME TAXES | 319,001 | 193,622 | (59,223 | ) | 453,400 | |||||||||||
Income taxes | 91,251 | 70,190 | (10,970 | ) | 150,471 | |||||||||||
CONSOLIDATED NET INCOME | 227,750 | 123,432 | (48,253 | ) | 302,929 | |||||||||||
Preferred dividend requirements of subsidiaries | 4,332 | 547 | — | 4,879 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 223,418 | $ | 122,885 | $ | (48,253 | ) | $ | 298,050 | |||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $1.25 | $0.68 | ($0.27) | $1.66 | ||||||||||||
DILUTED | $1.24 | $0.68 | ($0.27) | $1.65 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,658,981 | |||||||||||||||
DILUTED | 180,480,523 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 2,226,484 | $ | — | $ | (21 | ) | $ | 2,226,463 | |||||||
Natural gas | 78,220 | — | — | 78,220 | ||||||||||||
Competitive businesses | — | 912,122 | (7,962 | ) | 904,160 | |||||||||||
Total | 2,304,704 | 912,122 | (7,983 | ) | 3,208,843 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 415,686 | 128,163 | (20 | ) | 543,829 | |||||||||||
Purchased power | 547,660 | 35,835 | (8,868 | ) | 574,627 | |||||||||||
Nuclear refueling outage expenses | 29,010 | 30,534 | — | 59,544 | ||||||||||||
Other operation and maintenance | 497,238 | 232,626 | 5,846 | 735,710 | ||||||||||||
Asset write-offs, impairments and related charges | — | 2,270 | — | 2,270 | ||||||||||||
Decommissioning | 31,743 | 34,056 | — | 65,799 | ||||||||||||
Taxes other than income taxes | 121,284 | 32,836 | 348 | 154,468 | ||||||||||||
Depreciation and amortization | 257,556 | 70,147 | 1,021 | 328,724 | ||||||||||||
Other regulatory charges (credits) - net | 3,995 | — | — | 3,995 | ||||||||||||
Total | 1,904,172 | 566,467 | (1,673 | ) | 2,468,966 | |||||||||||
OPERATING INCOME | 400,532 | 345,655 | (6,310 | ) | 739,877 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 15,129 | — | — | 15,129 | ||||||||||||
Interest and investment income | 40,320 | 26,359 | (31,431 | ) | 35,248 | |||||||||||
Miscellaneous - net | (4,008 | ) | (5,606 | ) | (2,090 | ) | (11,704 | ) | ||||||||
Total | 51,441 | 20,753 | (33,521 | ) | 38,673 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 138,489 | 5,061 | 19,001 | 162,551 | ||||||||||||
Allowance for borrowed funds used during construction | (7,020 | ) | — | — | (7,020 | ) | ||||||||||
Total | 131,469 | 5,061 | 19,001 | 155,531 | ||||||||||||
INCOME BEFORE INCOME TAXES | 320,504 | 361,347 | (58,832 | ) | 623,019 | |||||||||||
Income taxes | 115,064 | 118,877 | (16,975 | ) | 216,966 | |||||||||||
CONSOLIDATED NET INCOME | 205,440 | 242,470 | (41,857 | ) | 406,053 | |||||||||||
Preferred dividend requirements of subsidiaries | 4,332 | 547 | — | 4,879 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 201,108 | $ | 241,923 | $ | (41,857 | ) | $ | 401,174 | |||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $1.12 | $1.35 | ($0.23) | $2.24 | ||||||||||||
DILUTED | $1.12 | $1.35 | ($0.23) | $2.24 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 178,797,829 | |||||||||||||||
DILUTED | 179,055,967 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended March 31, 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 9,583,543 | $ | — | $ | (116 | ) | $ | 9,583,427 | |||||||
Natural gas | 163,086 | — | — | 163,086 | ||||||||||||
Competitive businesses | — | 2,449,873 | 9,782 | 2,459,655 | ||||||||||||
Total | 9,746,629 | 2,449,873 | 9,666 | 12,206,168 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,333,259 | 386,080 | (157 | ) | 2,719,182 | |||||||||||
Purchased power | 1,612,870 | 61,019 | 8,920 | 1,682,809 | ||||||||||||
Nuclear refueling outage expenses | 118,222 | 154,783 | — | 273,005 | ||||||||||||
Other operation and maintenance | 2,334,451 | 1,002,709 | 7,776 | 3,344,936 | ||||||||||||
Asset write-offs, impairments and related charges | 72,225 | 105,257 | — | 177,482 | ||||||||||||
Decommissioning | 134,227 | 142,494 | — | 276,721 | ||||||||||||
Taxes other than income taxes | 482,928 | 123,102 | 1,631 | 607,661 | ||||||||||||
Depreciation and amortization | 1,050,746 | 268,039 | 3,115 | 1,321,900 | ||||||||||||
Other regulatory charges (credits) - net | (7,309 | ) | — | — | (7,309 | ) | ||||||||||
Total | 8,131,619 | 2,243,483 | 21,285 | 10,396,387 | ||||||||||||
Gain on sale of business | — | — | — | — | ||||||||||||
OPERATING INCOME | 1,615,010 | 206,390 | (11,619 | ) | 1,809,781 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 61,411 | — | — | 61,411 | ||||||||||||
Interest and investment income | 185,914 | 137,763 | (143,106 | ) | 180,571 | |||||||||||
Miscellaneous - net | (7,606 | ) | (22,850 | ) | (8,876 | ) | (39,332 | ) | ||||||||
Total | 239,719 | 114,913 | (151,982 | ) | 202,650 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 570,262 | 17,499 | 77,109 | 664,870 | ||||||||||||
Allowance for borrowed funds used during construction | (32,673 | ) | — | — | (32,673 | ) | ||||||||||
Total | 537,589 | 17,499 | 77,109 | 632,197 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,317,140 | 303,804 | (240,710 | ) | 1,380,234 | |||||||||||
Income taxes | 448,335 | 128,310 | (53,542 | ) | 523,103 | |||||||||||
CONSOLIDATED NET INCOME | 868,805 | 175,494 | (187,168 | ) | 857,131 | |||||||||||
Preferred dividend requirements of subsidiaries | 17,347 | 2,188 | — | 19,535 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 851,458 | $ | 173,306 | $ | (187,168 | ) | $ | 837,596 | |||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $4.74 | $0.96 | ($1.04) | $4.66 | ||||||||||||
DILUTED | $4.72 | $0.96 | ($1.04) | $4.64 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 179,718,490 | |||||||||||||||
DILUTED | 180,514,700 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||
Consolidating Income Statement | ||||||||||||||||
Twelve Months Ended March 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Utility | Entergy Wholesale Commodities | Parent & Other | Consolidated | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Electric | $ | 9,223,797 | $ | — | $ | (4,254 | ) | $ | 9,219,543 | |||||||
Natural gas | 179,253 | — | — | 179,253 | ||||||||||||
Competitive businesses | — | 2,611,147 | (19,027 | ) | 2,592,120 | |||||||||||
Total | 9,403,050 | 2,611,147 | (23,281 | ) | 11,990,916 | |||||||||||
OPERATING EXPENSES | ||||||||||||||||
Operating and Maintenance: | ||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,041,114 | 439,985 | (1,784 | ) | 2,479,315 | |||||||||||
Purchased power | 1,679,771 | 114,074 | (38,014 | ) | 1,755,831 | |||||||||||
Nuclear refueling outage expenses | 123,895 | 131,732 | — | 255,627 | ||||||||||||
Other operation and maintenance | 2,241,358 | 1,049,328 | 22,681 | 3,313,367 | ||||||||||||
Asset write-offs, impairments and related charges | 9,411 | 331,606 | 2,790 | 343,807 | ||||||||||||
Decommissioning | 120,028 | 128,771 | — | 248,799 | ||||||||||||
Taxes other than income taxes | 473,190 | 129,107 | 1,425 | 603,722 | ||||||||||||
Depreciation and amortization | 1,048,056 | 236,774 | 4,061 | 1,288,891 | ||||||||||||
Other regulatory charges (credits) - net | 44,276 | — | — | 44,276 | ||||||||||||
Total | 7,781,099 | 2,561,377 | (8,841 | ) | 10,333,635 | |||||||||||
Gain on sale of business | — | 43,569 | — | 43,569 | ||||||||||||
OPERATING INCOME | 1,621,951 | 93,339 | (14,440 | ) | 1,700,850 | |||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||
Allowance for equity funds used during construction | 68,431 | — | — | 68,431 | ||||||||||||
Interest and investment income | 185,466 | 135,886 | (125,109 | ) | 196,243 | |||||||||||
Miscellaneous - net | (26,354 | ) | (23,107 | ) | (8,403 | ) | (57,864 | ) | ||||||||
Total | 227,543 | 112,779 | (133,512 | ) | 206,810 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest expense | 543,100 | 18,316 | 77,521 | 638,937 | ||||||||||||
Allowance for borrowed funds used during construction | (27,332 | ) | — | — | (27,332 | ) | ||||||||||
Total | 515,768 | 18,316 | 77,521 | 611,605 | ||||||||||||
INCOME BEFORE INCOME TAXES | 1,333,726 | 187,802 | (225,473 | ) | 1,296,055 | |||||||||||
Income taxes | 409,906 | (15,530 | ) | (67,964 | ) | 326,412 | ||||||||||
CONSOLIDATED NET INCOME | 923,820 | 203,332 | (157,509 | ) | 969,643 | |||||||||||
Preferred dividend requirements of subsidiaries | 17,329 | 638 | — | 17,967 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 906,491 | $ | 202,694 | $ | (157,509 | ) | $ | 951,676 | |||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||
BASIC | $5.08 | $1.14 | ($0.89) | $5.33 | ||||||||||||
DILUTED | $5.07 | $1.13 | ($0.88) | $5.32 | ||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 178,401,013 | |||||||||||||||
DILUTED | 178,799,026 | |||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Three Months Ended March 31, 2015 vs. 2014 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2015 | 2014 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $ | 302,929 | $ | 406,053 | $ | (103,124 | ) | |||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 526,008 | 516,442 | 9,566 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 95,732 | 234,102 | (138,370 | ) | ||||||||
Changes in working capital: | ||||||||||||
Receivables | 22,288 | 49,107 | (26,819 | ) | ||||||||
Fuel inventory | (22,553 | ) | 15,940 | (38,493 | ) | |||||||
Accounts payable | (153,700 | ) | 32,870 | (186,570 | ) | |||||||
Prepaid taxes and taxes accrued | (67,941 | ) | (79,829 | ) | 11,888 | |||||||
Interest accrued | (42,551 | ) | (24,802 | ) | (17,749 | ) | ||||||
Deferred fuel costs | 81,271 | (161,189 | ) | 242,460 | ||||||||
Other working capital accounts | (90,619 | ) | (115,060 | ) | 24,441 | |||||||
Changes in provisions for estimated losses | 1,334 | 3,319 | (1,985 | ) | ||||||||
Changes in other regulatory assets | 93,082 | 18,627 | 74,455 | |||||||||
Changes in other regulatory liabilities | 15,857 | 19,634 | (3,777 | ) | ||||||||
Changes in pensions and other postretirement liabilities | (52,509 | ) | (46,174 | ) | (6,335 | ) | ||||||
Other | (97,670 | ) | (101,883 | ) | 4,213 | |||||||
Net cash flow provided by operating activities | 610,958 | 767,157 | (156,199 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (532,958 | ) | (483,350 | ) | (49,608 | ) | ||||||
Allowance for equity funds used during construction | 13,077 | 15,883 | (2,806 | ) | ||||||||
Nuclear fuel purchases | (96,392 | ) | (142,672 | ) | 46,280 | |||||||
Proceeds from sale of assets | — | 10,100 | (10,100 | ) | ||||||||
Insurance proceeds received for property damages | 12,745 | 28,226 | (15,481 | ) | ||||||||
Changes in securitization account | (251 | ) | (2,219 | ) | 1,968 | |||||||
NYPA value sharing payment | (70,790 | ) | (72,000 | ) | 1,210 | |||||||
Payments to storm reserve escrow account | (1,865 | ) | (1,897 | ) | 32 | |||||||
Decrease (increase) in other investments | 278 | 18,093 | (17,815 | ) | ||||||||
Proceeds from nuclear decommissioning trust fund sales | 492,841 | 536,515 | (43,674 | ) | ||||||||
Investment in nuclear decommissioning trust funds | (516,564 | ) | (562,278 | ) | 45,714 | |||||||
Net cash flow used in investing activities | (699,879 | ) | (655,599 | ) | (44,280 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 488,065 | 753,244 | (265,179 | ) | ||||||||
Treasury stock | 23,156 | 35,538 | (12,382 | ) | ||||||||
Retirement of long-term debt | (685,258 | ) | (735,794 | ) | 50,536 | |||||||
Repurchase of common stock | (25,078 | ) | — | (25,078 | ) | |||||||
Changes in credit borrowings and commercial paper - net | 210,012 | 157,959 | 52,053 | |||||||||
Other | (9,320 | ) | — | (9,320 | ) | |||||||
Dividends paid: | ||||||||||||
Common stock | (149,257 | ) | (148,275 | ) | (982 | ) | ||||||
Preferred stock | (4,879 | ) | (4,873 | ) | (6 | ) | ||||||
Net cash flow provided by (used in) financing activities | (152,559 | ) | 57,799 | (210,358 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (241,480 | ) | 169,357 | (410,837 | ) | |||||||
Cash and cash equivalents at beginning of period | 1,422,026 | 739,126 | 682,900 | |||||||||
Cash and cash equivalents at end of period | $1,180,546 | $908,483 | $ | 272,063 | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest - net of amount capitalized | $203,786 | $181,112 | $22,674 | |||||||||
Income taxes | $65,919 | $4,196 | $61,723 |
Entergy Corporation | ||||||||||||
Consolidated Cash Flow Statement | ||||||||||||
Twelve Months Ended March 31, 2015 vs. 2014 | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
2015 | 2014 | Variance | ||||||||||
OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | $ | 857,131 | $ | 969,643 | $ | (112,512 | ) | |||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||
flow provided by operating activities: | ||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,137,458 | 2,055,585 | 81,873 | |||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 458,565 | 447,220 | 11,345 | |||||||||
Asset write-offs, impairments and related charges | 121,257 | 343,807 | (222,550 | ) | ||||||||
Gain on sale of business | — | (43,569 | ) | 43,569 | ||||||||
Changes in working capital: | ||||||||||||
Receivables | 71,674 | (101,696 | ) | 173,370 | ||||||||
Fuel inventory | (34,969 | ) | 25,960 | (60,929 | ) | |||||||
Accounts payable | (199,566 | ) | 168,167 | (367,733 | ) | |||||||
Prepaid taxes and taxes accrued | (51,097 | ) | (186,807 | ) | 135,710 | |||||||
Interest accrued | 7,264 | 2,101 | 5,163 | |||||||||
Deferred fuel costs | 171,769 | (163,864 | ) | 335,633 | ||||||||
Other working capital accounts | 136,831 | (29,432 | ) | 166,263 | ||||||||
Changes in provisions for estimated losses | 299,886 | 1,086 | 298,800 | |||||||||
Changes in other regulatory assets | (987,082 | ) | 956,615 | (1,943,697 | ) | |||||||
Changes in other regulatory liabilities | 83,877 | 269,483 | (185,606 | ) | ||||||||
Changes in pensions and other postretirement liabilities | 1,301,831 | (1,512,533 | ) | 2,814,364 | ||||||||
Other | (641,467 | ) | 210,621 | (852,088 | ) | |||||||
Net cash flow provided by operating activities | 3,733,362 | 3,412,387 | 320,975 | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Construction/capital expenditures | (2,168,799 | ) | (2,139,086 | ) | (29,713 | ) | ||||||
Allowance for equity funds used during construction | 65,569 | 71,900 | (6,331 | ) | ||||||||
Nuclear fuel purchases | (491,268 | ) | (515,329 | ) | 24,061 | |||||||
Payment for purchase of plant | — | (17,300 | ) | 17,300 | ||||||||
Proceeds from sale of assets and businesses | — | 158,022 | (158,022 | ) | ||||||||
Insurance proceeds received for property damages | 25,189 | 28,226 | (3,037 | ) | ||||||||
Changes in securitization account | 3,479 | (3,665 | ) | 7,144 | ||||||||
NYPA value sharing payment | (70,790 | ) | (72,000 | ) | 1,210 | |||||||
Payments to storm reserve escrow account | (276,025 | ) | (7,394 | ) | (268,631 | ) | ||||||
Receipts from storm reserve escrow account | — | 7,797 | (7,797 | ) | ||||||||
Decrease (increase) in other investments | 29,168 | (20,564 | ) | 49,732 | ||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 21,034 | (21,034 | ) | ||||||||
Proceeds from nuclear decommissioning trust fund sales | 1,828,441 | 2,170,057 | (341,616 | ) | ||||||||
Investment in nuclear decommissioning trust funds | (1,943,732 | ) | (2,277,130 | ) | 333,398 | |||||||
Net cash flow used in investing activities | (2,998,768 | ) | (2,595,432 | ) | (403,336 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from the issuance of: | ||||||||||||
Long-term debt | 2,834,890 | 3,934,543 | (1,099,653 | ) | ||||||||
Preferred stock of subsidiary | — | 24,249 | (24,249 | ) | ||||||||
Treasury stock | 182,484 | 51,963 | 130,521 | |||||||||
Retirement of long-term debt | (2,272,777 | ) | (3,700,600 | ) | 1,427,823 | |||||||
Repurchase of common stock | (208,349 | ) | — | (208,349 | ) | |||||||
Changes in credit borrowings and commercial paper - net | (396,422 | ) | 130,962 | (527,384 | ) | |||||||
Other | 14,258 | — | 14,258 | |||||||||
Dividends paid: | ||||||||||||
Common stock | (597,098 | ) | (593,410 | ) | (3,688 | ) | ||||||
Preferred stock | (19,517 | ) | (18,093 | ) | (1,424 | ) | ||||||
Net cash flow used in financing activities | (462,531 | ) | (170,386 | ) | (292,145 | ) | ||||||
Effect of exchange rates on cash and cash equivalents | — | (1,017 | ) | 1,017 | ||||||||
Net increase (decrease) in cash and cash equivalents | 272,063 | 645,552 | (373,489 | ) | ||||||||
Cash and cash equivalents at beginning of period | 908,483 | 262,931 | 645,552 | |||||||||
Cash and cash equivalents at end of period | $ | 1,180,546 | $ | 908,483 | $ | 272,063 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest - net of amount capitalized | $634,050 | $613,107 | $20,943 | |||||||||
Income taxes | $139,522 | $119,590 | $19,932 |