XML 67 R16.htm IDEA: XBRL DOCUMENT v3.22.0.1
Common Equity (Notes)
12 Months Ended
Dec. 31, 2021
Common Equity COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Common Stock

Common stock and treasury stock shares activity for Entergy for 2021, 2020, and 2019 is as follows:
 202120202019
 Common
Shares
Issued

Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Beginning Balance, January 1270,035,180 69,790,346 270,035,180 70,886,400 261,587,009 72,530,866 
Issuances:      
Equity Distribution Program1,930,330 — — — — — 
Equity forwards settled— — — — 8,448,171 — 
Employee Stock-Based Compensation Plans— (461,903)— (1,076,511)— (1,624,358)
Directors’ Plan— (16,117)— (19,543)— (20,108)
Ending Balance, December 31271,965,510 69,312,326 270,035,180 69,790,346 270,035,180 70,886,400 

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans.  The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program.  As of December 31, 2021, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $3.86 in 2021, $3.74 in 2020, and $3.66 in 2019.
Equity Distribution Program

In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $1 billion.

During the year ended December 31, 2021, Entergy Corporation issued 1,930,330 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $200.8 million, which includes the gross sales price of $204.2 million received by Entergy Corporation less $1.4 million of general issuance costs and $2.0 million of aggregate compensation to the agents with respect to such sales.

In June, August, and October 2021, Entergy entered into forward sale agreements for 416,853 shares, 1,692,555 shares, and 250,743 shares of common stock, respectively. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $106.87, $111.16, and $100.35 per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million, $190.1 million, and $25.4 million, respectively. In connection with the sales of these shares, Entergy paid to the agents fees of $0.5 million, $1.9 million, and $0.3 million, respectively, which have not been deducted from the gross sales prices. Entergy did not receive any proceeds from such sales of borrowed shares.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. At December 31, 2021, 1,158,917 shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Equity Forward Sale Agreements

In June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. The equity forwards required Entergy to, at its election prior to June 7, 2019, either (i) physically settle the transactions by issuing the total of 15.3 million shares of its common stock to the investment banks in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $74.45 per share) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor and decreased by other fixed amounts specified in the agreements.

In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of $500 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price
of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $728 thousand of common stock issuance costs with the settlement.

In May 2019, Entergy physically settled its remaining obligations under the forward sale agreements by delivering 8,448,171 shares of common stock in exchange for cash proceeds of $608 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $7 thousand of common stock issuance costs with the settlement.

Entergy used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy’s revolving credit facility, and other debt.

Retained Earnings and Dividends

Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales.

Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period.

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $136 million in 2021, $113 million in 2020, and $124 million in 2019.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2021 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2021$28,719 ($534,576)$56,650 ($449,207)
Other comprehensive income (loss) before reclassifications1,439 130,371 (48,050)83,760 
Amounts reclassified from accumulated other comprehensive income (loss)(31,193)65,558 (1,446)32,919 
Net other comprehensive income (loss) for the period(29,754)195,929 (49,496)116,679 
Ending balance, December 31, 2021($1,035)($338,647)$7,154 ($332,528)
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2020 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2020$84,206 ($557,072)$25,946 ($446,920)
Other comprehensive income (loss) before reclassifications60,928 (49,113)41,354 53,169 
Amounts reclassified from accumulated other comprehensive income (loss)(116,415)71,609 (10,650)(55,456)
Net other comprehensive income (loss) for the period(55,487)22,496 30,704 (2,287)
Ending balance, December 31, 2020$28,719 ($534,576)$56,650 ($449,207)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2021:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2021 $4,327 
Other comprehensive income (loss) before reclassifications4,084 
Amounts reclassified from accumulated other comprehensive income (loss) (133)
Net other comprehensive income (loss) for the period 3,951 
Ending balance, December 31, 2021 $8,278 

    The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2020:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2020 $4,562 
Other comprehensive income (loss) before reclassifications3,002 
Amounts reclassified from accumulated other comprehensive income (loss) (3,237)
Net other comprehensive income (loss) for the period (235)
Ending balance, December 31, 2020 $4,327 
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 31, 2021 and 2020 are as follows:
 Amounts reclassified from AOCIIncome Statement Location
20212020
 (In Thousands) 
Cash flow hedges net unrealized gain (loss) 
Power contracts$39,679 $147,554 Competitive business operating revenues
Interest rate swaps(194)(194)Miscellaneous - net
Total realized gain (loss) on cash flow hedges39,485 147,360 
Income taxes(8,292)(30,945)Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)$31,193 $116,415 
Pension and other postretirement liabilities   
Amortization of prior-service costs $20,947 $20,769 (a)
Amortization of loss(88,838)(110,185)(a)
Settlement loss(16,379)(243)(a)
Total amortization and settlement loss(84,270)(89,659)
Income taxes18,712 18,050 Income taxes
Total amortization and settlement loss (net of tax)($65,558)($71,609)
Net unrealized investment gain (loss)
Realized gain (loss)$2,289 $16,851 Interest and investment income
Income taxes(843)(6,201)Income taxes
Total realized investment gain (loss) (net of tax)$1,446 $10,650 
Total reclassifications for the period (net of tax) ($32,919)$55,456 
(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the years ended December 31, 2021 and 2020 are as follows:
Amounts reclassified from AOCIIncome Statement Location
2021 2020 
(In Thousands)
Pension and other postretirement liabilities 
Amortization of prior-service costs $4,920  $6,179 (a)
Amortization of loss(2,322)(1,557)(a)
Settlement loss(2,484)(243)(a)
Total amortization114 4,379 
Income taxes19 (1,142)Income taxes
Total amortization (net of tax)133 3,237 
Total reclassifications for the period (net of tax) $133  $3,237 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.
Entergy Arkansas [Member]  
Common Equity COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Common Stock

Common stock and treasury stock shares activity for Entergy for 2021, 2020, and 2019 is as follows:
 202120202019
 Common
Shares
Issued

Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Beginning Balance, January 1270,035,180 69,790,346 270,035,180 70,886,400 261,587,009 72,530,866 
Issuances:      
Equity Distribution Program1,930,330 — — — — — 
Equity forwards settled— — — — 8,448,171 — 
Employee Stock-Based Compensation Plans— (461,903)— (1,076,511)— (1,624,358)
Directors’ Plan— (16,117)— (19,543)— (20,108)
Ending Balance, December 31271,965,510 69,312,326 270,035,180 69,790,346 270,035,180 70,886,400 

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans.  The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program.  As of December 31, 2021, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $3.86 in 2021, $3.74 in 2020, and $3.66 in 2019.
Equity Distribution Program

In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $1 billion.

During the year ended December 31, 2021, Entergy Corporation issued 1,930,330 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $200.8 million, which includes the gross sales price of $204.2 million received by Entergy Corporation less $1.4 million of general issuance costs and $2.0 million of aggregate compensation to the agents with respect to such sales.

In June, August, and October 2021, Entergy entered into forward sale agreements for 416,853 shares, 1,692,555 shares, and 250,743 shares of common stock, respectively. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $106.87, $111.16, and $100.35 per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million, $190.1 million, and $25.4 million, respectively. In connection with the sales of these shares, Entergy paid to the agents fees of $0.5 million, $1.9 million, and $0.3 million, respectively, which have not been deducted from the gross sales prices. Entergy did not receive any proceeds from such sales of borrowed shares.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. At December 31, 2021, 1,158,917 shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Equity Forward Sale Agreements

In June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. The equity forwards required Entergy to, at its election prior to June 7, 2019, either (i) physically settle the transactions by issuing the total of 15.3 million shares of its common stock to the investment banks in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $74.45 per share) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor and decreased by other fixed amounts specified in the agreements.

In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of $500 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price
of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $728 thousand of common stock issuance costs with the settlement.

In May 2019, Entergy physically settled its remaining obligations under the forward sale agreements by delivering 8,448,171 shares of common stock in exchange for cash proceeds of $608 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $7 thousand of common stock issuance costs with the settlement.

Entergy used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy’s revolving credit facility, and other debt.

Retained Earnings and Dividends

Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales.

Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period.

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $136 million in 2021, $113 million in 2020, and $124 million in 2019.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2021 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2021$28,719 ($534,576)$56,650 ($449,207)
Other comprehensive income (loss) before reclassifications1,439 130,371 (48,050)83,760 
Amounts reclassified from accumulated other comprehensive income (loss)(31,193)65,558 (1,446)32,919 
Net other comprehensive income (loss) for the period(29,754)195,929 (49,496)116,679 
Ending balance, December 31, 2021($1,035)($338,647)$7,154 ($332,528)
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2020 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2020$84,206 ($557,072)$25,946 ($446,920)
Other comprehensive income (loss) before reclassifications60,928 (49,113)41,354 53,169 
Amounts reclassified from accumulated other comprehensive income (loss)(116,415)71,609 (10,650)(55,456)
Net other comprehensive income (loss) for the period(55,487)22,496 30,704 (2,287)
Ending balance, December 31, 2020$28,719 ($534,576)$56,650 ($449,207)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2021:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2021 $4,327 
Other comprehensive income (loss) before reclassifications4,084 
Amounts reclassified from accumulated other comprehensive income (loss) (133)
Net other comprehensive income (loss) for the period 3,951 
Ending balance, December 31, 2021 $8,278 

    The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2020:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2020 $4,562 
Other comprehensive income (loss) before reclassifications3,002 
Amounts reclassified from accumulated other comprehensive income (loss) (3,237)
Net other comprehensive income (loss) for the period (235)
Ending balance, December 31, 2020 $4,327 
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 31, 2021 and 2020 are as follows:
 Amounts reclassified from AOCIIncome Statement Location
20212020
 (In Thousands) 
Cash flow hedges net unrealized gain (loss) 
Power contracts$39,679 $147,554 Competitive business operating revenues
Interest rate swaps(194)(194)Miscellaneous - net
Total realized gain (loss) on cash flow hedges39,485 147,360 
Income taxes(8,292)(30,945)Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)$31,193 $116,415 
Pension and other postretirement liabilities   
Amortization of prior-service costs $20,947 $20,769 (a)
Amortization of loss(88,838)(110,185)(a)
Settlement loss(16,379)(243)(a)
Total amortization and settlement loss(84,270)(89,659)
Income taxes18,712 18,050 Income taxes
Total amortization and settlement loss (net of tax)($65,558)($71,609)
Net unrealized investment gain (loss)
Realized gain (loss)$2,289 $16,851 Interest and investment income
Income taxes(843)(6,201)Income taxes
Total realized investment gain (loss) (net of tax)$1,446 $10,650 
Total reclassifications for the period (net of tax) ($32,919)$55,456 
(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the years ended December 31, 2021 and 2020 are as follows:
Amounts reclassified from AOCIIncome Statement Location
2021 2020 
(In Thousands)
Pension and other postretirement liabilities 
Amortization of prior-service costs $4,920  $6,179 (a)
Amortization of loss(2,322)(1,557)(a)
Settlement loss(2,484)(243)(a)
Total amortization114 4,379 
Income taxes19 (1,142)Income taxes
Total amortization (net of tax)133 3,237 
Total reclassifications for the period (net of tax) $133  $3,237 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.
Entergy Louisiana [Member]  
Common Equity COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Common Stock

Common stock and treasury stock shares activity for Entergy for 2021, 2020, and 2019 is as follows:
 202120202019
 Common
Shares
Issued

Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Beginning Balance, January 1270,035,180 69,790,346 270,035,180 70,886,400 261,587,009 72,530,866 
Issuances:      
Equity Distribution Program1,930,330 — — — — — 
Equity forwards settled— — — — 8,448,171 — 
Employee Stock-Based Compensation Plans— (461,903)— (1,076,511)— (1,624,358)
Directors’ Plan— (16,117)— (19,543)— (20,108)
Ending Balance, December 31271,965,510 69,312,326 270,035,180 69,790,346 270,035,180 70,886,400 

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans.  The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program.  As of December 31, 2021, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $3.86 in 2021, $3.74 in 2020, and $3.66 in 2019.
Equity Distribution Program

In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $1 billion.

During the year ended December 31, 2021, Entergy Corporation issued 1,930,330 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $200.8 million, which includes the gross sales price of $204.2 million received by Entergy Corporation less $1.4 million of general issuance costs and $2.0 million of aggregate compensation to the agents with respect to such sales.

In June, August, and October 2021, Entergy entered into forward sale agreements for 416,853 shares, 1,692,555 shares, and 250,743 shares of common stock, respectively. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $106.87, $111.16, and $100.35 per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million, $190.1 million, and $25.4 million, respectively. In connection with the sales of these shares, Entergy paid to the agents fees of $0.5 million, $1.9 million, and $0.3 million, respectively, which have not been deducted from the gross sales prices. Entergy did not receive any proceeds from such sales of borrowed shares.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. At December 31, 2021, 1,158,917 shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Equity Forward Sale Agreements

In June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. The equity forwards required Entergy to, at its election prior to June 7, 2019, either (i) physically settle the transactions by issuing the total of 15.3 million shares of its common stock to the investment banks in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $74.45 per share) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor and decreased by other fixed amounts specified in the agreements.

In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of $500 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price
of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $728 thousand of common stock issuance costs with the settlement.

In May 2019, Entergy physically settled its remaining obligations under the forward sale agreements by delivering 8,448,171 shares of common stock in exchange for cash proceeds of $608 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $7 thousand of common stock issuance costs with the settlement.

Entergy used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy’s revolving credit facility, and other debt.

Retained Earnings and Dividends

Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales.

Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period.

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $136 million in 2021, $113 million in 2020, and $124 million in 2019.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2021 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2021$28,719 ($534,576)$56,650 ($449,207)
Other comprehensive income (loss) before reclassifications1,439 130,371 (48,050)83,760 
Amounts reclassified from accumulated other comprehensive income (loss)(31,193)65,558 (1,446)32,919 
Net other comprehensive income (loss) for the period(29,754)195,929 (49,496)116,679 
Ending balance, December 31, 2021($1,035)($338,647)$7,154 ($332,528)
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2020 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2020$84,206 ($557,072)$25,946 ($446,920)
Other comprehensive income (loss) before reclassifications60,928 (49,113)41,354 53,169 
Amounts reclassified from accumulated other comprehensive income (loss)(116,415)71,609 (10,650)(55,456)
Net other comprehensive income (loss) for the period(55,487)22,496 30,704 (2,287)
Ending balance, December 31, 2020$28,719 ($534,576)$56,650 ($449,207)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2021:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2021 $4,327 
Other comprehensive income (loss) before reclassifications4,084 
Amounts reclassified from accumulated other comprehensive income (loss) (133)
Net other comprehensive income (loss) for the period 3,951 
Ending balance, December 31, 2021 $8,278 

    The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2020:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2020 $4,562 
Other comprehensive income (loss) before reclassifications3,002 
Amounts reclassified from accumulated other comprehensive income (loss) (3,237)
Net other comprehensive income (loss) for the period (235)
Ending balance, December 31, 2020 $4,327 
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 31, 2021 and 2020 are as follows:
 Amounts reclassified from AOCIIncome Statement Location
20212020
 (In Thousands) 
Cash flow hedges net unrealized gain (loss) 
Power contracts$39,679 $147,554 Competitive business operating revenues
Interest rate swaps(194)(194)Miscellaneous - net
Total realized gain (loss) on cash flow hedges39,485 147,360 
Income taxes(8,292)(30,945)Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)$31,193 $116,415 
Pension and other postretirement liabilities   
Amortization of prior-service costs $20,947 $20,769 (a)
Amortization of loss(88,838)(110,185)(a)
Settlement loss(16,379)(243)(a)
Total amortization and settlement loss(84,270)(89,659)
Income taxes18,712 18,050 Income taxes
Total amortization and settlement loss (net of tax)($65,558)($71,609)
Net unrealized investment gain (loss)
Realized gain (loss)$2,289 $16,851 Interest and investment income
Income taxes(843)(6,201)Income taxes
Total realized investment gain (loss) (net of tax)$1,446 $10,650 
Total reclassifications for the period (net of tax) ($32,919)$55,456 
(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the years ended December 31, 2021 and 2020 are as follows:
Amounts reclassified from AOCIIncome Statement Location
2021 2020 
(In Thousands)
Pension and other postretirement liabilities 
Amortization of prior-service costs $4,920  $6,179 (a)
Amortization of loss(2,322)(1,557)(a)
Settlement loss(2,484)(243)(a)
Total amortization114 4,379 
Income taxes19 (1,142)Income taxes
Total amortization (net of tax)133 3,237 
Total reclassifications for the period (net of tax) $133  $3,237 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.
Entergy Mississippi [Member]  
Common Equity COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Common Stock

Common stock and treasury stock shares activity for Entergy for 2021, 2020, and 2019 is as follows:
 202120202019
 Common
Shares
Issued

Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Beginning Balance, January 1270,035,180 69,790,346 270,035,180 70,886,400 261,587,009 72,530,866 
Issuances:      
Equity Distribution Program1,930,330 — — — — — 
Equity forwards settled— — — — 8,448,171 — 
Employee Stock-Based Compensation Plans— (461,903)— (1,076,511)— (1,624,358)
Directors’ Plan— (16,117)— (19,543)— (20,108)
Ending Balance, December 31271,965,510 69,312,326 270,035,180 69,790,346 270,035,180 70,886,400 

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans.  The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program.  As of December 31, 2021, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $3.86 in 2021, $3.74 in 2020, and $3.66 in 2019.
Equity Distribution Program

In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $1 billion.

During the year ended December 31, 2021, Entergy Corporation issued 1,930,330 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $200.8 million, which includes the gross sales price of $204.2 million received by Entergy Corporation less $1.4 million of general issuance costs and $2.0 million of aggregate compensation to the agents with respect to such sales.

In June, August, and October 2021, Entergy entered into forward sale agreements for 416,853 shares, 1,692,555 shares, and 250,743 shares of common stock, respectively. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $106.87, $111.16, and $100.35 per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million, $190.1 million, and $25.4 million, respectively. In connection with the sales of these shares, Entergy paid to the agents fees of $0.5 million, $1.9 million, and $0.3 million, respectively, which have not been deducted from the gross sales prices. Entergy did not receive any proceeds from such sales of borrowed shares.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. At December 31, 2021, 1,158,917 shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Equity Forward Sale Agreements

In June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. The equity forwards required Entergy to, at its election prior to June 7, 2019, either (i) physically settle the transactions by issuing the total of 15.3 million shares of its common stock to the investment banks in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $74.45 per share) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor and decreased by other fixed amounts specified in the agreements.

In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of $500 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price
of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $728 thousand of common stock issuance costs with the settlement.

In May 2019, Entergy physically settled its remaining obligations under the forward sale agreements by delivering 8,448,171 shares of common stock in exchange for cash proceeds of $608 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $7 thousand of common stock issuance costs with the settlement.

Entergy used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy’s revolving credit facility, and other debt.

Retained Earnings and Dividends

Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales.

Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period.

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $136 million in 2021, $113 million in 2020, and $124 million in 2019.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2021 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2021$28,719 ($534,576)$56,650 ($449,207)
Other comprehensive income (loss) before reclassifications1,439 130,371 (48,050)83,760 
Amounts reclassified from accumulated other comprehensive income (loss)(31,193)65,558 (1,446)32,919 
Net other comprehensive income (loss) for the period(29,754)195,929 (49,496)116,679 
Ending balance, December 31, 2021($1,035)($338,647)$7,154 ($332,528)
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2020 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2020$84,206 ($557,072)$25,946 ($446,920)
Other comprehensive income (loss) before reclassifications60,928 (49,113)41,354 53,169 
Amounts reclassified from accumulated other comprehensive income (loss)(116,415)71,609 (10,650)(55,456)
Net other comprehensive income (loss) for the period(55,487)22,496 30,704 (2,287)
Ending balance, December 31, 2020$28,719 ($534,576)$56,650 ($449,207)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2021:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2021 $4,327 
Other comprehensive income (loss) before reclassifications4,084 
Amounts reclassified from accumulated other comprehensive income (loss) (133)
Net other comprehensive income (loss) for the period 3,951 
Ending balance, December 31, 2021 $8,278 

    The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2020:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2020 $4,562 
Other comprehensive income (loss) before reclassifications3,002 
Amounts reclassified from accumulated other comprehensive income (loss) (3,237)
Net other comprehensive income (loss) for the period (235)
Ending balance, December 31, 2020 $4,327 
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 31, 2021 and 2020 are as follows:
 Amounts reclassified from AOCIIncome Statement Location
20212020
 (In Thousands) 
Cash flow hedges net unrealized gain (loss) 
Power contracts$39,679 $147,554 Competitive business operating revenues
Interest rate swaps(194)(194)Miscellaneous - net
Total realized gain (loss) on cash flow hedges39,485 147,360 
Income taxes(8,292)(30,945)Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)$31,193 $116,415 
Pension and other postretirement liabilities   
Amortization of prior-service costs $20,947 $20,769 (a)
Amortization of loss(88,838)(110,185)(a)
Settlement loss(16,379)(243)(a)
Total amortization and settlement loss(84,270)(89,659)
Income taxes18,712 18,050 Income taxes
Total amortization and settlement loss (net of tax)($65,558)($71,609)
Net unrealized investment gain (loss)
Realized gain (loss)$2,289 $16,851 Interest and investment income
Income taxes(843)(6,201)Income taxes
Total realized investment gain (loss) (net of tax)$1,446 $10,650 
Total reclassifications for the period (net of tax) ($32,919)$55,456 
(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the years ended December 31, 2021 and 2020 are as follows:
Amounts reclassified from AOCIIncome Statement Location
2021 2020 
(In Thousands)
Pension and other postretirement liabilities 
Amortization of prior-service costs $4,920  $6,179 (a)
Amortization of loss(2,322)(1,557)(a)
Settlement loss(2,484)(243)(a)
Total amortization114 4,379 
Income taxes19 (1,142)Income taxes
Total amortization (net of tax)133 3,237 
Total reclassifications for the period (net of tax) $133  $3,237 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.
Entergy New Orleans [Member]  
Common Equity COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Common Stock

Common stock and treasury stock shares activity for Entergy for 2021, 2020, and 2019 is as follows:
 202120202019
 Common
Shares
Issued

Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Beginning Balance, January 1270,035,180 69,790,346 270,035,180 70,886,400 261,587,009 72,530,866 
Issuances:      
Equity Distribution Program1,930,330 — — — — — 
Equity forwards settled— — — — 8,448,171 — 
Employee Stock-Based Compensation Plans— (461,903)— (1,076,511)— (1,624,358)
Directors’ Plan— (16,117)— (19,543)— (20,108)
Ending Balance, December 31271,965,510 69,312,326 270,035,180 69,790,346 270,035,180 70,886,400 

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans.  The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program.  As of December 31, 2021, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $3.86 in 2021, $3.74 in 2020, and $3.66 in 2019.
Equity Distribution Program

In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $1 billion.

During the year ended December 31, 2021, Entergy Corporation issued 1,930,330 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $200.8 million, which includes the gross sales price of $204.2 million received by Entergy Corporation less $1.4 million of general issuance costs and $2.0 million of aggregate compensation to the agents with respect to such sales.

In June, August, and October 2021, Entergy entered into forward sale agreements for 416,853 shares, 1,692,555 shares, and 250,743 shares of common stock, respectively. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $106.87, $111.16, and $100.35 per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million, $190.1 million, and $25.4 million, respectively. In connection with the sales of these shares, Entergy paid to the agents fees of $0.5 million, $1.9 million, and $0.3 million, respectively, which have not been deducted from the gross sales prices. Entergy did not receive any proceeds from such sales of borrowed shares.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. At December 31, 2021, 1,158,917 shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Equity Forward Sale Agreements

In June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. The equity forwards required Entergy to, at its election prior to June 7, 2019, either (i) physically settle the transactions by issuing the total of 15.3 million shares of its common stock to the investment banks in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $74.45 per share) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor and decreased by other fixed amounts specified in the agreements.

In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of $500 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price
of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $728 thousand of common stock issuance costs with the settlement.

In May 2019, Entergy physically settled its remaining obligations under the forward sale agreements by delivering 8,448,171 shares of common stock in exchange for cash proceeds of $608 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $7 thousand of common stock issuance costs with the settlement.

Entergy used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy’s revolving credit facility, and other debt.

Retained Earnings and Dividends

Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales.

Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period.

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $136 million in 2021, $113 million in 2020, and $124 million in 2019.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2021 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2021$28,719 ($534,576)$56,650 ($449,207)
Other comprehensive income (loss) before reclassifications1,439 130,371 (48,050)83,760 
Amounts reclassified from accumulated other comprehensive income (loss)(31,193)65,558 (1,446)32,919 
Net other comprehensive income (loss) for the period(29,754)195,929 (49,496)116,679 
Ending balance, December 31, 2021($1,035)($338,647)$7,154 ($332,528)
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2020 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2020$84,206 ($557,072)$25,946 ($446,920)
Other comprehensive income (loss) before reclassifications60,928 (49,113)41,354 53,169 
Amounts reclassified from accumulated other comprehensive income (loss)(116,415)71,609 (10,650)(55,456)
Net other comprehensive income (loss) for the period(55,487)22,496 30,704 (2,287)
Ending balance, December 31, 2020$28,719 ($534,576)$56,650 ($449,207)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2021:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2021 $4,327 
Other comprehensive income (loss) before reclassifications4,084 
Amounts reclassified from accumulated other comprehensive income (loss) (133)
Net other comprehensive income (loss) for the period 3,951 
Ending balance, December 31, 2021 $8,278 

    The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2020:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2020 $4,562 
Other comprehensive income (loss) before reclassifications3,002 
Amounts reclassified from accumulated other comprehensive income (loss) (3,237)
Net other comprehensive income (loss) for the period (235)
Ending balance, December 31, 2020 $4,327 
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 31, 2021 and 2020 are as follows:
 Amounts reclassified from AOCIIncome Statement Location
20212020
 (In Thousands) 
Cash flow hedges net unrealized gain (loss) 
Power contracts$39,679 $147,554 Competitive business operating revenues
Interest rate swaps(194)(194)Miscellaneous - net
Total realized gain (loss) on cash flow hedges39,485 147,360 
Income taxes(8,292)(30,945)Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)$31,193 $116,415 
Pension and other postretirement liabilities   
Amortization of prior-service costs $20,947 $20,769 (a)
Amortization of loss(88,838)(110,185)(a)
Settlement loss(16,379)(243)(a)
Total amortization and settlement loss(84,270)(89,659)
Income taxes18,712 18,050 Income taxes
Total amortization and settlement loss (net of tax)($65,558)($71,609)
Net unrealized investment gain (loss)
Realized gain (loss)$2,289 $16,851 Interest and investment income
Income taxes(843)(6,201)Income taxes
Total realized investment gain (loss) (net of tax)$1,446 $10,650 
Total reclassifications for the period (net of tax) ($32,919)$55,456 
(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the years ended December 31, 2021 and 2020 are as follows:
Amounts reclassified from AOCIIncome Statement Location
2021 2020 
(In Thousands)
Pension and other postretirement liabilities 
Amortization of prior-service costs $4,920  $6,179 (a)
Amortization of loss(2,322)(1,557)(a)
Settlement loss(2,484)(243)(a)
Total amortization114 4,379 
Income taxes19 (1,142)Income taxes
Total amortization (net of tax)133 3,237 
Total reclassifications for the period (net of tax) $133  $3,237 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.
Entergy Texas [Member]  
Common Equity COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Common Stock

Common stock and treasury stock shares activity for Entergy for 2021, 2020, and 2019 is as follows:
 202120202019
 Common
Shares
Issued

Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Beginning Balance, January 1270,035,180 69,790,346 270,035,180 70,886,400 261,587,009 72,530,866 
Issuances:      
Equity Distribution Program1,930,330 — — — — — 
Equity forwards settled— — — — 8,448,171 — 
Employee Stock-Based Compensation Plans— (461,903)— (1,076,511)— (1,624,358)
Directors’ Plan— (16,117)— (19,543)— (20,108)
Ending Balance, December 31271,965,510 69,312,326 270,035,180 69,790,346 270,035,180 70,886,400 

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans.  The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program.  As of December 31, 2021, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $3.86 in 2021, $3.74 in 2020, and $3.66 in 2019.
Equity Distribution Program

In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $1 billion.

During the year ended December 31, 2021, Entergy Corporation issued 1,930,330 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $200.8 million, which includes the gross sales price of $204.2 million received by Entergy Corporation less $1.4 million of general issuance costs and $2.0 million of aggregate compensation to the agents with respect to such sales.

In June, August, and October 2021, Entergy entered into forward sale agreements for 416,853 shares, 1,692,555 shares, and 250,743 shares of common stock, respectively. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $106.87, $111.16, and $100.35 per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million, $190.1 million, and $25.4 million, respectively. In connection with the sales of these shares, Entergy paid to the agents fees of $0.5 million, $1.9 million, and $0.3 million, respectively, which have not been deducted from the gross sales prices. Entergy did not receive any proceeds from such sales of borrowed shares.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. At December 31, 2021, 1,158,917 shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Equity Forward Sale Agreements

In June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. The equity forwards required Entergy to, at its election prior to June 7, 2019, either (i) physically settle the transactions by issuing the total of 15.3 million shares of its common stock to the investment banks in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $74.45 per share) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor and decreased by other fixed amounts specified in the agreements.

In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of $500 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price
of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $728 thousand of common stock issuance costs with the settlement.

In May 2019, Entergy physically settled its remaining obligations under the forward sale agreements by delivering 8,448,171 shares of common stock in exchange for cash proceeds of $608 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $7 thousand of common stock issuance costs with the settlement.

Entergy used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy’s revolving credit facility, and other debt.

Retained Earnings and Dividends

Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales.

Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period.

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $136 million in 2021, $113 million in 2020, and $124 million in 2019.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2021 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2021$28,719 ($534,576)$56,650 ($449,207)
Other comprehensive income (loss) before reclassifications1,439 130,371 (48,050)83,760 
Amounts reclassified from accumulated other comprehensive income (loss)(31,193)65,558 (1,446)32,919 
Net other comprehensive income (loss) for the period(29,754)195,929 (49,496)116,679 
Ending balance, December 31, 2021($1,035)($338,647)$7,154 ($332,528)
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2020 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2020$84,206 ($557,072)$25,946 ($446,920)
Other comprehensive income (loss) before reclassifications60,928 (49,113)41,354 53,169 
Amounts reclassified from accumulated other comprehensive income (loss)(116,415)71,609 (10,650)(55,456)
Net other comprehensive income (loss) for the period(55,487)22,496 30,704 (2,287)
Ending balance, December 31, 2020$28,719 ($534,576)$56,650 ($449,207)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2021:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2021 $4,327 
Other comprehensive income (loss) before reclassifications4,084 
Amounts reclassified from accumulated other comprehensive income (loss) (133)
Net other comprehensive income (loss) for the period 3,951 
Ending balance, December 31, 2021 $8,278 

    The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2020:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2020 $4,562 
Other comprehensive income (loss) before reclassifications3,002 
Amounts reclassified from accumulated other comprehensive income (loss) (3,237)
Net other comprehensive income (loss) for the period (235)
Ending balance, December 31, 2020 $4,327 
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 31, 2021 and 2020 are as follows:
 Amounts reclassified from AOCIIncome Statement Location
20212020
 (In Thousands) 
Cash flow hedges net unrealized gain (loss) 
Power contracts$39,679 $147,554 Competitive business operating revenues
Interest rate swaps(194)(194)Miscellaneous - net
Total realized gain (loss) on cash flow hedges39,485 147,360 
Income taxes(8,292)(30,945)Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)$31,193 $116,415 
Pension and other postretirement liabilities   
Amortization of prior-service costs $20,947 $20,769 (a)
Amortization of loss(88,838)(110,185)(a)
Settlement loss(16,379)(243)(a)
Total amortization and settlement loss(84,270)(89,659)
Income taxes18,712 18,050 Income taxes
Total amortization and settlement loss (net of tax)($65,558)($71,609)
Net unrealized investment gain (loss)
Realized gain (loss)$2,289 $16,851 Interest and investment income
Income taxes(843)(6,201)Income taxes
Total realized investment gain (loss) (net of tax)$1,446 $10,650 
Total reclassifications for the period (net of tax) ($32,919)$55,456 
(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the years ended December 31, 2021 and 2020 are as follows:
Amounts reclassified from AOCIIncome Statement Location
2021 2020 
(In Thousands)
Pension and other postretirement liabilities 
Amortization of prior-service costs $4,920  $6,179 (a)
Amortization of loss(2,322)(1,557)(a)
Settlement loss(2,484)(243)(a)
Total amortization114 4,379 
Income taxes19 (1,142)Income taxes
Total amortization (net of tax)133 3,237 
Total reclassifications for the period (net of tax) $133  $3,237 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.
System Energy [Member]  
Common Equity COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Common Stock

Common stock and treasury stock shares activity for Entergy for 2021, 2020, and 2019 is as follows:
 202120202019
 Common
Shares
Issued

Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Common
Shares
Issued
 
Treasury
Shares
Beginning Balance, January 1270,035,180 69,790,346 270,035,180 70,886,400 261,587,009 72,530,866 
Issuances:      
Equity Distribution Program1,930,330 — — — — — 
Equity forwards settled— — — — 8,448,171 — 
Employee Stock-Based Compensation Plans— (461,903)— (1,076,511)— (1,624,358)
Directors’ Plan— (16,117)— (19,543)— (20,108)
Ending Balance, December 31271,965,510 69,312,326 270,035,180 69,790,346 270,035,180 70,886,400 

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans.  The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program.  As of December 31, 2021, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $3.86 in 2021, $3.74 in 2020, and $3.66 in 2019.
Equity Distribution Program

In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $1 billion.

During the year ended December 31, 2021, Entergy Corporation issued 1,930,330 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $200.8 million, which includes the gross sales price of $204.2 million received by Entergy Corporation less $1.4 million of general issuance costs and $2.0 million of aggregate compensation to the agents with respect to such sales.

In June, August, and October 2021, Entergy entered into forward sale agreements for 416,853 shares, 1,692,555 shares, and 250,743 shares of common stock, respectively. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $106.87, $111.16, and $100.35 per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares, 1,692,555 shares, and 250,743 shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million, $190.1 million, and $25.4 million, respectively. In connection with the sales of these shares, Entergy paid to the agents fees of $0.5 million, $1.9 million, and $0.3 million, respectively, which have not been deducted from the gross sales prices. Entergy did not receive any proceeds from such sales of borrowed shares.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. At December 31, 2021, 1,158,917 shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive.

Equity Forward Sale Agreements

In June 2018, Entergy marketed an equity offering of 15.3 million shares of common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with various investment banks. The equity forwards required Entergy to, at its election prior to June 7, 2019, either (i) physically settle the transactions by issuing the total of 15.3 million shares of its common stock to the investment banks in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $74.45 per share) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor and decreased by other fixed amounts specified in the agreements.

In December 2018, Entergy physically settled a portion of its obligations under the forward sale agreements by delivering 6,834,221 shares of common stock in exchange for cash proceeds of $500 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price
of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $728 thousand of common stock issuance costs with the settlement.

In May 2019, Entergy physically settled its remaining obligations under the forward sale agreements by delivering 8,448,171 shares of common stock in exchange for cash proceeds of $608 million. The forward sale price used to determine the cash proceeds received by Entergy was calculated based on the initial forward sale price of $74.45 per share as adjusted in accordance with the forward sale agreements. Entergy incurred approximately $7 thousand of common stock issuance costs with the settlement.

Entergy used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy’s revolving credit facility, and other debt.

Retained Earnings and Dividends

Entergy implemented ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” effective January 1, 2019. The ASU makes a number of amendments to hedge accounting, most significantly changing the recognition and presentation of highly effective hedges. Entergy implemented this standard using a modified retrospective method and recorded an adjustment increasing retained earnings and increasing accumulated other comprehensive loss by approximately $8 million as of January 1, 2019 for the cumulative effect of the ineffectiveness portion of designated hedges on nuclear power sales.

Entergy implemented ASU 2017-08 “Receivables (Topic 310): Nonrefundable Fees and Other Costs” effective January 1, 2019. The ASU amends the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Entergy implemented this standard using the modified retrospective approach and recorded an adjustment decreasing retained earnings and decreasing accumulated other comprehensive loss by approximately $1 million as of January 1, 2019 for the cumulative effect of the amended amortization period.

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $136 million in 2021, $113 million in 2020, and $124 million in 2019.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2021 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2021$28,719 ($534,576)$56,650 ($449,207)
Other comprehensive income (loss) before reclassifications1,439 130,371 (48,050)83,760 
Amounts reclassified from accumulated other comprehensive income (loss)(31,193)65,558 (1,446)32,919 
Net other comprehensive income (loss) for the period(29,754)195,929 (49,496)116,679 
Ending balance, December 31, 2021($1,035)($338,647)$7,154 ($332,528)
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the year ended December 31, 2020 by component:
 Cash flow
hedges
net
unrealized
gain (loss)
Pension
and
other
postretirement
liabilities

Net
unrealized
investment
gain (loss)
Total
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Beginning balance, January 1, 2020$84,206 ($557,072)$25,946 ($446,920)
Other comprehensive income (loss) before reclassifications60,928 (49,113)41,354 53,169 
Amounts reclassified from accumulated other comprehensive income (loss)(116,415)71,609 (10,650)(55,456)
Net other comprehensive income (loss) for the period(55,487)22,496 30,704 (2,287)
Ending balance, December 31, 2020$28,719 ($534,576)$56,650 ($449,207)

The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2021:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2021 $4,327 
Other comprehensive income (loss) before reclassifications4,084 
Amounts reclassified from accumulated other comprehensive income (loss) (133)
Net other comprehensive income (loss) for the period 3,951 
Ending balance, December 31, 2021 $8,278 

    The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the year ended December 31, 2020:
Pension and Other
Postretirement Liabilities
(In Thousands)
   
Beginning balance, January 1, 2020 $4,562 
Other comprehensive income (loss) before reclassifications3,002 
Amounts reclassified from accumulated other comprehensive income (loss) (3,237)
Net other comprehensive income (loss) for the period (235)
Ending balance, December 31, 2020 $4,327 
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 31, 2021 and 2020 are as follows:
 Amounts reclassified from AOCIIncome Statement Location
20212020
 (In Thousands) 
Cash flow hedges net unrealized gain (loss) 
Power contracts$39,679 $147,554 Competitive business operating revenues
Interest rate swaps(194)(194)Miscellaneous - net
Total realized gain (loss) on cash flow hedges39,485 147,360 
Income taxes(8,292)(30,945)Income taxes
Total realized gain (loss) on cash flow hedges (net of tax)$31,193 $116,415 
Pension and other postretirement liabilities   
Amortization of prior-service costs $20,947 $20,769 (a)
Amortization of loss(88,838)(110,185)(a)
Settlement loss(16,379)(243)(a)
Total amortization and settlement loss(84,270)(89,659)
Income taxes18,712 18,050 Income taxes
Total amortization and settlement loss (net of tax)($65,558)($71,609)
Net unrealized investment gain (loss)
Realized gain (loss)$2,289 $16,851 Interest and investment income
Income taxes(843)(6,201)Income taxes
Total realized investment gain (loss) (net of tax)$1,446 $10,650 
Total reclassifications for the period (net of tax) ($32,919)$55,456 
(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy Louisiana for the years ended December 31, 2021 and 2020 are as follows:
Amounts reclassified from AOCIIncome Statement Location
2021 2020 
(In Thousands)
Pension and other postretirement liabilities 
Amortization of prior-service costs $4,920  $6,179 (a)
Amortization of loss(2,322)(1,557)(a)
Settlement loss(2,484)(243)(a)
Total amortization114 4,379 
Income taxes19 (1,142)Income taxes
Total amortization (net of tax)133 3,237 
Total reclassifications for the period (net of tax) $133  $3,237 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.