LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2024 and 2023, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 56 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Due to the nature of the agreements and Entergy’s continuing relationship with the lessor, however, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Operating lease cost	$76,494	$68,136
Finance lease cost:
Amortization of right-of-use assets	$18,063	$15,193
Interest on lease liabilities	$4,664	$3,639

Of the lease costs disclosed above, Entergy had $3.1 million and $5.0 million in short-term leases costs for the years ended December 31, 2024 and 2023, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$19,382	$19,770	$9,482	$2,234	$7,977
Finance lease cost:
Amortization of right-of-use assets	$4,675	$5,755	$2,604	$1,240	$2,104
Interest on lease liabilities	$990	$1,068	$1,116	$264	$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$17,065	$16,906	$7,837	$1,912	$7,290
Finance lease cost:
Amortization of right-of-use assets	$3,633	$4,835	$2,227	$1,025	$1,786
Interest on lease liabilities	$545	$729	$973	$150	$284

Of the lease costs disclosed above, Entergy Arkansas had $1.7 million, Entergy Louisiana had $1.6 million, Entergy Mississippi had $1.1 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2023.

The lease costs for the years ended December 31, 2024 and 2023 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2024 and 2023 are $277 million and $207 million related to operating leases, respectively, and $110 million and $84 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024 and 2023 are the following amounts:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2024 (a)
Operating leases	$64,960	$65,909	$32,399	$7,971	$27,524
Finance leases	$36,105	$26,159	$22,641	$6,451	$10,822

2023
Operating leases	$61,718	$54,047	$25,470	$6,119	$21,321
Finance leases	$17,622	$21,438	$22,661	$4,779	$8,714

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the

Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Current liabilities (a):
Operating leases	$65,907	$60,789
Finance leases	$18,253	$16,671
Non-current liabilities (b):
Operating leases	$211,290	$146,627
Finance leases	$96,536	$72,215

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities (a):
Operating leases	$17,159	$17,016	$8,116	$1,885	$7,387
Finance leases	$3,734	$5,620	$3,228	$1,218	$2,185
Non-current liabilities (b):
Operating leases	$47,799	$48,896	$24,294	$5,995	$20,142
Finance leases	$32,584	$20,539	$20,271	$5,233	$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities:
Operating leases	$15,514	$14,771	$6,754	$1,681	$6,023
Finance leases	$3,743	$4,870	$3,059	$991	$1,865
Non-current liabilities:
Operating leases	$46,211	$39,282	$18,722	$4,377	$15,304
Finance leases	$13,879	$16,568	$19,602	$3,788	$6,849

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2024 and 2023:


	2024		2023
Weighted-average remaining lease terms:
Operating leases	5.54		4.46
Finance leases	9.81		8.61
Weighted-average discount rate:
Operating leases	4.34	%	4.10	%
Finance leases	4.75	%	4.64	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.39		4.64		5.25		6.08		4.59
Finance leases	11.32		5.60		17.58		5.91		5.74
Weighted-average discount rate:
Operating leases	4.38	%	4.38	%	4.52	%	4.40	%	4.55	%
Finance leases	4.38	%	4.28	%	5.18	%	4.19	%	4.19	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2023:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.62		4.60		5.34		6.38		4.44
Finance leases	5.57		5.40		17.82		5.73		5.49
Weighted-average discount rate:
Operating leases	4.04	%	4.01	%	4.08	%	4.02	%	4.43	%
Finance leases	3.77	%	3.85	%	5.08	%	3.69	%	3.76	%

Maturity of the lease liabilities for Entergy as of December 31, 2024 are as follows:


	Operating Leases	Finance Leases
	(In Thousands)
2025	$77,097	$23,860
2026	68,793	22,129
2027	58,349	19,676
2028	40,111	16,993
2029	24,807	13,008
Years thereafter	48,439	55,018
Minimum lease payments	317,596	150,684
Less: amount representing interest	40,399	35,895
Present value of net minimum lease payments	$277,197	$114,789

Maturity of the lease liabilities for the Registrant Subsidiaries as of December 31, 2024 are as follows:

Operating Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$19,625	$20,093	$9,764	$2,194	$8,679
2026	17,923	17,733	8,540	1,859	7,577
2027	15,301	15,425	7,744	1,539	5,903
2028	9,588	11,561	5,952	1,265	4,546
2029	4,915	6,328	3,212	862	2,891
Years thereafter	4,543	4,473	3,126	1,395	1,908
Minimum lease payments	71,895	75,613	38,338	9,114	31,504
Less: amount representing interest	6,937	9,701	5,928	1,234	3,975
Present value of net minimum lease payments	$64,958	$65,912	$32,410	$7,880	$27,529

Finance Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$6,455	$6,723	$3,640	$1,469	$2,628
2026	6,084	5,974	3,331	1,399	2,421
2027	5,444	5,084	2,877	1,263	2,096
2028	4,606	4,183	2,444	1,057	1,808
2029	3,793	3,303	2,001	864	1,356
Years thereafter	23,226	4,516	24,082	1,252	1,936
Minimum lease payments	49,608	29,783	38,375	7,304	12,245
Less: amount representing interest	13,290	3,624	14,876	853	1,423
Present value of net minimum lease payments	$36,318	$26,159	$23,499	$6,451	$10,822

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components

related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2024 and 2023, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 56 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Due to the nature of the agreements and Entergy’s continuing relationship with the lessor, however, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Operating lease cost	$76,494	$68,136
Finance lease cost:
Amortization of right-of-use assets	$18,063	$15,193
Interest on lease liabilities	$4,664	$3,639

Of the lease costs disclosed above, Entergy had $3.1 million and $5.0 million in short-term leases costs for the years ended December 31, 2024 and 2023, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$19,382	$19,770	$9,482	$2,234	$7,977
Finance lease cost:
Amortization of right-of-use assets	$4,675	$5,755	$2,604	$1,240	$2,104
Interest on lease liabilities	$990	$1,068	$1,116	$264	$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$17,065	$16,906	$7,837	$1,912	$7,290
Finance lease cost:
Amortization of right-of-use assets	$3,633	$4,835	$2,227	$1,025	$1,786
Interest on lease liabilities	$545	$729	$973	$150	$284

Of the lease costs disclosed above, Entergy Arkansas had $1.7 million, Entergy Louisiana had $1.6 million, Entergy Mississippi had $1.1 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2023.

The lease costs for the years ended December 31, 2024 and 2023 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2024 and 2023 are $277 million and $207 million related to operating leases, respectively, and $110 million and $84 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024 and 2023 are the following amounts:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2024 (a)
Operating leases	$64,960	$65,909	$32,399	$7,971	$27,524
Finance leases	$36,105	$26,159	$22,641	$6,451	$10,822

2023
Operating leases	$61,718	$54,047	$25,470	$6,119	$21,321
Finance leases	$17,622	$21,438	$22,661	$4,779	$8,714

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the

Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Current liabilities (a):
Operating leases	$65,907	$60,789
Finance leases	$18,253	$16,671
Non-current liabilities (b):
Operating leases	$211,290	$146,627
Finance leases	$96,536	$72,215

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities (a):
Operating leases	$17,159	$17,016	$8,116	$1,885	$7,387
Finance leases	$3,734	$5,620	$3,228	$1,218	$2,185
Non-current liabilities (b):
Operating leases	$47,799	$48,896	$24,294	$5,995	$20,142
Finance leases	$32,584	$20,539	$20,271	$5,233	$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities:
Operating leases	$15,514	$14,771	$6,754	$1,681	$6,023
Finance leases	$3,743	$4,870	$3,059	$991	$1,865
Non-current liabilities:
Operating leases	$46,211	$39,282	$18,722	$4,377	$15,304
Finance leases	$13,879	$16,568	$19,602	$3,788	$6,849

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2024 and 2023:


	2024		2023
Weighted-average remaining lease terms:
Operating leases	5.54		4.46
Finance leases	9.81		8.61
Weighted-average discount rate:
Operating leases	4.34	%	4.10	%
Finance leases	4.75	%	4.64	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.39		4.64		5.25		6.08		4.59
Finance leases	11.32		5.60		17.58		5.91		5.74
Weighted-average discount rate:
Operating leases	4.38	%	4.38	%	4.52	%	4.40	%	4.55	%
Finance leases	4.38	%	4.28	%	5.18	%	4.19	%	4.19	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2023:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.62		4.60		5.34		6.38		4.44
Finance leases	5.57		5.40		17.82		5.73		5.49
Weighted-average discount rate:
Operating leases	4.04	%	4.01	%	4.08	%	4.02	%	4.43	%
Finance leases	3.77	%	3.85	%	5.08	%	3.69	%	3.76	%

Maturity of the lease liabilities for Entergy as of December 31, 2024 are as follows:


	Operating Leases	Finance Leases
	(In Thousands)
2025	$77,097	$23,860
2026	68,793	22,129
2027	58,349	19,676
2028	40,111	16,993
2029	24,807	13,008
Years thereafter	48,439	55,018
Minimum lease payments	317,596	150,684
Less: amount representing interest	40,399	35,895
Present value of net minimum lease payments	$277,197	$114,789

Maturity of the lease liabilities for the Registrant Subsidiaries as of December 31, 2024 are as follows:

Operating Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$19,625	$20,093	$9,764	$2,194	$8,679
2026	17,923	17,733	8,540	1,859	7,577
2027	15,301	15,425	7,744	1,539	5,903
2028	9,588	11,561	5,952	1,265	4,546
2029	4,915	6,328	3,212	862	2,891
Years thereafter	4,543	4,473	3,126	1,395	1,908
Minimum lease payments	71,895	75,613	38,338	9,114	31,504
Less: amount representing interest	6,937	9,701	5,928	1,234	3,975
Present value of net minimum lease payments	$64,958	$65,912	$32,410	$7,880	$27,529

Finance Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$6,455	$6,723	$3,640	$1,469	$2,628
2026	6,084	5,974	3,331	1,399	2,421
2027	5,444	5,084	2,877	1,263	2,096
2028	4,606	4,183	2,444	1,057	1,808
2029	3,793	3,303	2,001	864	1,356
Years thereafter	23,226	4,516	24,082	1,252	1,936
Minimum lease payments	49,608	29,783	38,375	7,304	12,245
Less: amount representing interest	13,290	3,624	14,876	853	1,423
Present value of net minimum lease payments	$36,318	$26,159	$23,499	$6,451	$10,822

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components

related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2024 and 2023, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 56 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Due to the nature of the agreements and Entergy’s continuing relationship with the lessor, however, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Operating lease cost	$76,494	$68,136
Finance lease cost:
Amortization of right-of-use assets	$18,063	$15,193
Interest on lease liabilities	$4,664	$3,639

Of the lease costs disclosed above, Entergy had $3.1 million and $5.0 million in short-term leases costs for the years ended December 31, 2024 and 2023, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$19,382	$19,770	$9,482	$2,234	$7,977
Finance lease cost:
Amortization of right-of-use assets	$4,675	$5,755	$2,604	$1,240	$2,104
Interest on lease liabilities	$990	$1,068	$1,116	$264	$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$17,065	$16,906	$7,837	$1,912	$7,290
Finance lease cost:
Amortization of right-of-use assets	$3,633	$4,835	$2,227	$1,025	$1,786
Interest on lease liabilities	$545	$729	$973	$150	$284

Of the lease costs disclosed above, Entergy Arkansas had $1.7 million, Entergy Louisiana had $1.6 million, Entergy Mississippi had $1.1 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2023.

The lease costs for the years ended December 31, 2024 and 2023 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2024 and 2023 are $277 million and $207 million related to operating leases, respectively, and $110 million and $84 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024 and 2023 are the following amounts:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2024 (a)
Operating leases	$64,960	$65,909	$32,399	$7,971	$27,524
Finance leases	$36,105	$26,159	$22,641	$6,451	$10,822

2023
Operating leases	$61,718	$54,047	$25,470	$6,119	$21,321
Finance leases	$17,622	$21,438	$22,661	$4,779	$8,714

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the

Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Current liabilities (a):
Operating leases	$65,907	$60,789
Finance leases	$18,253	$16,671
Non-current liabilities (b):
Operating leases	$211,290	$146,627
Finance leases	$96,536	$72,215

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities (a):
Operating leases	$17,159	$17,016	$8,116	$1,885	$7,387
Finance leases	$3,734	$5,620	$3,228	$1,218	$2,185
Non-current liabilities (b):
Operating leases	$47,799	$48,896	$24,294	$5,995	$20,142
Finance leases	$32,584	$20,539	$20,271	$5,233	$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities:
Operating leases	$15,514	$14,771	$6,754	$1,681	$6,023
Finance leases	$3,743	$4,870	$3,059	$991	$1,865
Non-current liabilities:
Operating leases	$46,211	$39,282	$18,722	$4,377	$15,304
Finance leases	$13,879	$16,568	$19,602	$3,788	$6,849

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2024 and 2023:


	2024		2023
Weighted-average remaining lease terms:
Operating leases	5.54		4.46
Finance leases	9.81		8.61
Weighted-average discount rate:
Operating leases	4.34	%	4.10	%
Finance leases	4.75	%	4.64	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.39		4.64		5.25		6.08		4.59
Finance leases	11.32		5.60		17.58		5.91		5.74
Weighted-average discount rate:
Operating leases	4.38	%	4.38	%	4.52	%	4.40	%	4.55	%
Finance leases	4.38	%	4.28	%	5.18	%	4.19	%	4.19	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2023:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.62		4.60		5.34		6.38		4.44
Finance leases	5.57		5.40		17.82		5.73		5.49
Weighted-average discount rate:
Operating leases	4.04	%	4.01	%	4.08	%	4.02	%	4.43	%
Finance leases	3.77	%	3.85	%	5.08	%	3.69	%	3.76	%

Maturity of the lease liabilities for Entergy as of December 31, 2024 are as follows:


	Operating Leases	Finance Leases
	(In Thousands)
2025	$77,097	$23,860
2026	68,793	22,129
2027	58,349	19,676
2028	40,111	16,993
2029	24,807	13,008
Years thereafter	48,439	55,018
Minimum lease payments	317,596	150,684
Less: amount representing interest	40,399	35,895
Present value of net minimum lease payments	$277,197	$114,789

Maturity of the lease liabilities for the Registrant Subsidiaries as of December 31, 2024 are as follows:

Operating Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$19,625	$20,093	$9,764	$2,194	$8,679
2026	17,923	17,733	8,540	1,859	7,577
2027	15,301	15,425	7,744	1,539	5,903
2028	9,588	11,561	5,952	1,265	4,546
2029	4,915	6,328	3,212	862	2,891
Years thereafter	4,543	4,473	3,126	1,395	1,908
Minimum lease payments	71,895	75,613	38,338	9,114	31,504
Less: amount representing interest	6,937	9,701	5,928	1,234	3,975
Present value of net minimum lease payments	$64,958	$65,912	$32,410	$7,880	$27,529

Finance Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$6,455	$6,723	$3,640	$1,469	$2,628
2026	6,084	5,974	3,331	1,399	2,421
2027	5,444	5,084	2,877	1,263	2,096
2028	4,606	4,183	2,444	1,057	1,808
2029	3,793	3,303	2,001	864	1,356
Years thereafter	23,226	4,516	24,082	1,252	1,936
Minimum lease payments	49,608	29,783	38,375	7,304	12,245
Less: amount representing interest	13,290	3,624	14,876	853	1,423
Present value of net minimum lease payments	$36,318	$26,159	$23,499	$6,451	$10,822

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components

related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2024 and 2023, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 56 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Due to the nature of the agreements and Entergy’s continuing relationship with the lessor, however, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Operating lease cost	$76,494	$68,136
Finance lease cost:
Amortization of right-of-use assets	$18,063	$15,193
Interest on lease liabilities	$4,664	$3,639

Of the lease costs disclosed above, Entergy had $3.1 million and $5.0 million in short-term leases costs for the years ended December 31, 2024 and 2023, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$19,382	$19,770	$9,482	$2,234	$7,977
Finance lease cost:
Amortization of right-of-use assets	$4,675	$5,755	$2,604	$1,240	$2,104
Interest on lease liabilities	$990	$1,068	$1,116	$264	$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$17,065	$16,906	$7,837	$1,912	$7,290
Finance lease cost:
Amortization of right-of-use assets	$3,633	$4,835	$2,227	$1,025	$1,786
Interest on lease liabilities	$545	$729	$973	$150	$284

Of the lease costs disclosed above, Entergy Arkansas had $1.7 million, Entergy Louisiana had $1.6 million, Entergy Mississippi had $1.1 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2023.

The lease costs for the years ended December 31, 2024 and 2023 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2024 and 2023 are $277 million and $207 million related to operating leases, respectively, and $110 million and $84 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024 and 2023 are the following amounts:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2024 (a)
Operating leases	$64,960	$65,909	$32,399	$7,971	$27,524
Finance leases	$36,105	$26,159	$22,641	$6,451	$10,822

2023
Operating leases	$61,718	$54,047	$25,470	$6,119	$21,321
Finance leases	$17,622	$21,438	$22,661	$4,779	$8,714

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the

Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Current liabilities (a):
Operating leases	$65,907	$60,789
Finance leases	$18,253	$16,671
Non-current liabilities (b):
Operating leases	$211,290	$146,627
Finance leases	$96,536	$72,215

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities (a):
Operating leases	$17,159	$17,016	$8,116	$1,885	$7,387
Finance leases	$3,734	$5,620	$3,228	$1,218	$2,185
Non-current liabilities (b):
Operating leases	$47,799	$48,896	$24,294	$5,995	$20,142
Finance leases	$32,584	$20,539	$20,271	$5,233	$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities:
Operating leases	$15,514	$14,771	$6,754	$1,681	$6,023
Finance leases	$3,743	$4,870	$3,059	$991	$1,865
Non-current liabilities:
Operating leases	$46,211	$39,282	$18,722	$4,377	$15,304
Finance leases	$13,879	$16,568	$19,602	$3,788	$6,849

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2024 and 2023:


	2024		2023
Weighted-average remaining lease terms:
Operating leases	5.54		4.46
Finance leases	9.81		8.61
Weighted-average discount rate:
Operating leases	4.34	%	4.10	%
Finance leases	4.75	%	4.64	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.39		4.64		5.25		6.08		4.59
Finance leases	11.32		5.60		17.58		5.91		5.74
Weighted-average discount rate:
Operating leases	4.38	%	4.38	%	4.52	%	4.40	%	4.55	%
Finance leases	4.38	%	4.28	%	5.18	%	4.19	%	4.19	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2023:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.62		4.60		5.34		6.38		4.44
Finance leases	5.57		5.40		17.82		5.73		5.49
Weighted-average discount rate:
Operating leases	4.04	%	4.01	%	4.08	%	4.02	%	4.43	%
Finance leases	3.77	%	3.85	%	5.08	%	3.69	%	3.76	%

Maturity of the lease liabilities for Entergy as of December 31, 2024 are as follows:


	Operating Leases	Finance Leases
	(In Thousands)
2025	$77,097	$23,860
2026	68,793	22,129
2027	58,349	19,676
2028	40,111	16,993
2029	24,807	13,008
Years thereafter	48,439	55,018
Minimum lease payments	317,596	150,684
Less: amount representing interest	40,399	35,895
Present value of net minimum lease payments	$277,197	$114,789

Maturity of the lease liabilities for the Registrant Subsidiaries as of December 31, 2024 are as follows:

Operating Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$19,625	$20,093	$9,764	$2,194	$8,679
2026	17,923	17,733	8,540	1,859	7,577
2027	15,301	15,425	7,744	1,539	5,903
2028	9,588	11,561	5,952	1,265	4,546
2029	4,915	6,328	3,212	862	2,891
Years thereafter	4,543	4,473	3,126	1,395	1,908
Minimum lease payments	71,895	75,613	38,338	9,114	31,504
Less: amount representing interest	6,937	9,701	5,928	1,234	3,975
Present value of net minimum lease payments	$64,958	$65,912	$32,410	$7,880	$27,529

Finance Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$6,455	$6,723	$3,640	$1,469	$2,628
2026	6,084	5,974	3,331	1,399	2,421
2027	5,444	5,084	2,877	1,263	2,096
2028	4,606	4,183	2,444	1,057	1,808
2029	3,793	3,303	2,001	864	1,356
Years thereafter	23,226	4,516	24,082	1,252	1,936
Minimum lease payments	49,608	29,783	38,375	7,304	12,245
Less: amount representing interest	13,290	3,624	14,876	853	1,423
Present value of net minimum lease payments	$36,318	$26,159	$23,499	$6,451	$10,822

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components

related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2024 and 2023, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 56 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Due to the nature of the agreements and Entergy’s continuing relationship with the lessor, however, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Operating lease cost	$76,494	$68,136
Finance lease cost:
Amortization of right-of-use assets	$18,063	$15,193
Interest on lease liabilities	$4,664	$3,639

Of the lease costs disclosed above, Entergy had $3.1 million and $5.0 million in short-term leases costs for the years ended December 31, 2024 and 2023, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$19,382	$19,770	$9,482	$2,234	$7,977
Finance lease cost:
Amortization of right-of-use assets	$4,675	$5,755	$2,604	$1,240	$2,104
Interest on lease liabilities	$990	$1,068	$1,116	$264	$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$17,065	$16,906	$7,837	$1,912	$7,290
Finance lease cost:
Amortization of right-of-use assets	$3,633	$4,835	$2,227	$1,025	$1,786
Interest on lease liabilities	$545	$729	$973	$150	$284

Of the lease costs disclosed above, Entergy Arkansas had $1.7 million, Entergy Louisiana had $1.6 million, Entergy Mississippi had $1.1 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2023.

The lease costs for the years ended December 31, 2024 and 2023 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2024 and 2023 are $277 million and $207 million related to operating leases, respectively, and $110 million and $84 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024 and 2023 are the following amounts:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2024 (a)
Operating leases	$64,960	$65,909	$32,399	$7,971	$27,524
Finance leases	$36,105	$26,159	$22,641	$6,451	$10,822

2023
Operating leases	$61,718	$54,047	$25,470	$6,119	$21,321
Finance leases	$17,622	$21,438	$22,661	$4,779	$8,714

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the

Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Current liabilities (a):
Operating leases	$65,907	$60,789
Finance leases	$18,253	$16,671
Non-current liabilities (b):
Operating leases	$211,290	$146,627
Finance leases	$96,536	$72,215

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities (a):
Operating leases	$17,159	$17,016	$8,116	$1,885	$7,387
Finance leases	$3,734	$5,620	$3,228	$1,218	$2,185
Non-current liabilities (b):
Operating leases	$47,799	$48,896	$24,294	$5,995	$20,142
Finance leases	$32,584	$20,539	$20,271	$5,233	$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities:
Operating leases	$15,514	$14,771	$6,754	$1,681	$6,023
Finance leases	$3,743	$4,870	$3,059	$991	$1,865
Non-current liabilities:
Operating leases	$46,211	$39,282	$18,722	$4,377	$15,304
Finance leases	$13,879	$16,568	$19,602	$3,788	$6,849

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2024 and 2023:


	2024		2023
Weighted-average remaining lease terms:
Operating leases	5.54		4.46
Finance leases	9.81		8.61
Weighted-average discount rate:
Operating leases	4.34	%	4.10	%
Finance leases	4.75	%	4.64	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.39		4.64		5.25		6.08		4.59
Finance leases	11.32		5.60		17.58		5.91		5.74
Weighted-average discount rate:
Operating leases	4.38	%	4.38	%	4.52	%	4.40	%	4.55	%
Finance leases	4.38	%	4.28	%	5.18	%	4.19	%	4.19	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2023:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.62		4.60		5.34		6.38		4.44
Finance leases	5.57		5.40		17.82		5.73		5.49
Weighted-average discount rate:
Operating leases	4.04	%	4.01	%	4.08	%	4.02	%	4.43	%
Finance leases	3.77	%	3.85	%	5.08	%	3.69	%	3.76	%

Maturity of the lease liabilities for Entergy as of December 31, 2024 are as follows:


	Operating Leases	Finance Leases
	(In Thousands)
2025	$77,097	$23,860
2026	68,793	22,129
2027	58,349	19,676
2028	40,111	16,993
2029	24,807	13,008
Years thereafter	48,439	55,018
Minimum lease payments	317,596	150,684
Less: amount representing interest	40,399	35,895
Present value of net minimum lease payments	$277,197	$114,789

Maturity of the lease liabilities for the Registrant Subsidiaries as of December 31, 2024 are as follows:

Operating Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$19,625	$20,093	$9,764	$2,194	$8,679
2026	17,923	17,733	8,540	1,859	7,577
2027	15,301	15,425	7,744	1,539	5,903
2028	9,588	11,561	5,952	1,265	4,546
2029	4,915	6,328	3,212	862	2,891
Years thereafter	4,543	4,473	3,126	1,395	1,908
Minimum lease payments	71,895	75,613	38,338	9,114	31,504
Less: amount representing interest	6,937	9,701	5,928	1,234	3,975
Present value of net minimum lease payments	$64,958	$65,912	$32,410	$7,880	$27,529

Finance Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$6,455	$6,723	$3,640	$1,469	$2,628
2026	6,084	5,974	3,331	1,399	2,421
2027	5,444	5,084	2,877	1,263	2,096
2028	4,606	4,183	2,444	1,057	1,808
2029	3,793	3,303	2,001	864	1,356
Years thereafter	23,226	4,516	24,082	1,252	1,936
Minimum lease payments	49,608	29,783	38,375	7,304	12,245
Less: amount representing interest	13,290	3,624	14,876	853	1,423
Present value of net minimum lease payments	$36,318	$26,159	$23,499	$6,451	$10,822

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components

related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2024 and 2023, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 56 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Due to the nature of the agreements and Entergy’s continuing relationship with the lessor, however, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Operating lease cost	$76,494	$68,136
Finance lease cost:
Amortization of right-of-use assets	$18,063	$15,193
Interest on lease liabilities	$4,664	$3,639

Of the lease costs disclosed above, Entergy had $3.1 million and $5.0 million in short-term leases costs for the years ended December 31, 2024 and 2023, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$19,382	$19,770	$9,482	$2,234	$7,977
Finance lease cost:
Amortization of right-of-use assets	$4,675	$5,755	$2,604	$1,240	$2,104
Interest on lease liabilities	$990	$1,068	$1,116	$264	$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$17,065	$16,906	$7,837	$1,912	$7,290
Finance lease cost:
Amortization of right-of-use assets	$3,633	$4,835	$2,227	$1,025	$1,786
Interest on lease liabilities	$545	$729	$973	$150	$284

Of the lease costs disclosed above, Entergy Arkansas had $1.7 million, Entergy Louisiana had $1.6 million, Entergy Mississippi had $1.1 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2023.

The lease costs for the years ended December 31, 2024 and 2023 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2024 and 2023 are $277 million and $207 million related to operating leases, respectively, and $110 million and $84 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024 and 2023 are the following amounts:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2024 (a)
Operating leases	$64,960	$65,909	$32,399	$7,971	$27,524
Finance leases	$36,105	$26,159	$22,641	$6,451	$10,822

2023
Operating leases	$61,718	$54,047	$25,470	$6,119	$21,321
Finance leases	$17,622	$21,438	$22,661	$4,779	$8,714

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the

Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Current liabilities (a):
Operating leases	$65,907	$60,789
Finance leases	$18,253	$16,671
Non-current liabilities (b):
Operating leases	$211,290	$146,627
Finance leases	$96,536	$72,215

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities (a):
Operating leases	$17,159	$17,016	$8,116	$1,885	$7,387
Finance leases	$3,734	$5,620	$3,228	$1,218	$2,185
Non-current liabilities (b):
Operating leases	$47,799	$48,896	$24,294	$5,995	$20,142
Finance leases	$32,584	$20,539	$20,271	$5,233	$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities:
Operating leases	$15,514	$14,771	$6,754	$1,681	$6,023
Finance leases	$3,743	$4,870	$3,059	$991	$1,865
Non-current liabilities:
Operating leases	$46,211	$39,282	$18,722	$4,377	$15,304
Finance leases	$13,879	$16,568	$19,602	$3,788	$6,849

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2024 and 2023:


	2024		2023
Weighted-average remaining lease terms:
Operating leases	5.54		4.46
Finance leases	9.81		8.61
Weighted-average discount rate:
Operating leases	4.34	%	4.10	%
Finance leases	4.75	%	4.64	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.39		4.64		5.25		6.08		4.59
Finance leases	11.32		5.60		17.58		5.91		5.74
Weighted-average discount rate:
Operating leases	4.38	%	4.38	%	4.52	%	4.40	%	4.55	%
Finance leases	4.38	%	4.28	%	5.18	%	4.19	%	4.19	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2023:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.62		4.60		5.34		6.38		4.44
Finance leases	5.57		5.40		17.82		5.73		5.49
Weighted-average discount rate:
Operating leases	4.04	%	4.01	%	4.08	%	4.02	%	4.43	%
Finance leases	3.77	%	3.85	%	5.08	%	3.69	%	3.76	%

Maturity of the lease liabilities for Entergy as of December 31, 2024 are as follows:


	Operating Leases	Finance Leases
	(In Thousands)
2025	$77,097	$23,860
2026	68,793	22,129
2027	58,349	19,676
2028	40,111	16,993
2029	24,807	13,008
Years thereafter	48,439	55,018
Minimum lease payments	317,596	150,684
Less: amount representing interest	40,399	35,895
Present value of net minimum lease payments	$277,197	$114,789

Maturity of the lease liabilities for the Registrant Subsidiaries as of December 31, 2024 are as follows:

Operating Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$19,625	$20,093	$9,764	$2,194	$8,679
2026	17,923	17,733	8,540	1,859	7,577
2027	15,301	15,425	7,744	1,539	5,903
2028	9,588	11,561	5,952	1,265	4,546
2029	4,915	6,328	3,212	862	2,891
Years thereafter	4,543	4,473	3,126	1,395	1,908
Minimum lease payments	71,895	75,613	38,338	9,114	31,504
Less: amount representing interest	6,937	9,701	5,928	1,234	3,975
Present value of net minimum lease payments	$64,958	$65,912	$32,410	$7,880	$27,529

Finance Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$6,455	$6,723	$3,640	$1,469	$2,628
2026	6,084	5,974	3,331	1,399	2,421
2027	5,444	5,084	2,877	1,263	2,096
2028	4,606	4,183	2,444	1,057	1,808
2029	3,793	3,303	2,001	864	1,356
Years thereafter	23,226	4,516	24,082	1,252	1,936
Minimum lease payments	49,608	29,783	38,375	7,304	12,245
Less: amount representing interest	13,290	3,624	14,876	853	1,423
Present value of net minimum lease payments	$36,318	$26,159	$23,499	$6,451	$10,822

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components

related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2024 and 2023, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 56 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Due to the nature of the agreements and Entergy’s continuing relationship with the lessor, however, Entergy and the Registrant Subsidiaries expect to renegotiate or refinance the leases prior to conclusion of the lease. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Operating lease cost	$76,494	$68,136
Finance lease cost:
Amortization of right-of-use assets	$18,063	$15,193
Interest on lease liabilities	$4,664	$3,639

Of the lease costs disclosed above, Entergy had $3.1 million and $5.0 million in short-term leases costs for the years ended December 31, 2024 and 2023, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$19,382	$19,770	$9,482	$2,234	$7,977
Finance lease cost:
Amortization of right-of-use assets	$4,675	$5,755	$2,604	$1,240	$2,104
Interest on lease liabilities	$990	$1,068	$1,116	$264	$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Operating lease cost	$17,065	$16,906	$7,837	$1,912	$7,290
Finance lease cost:
Amortization of right-of-use assets	$3,633	$4,835	$2,227	$1,025	$1,786
Interest on lease liabilities	$545	$729	$973	$150	$284

Of the lease costs disclosed above, Entergy Arkansas had $1.7 million, Entergy Louisiana had $1.6 million, Entergy Mississippi had $1.1 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2023.

The lease costs for the years ended December 31, 2024 and 2023 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2024 and 2023 are $277 million and $207 million related to operating leases, respectively, and $110 million and $84 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024 and 2023 are the following amounts:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2024 (a)
Operating leases	$64,960	$65,909	$32,399	$7,971	$27,524
Finance leases	$36,105	$26,159	$22,641	$6,451	$10,822

2023
Operating leases	$61,718	$54,047	$25,470	$6,119	$21,321
Finance leases	$17,622	$21,438	$22,661	$4,779	$8,714

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the

Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2024 and 2023:


	2024	2023
	(In Thousands)
Current liabilities (a):
Operating leases	$65,907	$60,789
Finance leases	$18,253	$16,671
Non-current liabilities (b):
Operating leases	$211,290	$146,627
Finance leases	$96,536	$72,215

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities (a):
Operating leases	$17,159	$17,016	$8,116	$1,885	$7,387
Finance leases	$3,734	$5,620	$3,228	$1,218	$2,185
Non-current liabilities (b):
Operating leases	$47,799	$48,896	$24,294	$5,995	$20,142
Finance leases	$32,584	$20,539	$20,271	$5,233	$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses and the classification as held for sale.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2023:


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Current liabilities:
Operating leases	$15,514	$14,771	$6,754	$1,681	$6,023
Finance leases	$3,743	$4,870	$3,059	$991	$1,865
Non-current liabilities:
Operating leases	$46,211	$39,282	$18,722	$4,377	$15,304
Finance leases	$13,879	$16,568	$19,602	$3,788	$6,849

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2024 and 2023:


	2024		2023
Weighted-average remaining lease terms:
Operating leases	5.54		4.46
Finance leases	9.81		8.61
Weighted-average discount rate:
Operating leases	4.34	%	4.10	%
Finance leases	4.75	%	4.64	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.39		4.64		5.25		6.08		4.59
Finance leases	11.32		5.60		17.58		5.91		5.74
Weighted-average discount rate:
Operating leases	4.38	%	4.38	%	4.52	%	4.40	%	4.55	%
Finance leases	4.38	%	4.28	%	5.18	%	4.19	%	4.19	%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2023:


	Entergy Arkansas		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
Weighted-average remaining lease terms:
Operating leases	4.62		4.60		5.34		6.38		4.44
Finance leases	5.57		5.40		17.82		5.73		5.49
Weighted-average discount rate:
Operating leases	4.04	%	4.01	%	4.08	%	4.02	%	4.43	%
Finance leases	3.77	%	3.85	%	5.08	%	3.69	%	3.76	%

Maturity of the lease liabilities for Entergy as of December 31, 2024 are as follows:


	Operating Leases	Finance Leases
	(In Thousands)
2025	$77,097	$23,860
2026	68,793	22,129
2027	58,349	19,676
2028	40,111	16,993
2029	24,807	13,008
Years thereafter	48,439	55,018
Minimum lease payments	317,596	150,684
Less: amount representing interest	40,399	35,895
Present value of net minimum lease payments	$277,197	$114,789

Maturity of the lease liabilities for the Registrant Subsidiaries as of December 31, 2024 are as follows:

Operating Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$19,625	$20,093	$9,764	$2,194	$8,679
2026	17,923	17,733	8,540	1,859	7,577
2027	15,301	15,425	7,744	1,539	5,903
2028	9,588	11,561	5,952	1,265	4,546
2029	4,915	6,328	3,212	862	2,891
Years thereafter	4,543	4,473	3,126	1,395	1,908
Minimum lease payments	71,895	75,613	38,338	9,114	31,504
Less: amount representing interest	6,937	9,701	5,928	1,234	3,975
Present value of net minimum lease payments	$64,958	$65,912	$32,410	$7,880	$27,529

Finance Leases


	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
2025	$6,455	$6,723	$3,640	$1,469	$2,628
2026	6,084	5,974	3,331	1,399	2,421
2027	5,444	5,084	2,877	1,263	2,096
2028	4,606	4,183	2,444	1,057	1,808
2029	3,793	3,303	2,001	864	1,356
Years thereafter	23,226	4,516	24,082	1,252	1,936
Minimum lease payments	49,608	29,783	38,375	7,304	12,245
Less: amount representing interest	13,290	3,624	14,876	853	1,423
Present value of net minimum lease payments	$36,318	$26,159	$23,499	$6,451	$10,822

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components

related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.