DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

The NRC requires certain of the Utility operating companies and System Energy to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1 and 2, River Bend, Waterford 3, and Grand Gulf. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents.

Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, for unrealized gains/(losses) on investment securities, the Registrant Subsidiaries record an offsetting amount in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other long-term liabilities on the consolidated balance sheets of Entergy and Entergy Louisiana for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the nuclear plants previously owned by Entergy’s non-utility operations, all of which have been sold as of June 2022, did not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds for these plants were recognized in earnings with no offsetting regulatory liability/asset amount. Unrealized gains/(losses) recorded on the available-for-sale debt securities in the trust funds were recognized in the accumulated other comprehensive income component of shareholders’ equity. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities.

As discussed in Note 14 to the financial statements, in June 2022, Entergy completed the sale of Palisades to Holtec. As part of the transaction, Entergy transferred the Palisades decommissioning trust fund to Holtec. The disposition-date fair value of the decommissioning trust fund was approximately $552 million.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $616 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$2,047	$1,770
Unrealized gains	$7	$19
Unrealized losses	$80	$134

As of December 31, 2024 and 2023, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,121 million as of December 31, 2024 and $1,885 million as of December 31, 2023. As of December 31, 2024, available-for-sale debt securities had an average coupon rate of approximately 4.04%, an average duration of approximately 6.35 years, and an average maturity of approximately 11.05 years.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$1,102	$24	$134	$6
More than 12 months	510	56	999	128
Total	$1,612	$80	$1,133	$134

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$36	$82
1 year - 5 years	574	517
5 years - 10 years	629	504
10 years - 15 years	166	121
15 years - 20 years	218	179
20 years+	424	367
Total	$2,047	$1,770

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$1,258	$661	$889
Realized gains	$5	$1	$2
Realized losses	$89	$37	$46

During the years ended December 31, 2024 and 2023, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings. During the year ended

December 31, 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings.

Entergy Arkansas

Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$579.0	$496.9
Unrealized gains	$1.2	$2.4
Unrealized losses	$25.8	$53.6

The amortized cost of available-for-sale debt securities was $603.5 million as of December 31, 2024 and $548.1 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.72%, an average duration of approximately 6.31 years, and an average maturity of approximately 8.66 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $177 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$282.8	$8.2	$22.5	$0.4
More than 12 months	195.0	17.6	403.4	53.2
Total	$477.8	$25.8	$425.9	$53.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$31.7	$45.3
1 year - 5 years	142.5	132.2
5 years - 10 years	231.0	205.7
10 years - 15 years	62.2	39.9
15 years - 20 years	62.8	49.6
20 years+	48.8	24.2
Total	$579.0	$496.9

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$210.6	$28.5	$42.1
Realized gains	$0.1	$0.1	$0.1
Realized losses	$35.8	$2.0	$2.6

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Entergy Louisiana

Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$908.1	$788.1
Unrealized gains	$3.6	$11.7
Unrealized losses	$26.9	$37.4

The amortized cost of available-for-sale debt securities was $931.5 million as of December 31, 2024 and $813.9 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 4.32%, an average duration of approximately 6.50 years, and an average maturity of approximately 12.97 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $277.8 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$543.8	$8.8	$69.8	$0.9
More than 12 months	178.4	18.1	356.1	36.5
Total	$722.2	$26.9	$425.9	$37.4

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$4.4	$31.4
1 year - 5 years	188.2	181.6
5 years - 10 years	259.4	170.0
10 years - 15 years	80.9	70.2
15 years - 20 years	106.1	90.2
20 years+	269.1	244.7
Total	$908.1	$788.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$547.8	$318.6	$362.2
Realized gains	$1.3	$0.5	$1.3
Realized losses	$25.8	$20.9	$23.0

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

System Energy

System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$559.8	$485.2
Unrealized gains	$1.9	$4.5
Unrealized losses	$27.6	$42.5

The amortized cost of available-for-sale debt securities was $585.5 million as of December 31, 2024 and $523.2 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.94%, an average duration of approximately 6.13 years, and an average maturity of approximately 10.44 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $161.1 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$275.6	$6.8	$42.1	$4.5
More than 12 months	136.8	20.8	239.1	38.0
Total	$412.4	$27.6	$281.2	$42.5

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$0.2	$5.3
1 year - 5 years	243.7	203.4
5 years - 10 years	138.9	128.6
10 years - 15 years	22.7	10.7
15 years - 20 years	49.4	38.8
20 years+	104.9	98.4
Total	$559.8	$485.2

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$500.1	$314.3	$209.4
Realized gains	$3.1	$0.6	$0.2
Realized losses	$28.0	$14.2	$10.7

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Decommissioning Trust Fund [Text Block]

DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

The NRC requires certain of the Utility operating companies and System Energy to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1 and 2, River Bend, Waterford 3, and Grand Gulf. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents.

Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, for unrealized gains/(losses) on investment securities, the Registrant Subsidiaries record an offsetting amount in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other long-term liabilities on the consolidated balance sheets of Entergy and Entergy Louisiana for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the nuclear plants previously owned by Entergy’s non-utility operations, all of which have been sold as of June 2022, did not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds for these plants were recognized in earnings with no offsetting regulatory liability/asset amount. Unrealized gains/(losses) recorded on the available-for-sale debt securities in the trust funds were recognized in the accumulated other comprehensive income component of shareholders’ equity. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities.

As discussed in Note 14 to the financial statements, in June 2022, Entergy completed the sale of Palisades to Holtec. As part of the transaction, Entergy transferred the Palisades decommissioning trust fund to Holtec. The disposition-date fair value of the decommissioning trust fund was approximately $552 million.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $616 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$2,047	$1,770
Unrealized gains	$7	$19
Unrealized losses	$80	$134

As of December 31, 2024 and 2023, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,121 million as of December 31, 2024 and $1,885 million as of December 31, 2023. As of December 31, 2024, available-for-sale debt securities had an average coupon rate of approximately 4.04%, an average duration of approximately 6.35 years, and an average maturity of approximately 11.05 years.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$1,102	$24	$134	$6
More than 12 months	510	56	999	128
Total	$1,612	$80	$1,133	$134

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$36	$82
1 year - 5 years	574	517
5 years - 10 years	629	504
10 years - 15 years	166	121
15 years - 20 years	218	179
20 years+	424	367
Total	$2,047	$1,770

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$1,258	$661	$889
Realized gains	$5	$1	$2
Realized losses	$89	$37	$46

During the years ended December 31, 2024 and 2023, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings. During the year ended

December 31, 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings.

Entergy Arkansas

Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$579.0	$496.9
Unrealized gains	$1.2	$2.4
Unrealized losses	$25.8	$53.6

The amortized cost of available-for-sale debt securities was $603.5 million as of December 31, 2024 and $548.1 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.72%, an average duration of approximately 6.31 years, and an average maturity of approximately 8.66 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $177 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$282.8	$8.2	$22.5	$0.4
More than 12 months	195.0	17.6	403.4	53.2
Total	$477.8	$25.8	$425.9	$53.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$31.7	$45.3
1 year - 5 years	142.5	132.2
5 years - 10 years	231.0	205.7
10 years - 15 years	62.2	39.9
15 years - 20 years	62.8	49.6
20 years+	48.8	24.2
Total	$579.0	$496.9

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$210.6	$28.5	$42.1
Realized gains	$0.1	$0.1	$0.1
Realized losses	$35.8	$2.0	$2.6

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Entergy Louisiana

Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$908.1	$788.1
Unrealized gains	$3.6	$11.7
Unrealized losses	$26.9	$37.4

The amortized cost of available-for-sale debt securities was $931.5 million as of December 31, 2024 and $813.9 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 4.32%, an average duration of approximately 6.50 years, and an average maturity of approximately 12.97 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $277.8 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$543.8	$8.8	$69.8	$0.9
More than 12 months	178.4	18.1	356.1	36.5
Total	$722.2	$26.9	$425.9	$37.4

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$4.4	$31.4
1 year - 5 years	188.2	181.6
5 years - 10 years	259.4	170.0
10 years - 15 years	80.9	70.2
15 years - 20 years	106.1	90.2
20 years+	269.1	244.7
Total	$908.1	$788.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$547.8	$318.6	$362.2
Realized gains	$1.3	$0.5	$1.3
Realized losses	$25.8	$20.9	$23.0

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

System Energy

System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$559.8	$485.2
Unrealized gains	$1.9	$4.5
Unrealized losses	$27.6	$42.5

The amortized cost of available-for-sale debt securities was $585.5 million as of December 31, 2024 and $523.2 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.94%, an average duration of approximately 6.13 years, and an average maturity of approximately 10.44 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $161.1 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$275.6	$6.8	$42.1	$4.5
More than 12 months	136.8	20.8	239.1	38.0
Total	$412.4	$27.6	$281.2	$42.5

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$0.2	$5.3
1 year - 5 years	243.7	203.4
5 years - 10 years	138.9	128.6
10 years - 15 years	22.7	10.7
15 years - 20 years	49.4	38.8
20 years+	104.9	98.4
Total	$559.8	$485.2

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$500.1	$314.3	$209.4
Realized gains	$3.1	$0.6	$0.2
Realized losses	$28.0	$14.2	$10.7

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Decommissioning Trust Fund [Text Block]

DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

The NRC requires certain of the Utility operating companies and System Energy to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1 and 2, River Bend, Waterford 3, and Grand Gulf. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents.

Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, for unrealized gains/(losses) on investment securities, the Registrant Subsidiaries record an offsetting amount in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other long-term liabilities on the consolidated balance sheets of Entergy and Entergy Louisiana for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the nuclear plants previously owned by Entergy’s non-utility operations, all of which have been sold as of June 2022, did not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds for these plants were recognized in earnings with no offsetting regulatory liability/asset amount. Unrealized gains/(losses) recorded on the available-for-sale debt securities in the trust funds were recognized in the accumulated other comprehensive income component of shareholders’ equity. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities.

As discussed in Note 14 to the financial statements, in June 2022, Entergy completed the sale of Palisades to Holtec. As part of the transaction, Entergy transferred the Palisades decommissioning trust fund to Holtec. The disposition-date fair value of the decommissioning trust fund was approximately $552 million.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $616 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$2,047	$1,770
Unrealized gains	$7	$19
Unrealized losses	$80	$134

As of December 31, 2024 and 2023, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,121 million as of December 31, 2024 and $1,885 million as of December 31, 2023. As of December 31, 2024, available-for-sale debt securities had an average coupon rate of approximately 4.04%, an average duration of approximately 6.35 years, and an average maturity of approximately 11.05 years.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$1,102	$24	$134	$6
More than 12 months	510	56	999	128
Total	$1,612	$80	$1,133	$134

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$36	$82
1 year - 5 years	574	517
5 years - 10 years	629	504
10 years - 15 years	166	121
15 years - 20 years	218	179
20 years+	424	367
Total	$2,047	$1,770

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$1,258	$661	$889
Realized gains	$5	$1	$2
Realized losses	$89	$37	$46

During the years ended December 31, 2024 and 2023, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings. During the year ended

December 31, 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings.

Entergy Arkansas

Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$579.0	$496.9
Unrealized gains	$1.2	$2.4
Unrealized losses	$25.8	$53.6

The amortized cost of available-for-sale debt securities was $603.5 million as of December 31, 2024 and $548.1 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.72%, an average duration of approximately 6.31 years, and an average maturity of approximately 8.66 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $177 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$282.8	$8.2	$22.5	$0.4
More than 12 months	195.0	17.6	403.4	53.2
Total	$477.8	$25.8	$425.9	$53.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$31.7	$45.3
1 year - 5 years	142.5	132.2
5 years - 10 years	231.0	205.7
10 years - 15 years	62.2	39.9
15 years - 20 years	62.8	49.6
20 years+	48.8	24.2
Total	$579.0	$496.9

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$210.6	$28.5	$42.1
Realized gains	$0.1	$0.1	$0.1
Realized losses	$35.8	$2.0	$2.6

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Entergy Louisiana

Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$908.1	$788.1
Unrealized gains	$3.6	$11.7
Unrealized losses	$26.9	$37.4

The amortized cost of available-for-sale debt securities was $931.5 million as of December 31, 2024 and $813.9 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 4.32%, an average duration of approximately 6.50 years, and an average maturity of approximately 12.97 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $277.8 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$543.8	$8.8	$69.8	$0.9
More than 12 months	178.4	18.1	356.1	36.5
Total	$722.2	$26.9	$425.9	$37.4

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$4.4	$31.4
1 year - 5 years	188.2	181.6
5 years - 10 years	259.4	170.0
10 years - 15 years	80.9	70.2
15 years - 20 years	106.1	90.2
20 years+	269.1	244.7
Total	$908.1	$788.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$547.8	$318.6	$362.2
Realized gains	$1.3	$0.5	$1.3
Realized losses	$25.8	$20.9	$23.0

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

System Energy

System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$559.8	$485.2
Unrealized gains	$1.9	$4.5
Unrealized losses	$27.6	$42.5

The amortized cost of available-for-sale debt securities was $585.5 million as of December 31, 2024 and $523.2 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.94%, an average duration of approximately 6.13 years, and an average maturity of approximately 10.44 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $161.1 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$275.6	$6.8	$42.1	$4.5
More than 12 months	136.8	20.8	239.1	38.0
Total	$412.4	$27.6	$281.2	$42.5

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$0.2	$5.3
1 year - 5 years	243.7	203.4
5 years - 10 years	138.9	128.6
10 years - 15 years	22.7	10.7
15 years - 20 years	49.4	38.8
20 years+	104.9	98.4
Total	$559.8	$485.2

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$500.1	$314.3	$209.4
Realized gains	$3.1	$0.6	$0.2
Realized losses	$28.0	$14.2	$10.7

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Decommissioning Trust Fund [Text Block]

DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

The NRC requires certain of the Utility operating companies and System Energy to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1 and 2, River Bend, Waterford 3, and Grand Gulf. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents.

Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, for unrealized gains/(losses) on investment securities, the Registrant Subsidiaries record an offsetting amount in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other long-term liabilities on the consolidated balance sheets of Entergy and Entergy Louisiana for the unrealized trust earnings not currently expected to be needed to decommission the plant. Decommissioning trust funds for the nuclear plants previously owned by Entergy’s non-utility operations, all of which have been sold as of June 2022, did not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains/(losses) recorded on the equity securities in the trust funds for these plants were recognized in earnings with no offsetting regulatory liability/asset amount. Unrealized gains/(losses) recorded on the available-for-sale debt securities in the trust funds were recognized in the accumulated other comprehensive income component of shareholders’ equity. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities.

As discussed in Note 14 to the financial statements, in June 2022, Entergy completed the sale of Palisades to Holtec. As part of the transaction, Entergy transferred the Palisades decommissioning trust fund to Holtec. The disposition-date fair value of the decommissioning trust fund was approximately $552 million.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $616 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$2,047	$1,770
Unrealized gains	$7	$19
Unrealized losses	$80	$134

As of December 31, 2024 and 2023, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,121 million as of December 31, 2024 and $1,885 million as of December 31, 2023. As of December 31, 2024, available-for-sale debt securities had an average coupon rate of approximately 4.04%, an average duration of approximately 6.35 years, and an average maturity of approximately 11.05 years.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$1,102	$24	$134	$6
More than 12 months	510	56	999	128
Total	$1,612	$80	$1,133	$134

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$36	$82
1 year - 5 years	574	517
5 years - 10 years	629	504
10 years - 15 years	166	121
15 years - 20 years	218	179
20 years+	424	367
Total	$2,047	$1,770

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$1,258	$661	$889
Realized gains	$5	$1	$2
Realized losses	$89	$37	$46

During the years ended December 31, 2024 and 2023, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings. During the year ended

December 31, 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings.

Entergy Arkansas

Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$579.0	$496.9
Unrealized gains	$1.2	$2.4
Unrealized losses	$25.8	$53.6

The amortized cost of available-for-sale debt securities was $603.5 million as of December 31, 2024 and $548.1 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.72%, an average duration of approximately 6.31 years, and an average maturity of approximately 8.66 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $177 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$282.8	$8.2	$22.5	$0.4
More than 12 months	195.0	17.6	403.4	53.2
Total	$477.8	$25.8	$425.9	$53.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$31.7	$45.3
1 year - 5 years	142.5	132.2
5 years - 10 years	231.0	205.7
10 years - 15 years	62.2	39.9
15 years - 20 years	62.8	49.6
20 years+	48.8	24.2
Total	$579.0	$496.9

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$210.6	$28.5	$42.1
Realized gains	$0.1	$0.1	$0.1
Realized losses	$35.8	$2.0	$2.6

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Entergy Louisiana

Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$908.1	$788.1
Unrealized gains	$3.6	$11.7
Unrealized losses	$26.9	$37.4

The amortized cost of available-for-sale debt securities was $931.5 million as of December 31, 2024 and $813.9 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 4.32%, an average duration of approximately 6.50 years, and an average maturity of approximately 12.97 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $277.8 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$543.8	$8.8	$69.8	$0.9
More than 12 months	178.4	18.1	356.1	36.5
Total	$722.2	$26.9	$425.9	$37.4

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$4.4	$31.4
1 year - 5 years	188.2	181.6
5 years - 10 years	259.4	170.0
10 years - 15 years	80.9	70.2
15 years - 20 years	106.1	90.2
20 years+	269.1	244.7
Total	$908.1	$788.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$547.8	$318.6	$362.2
Realized gains	$1.3	$0.5	$1.3
Realized losses	$25.8	$20.9	$23.0

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

System Energy

System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale debt securities held as of December 31, 2024 and 2023 are summarized as follows:


	2024	2023
	(In Millions)
Fair value	$559.8	$485.2
Unrealized gains	$1.9	$4.5
Unrealized losses	$27.6	$42.5

The amortized cost of available-for-sale debt securities was $585.5 million as of December 31, 2024 and $523.2 million as of December 31, 2023. As of December 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately 3.94%, an average duration of approximately 6.13 years, and an average maturity of approximately 10.44 years.

The unrealized gains/(losses) recognized during the year ended December 31, 2024 on equity securities still held as of December 31, 2024 were $161.1 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$275.6	$6.8	$42.1	$4.5
More than 12 months	136.8	20.8	239.1	38.0
Total	$412.4	$27.6	$281.2	$42.5

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2024 and 2023 are as follows:


	2024	2023
	(In Millions)
Less than 1 year	$0.2	$5.3
1 year - 5 years	243.7	203.4
5 years - 10 years	138.9	128.6
10 years - 15 years	22.7	10.7
15 years - 20 years	49.4	38.8
20 years+	104.9	98.4
Total	$559.8	$485.2

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022
	(In Millions)
Proceeds from disposition of securities	$500.1	$314.3	$209.4
Realized gains	$3.1	$0.6	$0.2
Realized losses	$28.0	$14.2	$10.7

During the years ended December 31, 2024, 2023, and 2022, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.