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. 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.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $190 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,091	$2,047
Unrealized gains	$15	$7
Unrealized losses	$62	$80

As of March 31, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,138 million as of March 31, 2025 and $2,121 million as of December 31, 2024. As of March 31, 2025, available-for-sale debt securities had an average coupon rate of approximately 4.12%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.94 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$638	$14	$1,102	$24
More than 12 months	469	48	510	56
Total	$1,107	$62	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	551	574
5 years - 10 years	639	629
10 years - 15 years	205	166
15 years - 20 years	216	218
20 years+	451	424
Total	$2,091	$2,047

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$262	$169
Realized gains	$1	$—
Realized losses	$4	$7

During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$590.1	$579.0
Unrealized gains	$4.0	$1.2
Unrealized losses	$18.1	$25.8

The amortized cost of available-for-sale debt securities was $604.3 million as of March 31, 2025 and $603.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.71%, an average duration of approximately 6.24 years, and an average maturity of approximately 8.49 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $56.9 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$158.4	$3.9	$282.8	$8.2
More than 12 months	183.0	14.2	195.0	17.6
Total	$341.4	$18.1	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$25.2	$31.7
1 year - 5 years	144.0	142.5
5 years - 10 years	234.8	231.0
10 years - 15 years	71.2	62.2
15 years - 20 years	64.2	62.8
20 years+	50.7	48.8
Total	$590.1	$579.0

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$12.4
Realized gains	$—	$—
Realized losses	$—	$0.4

During three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$926.1	$908.1
Unrealized gains	$6.3	$3.6
Unrealized losses	$23.1	$26.9

The amortized cost of available-for-sale debt securities was $943 million as of March 31, 2025 and $931.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.37%, an average duration of approximately 6.43 years, and an average maturity of approximately 12.67 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $78.8 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$324.8	$6.7	$543.8	$8.8
More than 12 months	165.0	16.4	178.4	18.1
Total	$489.8	$23.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$3.7	$4.4
1 year - 5 years	221.2	188.2
5 years - 10 years	212.0	259.4
10 years - 15 years	97.4	80.9
15 years - 20 years	103.6	106.1
20 years+	288.2	269.1
Total	$926.1	$908.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$110.0	$48.4
Realized gains	$0.1	$0.2
Realized losses	$1.5	$2.9

During the three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$574.9	$559.8
Unrealized gains	$4.7	$1.9
Unrealized losses	$20.6	$27.6

The amortized cost of available-for-sale debt securities was $590.7 million as of March 31, 2025 and $585.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.16%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.71 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $53.8 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 March 31, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$154.4	$2.9	$275.6	$6.8
More than 12 months		120.6	17.7	136.8	20.8
Total		$275.0	$20.6	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	185.8	243.7
5 years - 10 years	192.4	138.9
10 years - 15 years	36.2	22.7
15 years - 20 years	48.6	49.4
20 years+	111.7	104.9
Total	$574.9	$559.8

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$152.3	$108.0
Realized gains	$0.6	$0.2
Realized losses	$2.7	$3.5

During the three months ended March 31, 2025 and 2024, 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. 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.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $190 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,091	$2,047
Unrealized gains	$15	$7
Unrealized losses	$62	$80

As of March 31, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,138 million as of March 31, 2025 and $2,121 million as of December 31, 2024. As of March 31, 2025, available-for-sale debt securities had an average coupon rate of approximately 4.12%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.94 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$638	$14	$1,102	$24
More than 12 months	469	48	510	56
Total	$1,107	$62	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	551	574
5 years - 10 years	639	629
10 years - 15 years	205	166
15 years - 20 years	216	218
20 years+	451	424
Total	$2,091	$2,047

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$262	$169
Realized gains	$1	$—
Realized losses	$4	$7

During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$590.1	$579.0
Unrealized gains	$4.0	$1.2
Unrealized losses	$18.1	$25.8

The amortized cost of available-for-sale debt securities was $604.3 million as of March 31, 2025 and $603.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.71%, an average duration of approximately 6.24 years, and an average maturity of approximately 8.49 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $56.9 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$158.4	$3.9	$282.8	$8.2
More than 12 months	183.0	14.2	195.0	17.6
Total	$341.4	$18.1	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$25.2	$31.7
1 year - 5 years	144.0	142.5
5 years - 10 years	234.8	231.0
10 years - 15 years	71.2	62.2
15 years - 20 years	64.2	62.8
20 years+	50.7	48.8
Total	$590.1	$579.0

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$12.4
Realized gains	$—	$—
Realized losses	$—	$0.4

During three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$926.1	$908.1
Unrealized gains	$6.3	$3.6
Unrealized losses	$23.1	$26.9

The amortized cost of available-for-sale debt securities was $943 million as of March 31, 2025 and $931.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.37%, an average duration of approximately 6.43 years, and an average maturity of approximately 12.67 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $78.8 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$324.8	$6.7	$543.8	$8.8
More than 12 months	165.0	16.4	178.4	18.1
Total	$489.8	$23.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$3.7	$4.4
1 year - 5 years	221.2	188.2
5 years - 10 years	212.0	259.4
10 years - 15 years	97.4	80.9
15 years - 20 years	103.6	106.1
20 years+	288.2	269.1
Total	$926.1	$908.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$110.0	$48.4
Realized gains	$0.1	$0.2
Realized losses	$1.5	$2.9

During the three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$574.9	$559.8
Unrealized gains	$4.7	$1.9
Unrealized losses	$20.6	$27.6

The amortized cost of available-for-sale debt securities was $590.7 million as of March 31, 2025 and $585.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.16%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.71 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $53.8 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 March 31, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$154.4	$2.9	$275.6	$6.8
More than 12 months		120.6	17.7	136.8	20.8
Total		$275.0	$20.6	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	185.8	243.7
5 years - 10 years	192.4	138.9
10 years - 15 years	36.2	22.7
15 years - 20 years	48.6	49.4
20 years+	111.7	104.9
Total	$574.9	$559.8

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$152.3	$108.0
Realized gains	$0.6	$0.2
Realized losses	$2.7	$3.5

During the three months ended March 31, 2025 and 2024, 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. 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.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $190 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,091	$2,047
Unrealized gains	$15	$7
Unrealized losses	$62	$80

As of March 31, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,138 million as of March 31, 2025 and $2,121 million as of December 31, 2024. As of March 31, 2025, available-for-sale debt securities had an average coupon rate of approximately 4.12%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.94 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$638	$14	$1,102	$24
More than 12 months	469	48	510	56
Total	$1,107	$62	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	551	574
5 years - 10 years	639	629
10 years - 15 years	205	166
15 years - 20 years	216	218
20 years+	451	424
Total	$2,091	$2,047

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$262	$169
Realized gains	$1	$—
Realized losses	$4	$7

During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$590.1	$579.0
Unrealized gains	$4.0	$1.2
Unrealized losses	$18.1	$25.8

The amortized cost of available-for-sale debt securities was $604.3 million as of March 31, 2025 and $603.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.71%, an average duration of approximately 6.24 years, and an average maturity of approximately 8.49 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $56.9 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$158.4	$3.9	$282.8	$8.2
More than 12 months	183.0	14.2	195.0	17.6
Total	$341.4	$18.1	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$25.2	$31.7
1 year - 5 years	144.0	142.5
5 years - 10 years	234.8	231.0
10 years - 15 years	71.2	62.2
15 years - 20 years	64.2	62.8
20 years+	50.7	48.8
Total	$590.1	$579.0

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$12.4
Realized gains	$—	$—
Realized losses	$—	$0.4

During three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$926.1	$908.1
Unrealized gains	$6.3	$3.6
Unrealized losses	$23.1	$26.9

The amortized cost of available-for-sale debt securities was $943 million as of March 31, 2025 and $931.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.37%, an average duration of approximately 6.43 years, and an average maturity of approximately 12.67 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $78.8 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$324.8	$6.7	$543.8	$8.8
More than 12 months	165.0	16.4	178.4	18.1
Total	$489.8	$23.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$3.7	$4.4
1 year - 5 years	221.2	188.2
5 years - 10 years	212.0	259.4
10 years - 15 years	97.4	80.9
15 years - 20 years	103.6	106.1
20 years+	288.2	269.1
Total	$926.1	$908.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$110.0	$48.4
Realized gains	$0.1	$0.2
Realized losses	$1.5	$2.9

During the three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$574.9	$559.8
Unrealized gains	$4.7	$1.9
Unrealized losses	$20.6	$27.6

The amortized cost of available-for-sale debt securities was $590.7 million as of March 31, 2025 and $585.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.16%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.71 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $53.8 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 March 31, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$154.4	$2.9	$275.6	$6.8
More than 12 months		120.6	17.7	136.8	20.8
Total		$275.0	$20.6	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	185.8	243.7
5 years - 10 years	192.4	138.9
10 years - 15 years	36.2	22.7
15 years - 20 years	48.6	49.4
20 years+	111.7	104.9
Total	$574.9	$559.8

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$152.3	$108.0
Realized gains	$0.6	$0.2
Realized losses	$2.7	$3.5

During the three months ended March 31, 2025 and 2024, 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. 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.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $190 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,091	$2,047
Unrealized gains	$15	$7
Unrealized losses	$62	$80

As of March 31, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,138 million as of March 31, 2025 and $2,121 million as of December 31, 2024. As of March 31, 2025, available-for-sale debt securities had an average coupon rate of approximately 4.12%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.94 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$638	$14	$1,102	$24
More than 12 months	469	48	510	56
Total	$1,107	$62	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	551	574
5 years - 10 years	639	629
10 years - 15 years	205	166
15 years - 20 years	216	218
20 years+	451	424
Total	$2,091	$2,047

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$262	$169
Realized gains	$1	$—
Realized losses	$4	$7

During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$590.1	$579.0
Unrealized gains	$4.0	$1.2
Unrealized losses	$18.1	$25.8

The amortized cost of available-for-sale debt securities was $604.3 million as of March 31, 2025 and $603.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.71%, an average duration of approximately 6.24 years, and an average maturity of approximately 8.49 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $56.9 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$158.4	$3.9	$282.8	$8.2
More than 12 months	183.0	14.2	195.0	17.6
Total	$341.4	$18.1	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$25.2	$31.7
1 year - 5 years	144.0	142.5
5 years - 10 years	234.8	231.0
10 years - 15 years	71.2	62.2
15 years - 20 years	64.2	62.8
20 years+	50.7	48.8
Total	$590.1	$579.0

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$12.4
Realized gains	$—	$—
Realized losses	$—	$0.4

During three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$926.1	$908.1
Unrealized gains	$6.3	$3.6
Unrealized losses	$23.1	$26.9

The amortized cost of available-for-sale debt securities was $943 million as of March 31, 2025 and $931.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.37%, an average duration of approximately 6.43 years, and an average maturity of approximately 12.67 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $78.8 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 March 31, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$324.8	$6.7	$543.8	$8.8
More than 12 months	165.0	16.4	178.4	18.1
Total	$489.8	$23.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$3.7	$4.4
1 year - 5 years	221.2	188.2
5 years - 10 years	212.0	259.4
10 years - 15 years	97.4	80.9
15 years - 20 years	103.6	106.1
20 years+	288.2	269.1
Total	$926.1	$908.1

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$110.0	$48.4
Realized gains	$0.1	$0.2
Realized losses	$1.5	$2.9

During the three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$574.9	$559.8
Unrealized gains	$4.7	$1.9
Unrealized losses	$20.6	$27.6

The amortized cost of available-for-sale debt securities was $590.7 million as of March 31, 2025 and $585.5 million as of December 31, 2024. As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.16%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.71 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $53.8 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 March 31, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$154.4	$2.9	$275.6	$6.8
More than 12 months		120.6	17.7	136.8	20.8
Total		$275.0	$20.6	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	185.8	243.7
5 years - 10 years	192.4	138.9
10 years - 15 years	36.2	22.7
15 years - 20 years	48.6	49.4
20 years+	111.7	104.9
Total	$574.9	$559.8

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:



	2025	2024
	(In Millions)
Proceeds from disposition of securities	$152.3	$108.0
Realized gains	$0.6	$0.2
Realized losses	$2.7	$3.5

During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.