Long-Term Debt

12 Months Ended

Dec. 31, 2011

Long-Term Debt [Abstract]

LONG-TERM DEBT

NOTE 5. LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2011 and 2010 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31,			Interest Rate Ranges  at December 31,		Outstanding at December 31,
	2011			2011	2010	2011			2010
						(In Thousands)
Mortgage Bonds
2011-2016		4.18	%	3.25%-6.20%	3.6%-6.2%	$	865,000		$	920,000
2017-2021		5.40	%	3.75%-7.13%	3.75%-7.125%		2,435,000			2,160,000
2022-2026		5.27	%	4.44%-5.66%	4.44%-5.66%		1,158,449			1,158,738
2027-2036		6.18	%	5.65%-6.40%	5.65%-6.4%		868,145			868,546
2039-2051		6.22	%	5.75%-7.88%	5.75%-7.875%		905,000			755,000
Governmental Bonds (a)
2011-2016		3.67	%	2.88%-5.80%	2.875%-6.75%		42,795			90,135
2017-2021		4.83	%	4.60%-5.00%	4.6%-5.0%		99,700			99,700
2022-2026		5.82	%	4.60%-6.20%	4.6%-6.2%		415,005			455,005
2027-2030		5.00	%	5.0%	5.0%		198,680			198,680
Securitization Bonds
2013-2020		4.05	%	2.12%-5.79%	2.12%-5.79%		416,899			474,318
2021-2023		3.65	%	2.04%-5.93%	2.30%-5.93%		653,948			457,100
Variable Interest Entities Notes Payable (Note 4)
2012-2016		4.96	%	2.25%-9.00%	2.125%-9%		519,400			474,200
Entergy Corporation Notes
due March 2011		n/a		—	7.06%		—			86,000
due September 2015		n/a		3.625%	3.625%		550,000			550,000
due September 2020		n/a		5.125%	5.125%		450,000			450,000
Note Payable to NYPA		(b)		(b)	(b)		133,363			155,971
5 Year Credit Facility (Note 4)		n/a		0.75%	0.78%		1,920,000			1,632,120
Long-term DOE Obligation (c)		—		—	—		181,031			180,919
Waterford 3 Lease Obligation (d)		n/a		7.45%	7.45%		188,255			223,802
Grand Gulf Lease Obligation (d)		n/a		5.13%	5.13%		178,784			222,280
Bank Credit Facility – Entergy Louisiana		n/a		0.67%	—		50,000			—
Unamortized Premium and Discount - Net							(9,531	)		(10,181	)
Other							16,523			14,372
Total Long-Term Debt							12,236,446			11,616,705
Less Amount Due Within One Year							2,192,733			299,548
Long-Term Debt Excluding Amount Due Within One Year						$	10,043,713		$	11,317,157
Fair Value of Long-Term Debt (e)						$	12,176,251		$	10,988,646

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 for further discussion of the Waterford 3 and Grand Gulf Lease Obligations.

(e) The fair value excludes lease obligations of $188 million at Entergy Louisiana and $179 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $133 million at Entergy, and includes debt due within one year. Fair values are based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2011, for the next five years are as follows:

	Amount
	(In Thousands)
2012	$	2,124,679
2013	$	707,684
2014	$	135,899
2015	$	860,566
2016	$	344,850

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction. Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing. These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%. In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003. This liability was recorded upon the purchase of Indian Point 2 in September 2001, and is included in the note payable to NYPA balance above. In July 2003, a payment of $102 million was made prior to maturity on the note payable to NYPA. Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through July 2013. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2012. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2012.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2011 and 2010 consisted of:

	2011			2010
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.40% Series due August 2013	$	300,000		$	300,000
5.0% Series due July 2018		115,000			115,000
3.75% Series due February 2021		350,000			350,000
5.66% Series due February 2025		175,000			175,000
5.9% Series due June 2033		100,000			100,000
6.38% Series due November 2034		60,000			60,000
5.75% Series due November 2040		225,000			225,000
Total mortgage bonds		1,325,000			1,325,000
Governmental Bonds (a):
4.6% Series due 2017, Jefferson County (d)		54,700			54,700
5.0% Series due 2021, Independence County (d)		45,000			45,000
Total governmental bonds		99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.60% Series G due September 2011		—			35,000
9% Series H due June 2013		30,000			30,000
5.69% Series I due July 2014		70,000			70,000
3.23% Series J due July 2016		55,000			—
Total variable interest entity notes payable		155,000			135,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021		113,792			124,100
Total securitization bonds		113,792			124,100
Other:
Long-term DOE Obligation (b)		181,031			180,919
Unamortized Premium and Discount – Net		(733	)		(812	)
Other		2,131			3
Total Long-Term Debt		1,875,921			1,863,910
Less Amount Due Within One Year		—			35,000
Long-Term Debt Excluding Amount Due Within One Year	$	1,875,921		$	1,828,910
Fair Value of Long-Term Debt (c)	$	1,756,361		$	1,712,663

	2011			2010
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018	$	375,000		$	375,000
3.95% Series due October 2020		250,000			250,000
5.59% Series due October 2024		300,000			300,000
6.2% Series due July 2033		240,000			240,000
6.18% Series due March 2035		85,000			85,000
Total mortgage bonds		1,250,000			1,250,000
Governmental Bonds (a):
6.75% Series due 2012, Calcasieu Parish		—			26,170
6.7% Series due 2013, Pointe Coupee Parish		—			9,460
5.7% Series due 2014, Iberville Parish		—			11,710
2.875% Series due 2015, Louisiana Public Facilities Authority (d)		31,955			31,955
5.8% Series due 2016, West Feliciana Parish		10,840			10,840
5.0% Series due 2028, Louisiana Public Facilities Authority (d)		83,680			83,680
Total governmental bonds		126,475			173,815
Variable Interest Entity Notes Payable (Note 4):
5.41% Series O due July 2012		60,000			60,000
5.56% Series N due May 2013		75,000			75,000
Credit Facility due July 2013, weighted avg rate 2.25%		29,400			24,200
Total variable interest entity notes payable		164,400			159,200
Other:
Unamortized Premium and Discount - Net		(2,048	)		(2,287	)
Other		3,603			3,604
Total Long-Term Debt		1,542,430			1,584,332
Less Amount Due Within One Year		60,000			—
Long-Term Debt Excluding Amount Due Within One Year	$	1,482,430		$	1,584,332
Fair Value of Long-Term Debt (c)	$	1,642,388		$	1,643,514

	2011			2010
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
6.50% Series due September 2018	$	300,000		$	300,000
4.8% Series due May 2021		200,000			—
5.40% Series due November 2024		400,000			400,000
4.44% Series due January 2026		250,000			250,000
6.4% Series due October 2034		70,000			70,000
6.3% Series due September 2035		100,000			100,000
6.0% Series due March 2040		150,000			150,000
5.875% Series due June 2041		150,000			150,000
Total mortgage bonds		1,620,000			1,420,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)		115,000			115,000
Total governmental bonds		115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014		50,000			50,000
3.30% Series F due March 2016		20,000			—
Total variable interest entity notes payable		70,000			50,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021		207,156			—
Total securitization bonds		207,156			—
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)		188,255			223,802
Bank Credit Facility, weighted average rate 0.67% (Note 4)		50,000			—
Unamortized Premium and Discount - Net		(1,912	)		(1,689	)
Other		3,813			3
Total Long-Term Debt		2,252,312			1,807,116
Less Amount Due Within One Year		75,309			35,550
Long-Term Debt Excluding Amount Due Within One Year	$	2,177,003		$	1,771,566
Fair Value of Long-Term Debt (c)	$	2,211,355		$	1,515,121

	2011			2010
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
4.65% Series due May 2011	$	—		$	80,000
5.15% Series due February 2013		100,000			100,000
5.92% Series due February 2016		—			100,000
3.25% Series due June 2016		125,000			—
4.95% Series due June 2018		95,000			95,000
6.64% Series due July 2019		150,000			150,000
6.0% Series due November 2032		75,000			75,000
6.25% Series due April 2034		100,000			100,000
6.20% Series due April 2040		80,000			80,000
6.0% Series due May 2051		150,000			—
Total mortgage bonds		875,000			780,000
Governmental Bonds (a):
4.60% Series due 2022, Mississippi Business Finance Corp.(d)		16,030			16,030
4.90% Series due 2022, Independence County (d)		30,000			30,000
Total governmental bonds		46,030			46,030
Other:
Unamortized Premium and Discount - Net		(591	)		(652	)
Total Long-Term Debt		920,439			825,378
Less Amount Due Within One Year		—			80,000
Long-Term Debt Excluding Amount Due Within One Year	$	920,439		$	745,378
Fair Value of Long-Term Debt (c)	$	985,600		$	802,045

	2011			2010
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.25% Series due August 2013	$	70,000		$	70,000
5.10% Series due December 2020		25,000			25,000
5.6% Series due September 2024		33,449			33,738
5.65% Series due September 2029		38,145			38,546
Total mortgage bonds		166,594			167,284
Other:
Unamortized Premium and Discount - Net		(57	)		(69	)
Total Long-Term Debt		166,537			167,215
Less Amount Due Within One Year		—			—
Long-Term Debt Excluding Amount Due Within One Year	$	166,537		$	167,215
Fair Value of Long-Term Debt (c)	$	169,270		$	171,077

	2011			2010
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015	$	200,000		$	200,000
7.125% Series due February 2019		500,000			500,000
4.1% Series due September 2021		75,000			—
7.875% Series due June 2039		150,000			150,000
Total mortgage bonds		925,000			850,000
Securitization Bonds:
5.51% Series Senior Secured, Series A due October 2013		18,494			38,152
5.79% Series Senior Secured, Series A due October 2018		121,600			121,600
5.93% Series Senior Secured, Series A due June 2022		114,400			114,400
2.12% Series Senior Secured due February 2016		132,005			169,766
3.65% Series Senior Secured due August 2019		144,800			144,800
4.38% Series Senior Secured due November 2023		218,600			218,600
Total securitization bonds		749,899			807,318
Other:
Unamortized Premium and Discount - Net		(3,103	)		(3,419	)
Other		5,331			5,331
Total Long-Term Debt		1,677,127			1,659,230
Less Amount Due Within One Year		—			—
Long-Term Debt Excluding Amount Due Within One Year	$	1,677,127		$	1,659,230
Fair Value of Long-Term Debt (c)	$	1,906,081		$	1,822,219

	2011			2010
	(In Thousands)
System Energy
Mortgage Bonds:
6.2% Series due October 2012	$	70,000		$	70,000
Total mortgage bonds		70,000			70,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.		216,000			216,000
5.9% Series due 2022, Mississippi Business Finance Corp.		102,975			102,975
6.2% Series due 2026, Claiborne County		50,000			90,000
Total governmental bonds		368,975			408,975
Variable Interest Entity Notes Payable (Note 4):
6.29% Series F due September 2013		70,000			70,000
5.33% Series G due April 2015		60,000			60,000
Total variable interest entity notes payable		130,000			130,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)		178,784			222,280
Unamortized Premium and Discount - Net		(714	)		(789	)
Other		3			2
Total Long-Term Debt		747,048			830,468
Less Amount Due Within One Year		110,163			33,740
Long-Term Debt Excluding Amount Due Within One Year	$	636,885		$	796,728
Fair Value of Long-Term Debt (c)	$	582,952		$	611,837

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $188 million at Entergy Louisiana and $179 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year. Fair values are based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2011, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2012		—	$	60,000	$	50,000		—		—		—	$	70,000
2013	$	330,000	$	104,400		—	$	100,000	$	70,000	$	18,494	$	70,000
2014	$	70,000		—	$	50,000		—		—		—		—
2015		—	$	31,955		—		—		—	$	200,000	$	60,000
2016	$	55,000	$	10,840	$	20,000	$	125,000		—	$	132,005		—

Entergy Corporation Debt Issuance

In January 2012, Entergy Corporation issued $500 million of 4.70% senior notes due January 2017. Entergy Corporation used the proceeds to repay borrowings under its $3.5 billion credit facility.

Entergy Louisiana Debt Issuances

On December 14, 2011, Entergy Louisiana issued $750 million of 1.1007% Series first mortgage bonds, due December 31, 2012, to Entergy Corporation. Entergy Louisiana repurchased the bonds at par, plus accrued interest of $161 thousand, on December 22, 2011.

In January 2012, Entergy Louisiana issued $250 million of 1.875% Series first mortgage bonds due December 2014. Entergy Louisiana used the proceeds to repay short-term borrowings under the Entergy System money pool.

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs. In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds. The bonds have a coupon of 2.30% and an expected maturity date of August 2021. Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $12.2 million for 2012, $12.6 million for 2013, $12.8 million for 2014, $13.2 million for 2015, and $13.4 million for 2016. With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet. The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas. Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011, the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project. In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds. The bonds have an interest rate of 2.04% and an expected maturity date of June 2021. Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $25.6 million for 2012, $16.6 million for 2013, $21.9 million for 2014, $20.5 million for 2015, and $21.6 million for 2016. With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds. In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs. The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet. The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana. Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits. In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013	$	93,500
Tranche A-2 (5.79%) due October 2018		121,600
Tranche A-3 (5.93%) due June 2022		114,400
Total senior secured transition bonds	$	329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.8 million for 2012, $21.9 million for 2013, $23.2 million for 2014, $24.6 million for 2015, and $26.0 million for 2016. Of the scheduled principal payments for 2012, $18.5 million are for Tranche A-1 and $2.3 million are for Tranche A-2, and all of the scheduled principal payments for 2013-2016 are for Tranche A-2.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds. In November 2009, Entergy Texas Restoration funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016	$	182,500
Tranche A-2 (3.65%) due August 2019		144,800
Tranche A-3 (4.38%) due November 2023		218,600
Total senior secured transition bonds	$	545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $38.6 million for 2012, $39.4 million for 2013, $40.2 million for 2014, $41.2 million for 2015, and $42.6 million for 2016. All of the scheduled principal payments for 2012-2014 are for Tranche A-1, $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2, and all of the scheduled principal payments for 2016 are for Tranche A-2.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Entergy New Orleans Affiliate Notes

Pursuant to its plan of reorganization, in May 2007 Entergy New Orleans issued notes due in three years in satisfaction of its affiliate prepetition accounts payable (approximately $74 million, including interest), including its indebtedness to the Entergy System money pool. In May 2010, Entergy New Orleans repaid, at maturity, the notes payable.