Retirement, Other Postretirement Benefits, and Defined Contribution Plans

12 Months Ended

Dec. 31, 2011

Retirement, Other Postretirement Benefits and Defined Contribution Plans [Abstract]

RETIREMENTAND OTHER POSTRETIREMENT BENEFITS

NOTE 11. RETIREMENT, OTHER POSTRETIREMENT BENEFITS, AND DEFINED CONTRIBUTION PLANS (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Qualified Pension Plans

Entergy has seven qualified pension plans covering substantially all employees: “Entergy Corporation Retirement Plan for Non-Bargaining Employees,” “Entergy Corporation Retirement Plan for Bargaining Employees,” “Entergy Corporation Retirement Plan II for Non-Bargaining Employees,” “Entergy Corporation Retirement Plan II for Bargaining Employees,” “Entergy Corporation Retirement Plan III,” “Entergy Corporation Retirement Plan IV for Non-Bargaining Employees,” and “Entergy Corporation Retirement Plan IV for Bargaining Employees.” The Registrant Subsidiaries participate in two of these plans: “Entergy Corporation Retirement Plan for Non-Bargaining Employees” and “Entergy Corporation Retirement Plan for Bargaining Employees.” Except for the Entergy Corporation Retirement Plan III, the pension plans are noncontributory and provide pension benefits that are based on employees’ credited service and compensation during the final years before retirement. The Entergy Corporation Retirement Plan III includes a mandatory employee contribution of 3% of earnings during the first 10 years of plan participation, and allows voluntary contributions from 1% to 10% of earnings for a limited group of employees.

The assets of the seven qualified pension plans are held in a master trust established by Entergy. Each pension plan has an undivided beneficial interest in each of the investment accounts of the master trust that is maintained by a trustee. Use of the master trust permits the commingling of the trust assets of the pension plans of Entergy Corporation and its Registrant Subsidiaries for investment and administrative purposes. Although assets are commingled in the master trust, the trustee maintains supporting records for the purpose of allocating the equity in net earnings (loss) and the administrative expenses of the investment accounts to the various participating pension plans. The fair value of the trust assets is determined by the trustee and certain investment managers. The trustee calculates a daily earnings factor, including realized and unrealized gains or losses, collected and accrued income, and administrative expenses, and allocates earnings to each plan in the master trust on a pro rata basis.

Further, within each pension plan, the record of each Registrant Subsidiary’s beneficial interest in the plan assets is maintained by the plan’s actuary and is updated quarterly. Assets for each Registrant Subsidiary are increased for investment income and contributions, and decreased for benefit payments. A plan’s investment net income/(loss) (i.e. interest and dividends, realized gains and losses and expenses) is allocated to the Registrant Subsidiaries participating in that plan based on the value of assets for each Registrant Subsidiary at the beginning of the quarter adjusted for contributions and benefit payments made during the quarter.

Entergy Corporation and its subsidiaries fund pension costs in accordance with contribution guidelines established by the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code of 1986, as amended. The assets of the plans include common and preferred stocks, fixed-income securities, interest in a money market fund, and insurance contracts. The Registrant Subsidiaries’ pension costs are recovered from customers as a component of cost of service in each of their respective jurisdictions.

Components of Qualified Net Pension Cost and Other Amounts Recognized as a Regulatory Asset and/or Accumulated Other Comprehensive Income (AOCI)

Entergy Corporation and its subsidiaries’ total 2011, 2010, and 2009 qualified pension costs and amounts recognized as a regulatory asset and/or other comprehensive income, including amounts capitalized, included the following components:

	2011			2010			2009
	(In Thousands)
Net periodic pension cost:
Service cost - benefits earned during the period	$	121,961		$	104,956		$	89,646
Interest cost on projected benefit obligation		236,992			231,206			218,172
Expected return on assets		(301,276	)		(259,608	)		(249,220	)
Amortization of prior service cost		3,350			4,658			4,997
Recognized net loss		92,977			65,901			22,401
Net periodic pension costs	$	154,004		$	147,113		$	85,996
Other changes in plan assets and benefit obligations recognized as a regulatory asset and/or AOCI (before tax)
Arising this period:
Net loss	$	1,045,624		$	232,279		$	76,799
Amounts reclassified from regulatory asset and/or AOCI to net periodic pension cost in the current year:
Amortization of prior service cost		(3,350	)		(4,658	)		(4,997	)
Amortization of net loss		(92,977	)		(65,901	)		(22,401	)
Total		949,297			161,720			49,401
Total recognized as net periodic pension cost, regulatory asset, and/or AOCI (before tax)	$	1,103,301		$	308,834		$	135,397
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic cost in the following year
Prior service cost	$	2,733		$	3,350		$	4,658
Net loss	$	169,064		$	92,977		$	65,901

The Registrant Subsidiaries’ total 2011, 2010, and 2009 qualified pension costs and amounts recognized as a regulatory asset and/or other comprehensive income, including amounts capitalized, included the following components:

2011	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Net periodic pension cost:
Service cost - benefits earned during the period	$	18,072		$	9,848		$	11,543		$	5,308		$	2,242		$	4,788		$	4,941
Interest cost on projected benefit obligation		51,965			23,713			32,636			15,637			7,050			15,971			11,758
Expected return on assets		(62,434	)		(33,358	)		(38,866	)		(20,152	)		(8,455	)		(22,005	)		(15,138	)
Amortization of prior service cost		459			79			280			152			35			65			16
Recognized net loss		25,681			9,118			17,990			6,717			4,666			5,579			5,284
Net pension cost	$	33,743		$	9,400		$	23,583		$	7,662		$	5,538		$	4,398		$	6,861
Other changes in plan assets and benefit obligations recognized as a regulatory asset and/or AOCI (before tax)
Arising this period:
Net loss	$	217,989		$	102,329		$	137,100		$	56,714		$	29,297		$	64,662		$	52,876
Amounts reclassified from regulatory asset and/or AOCI to net periodic pension cost in the current year:
Amortization of prior service cost		(459	)		(79	)		(280	)		(152	)		(35	)		(65	)		(16	)
Amortization of net loss		(25,681	)		(9,118	)		(17,990	)		(6,717	)		(4,666	)		(5,579	)		(5,284	)
Total	$	191,849		$	93,132		$	118,830		$	49,845		$	24,596		$	59,018		$	47,576
Total recognized as net periodic pension cost, regulatory asset, and/or AOCI (before tax)	$	225,592		$	102,532		$	142,413		$	57,507		$	30,134		$	63,416		$	54,437
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic cost in the following year
Prior service cost	$	200		$	19		$	208		$	30		$	7		$	15		$	13
Net loss	$	41,309		$	16,295		$	28,486		$	10,667		$	6,935		$	10,261		$	9,135

2010	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Net periodic pension cost:
Service cost - benefits earned during the period	$	15,775		$	8,462		$	9,770		$	4,651		$	2,063		$	4,267		$	4,132
Interest cost on projected benefit obligation		49,277			24,377			28,541			15,230			6,040			15,869			9,009
Expected return on assets		(50,635	)		(30,752	)		(32,775	)		(17,252	)		(7,236	)		(20,549	)		(11,808	)
Amortization of prior service cost		782			302			474			318			177			237			34
Recognized net loss		16,506			7,622			8,604			4,361			2,544			3,208			523
Net pension cost	$	31,705		$	10,011		$	14,614		$	7,308		$	3,588		$	3,032		$	1,890
Other changes in plan assets and benefit obligations recognized as a regulatory asset and/or AOCI (before tax)
Arising this period:
Net loss	$	97,117		$	4,748		$	99,129		$	21,801		$	22,600		$	17,316		$	56,756
Amounts reclassified from regulatory asset and/or AOCI to net periodic pension cost in the current year:
Amortization of prior service cost		(782	)		(302	)		(474	)		(318	)		(177	)		(237	)		(34	)
Amortization of net loss		(16,506	)		(7,622	)		(8,604	)		(4,361	)		(2,544	)		(3,208	)		(523	)
Total	$	79,829		($	3,176	)	$	90,051		$	17,122		$	19,879		$	13,871		$	56,199
Total recognized as net periodic pension cost, regulatory asset, and/or AOCI (before tax)	$	111,534		$	6,835		$	104,665		$	24,430		$	23,467		$	16,903		$	58,089
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic cost in the following year
Prior service cost	$	459		$	79		$	280		$	152		$	35		$	65		$	16
Net loss	$	25,681		$	9,118		$	17,990		$	6,717		$	4,666		$	5,579		$	5,284

2009	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Net periodic pension cost:
Service cost - benefits earned during the period	$	13,601		$	6,993		$	7,896		$	3,981		$	1,701		$	3,668		$	3,519
Interest cost on projected benefit obligation		47,043			21,116			27,760			14,706			5,878			15,741			8,555
Expected return on assets		(48,749	)		(30,065	)		(32,789	)		(16,943	)		(7,261	)		(20,740	)		(11,064	)
Amortization of prior service cost		849			438			474			341			206			321			34
Recognized net loss		7,058			319			2,817			1,289			1,225			168			439
Net pension cost/(income)	$	19,802		($	1,199	)	$	6,158		$	3,374		$	1,749		($	842	)	$	1,483
Other changes in plan assets and benefit obligations recognized as a regulatory asset and/or AOCI (before tax)
Arising this period:
Net loss/(gain)	$	32,528		$	36,704		$	7,113		$	5,609		$	724		($	3,444	)	$	5,076
Amounts reclassified from regulatory asset and/or AOCI to net periodic pension cost in the current year:
Amortization of prior service cost		(849	)		(438	)		(474	)		(341	)		(206	)		(321	)		(34	)
Amortization of net loss		(7,058	)		(319	)		(2,817	)		(1,289	)		(1,225	)		(168	)		(439	)
Total	$	24,621		$	35,947		$	3,822		$	3,979		($	707	)	($	3,933	)	$	4,603
Total recognized as net periodic pension cost/(income), regulatory asset, and/or AOCI (before tax)	$	44,423		$	34,748		$	9,980		$	7,353		$	1,042		($	4,775	)	$	6,086
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic cost in the following year
Prior service cost	$	782		$	302		$	474		$	318		$	177		$	237		$	34
Net loss	$	16,506		$	7,621		$	8,603		$	4,362		$	2,544		$	3,207		$	523

Qualified Pension Obligations, Plan Assets, Funded Status, Amounts Recognized in the Balance Sheet for Entergy Corporation and its Subsidiaries as of December 31, 2011 and 2010

	December 31,
	2011			2010
	(In Thousands)
Change in Projected Benefit Obligation (PBO)
Balance at beginning of year	$	4,301,218		$	3,837,744
Service cost		121,961			104,956
Interest cost		236,992			231,206
Actuarial loss		703,895			293,189
Employee contributions		828			894
Benefits paid		(177,259	)		(166,771	)
Balance at end of year	$	5,187,635		$	4,301,218
Change in Plan Assets
Fair value of assets at beginning of year	$	3,216,268		$	2,607,274
Actual return on plan assets		(40,453	)		320,517
Employer contributions		400,532			454,354
Employee contributions		828			894
Benefits paid		(177,259	)		(166,771	)
Fair value of assets at end of year	$	3,399,916		$	3,216,268
Funded status	($	1,787,719	)	($	1,084,950	)
Amount recognized in the balance sheet
Non-current liabilities	($	1,787,719	)	($	1,084,950	)
Amount recognized as a regulatory asset
Prior service cost	$	9,836		$	12,979
Net loss		2,048,743			1,350,616
	$	2,058,579		$	1,363,595
Amount recognized as AOCI (before tax)
Prior service cost	$	2,648		$	2,855
Net loss		551,613			297,093
	$	554,261		$	299,948

Qualified Pension Obligations, Plan Assets, Funded Status, and Amounts Recognized in the Balance Sheet for the Registrant Subsidiaries as of December 31, 2011 and 2010

2011	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Change in Projected Benefit Obligation (PBO)
Balance at beginning of year	$	950,595		$	431,870		$	596,730		$	286,179		$	128,477		$	292,551		$	213,098
Service cost		18,072			9,848			11,543			5,308			2,242			4,788			4,941
Interest cost		51,965			23,713			32,636			15,637			7,050			15,971			11,758
Actuarial loss		146,514			65,000			93,175			33,865			19,695			40,122			35,775
Benefits paid		(50,574	)		(17,999	)		(29,336	)		(14,612	)		(5,498	)		(15,763	)		(7,304	)
Balance at end of year	$	1,116,572		$	512,432		$	704,748		$	326,377		$	151,966		$	337,669		$	258,268
Change in Plan Assets
Fair value of assets at beginning of year	$	646,491		$	361,207		$	406,216		$	212,122		$	88,688		$	237,502		$	128,007
Actual return on plan assets		(9,042	)		(3,971	)		(5,059	)		(2,698	)		(1,148	)		(2,536	)		(1,963	)
Employer contributions		120,400			27,318			60,597			29,169			12,160			18,235			28,351
Benefits paid		(50,574	)		(17,999	)		(29,336	)		(14,612	)		(5,498	)		(15,763	)		(7,304	)
Fair value of assets at end of year	$	707,275		$	366,555		$	432,418		$	223,981		$	94,202		$	237,439		$	147,091
Funded status	($	409,297	)	($	145,877	)	($	272,330	)	($	102,396	)	($	57,764	)	($	100,231	)	($	111,177	)
Amounts recognized in the balance sheet (funded status)
Non-current liabilities	($	409,297	)	($	145,877	)	($	272,330	)	($	102,396	)	($	57,764	)	($	100,231	)	($	111,177	)
Amounts recognized as regulatory asset
Prior service cost	$	223		$	23		$	291		$	39		$	10		$	22		$	19
Net loss		619,430			214,833			408,835			169,329			95,667			171,023			165,011
	$	619,653		$	214,856		$	409,126		$	169,368		$	95,677		$	171,045		$	165,030
Amounts recognized as AOCI (before tax)
Prior service cost	$	—		$	6		$	—		$	—		$	—		$	—		$	—
Net loss		—			50,393			—			—			—			—			—
	$	—		$	50,399		$	—		$	—		$	—		$	—		$	—

2010	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Change in Projected Benefit Obligation (PBO)
Balance at beginning of year	$	824,261		$	405,228		$	480,503		$	255,057		$	101,325		$	266,371		$	149,387
Service cost		15,775			8,462			9,770			4,651			2,063			4,267			4,132
Interest cost		49,277			24,377			28,541			15,230			6,040			15,869			9,009
Actuarial loss		108,171			11,050			106,227			25,438			24,211			21,055			56,841
Employee contribution		—			—			—			—			—			—			2
Benefits paid		(46,889	)		(17,247	)		(28,311	)		(14,197	)		(5,162	)		(15,011	)		(6,273	)
Balance at end of year	$	950,595		$	431,870		$	596,730		$	286,179		$	128,477		$	292,551		$	213,098
Change in Plan Assets
Fair value of assets at beginning of year	$	494,732		$	310,445		$	328,520		$	171,912		$	72,046		$	209,936		$	91,061
Actual return on plan assets		61,690			37,054			39,872			20,889			8,847			24,289			11,893
Employer contributions		136,958			30,955			66,135			33,518			12,957			18,288			31,324
Employee contribution		—			—			—			—			—			—			2
Benefits paid		(46,889	)		(17,247	)		(28,311	)		(14,197	)		(5,162	)		(15,011	)		(6,273	)
Fair value of assets at end of year	$	646,491		$	361,207		$	406,216		$	212,122		$	88,688		$	237,502		$	128,007
Funded status	($	304,104	)	($	70,663	)	($	190,514	)	($	74,057	)	($	39,789	)	($	55,049	)	($	85,091	)
Amounts recognized in the balance sheet (funded status)
Non-current liabilities	($	304,104	)	($	70,663	)	($	190,514	)	($	74,057	)	($	39,789	)	($	55,049	)	($	85,091	)
Amounts recognized as regulatory asset
Prior service cost	$	682		$	88		$	571		$	191		$	45		$	86		$	35
Net loss		427,122			141,052			289,726			119,333			71,035			111,940			117,419
	$	427,804		$	141,140		$	290,297		$	119,524		$	71,080		$	112,026		$	117,454
Amounts recognized as AOCI (before tax)
Prior service cost	$	—		$	19		$	—		$	—		$	—		$	—		$	—
Net loss		—			30,963			—			—			—			—			—
	$	—		$	30,982		$	—		$	—		$	—		$	—		$	—

Other Postretirement Benefits

Entergy also currently provides health care and life insurance benefits for retired employees. Substantially all employees may become eligible for these benefits if they reach retirement age and meet certain eligibility requirements while still working for Entergy. Entergy uses a December 31 measurement date for its postretirement benefit plans.

Effective January 1, 1993, Entergy adopted an accounting standard requiring a change from a cash method to an accrual method of accounting for postretirement benefits other than pensions. At January 1, 1993, the actuarially determined accumulated postretirement benefit obligation (APBO) earned by retirees and active employees was estimated to be approximately $241.4 million for Entergy (other than the former Entergy Gulf States) and $128 million for the former Entergy Gulf States (now split into Entergy Gulf States Louisiana and Entergy Texas). Such obligations are being amortized over a 20-year period that began in 1993. For the most part, the Registrant Subsidiaries recover accrued other postretirement benefit costs from customers and are required to contribute the other postretirement benefits collected in rates to an external trust.

Entergy Arkansas, Entergy Mississippi, Entergy New Orleans, and Entergy Texas have received regulatory approval to recover accrued other postretirement benefit costs through rates. Entergy Arkansas began recovery in 1998, pursuant to an APSC order. This order also allowed Entergy Arkansas to amortize a regulatory asset (representing the difference between other postretirement benefit costs and cash expenditures for other postretirement benefits incurred from 1993 through 1997) over a 15-year period that began in January 1998.

The LPSC ordered Entergy Gulf States Louisiana and Entergy Louisiana to continue the use of the pay-as-you-go method for ratemaking purposes for postretirement benefits other than pensions. However, the LPSC retains the flexibility to examine individual companies’ accounting for other postretirement benefits to determine if special exceptions to this order are warranted.

Pursuant to regulatory directives, Entergy Arkansas, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy contribute the other postretirement benefit costs collected in rates into external trusts. System Energy is funding, on behalf of Entergy Operations, other postretirement benefits associated with Grand Gulf.

Trust assets contributed by participating Registrant Subsidiaries are in three bank-administered trusts, established by Entergy Corporation and maintained by a trustee. Each participating Registrant Subsidiary holds a beneficial interest in the trusts’ assets. The assets in the master trusts are commingled for investment and administrative purposes. Although assets are commingled, the trustee maintains supporting records for the purpose of allocating the beneficial interest in net earnings/(losses) and the administrative expenses of the investment accounts to the various participating plans and participating Registrant Subsidiaries. Beneficial interest in an investment account’s net income/(loss) is comprised of interest and dividends, realized and unrealized gains and losses, and expenses. Beneficial interest from these investments is allocated monthly to the plans and participating Registrant Subsidiary based on their portion of net assets in the pooled accounts.

Components of Net Other Postretirement Benefit Cost and Other Amounts Recognized as a Regulatory Asset and/or AOCI

Entergy Corporation’s and its subsidiaries’ total 2011, 2010, and 2009 other postretirement benefit costs, including amounts capitalized and amounts recognized as a regulatory asset and/or other comprehensive income, included the following components:

	2011			2010			2009
	(In Thousands)
Other post retirement costs:
Service cost - benefits earned during the period	$	59,340		$	52,313		$	46,765
Interest cost on APBO		74,522			76,078			75,265
Expected return on assets		(29,477	)		(26,213	)		(23,484	)
Amortization of transition obligation		3,183			3,728			3,732
Amortization of prior service credit		(14,070	)		(12,060	)		(16,096	)
Recognized net loss		21,192			17,270			18,970
Net other postretirement benefit cost	$	114,690		$	111,116		$	105,152
Other changes in plan assets and benefit obligations recognized as a regulatory asset and /or AOCI (before tax)
Arising this period:
Prior service credit for period	($	29,507	)	($	50,548	)	$	—
Net loss		236,594			82,189			24,983
Amounts reclassified from regulatory asset and /or AOCI to net periodic benefit cost in the current year:
Amortization of transition obligation		(3,183	)		(3,728	)		(3,732	)
Amortization of prior service credit		14,070			12,060			16,096
Amortization of net loss		(21,192	)		(17,270	)		(18,970	)
Total	$	196,782		$	22,703		$	18,377
Total recognized as net periodic benefit cost, regulatory asset, and/or AOCI (before tax)	$	311,472		$	133,819		$	123,529
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic benefit cost in the following year
Transition obligation	$	3,177		$	3,183		$	3,728
Prior service credit	($	18,163	)	($	14,070	)	($	12,060	)
Net loss	$	43,127		$	21,192		$	17,270

Total 2011, 2010, and 2009 other postretirement benefit costs of the Registrant Subsidiaries, including amounts capitalized and deferred, included the following components:

2011	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Other post retirement costs:
Service cost - benefits earned during the period	$	8,053		$	6,158		$	6,540		$	2,632		$	1,448		$	3,074		$	2,642
Interest cost on APBO		13,742			8,298			8,767			4,370			3,225			5,945			2,666
Expected return on assets		(11,528	)		—			—			(3,906	)		(3,200	)		(7,496	)		(2,115	)
Amortization of transition obligation		821			239			383			352			1,190			187			9
Amortization of prior service cost/(credit)		(530	)		(824	)		(247	)		(139	)		38			(428	)		(589	)
Recognized net loss		6,436			2,896			2,793			2,160			968			2,803			1,477
Net other postretirement benefit cost	$	16,994		$	16,767		$	18,236		$	5,469		$	3,669		$	4,085		$	4,090
Other changes in plan assets and benefit obligations recognized as a regulatory asset and/or AOCI (before tax)
Arising this period:
Net loss		32,241			28,721			24,837			12,598			8,946			23,125			8,499
Amounts reclassified from regulatory asset and/or AOCI to net periodic pension cost in the current year:
Amortization of transition obligation		(821	)		(239	)		(383	)		(352	)		(1,190	)		(187	)		(9	)
Amortization of prior service cost/(credit)		530			824			247			139			(38	)		428			589
Amortization of net loss		(6,436	)		(2,896	)		(2,793	)		(2,160	)		(968	)		(2,803	)		(1,477	)
Total	$	25,514		$	26,410		$	21,908		$	10,225		$	6,750		$	20,563		$	7,602
Total recognized as net periodic other postretirement cost, regulatory asset, and/or AOCI (before tax)	$	42,508		$	43,177		$	40,144		$	15,694		$	10,419		$	24,648		$	11,692
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic cost in the following year
Transition obligation	$	820		$	238		$	382		$	351		$	1,189		$	187		$	8
Prior service cost/(credit)	($	530	)	($	824	)	($	247	)	($	139	)	$	38		($	428	)	($	63	)
Net loss	$	8,365		$	4,778		$	4,398		$	2,926		$	1,562		$	4,329		$	1,994

2010	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Other post retirement costs:
Service cost - benefits earned during the period	$	7,372		$	5,481		$	5,483		$	2,200		$	1,389		$	2,789		$	2,251
Interest cost on APBO		14,515			8,574			9,075			4,370			3,598			6,326			2,562
Expected return on assets		(9,780	)		—			—			(3,551	)		(2,899	)		(6,872	)		(1,870	)
Amortization of transition obligation		821			238			382			351			1,661			265			8
Amortization of prior service cost/(credit)		(786	)		(306	)		467			(246	)		361			76			(763	)
Recognized net loss		6,758			2,653			2,440			1,903			1,095			3,008			1,301
Net other postretirement benefit cost	$	18,900		$	16,640		$	17,847		$	5,027		$	5,205		$	5,592		$	3,489
Other changes in plan assets and benefit obligations recognized as a regulatory asset and/or AOCI (before tax)
Arising this period:
Prior service credit for period	($	5,023	)	($	3,109	)	($	3,204	)	($	1,529	)	($	1,587	)	($	2,871	)	($	519	)
Net (gain)/loss		4,032			6,583			7,734			5,765			(478	)		922			4,067
Amounts reclassified from regulatory asset and/or AOCI to net periodic pension cost in the current year:
Amortization of transition obligation		(821	)		(238	)		(382	)		(351	)		(1,661	)		(265	)		(8	)
Amortization of prior service cost/(credit)		786			306			(467	)		246			(361	)		(76	)		763
Amortization of net loss		(6,758	)		(2,653	)		(2,440	)		(1,903	)		(1,095	)		(3,008	)		(1,301	)
Total	($	7,784	)	$	889		$	1,241		$	2,228		($	5,182	)	($	5,298	)	$	3,002
Total recognized as net periodic other postretirement cost, regulatory asset, and/or AOCI (before tax)	$	11,116		$	17,529		$	19,088		$	7,255		$	23		$	294		$	6,491
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic cost in the following year
Transition obligation	$	821		$	239		$	383		$	352		$	1,190		$	187		$	9
Prior service cost/(credit)	($	530	)	($	824	)	($	247	)	($	139	)	$	38		($	428	)	($	589	)
Net loss	$	6,436		$	2,896		$	2,793		$	2,160		$	968		$	2,803		$	1,477

2009	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Other post retirement costs:
Service cost - benefits earned during the period	$	7,058		$	4,783		$	4,589		$	2,119		$	1,242		$	2,475		$	2,051
Interest cost on APBO		15,036			8,020			9,188			4,690			3,869			5,959			2,421
Expected return on assets		(8,570	)		—			—			(3,027	)		(2,734	)		(6,222	)		(1,655	)
Amortization of transition obligation		821			239			382			352			1,662			265			9
Amortization of prior service cost/(credit)		(788	)		(306	)		467			(246	)		361			76			(980	)
Recognized net loss		8,347			1,975			2,215			2,629			1,522			3,194			1,277
Net other postretirement benefit cost	$	21,904		$	14,711		$	16,841		$	6,517		$	5,922		$	5,747		$	3,123
Other changes in plan assets and benefit obligations recognized as a regulatory asset and/or AOCI (before tax)
Arising this period:
Prior service credit for period	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net (gain)/loss		(9,364	)		14,746			6,080			(5,919	)		(3,474	)		2,349			2,166
Amounts reclassified from regulatory asset and/or AOCI to net periodic pension cost in the current year:
Amortization of transition obligation		(821	)		(239	)		(382	)		(352	)		(1,662	)		(265	)		(9	)
Amortization of prior service cost/(credit)		788			306			(467	)		246			(361	)		(76	)		980
Amortization of net loss		(8,347	)		(1,975	)		(2,215	)		(2,629	)		(1,522	)		(3,194	)		(1,277	)
Total	($	17,744	)	$	12,838		$	3,016		($	8,654	)	($	7,019	)	($	1,186	)	$	1,860
Total recognized as net periodic other postretirement cost, regulatory asset, and/or AOCI (before tax)	$	4,160		$	27,549		$	19,857		($	2,137	)	($	1,097	)	$	4,561		$	4,983
Estimated amortization amounts from regulatory asset and/or AOCI to net periodic cost in the following year
Transition (asset)/obligation	$	821		$	238		$	382		$	351		$	1,661		$	265		$	8
Prior service cost/(credit)	($	786	)	($	306	)	$	467		($	246	)	$	361		$	76		($	763	)
Net loss	$	6,758		$	2,653		$	2,440		$	1,903		$	1,095		$	3,008		$	1,301

Other Postretirement Benefit Obligations, Plan Assets, Funded Status, and Amounts Not Yet Recognized and Recognized in the Balance Sheet of Entergy Corporation and its Subsidiaries as of December 31, 2011 and 2010

	December 31,
	2011			2010
	(In Thousands)
Change in APBO
Balance at beginning of year	$	1,386,370		$	1,280,076
Service cost		59,340			52,313
Interest cost		74,522			76,078
Plan amendments		(29,507	)		(50,548	)
Plan participant contributions		14,650			14,275
Actuarial (gain)/loss		216,549			92,340
Benefits paid		(77,454	)		(83,613	)
Medicare Part D subsidy received		4,551			5,449
Early Retiree Reinsurance Program proceeds		3,348			—
Balance at end of year	$	1,652,369		$	1,386,370
Change in Plan Assets
Fair value of assets at beginning of year	$	404,430		$	362,399
Actual return on plan assets		9,432			36,364
Employer contributions		76,114			75,005
Plan participant contributions		14,650			14,275
Benefits paid		(77,454	)		(83,613	)
Fair value of assets at end of year	$	427,172		$	404,430
Funded status	($	1,225,197	)	($	981,940	)
Amounts recognized in the balance sheet
Current liabilities	($	32,832	)	($	30,225	)
Non-current liabilities		(1,192,365	)		(951,715	)
Total funded status	($	1,225,197	)	($	981,940	)
Amounts recognized as a regulatory asset (before tax)
Transition obligation	$	2,557		$	5,118
Prior service cost/(credit)		(6,628	)		(8,442	)
Net loss		353,905			253,415
	$	349,834		$	250,091
Amounts recognized as AOCI (before tax)
Transition obligation	$	620		$	1,242
Prior service credit		(66,176	)		(48,925	)
Net loss		313,379			198,466
	$	247,823		$	150,783

Other Postretirement Benefit Obligations, Plan Assets, Funded Status, and Amounts Not Yet Recognized and Recognized in the Balance Sheets of the Registrant Subsidiaries as of December 31, 2011 and 2010

2011	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Change in APBO
Balance at beginning of year	$	256,859		$	154,466		$	163,720		$	81,464		$	60,735		$	111,106		$	49,501
Service cost		8,053			6,158			6,540			2,632			1,448			3,074			2,642
Interest cost		13,742			8,298			8,767			4,370			3,225			5,945			2,666
Plan participant contributions		3,680			1,525			2,218			994			615			1,222			687
Actuarial (gain)/loss		23,394			28,721			24,837			9,695			7,974			17,994			7,144
Benefits paid		(16,850	)		(8,359	)		(10,883	)		(4,986	)		(5,074	)		(6,326	)		(2,513	)
Medicare Part D subsidy received		1,025			585			683			336			358			489			116
Early Retiree Reinsurance Program proceeds		710			483			470			65			35			98			283
Balance at end of year	$	290,613		$	191,877		$	196,352		$	94,570		$	69,316		$	133,602		$	60,526
Change in Plan Assets
Fair value of assets at beginning of year	$	148,622		$	—		$	—		$	52,064		$	52,005		$	103,214		$	29,347
Actual return on plan assets		2,681			—			—			1,003			2,228			2,365			760
Employer contributions		26,713			6,834			8,665			5,377			3,644			4,706			3,731
Plan participant contributions		3,680			1,525			2,218			994			615			1,222			687
Benefits paid		(16,850	)		(8,359	)		(10,883	)		(4,986	)		(5,074	)		(6,326	)		(2,513	)
Fair value of assets at end of year	$	164,846		$	—		$	—		$	54,452		$	53,418		$	105,181		$	32,012
Funded status	($	125,767	)	($	191,877	)	($	196,352	)	($	40,118	)	($	15,898	)	($	28,421	)	($	28,514	)
Amounts recognized in the balance sheet
Current liabilities	$	—		($	7,651	)	($	9,143	)	$	—		$	—		$	—		$	—
Non-current liabilities		(125,767	)		(184,226	)		(187,209	)		(40,118	)		(15,898	)		(28,421	)		(28,514	)
Total funded status	($	125,767	)	($	191,877	)	($	196,352	)	($	40,118	)	($	15,898	)	($	28,421	)	($	28,514	)
Amounts recognized in regulatory asset (before tax)
Transition obligation	$	820		$	—		$	—		$	351		$	1,189		$	187		$	8
Prior service cost		(2,676	)		—			—			(705	)		152			(2,137	)		(309	)
Net loss		128,723			—			—			44,504			25,801			65,206			29,700
	$	126,867		$	—		$	—		$	44,150		$	27,142		$	63,256		$	29,399
Amounts recognized in AOCI (before tax)
Transition obligation	$	—		$	238		$	382		$	—		$	—		$	—		$	—
Prior service cost		—			(3,511	)		(1,342	)		—			—			—			—
Net loss		—			76,032			71,939			—			—			—			—
	$	—		$	72,759		$	70,979		$	—		$	—		$	—		$	—

2010	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	(In Thousands)
Change in APBO
Balance at beginning of year	$	245,466		$	144,438		$	153,319		$	73,701		$	61,311		$	106,958		$	42,999
Service cost		7,372			5,481			5,483			2,200			1,389			2,789			2,251
Interest cost		14,515			8,574			9,075			4,370			3,598			6,326			2,562
Plan amendment		(5,023	)		(3,109	)		(3,204	)		(1,529	)		(1,587	)		(2,871	)		(519	)
Plan participant contributions		3,440			1,584			2,241			969			668			1,297			548
Actuarial (gain)/loss		8,071			6,583			7,734			7,046			655			3,449			4,749
Benefits paid		(18,217	)		(9,800	)		(11,742	)		(5,713	)		(5,737	)		(7,467	)		(3,229	)
Medicare Part D subsidy received		1,235			715			814			420			438			625			140
Balance at end of year	$	256,859		$	154,466		$	163,720		$	81,464		$	60,735		$	111,106		$	49,501
Change in Plan Assets
Fair value of assets at beginning of year	$	129,676		$	—		$	—		$	46,756		$	47,410		$	93,279		$	25,878
Actual return on plan assets		13,819			—			—			4,832			4,032			9,399			2,552
Employer contributions		19,904			8,216			9,501			5,220			5,632			6,706			3,598
Plan participant contributions		3,440			1,584			2,241			969			668			1,297			548
Benefits paid		(18,217	)		(9,800	)		(11,742	)		(5,713	)		(5,737	)		(7,467	)		(3,229	)
Fair value of assets at end of year	$	148,622		$	—		$	—		$	52,064		$	52,005		$	103,214		$	29,347
Funded status	($	108,237	)	($	154,466	)	($	163,720	)	($	29,400	)	($	8,730	)	($	7,892	)	($	20,154	)
Amounts recognized in the balance sheet
Current liabilities	$	—		($	7,159	)	($	8,614	)	$	—		$	—		$	—		$	—
Non-current liabilities		(108,237	)		(147,307	)		(155,106	)		(29,400	)		(8,730	)		(7,892	)		(20,154	)
Total funded status	($	108,237	)	($	154,466	)	($	163,720	)	($	29,400	)	($	8,730	)	($	7,892	)	($	20,154	)
Amounts recognized in regulatory asset (before tax)
Transition obligation	$	1,641		$	—		$	—		$	703		$	2,379		$	374		$	17
Prior service cost		(3,206	)		—			—			(844	)		190			(2,565	)		(898	)
Net loss		102,918			—			—			34,066			17,823			44,884			22,678
	$	101,353		$	—		$	—		$	33,925		$	20,392		$	42,693		$	21,797
Amounts recognized in AOCI (before tax)
Transition obligation	$	—		$	477		$	765		$	—		$	—		$	—		$	—
Prior service cost		—			(4,335	)		(1,589	)		—			—			—			—
Net loss		—			50,207			49,895			—			—			—			—
	$	—		$	46,349		$	49,071		$	—		$	—		$	—		$	—

Non-Qualified Pension Plans

Entergy also sponsors non-qualified, non-contributory defined benefit pension plans that provide benefits to certain key employees. Entergy recognized net periodic pension cost related to these plans of $24 million in 2011, $27.2 million in 2010, and $23.6 million in 2009. In 2011, 2010 and 2009 Entergy recognized $4.6 million, $9.3 million and $6.7 million, respectively in settlement charges related to the payment of lump sum benefits out of the plan that is included in the non-qualified pension plan cost above. The projected benefit obligation was $164.4 million and $148.3 million as of December 31, 2011 and 2010, respectively. The accumulated benefit obligation was $146.5 million and $131.6 million as of December 31, 2011 and 2010, respectively.

Entergy’s non-qualified, non-current pension liability at December 31, 2011 and 2010 was $153.2 million and $138.7 million, respectively; and its current liability was $11.2 million and $9.6 million, respectively. The unamortized transition asset, prior service cost and net loss are recognized in regulatory assets ($58.9 million at December 31, 2011 and $53.5 million at December 31, 2010) and accumulated other comprehensive income before taxes ($27.2 million at December 31, 2011 and $24.3 million at December 31, 2010).

The Registrant Subsidiaries (except System Energy) participate in Entergy’s non-qualified, non-contributory defined benefit pension plans that provide benefits to certain key employees. The net periodic pension cost for the non-qualified plans for 2011, 2010, and 2009, was as follows:

	Entergy Arkansas		Entergy Gulf  States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
	(In Thousands)
2011	$	498	$	167	$	14	$	190	$	65	$	763
2010	$	501	$	162	$	102	$	206	$	26	$	683
2009	$	395	$	1,245	$	30	$	174	$	84	$	743

Included in the 2011 net periodic pension cost above are settlement charges of $41 thousand for Entergy Arkansas related to the lump sum benefits paid out of the plan. Included in the 2010 net periodic pension cost above are settlement charges of $86 thousand for Entergy Arkansas, $80 thousand for Entergy Louisiana, and $5 thousand for Entergy Texas related to the lump sum benefits paid out of the plan. Included in Entergy Gulf States Louisiana’s 2009 cost above is a $947 thousand settlement charge related to the payment of lump sum benefits out of the plan.

The projected benefit obligation for the non-qualified plans as of December 31, 2011 and 2010 was as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
	(In Thousands)
2011	$	4,154	$	2,781	$	118	$	1,681	$	376	$	10,103
2010	$	3,791	$	2,717	$	124	$	1,561	$	320	$	11,136

The accumulated benefit obligation for the non-qualified plans as of December 31, 2011 and 2010 was as follows:

	Entergy Arkansas		Entergy Gulf  States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
	(In Thousands)
2011	$	3,755	$	2,768	$	118	$	1,460	$	345	$	10,030
2010	$	3,387	$	2,691	$	124	$	1,335	$	294	$	11,030

The following amounts were recorded on the balance sheet as of December 31, 2011 and 2010:

2011	Entergy Arkansas			Entergy Gulf  States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas
	(In Thousands)
Current liabilities	($	272	)	($	260	)	($	18	)	($	114	)	($	25	)	($	1,029	)
Non-current liabilities		(3,881	)		(2,521	)		(100	)		(1,568	)		(351	)		(9,074	)
Total Funded Status	($	4,153	)	($	2,781	)	($	118	)	($	1,682	)	($	376	)	($	10,103	)
Regulatory Asset	$	2,385		$	445		($	36	)	$	703		$	78		($	292	)
Accumulated other comprehensive income (before taxes)	$	—		$	104		$	—		$	—		$	—		$	—

2010	Entergy Arkansas			Entergy Gulf  States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas
	(In Thousands)
Current liabilities	($	207	)	($	256	)	($	18	)	($	107	)	($	25	)	($	1,354	)
Non-current liabilities		(3,584	)		(2,461	)		(106	)		(1,454	)		(295	)		(9,782	)
Total Funded Status	($	3,791	)	($	2,717	)	($	124	)	($	1,561	)	($	320	)	($	11,136	)
Regulatory Asset	$	2,207		$	320		($	37	)	$	654		$	82		$	618
Accumulated other comprehensive income (before taxes)	$	—		$	70		$	—		$	—		$	—		$	—

Accounting for Pension and Other Postretirement Benefits

Accounting standards require an employer to recognize in its balance sheet the funded status of its benefit plans. This is measured as the difference between plan assets at fair value and the benefit obligation. Entergy uses a December 31 measurement date for its pension and other postretirement plans. Employers are to record previously unrecognized gains and losses, prior service costs, and any remaining transition asset or obligation (that resulted from adopting prior pension and other postretirement benefits accounting standards) as comprehensive income and/or as a regulatory asset reflective of the recovery mechanism for pension and other postretirement benefit costs in the Utility’s jurisdictions. For the portion of Entergy Gulf States Louisiana that is not regulated, the unrecognized prior service cost, gains and losses, and transition asset/obligation for its pension and other postretirement benefit obligations are recorded as other comprehensive income. Entergy Gulf States Louisiana and Entergy Louisiana recover other postretirement benefit costs on a pay as you go basis and record the unrecognized prior service cost, gains and losses, and transition obligation for its other postretirement benefit obligation as other comprehensive income. Accounting standards also requires that changes in the funded status be recorded as other comprehensive income and/or a regulatory asset in the period in which the changes occur.

With regard to pension and other postretirement costs, Entergy calculates the expected return on pension and other postretirement benefit plan assets by multiplying the long term expected rate of return on assets by the market-related value (MRV) of plan assets. Entergy determines the MRV of pension plan assets by calculating a value that uses a 20-quarter phase-in of the difference between actual and expected returns. For other postretirement benefit plan assets Entergy uses fair value when determining MRV.

Qualified Pension and Other Postretirement Plans’ Assets

The Plan Administrator’s trust asset investment strategy is to invest the assets in a manner whereby long term earnings on the assets (plus cash contributions) provide adequate funding for retiree benefit payments. The mix of assets is based on an optimization study that identifies asset allocation targets in order to achieve the maximum return for an acceptable level of risk, while minimizing the expected contributions and pension and postretirement expense.

The Plan Administrator approved a new asset allocation and implementation of an optimization study in 2011 for the pension assets. The optimization study recommended that the target asset allocation adjust dynamically based on the funded status of the plan. The study identifies updated asset allocation targets to maximize return on the assets within a prudent level of risk, as mentioned above, and to maintain a level of volatility that is not expected to have material impact on Entergy’s expected contribution and expense. Entergy has begun to adjust its asset allocation, and those adjustments are reflected in the target and actual asset allocations listed below.

Entergy also completed an optimization study in 2011 for the postretirement assets that identifies new asset allocation targets. Entergy plans to adjust to this asset allocation during 2012, and the target asset allocation will be 39% domestic equity securities, 26% international equity securities and 35% fixed income securities for all trusts, taxable and non-taxable.

In the optimization studies, the Plan Administrator formulates assumptions about characteristics, such as expected asset class investment returns, volatility (risk), and correlation coefficients among the various asset classes. The future market assumptions used in the optimization study are determined by examining historical market characteristics of the various asset classes, and making adjustments to reflect future conditions expected to prevail over the study period. The following targets and ranges were established to produce an acceptable, economically efficient plan to manage around the targets. The target asset allocation range below for pension shows the ranges within which the allocation may adjust based on funded status, with the expectation that the allocation to fixed income securities will increase as the pension funded status increases.

Entergy’s qualified pension and postretirement weighted-average asset allocations by asset category at December 31, 2011 and 2010 and the target asset allocation and ranges for those time periods are as follows:

Pension Asset Allocation	Target			Range	2011			2010
Domestic Equity Securities		45	%	34% to 53%		44	%		44	%
International Equity Securities		20	%	16% to 24%		18	%		20	%
Fixed Income Securities		35	%	31% to 41%		37	%		35	%
Other		0	%	0% to 10%		1	%		1	%

Postretirement Asset Allocation	Non-Taxable										Taxable
	Target			Range	2011			2010			Target			Range	2011			2010
Domestic Equity Securities		38	%	33% to 43%		39	%		39	%		35	%	30% to 40%		35	%		39	%
International Equity Securities		17	%	12% to 22%		15	%		18	%		0	%	0%		0	%		0	%
Fixed Income Securities		45	%	40% to 50%		46	%		43	%		65	%	60% to 70%		64	%		60	%
Other		0	%	0% to 5%		0	%		0	%		0	%	0% to 5%		1	%		1	%

In determining its expected long term rate of return on plan assets used in the calculation of benefit plan costs, Entergy reviews past performance, current and expected future asset allocations, and capital market assumptions of its investment consultant and investment managers.

The expected long term rate of return for the qualified pension plans’ assets is based on the geometric average of the historical annual performance of a representative portfolio weighted by the target asset allocation defined in the table above. The time period reflected is a long dated period spanning several decades.

The expected long term rate of return for the non-taxable postretirement trust assets is determined using the same methodology described above for pension assets, but the asset allocation specific to the non-taxable postretirement assets is used.

For the taxable postretirement trust assets, the investment allocation includes a high percentage of tax-exempt fixed income securities. This asset allocation in combination with the same methodology employed to determine the expected return for other trust assets (as described above), with a modification to reflect applicable taxes, is used to produce the expected long-term rate of return for taxable postretirement trust assets.

Entergy currently expects long term rates of return higher than last year’s expectation for both the non-taxable and taxable postretirement trusts because of the planned increases to their equity allocations in 2012.

Concentrations of Credit Risk

Entergy’s investment guidelines mandate the avoidance of risk concentrations. Types of concentrations specified to be avoided include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, geographic area and individual security issuance. As of December 31, 2011 all investment managers and assets were materially in compliance with the approved investment guidelines, therefore there were no significant concentrations (defined as greater than 10 percent of plan assets) of risk in Entergy’s pension and other postretirement benefit plan assets.

Fair Value Measurements

Accounting standards provide the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

The three levels of the fair value hierarchy are described below:

• Level 1 - Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

• Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by an independent party that uses inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden if it is believed such would be more reflective of fair value. Level 2 inputs include the following:

• quoted prices for similar assets or liabilities in active markets;

• quoted prices for identical assets or liabilities in inactive markets;

• inputs other than quoted prices that are observable for the asset or liability; or

• inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If an asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

• Level 3 - Level 3 refers to securities valued based on significant unobservable inputs.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth by level within the fair value hierarchy a summary of the investments held for the qualified pension and other postretirement plans measured at fair value on a recurring basis at December 31, 2011 and December 31, 2010.

Qualified Pension Trust

2011	Level 1			Level 2			Level 3		Total
	(In Thousands)
Equity securities:
Corporate stocks:
Preferred	$	3,738	(b)	$	8,014	(a)	$	—	$	11,752
Common		1,010,491	(b)		—			—		1,010,491
Common collective trusts		—			1,074,178	(c)		—		1,074,178
Fixed income securities:
U.S. Government securities		142,509	(b)		157,737	(a)		—		300,246
Corporate debt instruments:		—			380,558	(a)		—		380,558
Registered investment companies		53,323	(d)		444,275	(e)		—		497,598
Other		—			101,674	(f)		—		101,674
Other:
Insurance company general account (unallocated contracts)		—			34,696	(g)		—		34,696
Total investments	$	1,210,061		$	2,201,132		$	—	$	3,411,193
Cash										75
Other pending transactions										(9,238	)
Less: Other postretirement assets included in total investments										(2,114	)
Total fair value of qualified pension assets									$	3,399,916

2010	Level 1			Level 2			Level 3		Total
	(In Thousands)
Equity securities:
Corporate stocks:
Preferred	$	—		$	8,354	(a)	$	—	$	8,354
Common		1,375,531	(b)		—			—		1,375,531
Common collective trusts		—			657,075	(c)		—		657,075
Fixed income securities:
Interest-bearing cash		103,731	(d)		—			—		103,731
U.S. Government securities		75,124	(b)		187,957	(a)		—		263,081
Corporate debt instruments:		—			298,760	(a)		—		298,760
Registered investment companies		—			385,020	(e)		—		385,020
Other					108,305	(f)				108,305
Other:
Insurance company general account (unallocated contracts)		—			33,439	(g)		—		33,439
Total investments	$	1,554,386		$	1,678,910		$	—	$	3,233,296
Cash										321
Other pending transactions										(14,954	)
Less: Other postretirement assets included in total investments										(2,395	)
Total fair value of qualified pension assets									$	3,216,268

Other Postretirement Trusts

2011	Level 1			Level 2			Level 3		Total
	(In Thousands)
Equity securities:
Common collective trust	$	—		$	208,812	(c)	$	—	$	208,812
Fixed income securities:
U.S. Government securities		42,577	(b)		57,151	(a)		—		99,728
Corporate debt instruments		—			42,807	(a)		—		42,807
Registered investment companies		4,659	(d)		—			—		4,659
Other		—			69,287	(f)		—		69,287
Total investments	$	47,236		$	378,057		$	—	$	425,293
Other pending transactions										(235	)
Plus: Other postretirement assets included in the investments of the qualified pension trust										2,114
Total fair value of other postretirement assets									$	427,172

2010	Level 1			Level 2			Level 3		Total
	(In Thousands)
Equity securities:
Common collective trust	$	—		$	211,835	(c)	$	—	$	211,835
Fixed income securities:
Interest-bearing cash		4,014	(d)		—			—		4,014
U.S. Government securities		37,823	(b)		52,326	(a)		—		90,149
Corporate debt instruments		—			37,128	(a)		—		37,128
Other		—			58,716	(f)		—		58,716
Total investments	$	41,837		$	360,005		$	—	$	401,842
Other pending transactions										193
Plus: Other postretirement assets included in the investments of the qualified pension trust										2,395
Total fair value of other postretirement assets									$	404,430

(a) Certain preferred stocks and fixed income debt securities (corporate, government, and securitized) are stated at fair value as determined by broker quotes.

(b) Common stocks, treasury notes and bonds, and certain preferred stocks and fixed income debt securities are stated at fair value determined by quoted market prices.

(c) The common collective trusts hold investments in accordance with stated objectives. The investment strategy of the trusts is to capture the growth potential of equity markets by replicating the performance of a specified index. Net asset value per share of the common collective trusts estimate fair value.

(d) The registered investment company is a money market mutual fund with a stable net asset value of one dollar per share.

(e) The registered investment company holds investments in domestic and international bond markets and estimates fair value using net asset value per share.

(f) The other remaining assets are U.S. municipal and foreign government bonds stated at fair value as determined by broker quotes

(g) The unallocated insurance contract investments are recorded at contract value, which approximates fair value. The contract value represents contributions made under the contract, plus interest, less funds used to pay benefits and contract expenses, and less distributions to the master trust.

Accumulated Pension Benefit Obligation

The accumulated benefit obligation for Entergy’s qualified pension plans was $4.6 billion and $3.8 billion at December 31, 2011 and 2010, respectively.

The qualified pension accumulated benefit obligation for each of the Registrant Subsidiaries as of December 31, 2011 and 2010 was as follows:

	December 31,
	2011		2010
	(In Thousands)
Entergy Arkansas	$	1,013,605	$	864,476
Entergy Gulf States Louisiana	$	459,037	$	388,292
Entergy Louisiana	$	632,759	$	537,329
Entergy Mississippi	$	296,259	$	261,248
Entergy New Orleans	$	136,390	$	115,223
Entergy Texas	$	308,628	$	268,350
System Energy	$	227,617	$	185,904

Estimated Future Benefit Payments

Based upon the assumptions used to measure Entergy’s qualified pension and other postretirement benefit obligations at December 31, 2011, and including pension and other postretirement benefits attributable to estimated future employee service, Entergy expects that benefits to be paid and the Medicare Part D subsidies to be received over the next ten years for Entergy Corporation and its subsidiaries will be as follows:

	Estimated Future Benefits Payments
	Qualified Pension		Non-Qualified Pension		Other Postretirement (before Medicare Subsidy)		Estimated Future Medicare Subsidy Receipts
	(In Thousands)
Year(s)
2012	$	178,030	$	11,199	$	72,685	$	5,678
2013	$	189,881	$	18,159	$	76,731	$	6,374
2014	$	204,573	$	14,942	$	81,001	$	7,137
2015	$	220,295	$	15,502	$	85,780	$	7,935
2016	$	238,242	$	22,492	$	90,143	$	8,828
2017 - 2021	$	1,524,241	$	72,724	$	523,040	$	59,306

Based upon the same assumptions, Entergy expects that benefits to be paid and the Medicare Part D subsidies to be received over the next ten years for the Registrant Subsidiaries will be as follows:

Estimated Future Qualified Pension Benefits Payments	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
	(In Thousands)
Year(s)
2012	$	49,373	$	17,845	$	29,047	$	14,367	$	5,569	$	15,596	$	7,280
2013	$	50,592	$	18,860	$	30,151	$	15,145	$	5,879	$	16,313	$	7,760
2014	$	52,263	$	20,136	$	31,471	$	16,160	$	6,208	$	17,007	$	8,439
2015	$	54,616	$	21,662	$	32,890	$	17,120	$	6,648	$	17,818	$	9,096
2016	$	57,215	$	23,372	$	34,430	$	18,093	$	7,141	$	18,702	$	9,949
2017 - 2021	$	338,476	$	148,495	$	203,838	$	105,637	$	45,010	$	108,504	$	67,858

Estimated Future Non-Qualified Pension Benefits Payments	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
	(In Thousands)
Year(s)
2012	$	272	$	260	$	18	$	114	$	25	$	1,029
2013	$	237	$	252	$	17	$	172	$	24	$	1,004
2014	$	405	$	260	$	15	$	137	$	23	$	2,063
2015	$	378	$	241	$	14	$	132	$	22	$	757
2016	$	334	$	234	$	13	$	125	$	22	$	796
2017 - 2021	$	1,993	$	1,078	$	44	$	767	$	158	$	3,267

Estimated Future Other Postretirement Benefits Payments (before Medicare Part D Subsidy)	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
	(In Thousands)
Year(s)
2012	$	15,836	$	8,288	$	9,953	$	4,708	$	4,885	$	7,060	$	2,390
2013	$	16,388	$	8,871	$	10,289	$	4,953	$	4,944	$	7,311	$	2,478
2014	$	16,850	$	9,360	$	10,747	$	5,261	$	5,025	$	7,602	$	2,627
2015	$	17,536	$	10,023	$	11,173	$	5,590	$	5,116	$	7,932	$	2,813
2016	$	18,096	$	10,572	$	11,628	$	5,875	$	5,181	$	8,282	$	2,934
2017 - 2021	$	98,651	$	61,346	$	64,660	$	33,394	$	26,449	$	46,702	$	17,398
Estimated Future Medicare Part D Subsidy	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
	(In Thousands)
Year(s)
2012	$	1,374	$	637	$	810	$	509	$	472	$	624	$	108
2013	$	1,516	$	700	$	895	$	558	$	498	$	684	$	141
2014	$	1,686	$	778	$	975	$	608	$	519	$	741	$	172
2015	$	1,841	$	847	$	1,066	$	655	$	535	$	796	$	205
2016	$	2,017	$	930	$	1,155	$	710	$	552	$	848	$	246
2017 - 2021	$	13,058	$	6,049	$	7,304	$	4,428	$	2,955	$	4,970	$	1,927

Contributions

Entergy currently expects to contribute approximately $163 million to its qualified pension plans and approximately $80.4 million to other postretirement plans in 2012. The expected 2012 pension and other postretirement plan contributions of the Registrant Subsidiaries are shown below. The required pension contributions will not be known with more certainty until the January 1, 2012 valuations are completed by April 1, 2012, however Entergy’s preliminary estimates of 2012 funding requirements indicate that the contributions will not exceed historical levels of pension contributions.

The Registrant Subsidiaries expect to contribute approximately the following to the qualified pension and other postretirement plans in 2012:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
	(In Thousands)
Pension Contributions	$	31,855	$	10,765	$	23,774	$	8,400	$	4,817	$	7,653	$	8,855
Other Postretirement Contributions	$	26,675	$	8,288	$	9,953	$	5,469	$	3,669	$	5,153	$	4,090

Actuarial Assumptions

The significant actuarial assumptions used in determining the pension PBO and the other postretirement benefit APBO as of December 31, 2011, and 2010 were as follows:

	2011	2010
Weighted-average discount rate:
Qualified pension	5.10% - 5.20%		5.60	% - 5.70%
Other postretirement	5.10%		5.50	%
Non-qualified pension	4.40%		4.90	%
Weighted-average rate of increase in future compensation levels	4.23%		4.23	%

The significant actuarial assumptions used in determining the net periodic pension and other postretirement benefit costs for 2011, 2010, and 2009 were as follows:

	2011			2010			2009
Weighted-average discount rate:
Qualified pension		5.60	% - 5.70%		6.10	% - 6.30%		6.75	%
Other postretirement		5.50	%		6.10	%		6.70	%
Non-qualified pension		4.90	%		5.40	%		6.75	%
Weighted-average rate of increase in future compensation levels		4.23	%		4.23	%		4.23	%
Expected long-term rate of return on plan assets:
Pension assets		8.50	%		8.50	%		8.50	%
Other postretirement non-taxable assets		7.75	%		7.75	%		8.50	%
Other postretirement taxable assets		5.50	%		5.50	%		6.00	%

Entergy’s other postretirement benefit transition obligations are being amortized over 20 years ending in 2012.

The assumed health care cost trend rate used in measuring Entergy’s December 31, 2011 APBO was 7.75% for pre-65 retirees and 7.5% for post-65 retirees for 2012, gradually decreasing each successive year until it reaches 4.75% in 2022 and beyond for both pre-65 and post-65 retirees. The assumed health care cost trend rate used in measuring Entergy’s 2011 Net Other Postretirement Benefit Cost was 8.5% for pre-65 retirees and 8.0% for post-65 retirees for 2011, gradually decreasing each successive year until it reaches 4.75% in 2019 and beyond for pre-65 retirees and 4.75% in 2018 and beyond for post-65 retirees. A one percentage point change in the assumed health care cost trend rate for 2011 would have the following effects:

	1 Percentage Point Increase				1 Percentage Point Decrease
2011	Impact on the APBO		Impact on the sum of service costs and interest cost		Impact on the APBO			Impact on the sum of service costs and interest cost
	Increase /(Decrease) (In Thousands)
Entergy Corporation and its subsidiaries	$	218,138	$	23,318	($	183,492	)	($	18,721	)

A one percentage point change in the assumed health care cost trend rate for 2011 would have the following effects for the Registrant Subsidiaries:

	1 Percentage Point Increase				1 Percentage Point Decrease
2011	Impact on the APBO		Impact on the sum of service costs and interest cost		Impact on the APBO			Impact on the sum of service costs and interest cost
	Increase/(Decrease) (In Thousands)
Entergy Arkansas	$	34,824	$	3,427	($	28,552	)	($	2,723	)
Entergy Gulf States Louisiana	$	26,263	$	2,576	($	21,412	)	($	2,034	)
Entergy Louisiana	$	23,274	$	2,558	($	20,827	)	($	2,097	)
Entergy Mississippi	$	11,603	$	1,113	($	9,529	)	($	884	)
Entergy New Orleans	$	6,509	$	628	($	6,229	)	($	541	)
Entergy Texas	$	16,598	$	1,454	($	13,689	)	($	1,159	)
System Energy	$	9,029	$	999	($	7,294	)	($	785	)

Medicare Prescription Drug, Improvement and Modernization Act of 2003

In December 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 became law. The Act introduces a prescription drug benefit cost under Medicare (Part D), which started in 2006, as well as a federal subsidy to employers who provide a retiree prescription drug benefit that is at least actuarially equivalent to Medicare Part D.

The actuarially estimated effect of future Medicare subsidies reduced the December 31, 2011 and 2010 Accumulated Postretirement Benefit Obligation by $274 million and $267 million, respectively, and reduced the 2011, 2010, and 2009 other postretirement benefit cost by $33.0 million, $26.6 million, and $24.0 million, respectively. In 2011, Entergy received $4.6 million in Medicare subsidies for prescription drug claims.

The actuarially estimated effect of future Medicare subsidies and the actual subsidies received for the Registrant Subsidiaries was as follows:

	Entergy Arkansas			Entergy Gulf States Louisiana			Entergy Louisiana			Entergy Mississippi			Entergy New Orleans			Entergy Texas			System Energy
	Increase/(Decrease) In Thousands
Impact on 12/31/2011 APBO	($	55,684	)	($	27,834	)	($	31,693	)	($	17,687	)	($	10,500	)	($	19,346	)	($	11,036	)
Impact on 12/31/2010 APBO	($	55,459	)	($	27,330	)	($	31,259	)	($	17,998	)	($	11,073	)	($	19,830	)	($	10,431	)
Impact on 2011 other postretirement benefit cost	($	6,309	)	($	3,923	)	($	3,889	)	($	2,016	)	($	1,170	)	($	1,528	)	($	1,403	)
Impact on 2010 other postretirement benefit cost	($	5,254	)	($	3,401	)	($	3,143	)	($	1,649	)	($	1,070	)	($	1,109	)	($	1,068	)
Medicare subsidies received in 2011	$	1,025		$	585		$	683		$	336		$	358		$	489		$	116

Defined Contribution Plans

Entergy sponsors the Savings Plan of Entergy Corporation and Subsidiaries (System Savings Plan). The System Savings Plan is a defined contribution plan covering eligible employees of Entergy and its subsidiaries. The employing Entergy subsidiary makes matching contributions for all non-bargaining and certain bargaining employees to the System Savings Plan in an amount equal to 70% of the participants’ basic contributions, up to 6% of their eligible earnings per pay period. The 70% match is allocated to investments as directed by the employee.

Entergy also sponsors the Savings Plan of Entergy Corporation and Subsidiaries IV (established in 2002), the Savings Plan of Entergy Corporation and Subsidiaries VI (established in April 2007), and the Savings Plan of Entergy Corporation and Subsidiaries VII (established in April 2007) to which matching contributions are also made. The plans are defined contribution plans that cover eligible employees, as defined by each plan, of Entergy and its subsidiaries. Effective June 3, 2010, employees participating in the Savings Plan of Entergy Corporation and Subsidiaries II (Savings Plan II) were transferred into the System Savings Plan when Savings Plan II merged into the System Savings Plan.

Entergy’s subsidiaries’ contributions to defined contribution plans collectively were $42.6 million in 2011, $41.8 million in 2010, and $41.9 million in 2009. The majority of the contributions were to the System Savings Plan.

The Registrant Subsidiaries’ 2011, 2010, and 2009 contributions to defined contribution plans were as follows:

Year	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas
	(In Thousands)
2011	$	3,183	$	1,804	$	2,260	$	1,894	$	725	$	1,613
2010	$	3,177	$	1,792	$	2,289	$	1,886	$	683	$	1,626
2009	$	3,197	$	1,828	$	2,356	$	1,906	$	732	$	1,712