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 and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $536 million and $513 million, respectively. 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,107	$2,047
Unrealized gains	$20	$7
Unrealized losses	$60	$80

As of June 30, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,148 million as of June 30, 2025 and $2,121 million as of December 31, 2024. As of June 30, 2025, available-for-sale debt securities had an average coupon rate of

approximately 4.14%, an average duration of approximately 6.39 years, and an average maturity of approximately 10.81 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$565	$17	$1,102	$24
More than 12 months	438	43	510	56
Total	$1,003	$60	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	541	574
5 years - 10 years	672	629
10 years - 15 years	195	166
15 years - 20 years	197	218
20 years+	473	424
Total	$2,107	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$227	$161	$489	$330
Realized gains	$1	$—	$2	$1
Realized losses	$4	$14	$8	$20

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$594.1	$579.0
Unrealized gains	$5.4	$1.2
Unrealized losses	$17.5	$25.8

The amortized cost of available-for-sale debt securities was $606.1 million as of June 30, 2025 and $603.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.75%, an average duration of approximately 6.20 years, and an average maturity of approximately 8.46 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $138 million and $126.7 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$141.8	$4.6	$282.8	$8.2
More than 12 months	174.0	12.9	195.0	17.6
Total	$315.8	$17.5	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$26.3	$31.7
1 year - 5 years	159.2	142.5
5 years - 10 years	251.7	231.0
10 years - 15 years	37.4	62.2
15 years - 20 years	43.1	62.8
20 years+	76.4	48.8
Total	$594.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$5.5	$—	$17.9
Realized gains	$—	$0.1	$—	$0.1
Realized losses	$—	$0.4	$—	$0.9

During three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$931.3	$908.1
Unrealized gains	$8.1	$3.6
Unrealized losses	$24.1	$26.9

The amortized cost of available-for-sale debt securities was $947.3 million as of June 30, 2025 and $931.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.40%, an average duration of approximately 6.57 years, and an average maturity of approximately 12.38 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $267.9 million and $254.6 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$318.7	$9.4	$543.8	$8.8
More than 12 months	150.6	14.7	178.4	18.1
Total	$469.3	$24.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$2.4	$4.4
1 year - 5 years	212.3	188.2
5 years - 10 years	214.3	259.4
10 years - 15 years	115.0	80.9
15 years - 20 years	107.6	106.1
20 years+	279.7	269.1
Total	$931.3	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$71.5	$62.5	$181.5	$110.9
Realized gains	$0.1	$0.1	$0.2	$0.2
Realized losses	$2.4	$4.8	$4.0	$7.7

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$582.1	$559.8
Unrealized gains	$6.1	$1.9
Unrealized losses	$19.0	$27.6

The amortized cost of available-for-sale debt securities was $595 million as of June 30, 2025 and $585.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.13%, an average duration of approximately 6.27 years, and an average maturity of approximately 10.73 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $130.5 million and $131.3 million, respectively. 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 June 30, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$104.2	$3.3	$275.6	$6.8
More than 12 months		113.8	15.7	136.8	20.8
Total		$218.0	$19.0	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	169.2	243.7
5 years - 10 years	206.4	138.9
10 years - 15 years	42.5	22.7
15 years - 20 years	46.4	49.4
20 years+	117.4	104.9
Total	$582.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$155.3	$93.5	$307.6	$201.5
Realized gains	$0.8	$—	$1.3	$0.2
Realized losses	$1.4	$8.4	$4.0	$11.9

During the three and six months ended June 30, 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 and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $536 million and $513 million, respectively. 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,107	$2,047
Unrealized gains	$20	$7
Unrealized losses	$60	$80

As of June 30, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,148 million as of June 30, 2025 and $2,121 million as of December 31, 2024. As of June 30, 2025, available-for-sale debt securities had an average coupon rate of

approximately 4.14%, an average duration of approximately 6.39 years, and an average maturity of approximately 10.81 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$565	$17	$1,102	$24
More than 12 months	438	43	510	56
Total	$1,003	$60	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	541	574
5 years - 10 years	672	629
10 years - 15 years	195	166
15 years - 20 years	197	218
20 years+	473	424
Total	$2,107	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$227	$161	$489	$330
Realized gains	$1	$—	$2	$1
Realized losses	$4	$14	$8	$20

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$594.1	$579.0
Unrealized gains	$5.4	$1.2
Unrealized losses	$17.5	$25.8

The amortized cost of available-for-sale debt securities was $606.1 million as of June 30, 2025 and $603.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.75%, an average duration of approximately 6.20 years, and an average maturity of approximately 8.46 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $138 million and $126.7 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$141.8	$4.6	$282.8	$8.2
More than 12 months	174.0	12.9	195.0	17.6
Total	$315.8	$17.5	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$26.3	$31.7
1 year - 5 years	159.2	142.5
5 years - 10 years	251.7	231.0
10 years - 15 years	37.4	62.2
15 years - 20 years	43.1	62.8
20 years+	76.4	48.8
Total	$594.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$5.5	$—	$17.9
Realized gains	$—	$0.1	$—	$0.1
Realized losses	$—	$0.4	$—	$0.9

During three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$931.3	$908.1
Unrealized gains	$8.1	$3.6
Unrealized losses	$24.1	$26.9

The amortized cost of available-for-sale debt securities was $947.3 million as of June 30, 2025 and $931.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.40%, an average duration of approximately 6.57 years, and an average maturity of approximately 12.38 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $267.9 million and $254.6 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$318.7	$9.4	$543.8	$8.8
More than 12 months	150.6	14.7	178.4	18.1
Total	$469.3	$24.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$2.4	$4.4
1 year - 5 years	212.3	188.2
5 years - 10 years	214.3	259.4
10 years - 15 years	115.0	80.9
15 years - 20 years	107.6	106.1
20 years+	279.7	269.1
Total	$931.3	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$71.5	$62.5	$181.5	$110.9
Realized gains	$0.1	$0.1	$0.2	$0.2
Realized losses	$2.4	$4.8	$4.0	$7.7

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$582.1	$559.8
Unrealized gains	$6.1	$1.9
Unrealized losses	$19.0	$27.6

The amortized cost of available-for-sale debt securities was $595 million as of June 30, 2025 and $585.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.13%, an average duration of approximately 6.27 years, and an average maturity of approximately 10.73 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $130.5 million and $131.3 million, respectively. 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 June 30, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$104.2	$3.3	$275.6	$6.8
More than 12 months		113.8	15.7	136.8	20.8
Total		$218.0	$19.0	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	169.2	243.7
5 years - 10 years	206.4	138.9
10 years - 15 years	42.5	22.7
15 years - 20 years	46.4	49.4
20 years+	117.4	104.9
Total	$582.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$155.3	$93.5	$307.6	$201.5
Realized gains	$0.8	$—	$1.3	$0.2
Realized losses	$1.4	$8.4	$4.0	$11.9

During the three and six months ended June 30, 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 and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $536 million and $513 million, respectively. 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,107	$2,047
Unrealized gains	$20	$7
Unrealized losses	$60	$80

As of June 30, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,148 million as of June 30, 2025 and $2,121 million as of December 31, 2024. As of June 30, 2025, available-for-sale debt securities had an average coupon rate of

approximately 4.14%, an average duration of approximately 6.39 years, and an average maturity of approximately 10.81 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$565	$17	$1,102	$24
More than 12 months	438	43	510	56
Total	$1,003	$60	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	541	574
5 years - 10 years	672	629
10 years - 15 years	195	166
15 years - 20 years	197	218
20 years+	473	424
Total	$2,107	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$227	$161	$489	$330
Realized gains	$1	$—	$2	$1
Realized losses	$4	$14	$8	$20

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$594.1	$579.0
Unrealized gains	$5.4	$1.2
Unrealized losses	$17.5	$25.8

The amortized cost of available-for-sale debt securities was $606.1 million as of June 30, 2025 and $603.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.75%, an average duration of approximately 6.20 years, and an average maturity of approximately 8.46 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $138 million and $126.7 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$141.8	$4.6	$282.8	$8.2
More than 12 months	174.0	12.9	195.0	17.6
Total	$315.8	$17.5	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$26.3	$31.7
1 year - 5 years	159.2	142.5
5 years - 10 years	251.7	231.0
10 years - 15 years	37.4	62.2
15 years - 20 years	43.1	62.8
20 years+	76.4	48.8
Total	$594.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$5.5	$—	$17.9
Realized gains	$—	$0.1	$—	$0.1
Realized losses	$—	$0.4	$—	$0.9

During three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$931.3	$908.1
Unrealized gains	$8.1	$3.6
Unrealized losses	$24.1	$26.9

The amortized cost of available-for-sale debt securities was $947.3 million as of June 30, 2025 and $931.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.40%, an average duration of approximately 6.57 years, and an average maturity of approximately 12.38 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $267.9 million and $254.6 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$318.7	$9.4	$543.8	$8.8
More than 12 months	150.6	14.7	178.4	18.1
Total	$469.3	$24.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$2.4	$4.4
1 year - 5 years	212.3	188.2
5 years - 10 years	214.3	259.4
10 years - 15 years	115.0	80.9
15 years - 20 years	107.6	106.1
20 years+	279.7	269.1
Total	$931.3	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$71.5	$62.5	$181.5	$110.9
Realized gains	$0.1	$0.1	$0.2	$0.2
Realized losses	$2.4	$4.8	$4.0	$7.7

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$582.1	$559.8
Unrealized gains	$6.1	$1.9
Unrealized losses	$19.0	$27.6

The amortized cost of available-for-sale debt securities was $595 million as of June 30, 2025 and $585.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.13%, an average duration of approximately 6.27 years, and an average maturity of approximately 10.73 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $130.5 million and $131.3 million, respectively. 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 June 30, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$104.2	$3.3	$275.6	$6.8
More than 12 months		113.8	15.7	136.8	20.8
Total		$218.0	$19.0	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	169.2	243.7
5 years - 10 years	206.4	138.9
10 years - 15 years	42.5	22.7
15 years - 20 years	46.4	49.4
20 years+	117.4	104.9
Total	$582.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$155.3	$93.5	$307.6	$201.5
Realized gains	$0.8	$—	$1.3	$0.2
Realized losses	$1.4	$8.4	$4.0	$11.9

During the three and six months ended June 30, 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 and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $536 million and $513 million, respectively. 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$2,107	$2,047
Unrealized gains	$20	$7
Unrealized losses	$60	$80

As of June 30, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,148 million as of June 30, 2025 and $2,121 million as of December 31, 2024. As of June 30, 2025, available-for-sale debt securities had an average coupon rate of

approximately 4.14%, an average duration of approximately 6.39 years, and an average maturity of approximately 10.81 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$565	$17	$1,102	$24
More than 12 months	438	43	510	56
Total	$1,003	$60	$1,612	$80

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$29	$36
1 year - 5 years	541	574
5 years - 10 years	672	629
10 years - 15 years	195	166
15 years - 20 years	197	218
20 years+	473	424
Total	$2,107	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$227	$161	$489	$330
Realized gains	$1	$—	$2	$1
Realized losses	$4	$14	$8	$20

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$594.1	$579.0
Unrealized gains	$5.4	$1.2
Unrealized losses	$17.5	$25.8

The amortized cost of available-for-sale debt securities was $606.1 million as of June 30, 2025 and $603.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.75%, an average duration of approximately 6.20 years, and an average maturity of approximately 8.46 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $138 million and $126.7 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$141.8	$4.6	$282.8	$8.2
More than 12 months	174.0	12.9	195.0	17.6
Total	$315.8	$17.5	$477.8	$25.8

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$26.3	$31.7
1 year - 5 years	159.2	142.5
5 years - 10 years	251.7	231.0
10 years - 15 years	37.4	62.2
15 years - 20 years	43.1	62.8
20 years+	76.4	48.8
Total	$594.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$—	$5.5	$—	$17.9
Realized gains	$—	$0.1	$—	$0.1
Realized losses	$—	$0.4	$—	$0.9

During three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$931.3	$908.1
Unrealized gains	$8.1	$3.6
Unrealized losses	$24.1	$26.9

The amortized cost of available-for-sale debt securities was $947.3 million as of June 30, 2025 and $931.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.40%, an average duration of approximately 6.57 years, and an average maturity of approximately 12.38 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $267.9 million and $254.6 million, respectively. 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 June 30, 2025 and December 31, 2024:


	2025		2024
	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months	$318.7	$9.4	$543.8	$8.8
More than 12 months	150.6	14.7	178.4	18.1
Total	$469.3	$24.1	$722.2	$26.9

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$2.4	$4.4
1 year - 5 years	212.3	188.2
5 years - 10 years	214.3	259.4
10 years - 15 years	115.0	80.9
15 years - 20 years	107.6	106.1
20 years+	279.7	269.1
Total	$931.3	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$71.5	$62.5	$181.5	$110.9
Realized gains	$0.1	$0.1	$0.2	$0.2
Realized losses	$2.4	$4.8	$4.0	$7.7

During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows:


	2025	2024
	(In Millions)
Fair value	$582.1	$559.8
Unrealized gains	$6.1	$1.9
Unrealized losses	$19.0	$27.6

The amortized cost of available-for-sale debt securities was $595 million as of June 30, 2025 and $585.5 million as of December 31, 2024. As of June 30, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.13%, an average duration of approximately 6.27 years, and an average maturity of approximately 10.73 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2025 on equity securities still held as of June 30, 2025 were $130.5 million and $131.3 million, respectively. 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 June 30, 2025 and December 31, 2024:


		2025		2024
		Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
	(In Millions)
Less than 12 months		$104.2	$3.3	$275.6	$6.8
More than 12 months		113.8	15.7	136.8	20.8
Total		$218.0	$19.0	$412.4	$27.6

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2025 and December 31, 2024 were as follows:


	2025	2024
	(In Millions)
Less than 1 year	$0.2	$0.2
1 year - 5 years	169.2	243.7
5 years - 10 years	206.4	138.9
10 years - 15 years	42.5	22.7
15 years - 20 years	46.4	49.4
20 years+	117.4	104.9
Total	$582.1	$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 and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	2025	2024	2025	2024
	(In Millions)
Proceeds from disposition of securities	$155.3	$93.5	$307.6	$201.5
Realized gains	$0.8	$—	$1.3	$0.2
Realized losses	$1.4	$8.4	$4.0	$11.9

During the three and six months ended June 30, 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.