Commission File Number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | Commission File Number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | |||||||||||
(a Telephone ( | (a Telephone ( | |||||||||||||
(a Telephone ( | (a Telephone ( | |||||||||||||
(a Telephone ( | (an Telephone ( | |||||||||||||
(a Telephone ( | ||||||||||||||
Registrant | Title of Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||
Entergy Corporation | |||||||||||
NYSE Chicago, Inc. | |||||||||||
Entergy Arkansas, LLC | |||||||||||
Entergy Louisiana, LLC | |||||||||||
Entergy Mississippi, LLC | |||||||||||
Entergy New Orleans, LLC | |||||||||||
Entergy Texas, Inc. |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
By: /s/ Reginald T. Jackson | |||||
Reginald T. Jackson Senior Vice President and Chief Accounting Officer | |||||
Dated: April 26, 2023 |
Table of contents | Page | ||||
News release Appendices A: Consolidated results and adjustments B: Earnings variance analysis C: Utility operating and financial measures D: Consolidated financial measures E: Definitions and abbreviations and acronyms F: Other GAAP to non-GAAP reconciliations Financial statements | 1 7 8 12 14 15 16 18 20 |
Consolidated earnings (GAAP and non-GAAP Measures) | |||||||||||
First quarter 2023 vs. 2022 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | |||||||||||
First quarter | |||||||||||
2023 | 2022 | Change | |||||||||
(After-tax, $ in millions) | |||||||||||
As-reported earnings | 311 | 276 | 35 | ||||||||
Less adjustments | 69 | 7 | 61 | ||||||||
Adjusted earnings (non-GAAP) | 242 | 269 | (27) | ||||||||
Estimated weather impact | (47) | 16 | (63) | ||||||||
(After-tax, per share in $) | |||||||||||
As-reported earnings | 1.47 | 1.36 | 0.11 | ||||||||
Less adjustments | 0.32 | 0.04 | 0.29 | ||||||||
Adjusted earnings (non-GAAP) | 1.14 | 1.32 | (0.18) | ||||||||
Estimated weather impact | (0.22) | 0.08 | (0.30) | ||||||||
Media inquiries: Neal Kirby 504-576-4238 nkirby@entergy.com | Investor relations inquiries: Bill Abler 281-297-5436 wabler@entergy.com |
Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures First quarter 2023 vs. 2022 (See Appendix A-2 and Appendix A-3 for details on adjustments) | |||||||||||
First quarter | |||||||||||
2023 | 2022 | Change | |||||||||
(After-tax, $ in millions) | |||||||||||
As-reported earnings (loss) | |||||||||||
Utility | 397 | 340 | 57 | ||||||||
Parent & Other | |||||||||||
2022 EWC | - | 7 | (7) | ||||||||
All other | (86) | (71) | (15) | ||||||||
Total Parent & Other | (86) | (64) | (22) | ||||||||
Consolidated | 311 | 276 | 35 | ||||||||
Less adjustments | |||||||||||
Utility | 69 | - | 69 | ||||||||
Parent & Other | |||||||||||
2022 EWC | - | 7 | (7) | ||||||||
All other | - | - | - | ||||||||
Total Parent & Other | - | 7 | (7) | ||||||||
Consolidated | 69 | 7 | 61 | ||||||||
Adjusted earnings (loss) (non-GAAP) | |||||||||||
Utility | 329 | 340 | (12) | ||||||||
Parent & Other | |||||||||||
2022 EWC | - | - | - | ||||||||
All other | (86) | (71) | (15) | ||||||||
Total Parent & Other | (86) | (71) | (15) | ||||||||
Consolidated | 242 | 269 | (27) | ||||||||
Estimated weather impact | (47) | 16 | (63) | ||||||||
Diluted average number of common shares outstanding (in millions) | 212 | 204 | 8 | ||||||||
(After-tax, per share in $) (a) | |||||||||||
As-reported earnings (loss) | |||||||||||
Utility | 1.87 | 1.67 | 0.20 | ||||||||
Parent & Other | |||||||||||
2022 EWC | - | 0.04 | (0.04) | ||||||||
All other | (0.41) | (0.35) | (0.06) | ||||||||
Total Parent & Other | (0.41) | (0.31) | (0.09) | ||||||||
Consolidated | 1.47 | 1.36 | 0.11 | ||||||||
Less adjustments | |||||||||||
Utility | 0.32 | - | 0.32 | ||||||||
Parent & Other | |||||||||||
2022 EWC | - | 0.04 | (0.04) | ||||||||
All other | - | - | - | ||||||||
Total Parent & Other | - | 0.04 | (0.04) | ||||||||
Consolidated | 0.32 | 0.04 | 0.29 | ||||||||
Adjusted earnings (loss) (non-GAAP) | |||||||||||
Utility | 1.55 | 1.67 | (0.12) | ||||||||
Parent & Other | |||||||||||
2022 EWC | - | - | - | ||||||||
All other | (0.41) | (0.35) | (0.06) | ||||||||
Total Parent & Other | (0.41) | (0.35) | (0.06) | ||||||||
Consolidated | 1.14 | 1.32 | (0.18) | ||||||||
Estimated weather impact | (0.22) | 0.08 | (0.30) |
Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS) | ||||||||||||||||||||
First quarter 2023 vs. 2022 | ||||||||||||||||||||
First quarter | ||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions) | ||||||||||||||||||||
Utility | ||||||||||||||||||||
E-LA true-up for carrying costs on storm expenditures | 31 | - | 31 | |||||||||||||||||
E-LA contribution to the LURC related to securitization | (15) | - | (15) | |||||||||||||||||
E-LA customer-sharing of securitization benefit | (103) | - | (103) | |||||||||||||||||
Income tax effect on Utility adjustments above | 27 | - | 27 | |||||||||||||||||
E-LA tax benefit resulting from securitization | 129 | - | 129 | |||||||||||||||||
Total Utility | 69 | - | 69 | |||||||||||||||||
Parent & Other | ||||||||||||||||||||
2022 EWC Earnings | - | 7 | (7) | |||||||||||||||||
Total Parent & Other | - | 7 | (7) | |||||||||||||||||
Total adjustments | 69 | 7 | 61 | |||||||||||||||||
(After-tax, per share in $) (b) | ||||||||||||||||||||
Utility | ||||||||||||||||||||
E-LA true-up for carrying costs on storm expenditures | 0.14 | - | 0.14 | |||||||||||||||||
E-LA contribution to the LURC related to securitization | (0.07) | - | (0.07) | |||||||||||||||||
E-LA customer-sharing of securitization benefit | (0.36) | - | (0.36) | |||||||||||||||||
E-LA tax benefit resulting from securitization | 0.61 | - | 0.61 | |||||||||||||||||
Total Utility | 0.32 | - | 0.32 | |||||||||||||||||
Parent & Other | ||||||||||||||||||||
2022 EWC Earnings | - | 0.04 | (0.04) | |||||||||||||||||
Total Parent & Other | - | 0.04 | (0.04) | |||||||||||||||||
Total adjustments | 0.32 | 0.04 | 0.29 | |||||||||||||||||
Appendix A-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings) | |||||||||||
First quarter 2023 vs. 2022 | |||||||||||
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions) | |||||||||||
First quarter | |||||||||||
2023 | 2022 | Change | |||||||||
Utility | |||||||||||
Operating revenues | 31 | - | 31 | ||||||||
Other regulatory charges (credits)–net | (103) | - | (103) | ||||||||
Other income (deductions)–other | (15) | - | (15) | ||||||||
Income taxes | 156 | - | 156 | ||||||||
Total Utility | 69 | - | 69 | ||||||||
Parent & Other | |||||||||||
2022 EWC | |||||||||||
Operating revenues | - | 150 | (150) | ||||||||
Fuel and fuel-related expenses | - | (26) | 26 | ||||||||
Purchased power | - | (14) | 14 | ||||||||
Nuclear refueling outage expense | - | (11) | 11 | ||||||||
Other O&M | - | (41) | 41 | ||||||||
Asset write-offs and impairments | - | (1) | 1 | ||||||||
Decommissioning expense | - | (14) | 14 | ||||||||
Taxes other than income taxes | - | (10) | 10 | ||||||||
Depreciation/amortization exp. | - | (9) | 9 | ||||||||
Other income (deductions)–other | - | (13) | 13 | ||||||||
Interest exp. and other charges | - | (1) | 1 | ||||||||
Income taxes | - | (3) | 3 | ||||||||
Preferred dividend requirements | - | (1) | 1 | ||||||||
Total 2022 EWC | - | 7 | (7) | ||||||||
Total Parent & Other | - | 7 | (7) | ||||||||
Total adjustments | 69 | 7 | 61 | ||||||||
Appendix A-4: Consolidated operating cash flow | |||||||||||
First quarter 2023 vs. 2022 | |||||||||||
($ in millions) | |||||||||||
First quarter | |||||||||||
2023 | 2022 | Change | |||||||||
Utility | 978 | 495 | 483 | ||||||||
Parent & Other | |||||||||||
2022 EWC | - | 78 | (78) | ||||||||
All other | (18) | (35) | 17 | ||||||||
Total Parent & Other | (18) | 43 | (61) | ||||||||
Consolidated | 960 | 538 | 422 | ||||||||
Appendix B: As-reported and adjusted earnings per share variance analysis (c), (d), (e) | ||||||||||||||||||||||||||||||||
First quarter 2023 vs. 2022 | ||||||||||||||||||||||||||||||||
(After-tax, per share in $) | ||||||||||||||||||||||||||||||||
Parent & Other | ||||||||||||||||||||||||||||||||
Utility | 2022 EWC (f) | All other | Consolidated | |||||||||||||||||||||||||||||
As- reported | Adjusted | As- reported | As- reported | Adjusted | As- reported | Adjusted | ||||||||||||||||||||||||||
2022 earnings (loss) | 1.67 | 1.67 | 0.04 | (0.35) | (0.35) | 1.36 | 1.32 | |||||||||||||||||||||||||
Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits)–net | (0.16) | 0.06 | (g) | (0.43) | 0.01 | 0.01 | (0.58) | 0.07 | ||||||||||||||||||||||||
Nuclear refueling outage expense | (0.02) | (0.02) | 0.04 | - | - | 0.02 | (0.02) | |||||||||||||||||||||||||
Other O&M | 0.03 | 0.03 | 0.16 | (0.01) | (0.01) | 0.18 | 0.02 | |||||||||||||||||||||||||
Decommissioning expense | (0.01) | (0.01) | 0.05 | - | - | 0.05 | (0.01) | |||||||||||||||||||||||||
Taxes other than income taxes | (0.05) | (0.05) | (h) | 0.04 | - | - | (0.02) | (0.05) | ||||||||||||||||||||||||
Depreciation/amortization exp. | (0.08) | (0.08) | (i) | 0.03 | (0.01) | (0.01) | (0.05) | (0.09) | ||||||||||||||||||||||||
Other income (deductions)–other | 0.05 | 0.12 | (j) | 0.05 | (0.06) | (0.06) | (k) | 0.04 | 0.07 | |||||||||||||||||||||||
Interest exp. and other charges | (0.07) | (0.07) | (l) | 0.01 | (0.03) | (0.03) | (0.09) | (0.09) | ||||||||||||||||||||||||
Income taxes–other | 0.59 | (0.04) | (m) | - | 0.01 | 0.01 | 0.61 | (0.03) | ||||||||||||||||||||||||
Share effect | (0.08) | (0.06) | (n) | - | 0.02 | 0.02 | (0.06) | (0.05) | ||||||||||||||||||||||||
2023 earnings (loss) | 1.87 | 1.55 | - | (0.41) | (0.41) | 1.47 | 1.14 | |||||||||||||||||||||||||
1Q23 | 1Q22 | |||||||
Utility operating revenue / regulatory charges (credits) | (3) | (17) | ||||||
Utility income taxes-other | 3 | 17 |
1Q23 | 1Q22 | |||||||
Utility regulatory charges (credits) | 3 | 1 | ||||||
Utility preferred dividend requirements and noncontrolling interest | (3) | (1) |
Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits)-net variance analysis 2023 vs. 2022 ($ EPS) | |||||
1Q | |||||
Electric volume / weather | (0.27) | ||||
Retail electric price | 0.30 | ||||
1Q22 reg. provisions for true-up of E-LA and E-TX cost of debt from 2020 storms | (0.05) | ||||
1Q23 provision for customer sharing of securitization benefits | (0.36) | ||||
1Q23 E-LA true-up of carrying charges on storm costs | 0.14 | ||||
Reg. provisions for decommissioning items | 0.01 | ||||
Other, including Grand Gulf recovery | 0.07 | ||||
Total | (0.16) |
Appendix C: Utility operating and financial measures | ||||||||||||||
First quarter 2023 vs. 2022 | ||||||||||||||
First quarter | ||||||||||||||
2023 | 2022 | % Change | % Weather adjusted (o) | |||||||||||
GWh sold | ||||||||||||||
Residential | 7,276 | 8,454 | (13.9) | 0.8 | ||||||||||
Commercial | 6,248 | 6,271 | (0.4) | (0.5) | ||||||||||
Governmental | 577 | 584 | (1.2) | (1.6) | ||||||||||
Industrial | 12,740 | 12,496 | 2.0 | 2.0 | ||||||||||
Total retail sales | 26,841 | 27,805 | (3.5) | 1.0 | ||||||||||
Wholesale | 4,502 | 3,641 | 23.6 | |||||||||||
Total sales | 31,343 | 31,446 | (0.3) | |||||||||||
Number of electric retail customers | ||||||||||||||
Residential | 2,565,292 | 2,548,138 | 0.7 | |||||||||||
Commercial | 367,738 | 368,951 | (0.3) | |||||||||||
Governmental | 18,094 | 18,173 | (0.4) | |||||||||||
Industrial | 44,784 | 46,477 | (3.6) | |||||||||||
Total retail customers | 2,995,908 | 2,981,739 | 0.5 | |||||||||||
Other O&M and refueling outage expense per MWh | $20.96 | $21.00 | (0.2) | |||||||||||
Appendix D: GAAP and non-GAAP financial measures | |||||||||||
First quarter 2023 vs. 2022 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures) | |||||||||||
For 12 months ending March 31 | 2023 | 2022 | Change | ||||||||
GAAP measure | |||||||||||
As-reported ROE | 9.2% | 9.3% | (0.1)% | ||||||||
Non-GAAP financial measure | |||||||||||
Adjusted ROE | 10.4% | 10.4% | - | ||||||||
As of March 31 ($ in millions, except where noted) | 2023 | 2022 | Change | ||||||||
GAAP measures | |||||||||||
Cash and cash equivalents | 1,971 | 702 | 1,269 | ||||||||
Available revolver capacity | 4,191 | 4,129 | 62 | ||||||||
Commercial paper | 866 | 1,343 | (477) | ||||||||
Total debt | 27,658 | 28,630 | (972) | ||||||||
Securitization debt | 293 | 55 | 238 | ||||||||
Debt to capital | 67.4% | 70.5% | (3.1)% | ||||||||
Off-balance sheet liabilities: | |||||||||||
Debt of joint ventures – Entergy’s share | - | 5 | (5) | ||||||||
Storm escrows | 406 | 33 | 373 | ||||||||
Non-GAAP financial measures ($ in millions, except where noted) | |||||||||||
Debt to capital, excluding securitization debt | 67.2% | 70.4% | (3.2)% | ||||||||
Net debt to net capital, excluding securitization debt | 65.5% | 69.9% | (4.4)% | ||||||||
Gross liquidity | 6,161 | 4,830 | 1,331 | ||||||||
Net liquidity | 5,295 | 3,487 | 1,808 | ||||||||
Net liquidity, including storm escrows | 5,702 | 3,521 | 2,181 | ||||||||
Parent debt to total debt, excluding securitization debt | 18.4% | 21.5% | (3.1)% | ||||||||
FFO to debt, excluding securitization debt | 11.4% | 9.3% | 2.2% | ||||||||
Appendix E-1: Definitions | |||||
Utility operating and financial measures | |||||
GWh sold | Total number of GWh sold to retail and wholesale customers | ||||
Number of electric retail customers | Average number of electric customers over the period | ||||
Other O&M and refueling outage expense per MWh | Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales | ||||
Financial measures – GAAP | |||||
As-reported ROE | 12-months rolling net income attributable to Entergy Corp. divided by avg. common equity | ||||
Debt of joint ventures – Entergy’s share | Entergy’s share of debt issued by business joint ventures at EWC | ||||
Debt to capital | Total debt divided by total capitalization | ||||
Available revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers | ||||
Securitization debt | Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections | ||||
Total debt | Sum of short-term and long-term debt, notes payable and commercial paper, and finance leases on the balance sheet | ||||
Financial measures – non-GAAP | |||||
Adjusted EPS | As-reported EPS excluding adjustments | ||||
Adjusted ROE | 12-months rolling adjusted net income attributable to Entergy Corp. divided by avg. common equity | ||||
Adjustments | Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant tax items, and other items such as certain costs, expenses, or other specified items. In 2022, the results of the EWC segment were considered an adjustment in light of the company’s exit from the merchant nuclear power business. | ||||
Debt to capital, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt | ||||
FFO | OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, and other working capital accounts), and securitization regulatory charges | ||||
FFO to debt, excluding securitization debt | 12-months rolling FFO as a percentage of end of period total debt excluding securitization debt | ||||
Gross liquidity | Sum of cash and available revolver capacity | ||||
Net debt to net capital, excl. securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt | ||||
Net liquidity | Sum of cash and available revolver capacity less commercial paper borrowing | ||||
Net liquidity, including storm escrows | Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing | ||||
Parent debt to total debt, excl. securitization debt | Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excluding securitization debt |
Appendix E-2: Abbreviations and acronyms | |||||||||||
ADIT | Accumulated deferred income taxes | HLBV | Hypothetical liquidation at book value | ||||||||
AFUDC | Allowance for funds used during construction | IIRR-G | Infrastructure investment recovery rider – gas | ||||||||
AFUDC – borrowed funds | Allowance for borrowed funds used during construction | LNG | Liquified natural gas | ||||||||
AGA | American Gas Association | LPSC | Louisiana Public Service Commission | ||||||||
ALJ | Administrative law judge | LTM | Last twelve months | ||||||||
AMI | Advanced metering infrastructure | LURC | Louisiana Utility Restoration Corporation | ||||||||
APSC | Arkansas Public Service Commission | MISO | Midcontinent Independent System Operator, Inc. | ||||||||
ATM | At the market equity issuance program | MMBtu | Million British thermal units | ||||||||
bbl | Barrels | Moody’s | Moody’s Investor Service | ||||||||
Bcf/D | Billion cubic feet per day | MOU | Memorandum of understanding | ||||||||
bps | Basis points | MPSC | Mississippi Public Service Commission | ||||||||
CAGR | Compound annual growth rate | MTEP | MISO Transmission Expansion Plan | ||||||||
CCGT | Combined cycle gas turbine | NBP | National Balancing Point | ||||||||
CCNO | Council of the City of New Orleans | NDT | Nuclear decommissioning trust | ||||||||
CFO | Cash from operations | NYSE | New York Stock Exchange | ||||||||
COD | Commercial operation date | OCAPS | Orange County Advanced Power Station | ||||||||
DCRF | Distribution cost recovery factor | OCF | Net cash flow provided by operating activities | ||||||||
DOE | U.S. Department of Energy | OpCo | Utility operating company | ||||||||
DTA | Deferred tax asset | OPEB | Other post-employment benefits | ||||||||
E-AR | Entergy Arkansas, LLC | Other O&M | Other non-fuel operation and maintenance expense | ||||||||
E-LA | Entergy Louisiana, LLC | P&O | Parent & Other | ||||||||
E-MS | Entergy Mississippi, LLC | PMR | Performance Management Rider | ||||||||
E-NO | Entergy New Orleans, LLC | PPA | Power purchase agreement or purchased power agreement | ||||||||
E-TX | Entergy Texas, Inc. | PUCT | Public Utility Commission of Texas | ||||||||
EEI | Edison Electric Institute | RFP | Request for proposals | ||||||||
EPS | Earnings per share | ROE | Return on equity | ||||||||
ESG | Environmental, social, and governance | RSP | Rate Stabilization Plan (E-LA Gas) | ||||||||
ETR | Entergy Corporation | S&P | Standard & Poor’s | ||||||||
EWC | Entergy Wholesale Commodities | SEC | U.S. Securities and Exchange Commission | ||||||||
FERC | Federal Energy Regulatory Commission | SERI | System Energy Resources, Inc. | ||||||||
FFO | Funds from operations | TCRF | Transmission cost recovery factor | ||||||||
FIN 48 | FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes” | TRAM | Tax reform adjustment mechanism | ||||||||
FRP | Formula rate plan | UPSA | Unit Power Sales Agreement | ||||||||
GAAP | U.S. generally accepted accounting principles | WACC | Weighted-average cost of capital | ||||||||
GCRR | Generation Cost Recovery Rider | ||||||||||
Grand Gulf or GGNS | Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI |
Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE | |||||||||||
(LTM $ in millions except where noted) | First quarter | ||||||||||
2023 | 2022 | ||||||||||
As-reported net income (loss) attributable to Entergy Corporation | (A) | 1,138 | 1,060 | ||||||||
Adjustments | (B) | (155) | (127) | ||||||||
Adjusted earnings (non-GAAP) | (A-B) | 1,293 | 1,187 | ||||||||
Average common equity (average of beginning and ending balances) | (C) | 12,384 | 11,364 | ||||||||
As-reported ROE | (A/C) | 9.2% | 9.3% | ||||||||
Adjusted ROE (non-GAAP) | [(A-B)/C] | 10.4% | 10.4% |
Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows | |||||||||||
($ in millions except where noted) | First quarter | ||||||||||
2023 | 2022 | ||||||||||
Total debt | (A) | 27,658 | 28,630 | ||||||||
Less securitization debt | (B) | 293 | 55 | ||||||||
Total debt, excluding securitization debt | (C) | 27,365 | 28,575 | ||||||||
Less cash and cash equivalents | (D) | 1,971 | 702 | ||||||||
Net debt, excluding securitization debt | (E) | 25,395 | 27,874 | ||||||||
Commercial paper | (F) | 866 | 1,343 | ||||||||
Total capitalization | (G) | 41,044 | 40,626 | ||||||||
Less securitization debt | (B) | 293 | 55 | ||||||||
Total capitalization, excluding securitization debt | (H) | 40,751 | 40,571 | ||||||||
Less cash and cash equivalents | (D) | 1,971 | 702 | ||||||||
Net capital, excluding securitization debt | (I) | 38,781 | 39,870 | ||||||||
Debt to capital | (A/G) | 67.4% | 70.5% | ||||||||
Debt to capital, excluding securitization debt (non-GAAP) | (C/H) | 67.2% | 70.4% | ||||||||
Net debt to net capital, excluding securitization debt (non-GAAP) | (E/I) | 65.5% | 69.9% | ||||||||
Available revolver capacity | (J) | 4,191 | 4,129 | ||||||||
Storm escrows | (K) | 406 | 33 | ||||||||
Gross liquidity (non-GAAP) | (D+J) | 6,161 | 4,830 | ||||||||
Net liquidity (non-GAAP) | (D+J-F) | 5,295 | 3,487 | ||||||||
Net liquidity, including storm escrows (non-GAAP) | (D+J-F+K) | 5,702 | 3,521 | ||||||||
Entergy Corporation notes: | |||||||||||
Due July 2022 | - | 650 | |||||||||
Due September 2025 | 800 | 800 | |||||||||
Due September 2026 | 750 | 750 | |||||||||
Due June 2028 | 650 | 650 | |||||||||
Due June 2030 | 600 | 600 | |||||||||
Due June 2031 | 650 | 650 | |||||||||
Due June 2050 | 600 | 600 | |||||||||
Total Entergy Corporation notes | (L) | 4,050 | 4,700 | ||||||||
Revolver draw | (M) | 150 | 150 | ||||||||
Unamortized debt issuance costs and discounts | (N) | (41) | (47) | ||||||||
Total parent debt | (F+L+M+N) | 5,024 | 6,145 | ||||||||
Parent debt to total debt, excluding securitization debt (non-GAAP) | [(F+L+M+N)/C] | 18.4% | 21.5% | ||||||||
Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – FFO to debt, excluding securitization debt | |||||||||||
($ in millions except where noted) | First quarter | ||||||||||
2023 | 2022 | ||||||||||
Total debt | (A) | 27,658 | 28,630 | ||||||||
Less securitization debt | (B) | 293 | 55 | ||||||||
Total debt, excluding securitization debt | (C) | 27,365 | 28,575 | ||||||||
Net cash flow provided by operating activities, LTM | (D) | 3,007 | 2,888 | ||||||||
AFUDC – borrowed funds, LTM | (E) | (31) | (29) | ||||||||
Working capital items in net cash flow provided by operating activities, LTM: | |||||||||||
Receivables | (8) | 91 | |||||||||
Fuel inventory | (37) | 6 | |||||||||
Accounts payable | (159) | 162 | |||||||||
Taxes accrued | 17 | 130 | |||||||||
Interest accrued | 2 | 26 | |||||||||
Deferred fuel costs | 108 | (172) | |||||||||
Other working capital accounts | (130) | (105) | |||||||||
Securitization regulatory charges, LTM | 55 | 71 | |||||||||
Total | (F) | (152) | 209 | ||||||||
FFO, LTM (non-GAAP) | (G)=(D+E-F) | 3,127 | 2,650 | ||||||||
FFO to debt, excluding securitization debt (non-GAAP) | (G/C) | 11.4% | 9.3% | ||||||||
Entergy Corporation | ||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Utility | Parent & Other | Consolidated | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Cash | $ | 47,672 | $ | 15,052 | $ | 62,724 | ||||||||||||||
Temporary cash investments | 1,834,650 | 73,138 | 1,907,788 | |||||||||||||||||
Total cash and cash equivalents | 1,882,322 | 88,190 | 1,970,512 | |||||||||||||||||
Accounts receivable: | ||||||||||||||||||||
Customer | 629,700 | — | 629,700 | |||||||||||||||||
Allowance for doubtful accounts | (23,338) | — | (23,338) | |||||||||||||||||
Associated companies | 5,142 | (5,142) | — | |||||||||||||||||
Other | 170,415 | 27,139 | 197,554 | |||||||||||||||||
Accrued unbilled revenues | 436,741 | — | 436,741 | |||||||||||||||||
Total accounts receivable | 1,218,660 | 21,997 | 1,240,657 | |||||||||||||||||
Deferred fuel costs | 282,429 | — | 282,429 | |||||||||||||||||
Fuel inventory - at average cost | 169,457 | 7,659 | 177,116 | |||||||||||||||||
Materials and supplies - at average cost | 1,229,361 | 4,126 | 1,233,487 | |||||||||||||||||
Deferred nuclear refueling outage costs | 155,688 | — | 155,688 | |||||||||||||||||
Prepayments and other | 261,244 | (54,891) | 206,353 | |||||||||||||||||
TOTAL | 5,199,161 | 67,081 | 5,266,242 | |||||||||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||||||
Investment in affiliates | 4,587,262 | (4,587,262) | — | |||||||||||||||||
Decommissioning trust funds | 4,349,892 | — | 4,349,892 | |||||||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 392,023 | 8,556 | 400,579 | |||||||||||||||||
Storm reserve escrow account | 406,150 | — | 406,150 | |||||||||||||||||
Other | 38,332 | 63,166 | 101,498 | |||||||||||||||||
TOTAL | 9,773,659 | (4,515,540) | 5,258,119 | |||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||||||
Electric | 64,037,894 | 211,484 | 64,249,378 | |||||||||||||||||
Natural gas | 697,771 | — | 697,771 | |||||||||||||||||
Construction work in progress | 2,156,244 | 1,097 | 2,157,341 | |||||||||||||||||
Nuclear fuel | 587,956 | — | 587,956 | |||||||||||||||||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 67,479,865 | 212,581 | 67,692,446 | |||||||||||||||||
Less - accumulated depreciation and amortization | 25,418,760 | 151,600 | 25,570,360 | |||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT - NET | 42,061,105 | 60,981 | 42,122,086 | |||||||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||||||
Regulatory assets: | ||||||||||||||||||||
Other regulatory assets | 5,493,703 | — | 5,493,703 | |||||||||||||||||
Deferred fuel costs | 241,085 | — | 241,085 | |||||||||||||||||
Goodwill | 374,099 | 3,073 | 377,172 | |||||||||||||||||
Accumulated deferred income taxes | 79,590 | 2,939 | 82,529 | |||||||||||||||||
Other | 221,132 | 141,208 | 362,340 | |||||||||||||||||
TOTAL | 6,409,609 | 147,220 | 6,556,829 | |||||||||||||||||
TOTAL ASSETS | $ | 63,443,534 | $ | (4,240,258) | $ | 59,203,276 | ||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||
Currently maturing long-term debt | $ | 2,120,046 | $ | 139,000 | $ | 2,259,046 | ||||||||||||||
Notes payable and commercial paper: | ||||||||||||||||||||
Other | — | 865,616 | 865,616 | |||||||||||||||||
Account payable: | ||||||||||||||||||||
Associated companies | 10,615 | (10,615) | — | |||||||||||||||||
Other | 1,375,901 | 10,048 | 1,385,949 | |||||||||||||||||
Customer deposits | 429,211 | — | 429,211 | |||||||||||||||||
Taxes accrued | 314,031 | 43,343 | 357,374 | |||||||||||||||||
Interest accrued | 203,138 | 22,753 | 225,891 | |||||||||||||||||
Deferred fuel costs | 14,626 | — | 14,626 | |||||||||||||||||
Pension and other postretirement liabilities | 74,546 | 13,042 | 87,588 | |||||||||||||||||
Other | 193,266 | 6,762 | 200,028 | |||||||||||||||||
TOTAL | 4,735,380 | 1,089,949 | 5,825,329 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 5,887,365 | (1,148,988) | 4,738,377 | |||||||||||||||||
Accumulated deferred investment tax credits | 209,128 | — | 209,128 | |||||||||||||||||
Regulatory liability for income taxes - net | 1,234,992 | — | 1,234,992 | |||||||||||||||||
Other regulatory liabilities | 2,588,056 | — | 2,588,056 | |||||||||||||||||
Decommissioning and retirement cost liabilities | 4,324,480 | 626 | 4,325,106 | |||||||||||||||||
Accumulated provisions | 530,940 | 286 | 531,226 | |||||||||||||||||
Pension and other postretirement liabilities | 1,017,175 | 149,549 | 1,166,724 | |||||||||||||||||
Long-term debt | 20,305,729 | 4,158,534 | 24,464,263 | |||||||||||||||||
Other | 1,129,651 | (395,914) | 733,737 | |||||||||||||||||
TOTAL | 37,227,516 | 2,764,093 | 39,991,609 | |||||||||||||||||
Subsidiaries' preferred stock without sinking fund | 195,161 | 24,249 | 219,410 | |||||||||||||||||
EQUITY | ||||||||||||||||||||
Preferred stock, no par value, authorized 1,000,000 shares; | ||||||||||||||||||||
issued shares in 2022 - none | — | — | — | |||||||||||||||||
Common stock, $.01 par value, authorized 499,000,000 shares; | ||||||||||||||||||||
issued 279,653,929 shares in 2023 | 2,458,748 | (2,455,951) | 2,797 | |||||||||||||||||
Paid-in capital | 5,145,676 | 2,472,101 | 7,617,777 | |||||||||||||||||
Retained earnings | 13,644,197 | (3,057,415) | 10,586,782 | |||||||||||||||||
Accumulated other comprehensive loss | 44,412 | (234,139) | (189,727) | |||||||||||||||||
Less - treasury stock, at cost (68,207,883 shares in 2023) | 120,000 | 4,839,395 | 4,959,395 | |||||||||||||||||
TOTAL COMMON SHAREHOLDERS' EQUITY | 21,173,033 | (8,114,799) | 13,058,234 | |||||||||||||||||
Subsidiaries' preferred stock without sinking fund | ||||||||||||||||||||
and noncontrolling interests | 112,444 | (3,750) | 108,694 | |||||||||||||||||
TOTAL | 21,285,477 | (8,118,549) | 13,166,928 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 63,443,534 | $ | (4,240,258) | $ | 59,203,276 | ||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||
Cash | $ | 101,049 | $ | 1,758 | $ | 12,483 | $ | 115,290 | ||||||||||||||||||
Temporary cash investments | 47,186 | 912 | 60,776 | 108,874 | ||||||||||||||||||||||
Total cash and cash equivalents | 148,235 | 2,670 | 73,259 | 224,164 | ||||||||||||||||||||||
Notes receivable | — | (75,000) | 75,000 | — | ||||||||||||||||||||||
Accounts receivable: | ||||||||||||||||||||||||||
Customer | 788,552 | — | — | 788,552 | ||||||||||||||||||||||
Allowance for doubtful accounts | (30,856) | — | — | (30,856) | ||||||||||||||||||||||
Associated companies | 7,991 | (9,407) | 1,416 | — | ||||||||||||||||||||||
Other | 223,752 | 4 | 17,946 | 241,702 | ||||||||||||||||||||||
Accrued unbilled revenues | 495,859 | — | — | 495,859 | ||||||||||||||||||||||
Total accounts receivable | 1,485,298 | (9,403) | 19,362 | 1,495,257 | ||||||||||||||||||||||
Deferred fuel costs | 710,401 | — | — | 710,401 | ||||||||||||||||||||||
Fuel inventory - at average cost | 141,174 | — | 6,458 | 147,632 | ||||||||||||||||||||||
Materials and supplies - at average cost | 1,179,344 | — | 3,964 | 1,183,308 | ||||||||||||||||||||||
Deferred nuclear refueling outage costs | 143,653 | — | — | 143,653 | ||||||||||||||||||||||
Prepayments and other | 190,942 | (8,673) | 8,342 | 190,611 | ||||||||||||||||||||||
TOTAL | 3,999,047 | (90,406) | 186,385 | 4,095,026 | ||||||||||||||||||||||
OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||||||||||||
Investment in affiliates | 3,176,229 | (3,176,315) | 86 | — | ||||||||||||||||||||||
Decommissioning trust funds | 4,121,864 | — | — | 4,121,864 | ||||||||||||||||||||||
Non-utility property - at cost (less accumulated depreciation) | 357,763 | (16) | 8,658 | 366,405 | ||||||||||||||||||||||
Storm reserve escrow account | 401,955 | — | — | 401,955 | ||||||||||||||||||||||
Other | 42,154 | 51,497 | 8,608 | 102,259 | ||||||||||||||||||||||
TOTAL | 8,099,965 | (3,124,834) | 17,352 | 4,992,483 | ||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||||||||||||
Electric | 64,435,141 | 5,313 | 206,457 | 64,646,911 | ||||||||||||||||||||||
Natural gas | 691,970 | — | — | 691,970 | ||||||||||||||||||||||
Construction work in progress | 1,843,160 | 352 | 659 | 1,844,171 | ||||||||||||||||||||||
Nuclear fuel | 582,119 | — | — | 582,119 | ||||||||||||||||||||||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 67,552,390 | 5,665 | 207,116 | 67,765,171 | ||||||||||||||||||||||
Less - accumulated depreciation and amortization | 25,137,429 | 200 | 150,418 | 25,288,047 | ||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT - NET | 42,414,961 | 5,465 | 56,698 | 42,477,124 | ||||||||||||||||||||||
DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||||||||||||
Regulatory assets: | ||||||||||||||||||||||||||
Other regulatory assets | 6,036,397 | — | — | 6,036,397 | ||||||||||||||||||||||
Deferred fuel costs | 241,085 | — | — | 241,085 | ||||||||||||||||||||||
Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||||||||||||
Accumulated deferred income taxes | 81,315 | 358 | 2,427 | 84,100 | ||||||||||||||||||||||
Other | 152,374 | 10,903 | 128,527 | 291,804 | ||||||||||||||||||||||
TOTAL | 6,885,270 | 11,261 | 134,027 | 7,030,558 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 61,399,243 | $ | (3,198,514) | $ | 394,462 | $ | 58,595,191 | ||||||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||
Currently maturing long-term debt | $ | 2,170,037 | $ | — | $ | 139,000 | $ | 2,309,037 | ||||||||||||||||||
Notes payable and commercial paper: | ||||||||||||||||||||||||||
Other | — | 827,621 | — | 827,621 | ||||||||||||||||||||||
Account payable: | ||||||||||||||||||||||||||
Associated companies | 42,681 | (39,329) | (3,352) | — | ||||||||||||||||||||||
Other | 1,769,731 | 83 | 7,776 | 1,777,590 | ||||||||||||||||||||||
Customer deposits | 424,723 | — | — | 424,723 | ||||||||||||||||||||||
Taxes accrued | 407,244 | 2,887 | 13,960 | 424,091 | ||||||||||||||||||||||
Interest accrued | 181,960 | 12,927 | 377 | 195,264 | ||||||||||||||||||||||
Pension and other postretirement liabilities | 89,348 | — | 15,497 | 104,845 | ||||||||||||||||||||||
Sale-leaseback/depreciation regulatory liability | 103,497 | — | — | 103,497 | ||||||||||||||||||||||
Other | 195,983 | 1,915 | 4,881 | 202,779 | ||||||||||||||||||||||
TOTAL | 5,385,204 | 806,104 | 178,139 | 6,369,447 | ||||||||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 5,923,987 | (638,476) | (466,674) | 4,818,837 | ||||||||||||||||||||||
Accumulated deferred investment tax credits | 211,220 | — | — | 211,220 | ||||||||||||||||||||||
Regulatory liability for income taxes - net | 1,258,276 | — | — | 1,258,276 | ||||||||||||||||||||||
Other regulatory liabilities | 2,324,590 | — | — | 2,324,590 | ||||||||||||||||||||||
Decommissioning and retirement cost liabilities | 4,270,916 | — | 615 | 4,271,531 | ||||||||||||||||||||||
Accumulated provisions | 530,910 | — | 291 | 531,201 | ||||||||||||||||||||||
Pension and other postretirement liabilities | 1,047,018 | — | 166,537 | 1,213,555 | ||||||||||||||||||||||
Long-term debt | 19,466,346 | 4,157,166 | — | 23,623,512 | ||||||||||||||||||||||
Other | 1,104,215 | (459,639) | 44,144 | 688,720 | ||||||||||||||||||||||
TOTAL | 36,137,478 | 3,059,051 | (255,087) | 38,941,442 | ||||||||||||||||||||||
Subsidiaries' preferred stock without sinking fund | 195,161 | — | 24,249 | 219,410 | ||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||
Preferred stock, no par value, authorized 1,000,000 shares; | ||||||||||||||||||||||||||
issued shares in 2022 - none | — | — | — | — | ||||||||||||||||||||||
Common stock, $.01 par value, authorized 499,000,000 shares; | ||||||||||||||||||||||||||
issued 279,653,929 shares in 2022 | 2,458,748 | (2,657,052) | 201,101 | 2,797 | ||||||||||||||||||||||
Paid-in capital | 3,694,509 | (1,619,515) | 5,557,901 | 7,632,895 | ||||||||||||||||||||||
Retained earnings | 13,504,961 | 2,075,642 | (5,078,562) | 10,502,041 | ||||||||||||||||||||||
Accumulated other comprehensive loss | 41,525 | — | (233,279) | (191,754) | ||||||||||||||||||||||
Less - treasury stock, at cost (68,477,429 shares in 2022) | 120,000 | 4,858,994 | — | 4,978,994 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDERS' EQUITY | 19,579,743 | (7,059,919) | 447,161 | 12,966,985 | ||||||||||||||||||||||
Subsidiaries' preferred stock without sinking fund | ||||||||||||||||||||||||||
and noncontrolling interests | 101,657 | (3,750) | — | 97,907 | ||||||||||||||||||||||
TOTAL | 19,681,400 | (7,063,669) | 447,161 | 13,064,892 | ||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 61,399,243 | $ | (3,198,514) | $ | 394,462 | $ | 58,595,191 | ||||||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||
Consolidating Income Statement | ||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Utility | Parent & Other | Consolidated | ||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||
Electric | $ | 2,883,411 | $ | — | $ | 2,883,411 | ||||||||||||||
Natural gas | 64,581 | — | 64,581 | |||||||||||||||||
Other | — | 33,067 | 33,067 | |||||||||||||||||
Total | 2,947,992 | 33,067 | 2,981,059 | |||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 888,450 | 9,934 | 898,384 | |||||||||||||||||
Purchased power | 218,968 | 19,320 | 238,288 | |||||||||||||||||
Nuclear refueling outage expenses | 37,233 | — | 37,233 | |||||||||||||||||
Other operation and maintenance | 619,793 | 11,733 | 631,526 | |||||||||||||||||
Decommissioning | 50,481 | 12 | 50,493 | |||||||||||||||||
Taxes other than income taxes | 184,412 | 1,025 | 185,437 | |||||||||||||||||
Depreciation and amortization | 452,375 | 1,541 | 453,916 | |||||||||||||||||
Other regulatory charges (credits) - net | 23,673 | — | 23,673 | |||||||||||||||||
Total | 2,475,385 | — | 43,565 | 2,518,950 | ||||||||||||||||
OPERATING INCOME | 472,607 | (10,498) | 462,109 | |||||||||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||
Allowance for equity funds used during construction | 23,146 | — | 23,146 | |||||||||||||||||
Interest and investment income | 99,767 | (51,508) | 48,259 | |||||||||||||||||
Miscellaneous - net | (61,244) | 6,792 | (54,452) | |||||||||||||||||
Total | 61,669 | (44,716) | 16,953 | |||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Interest expense | 211,826 | 43,503 | 255,329 | |||||||||||||||||
Allowance for borrowed funds used during construction | (9,591) | — | (9,591) | |||||||||||||||||
Total | 202,235 | 43,503 | 245,738 | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 332,041 | (98,717) | 233,324 | |||||||||||||||||
Income taxes | (66,126) | (12,849) | (78,975) | |||||||||||||||||
CONSOLIDATED NET INCOME | 398,167 | (85,868) | 312,299 | |||||||||||||||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | 865 | 499 | 1,364 | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 397,302 | $ | (86,367) | $ | 310,935 | ||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||
BASIC | $1.88 | ($0.41) | $1.47 | |||||||||||||||||
DILUTED | $1.87 | ($0.41) | $1.47 | |||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||
BASIC | 211,350,705 | |||||||||||||||||||
DILUTED | 212,146,507 | |||||||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||||||
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Income Statement | ||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||||||||
Electric | $ | 2,655,795 | $ | (19) | $ | — | $ | 2,655,776 | ||||||||||||||||||
Natural gas | 72,361 | — | — | 72,361 | ||||||||||||||||||||||
Other | — | 11 | 149,777 | 149,788 | ||||||||||||||||||||||
Total | 2,728,156 | (8) | 149,777 | 2,877,925 | ||||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 640,770 | (9) | 26,177 | 666,938 | ||||||||||||||||||||||
Purchased power | 255,944 | 9 | 13,673 | 269,626 | ||||||||||||||||||||||
Nuclear refueling outage expenses | 31,944 | — | 11,058 | 43,002 | ||||||||||||||||||||||
Other operation and maintenance | 628,516 | 9,075 | 41,221 | 678,812 | ||||||||||||||||||||||
Asset write-offs, impairments, and related charges | — | — | 744 | 744 | ||||||||||||||||||||||
Decommissioning | 48,064 | — | 13,984 | 62,048 | ||||||||||||||||||||||
Taxes other than income taxes | 170,280 | 363 | 9,505 | 180,148 | ||||||||||||||||||||||
Depreciation and amortization | 430,223 | 204 | 8,545 | 438,972 | ||||||||||||||||||||||
Other regulatory charges (credits) - net | (28,425) | — | — | (28,425) | ||||||||||||||||||||||
Total | 2,177,316 | 9,642 | 124,907 | 2,311,865 | ||||||||||||||||||||||
OPERATING INCOME | 550,840 | (9,650) | 24,870 | 566,060 | ||||||||||||||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | 15,871 | — | — | 15,871 | ||||||||||||||||||||||
Interest and investment income (loss) | 27,707 | (32,722) | (16,903) | (21,918) | ||||||||||||||||||||||
Miscellaneous - net | 7,328 | (3,775) | 4,050 | 7,603 | ||||||||||||||||||||||
Total | 50,906 | (36,497) | (12,853) | 1,556 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||
Interest expense | 189,327 | 36,991 | 1,304 | 227,622 | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | (6,096) | — | — | (6,096) | ||||||||||||||||||||||
Total | 183,231 | 36,991 | 1,304 | 221,526 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 418,515 | (83,138) | 10,713 | 346,090 | ||||||||||||||||||||||
Income taxes | 75,359 | (11,716) | 2,854 | 66,497 | ||||||||||||||||||||||
CONSOLIDATED NET INCOME | 343,156 | (71,422) | 7,859 | 279,593 | ||||||||||||||||||||||
Preferred dividend requirements of subsidiaries and noncontrolling interest | 2,694 | (48) | 547 | 3,193 | ||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 340,462 | $ | (71,374) | $ | 7,312 | $ | 276,400 | ||||||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
BASIC | $1.67 | ($0.35) | $0.04 | $1.36 | ||||||||||||||||||||||
DILUTED | $1.67 | ($0.35) | $0.04 | $1.36 | ||||||||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 202,943,628 | |||||||||||||||||||||||||
DILUTED | 203,888,483 | |||||||||||||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||||||||||||
Entergy Corporation | ||||||||||||||||||||
Consolidating Income Statement | ||||||||||||||||||||
Twelve Months Ended March 31, 2023 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Utility | Parent & Other | Consolidated | ||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||
Electric | $ | 13,414,500 | $ | (20) | $ | 13,414,480 | ||||||||||||||
Natural gas | 226,140 | — | 226,140 | |||||||||||||||||
Other | — | 226,751 | 226,751 | |||||||||||||||||
Total | 13,640,640 | 226,731 | 13,867,371 | |||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 3,882,074 | 82,223 | 3,964,297 | |||||||||||||||||
Purchased power | 1,441,145 | 89,061 | 1,530,206 | |||||||||||||||||
Nuclear refueling outage expenses | 142,907 | 7,356 | 150,263 | |||||||||||||||||
Other operation and maintenance | 2,891,036 | 100,137 | 2,991,173 | |||||||||||||||||
Asset write-offs, impairments, and related charges (credits) | — | (164,208) | (164,208) | |||||||||||||||||
Decommissioning | 198,248 | 14,273 | 212,521 | |||||||||||||||||
Taxes other than income taxes | 730,692 | 8,135 | 738,827 | |||||||||||||||||
Depreciation and amortization | 1,767,974 | 7,993 | 1,775,967 | |||||||||||||||||
Other regulatory charges (credits) - net | 721,501 | — | 721,501 | |||||||||||||||||
Total | 11,775,577 | 144,970 | 11,920,547 | |||||||||||||||||
OPERATING INCOME | 1,865,063 | 81,761 | 1,946,824 | |||||||||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||
Allowance for equity funds used during construction | 80,107 | — | 80,107 | |||||||||||||||||
Interest and investment income (loss) | 218,028 | (223,432) | (5,404) | |||||||||||||||||
Miscellaneous - net | (116,176) | (23,508) | (139,684) | |||||||||||||||||
Total | 181,959 | (246,940) | (64,981) | |||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Interest expense | 800,497 | 167,270 | 967,767 | |||||||||||||||||
Allowance for borrowed funds used during construction | (31,318) | — | (31,318) | |||||||||||||||||
Total | 769,179 | 167,270 | 936,449 | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,277,843 | (332,449) | 945,394 | |||||||||||||||||
Income taxes | (175,748) | (8,702) | (184,450) | |||||||||||||||||
CONSOLIDATED NET INCOME | 1,453,591 | (323,747) | 1,129,844 | |||||||||||||||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | (9,854) | 1,997 | (7,857) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 1,463,445 | $ | (325,744) | $ | 1,137,701 | ||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||
BASIC | $7.03 | ($1.56) | $5.46 | |||||||||||||||||
DILUTED | $6.99 | ($1.56) | $5.44 | |||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||
BASIC | 208,195,584 | |||||||||||||||||||
DILUTED | 209,264,634 | |||||||||||||||||||
*Totals may not foot due to rounding. | ||||||||||||||||||||
Entergy Corporation | ||||||||||||||||||||||||||
Consolidating Income Statement | ||||||||||||||||||||||||||
Twelve Months Ended March 31, 2022 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
OPERATING REVENUES | ||||||||||||||||||||||||||
Electric | $ | 10,991,416 | $ | (60) | $ | — | $ | 10,991,356 | ||||||||||||||||||
Natural gas | 184,798 | — | — | 184,798 | ||||||||||||||||||||||
Other | — | 107 | 599,723 | 599,830 | ||||||||||||||||||||||
Total | 11,176,214 | 47 | 599,723 | 11,775,984 | ||||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||
Operating and Maintenance: | ||||||||||||||||||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,536,381 | (18) | 87,505 | 2,623,868 | ||||||||||||||||||||||
Purchased power | 1,092,816 | 18 | 68,733 | 1,161,567 | ||||||||||||||||||||||
Nuclear refueling outage expenses | 127,055 | — | 44,844 | 171,899 | ||||||||||||||||||||||
Other operation and maintenance | 2,683,232 | 28,609 | 228,807 | 2,940,648 | ||||||||||||||||||||||
Asset write-offs, impairments and related charges | — | — | 261,096 | 261,096 | ||||||||||||||||||||||
Decommissioning | 188,639 | — | 81,178 | 269,817 | ||||||||||||||||||||||
Taxes other than income taxes | 662,948 | 526 | 20,262 | 683,736 | ||||||||||||||||||||||
Depreciation and amortization | 1,666,273 | 2,256 | 40,209 | 1,708,738 | ||||||||||||||||||||||
Other regulatory charges (credits) - net | 50,925 | — | — | 50,925 | ||||||||||||||||||||||
Total | 9,008,269 | 31,391 | 832,634 | 9,872,294 | ||||||||||||||||||||||
OPERATING INCOME | 2,167,945 | (31,344) | (232,911) | 1,903,690 | ||||||||||||||||||||||
OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | 71,767 | — | — | 71,767 | ||||||||||||||||||||||
Interest and investment income | 342,411 | (130,938) | 53,760 | 265,233 | ||||||||||||||||||||||
Miscellaneous - net | (123,802) | (9,864) | 420 | (133,246) | ||||||||||||||||||||||
Total | 290,376 | (140,802) | 54,180 | 203,754 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||
Interest expense | 736,547 | 138,593 | 10,308 | 885,448 | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | (29,101) | — | — | (29,101) | ||||||||||||||||||||||
Total | 707,446 | 138,593 | 10,308 | 856,347 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,750,875 | (310,739) | (189,039) | 1,251,097 | ||||||||||||||||||||||
Income taxes | 279,832 | (49,817) | (38,086) | 191,929 | ||||||||||||||||||||||
CONSOLIDATED NET INCOME | 1,471,043 | (260,922) | (150,953) | 1,059,168 | ||||||||||||||||||||||
Preferred dividend requirements of subsidiaries and noncontrolling interest | (3,272) | (75) | 2,188 | (1,159) | ||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 1,474,315 | $ | (260,847) | $ | (153,141) | $ | 1,060,327 | ||||||||||||||||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
BASIC | $7.32 | ($1.30) | ($0.76) | $5.26 | ||||||||||||||||||||||
DILUTED | $7.28 | ($1.29) | ($0.76) | $5.23 | ||||||||||||||||||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 201,537,750 | |||||||||||||||||||||||||
DILUTED | 202,547,532 | |||||||||||||||||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||||||||||||||
Consolidated Cash Flow Statement | ||||||||||||||||||||
Three Months Ended March 31, 2023 vs. 2022 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2023 | 2022 | Variance | ||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Consolidated net income | $ | 312,299 | $ | 279,593 | $ | 32,706 | ||||||||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||||||||||
flow provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 553,224 | 561,731 | (8,507) | |||||||||||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (98,244) | 70,780 | (169,024) | |||||||||||||||||
Asset write-offs, impairments, and related charges | — | 744 | (744) | |||||||||||||||||
Changes in working capital: | ||||||||||||||||||||
Receivables | 272,533 | 122,987 | 149,546 | |||||||||||||||||
Fuel inventory | (29,484) | 14,795 | (44,279) | |||||||||||||||||
Accounts payable | (339,963) | (283,175) | (56,788) | |||||||||||||||||
Taxes accrued | (66,717) | (79,941) | 13,224 | |||||||||||||||||
Interest accrued | 30,627 | 32,862 | (2,235) | |||||||||||||||||
Deferred fuel costs | 442,598 | (58,932) | 501,530 | |||||||||||||||||
Other working capital accounts | (67,971) | (95,033) | 27,062 | |||||||||||||||||
Changes in provisions for estimated losses | 25 | 8,206 | (8,181) | |||||||||||||||||
Changes in other regulatory assets | 542,694 | (1,424,270) | 1,966,964 | |||||||||||||||||
Changes in other regulatory liabilities | 136,685 | (250,358) | 387,043 | |||||||||||||||||
Effects of securitization on regulatory asset | (491,150) | 1,491,942 | (1,983,092) | |||||||||||||||||
Changes in pension and other postretirement liabilities | (64,088) | (101,641) | 37,553 | |||||||||||||||||
Other | (173,525) | 247,676 | (421,201) | |||||||||||||||||
Net cash flow provided by operating activities | 959,543 | 537,966 | 421,577 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Construction/capital expenditures | (1,175,657) | (1,501,578) | 325,921 | |||||||||||||||||
Allowance for equity funds used during construction | 23,146 | 15,871 | 7,275 | |||||||||||||||||
Nuclear fuel purchases | (90,809) | (83,326) | (7,483) | |||||||||||||||||
Litigation proceeds from settlement agreement | — | 9,829 | (9,829) | |||||||||||||||||
Changes in securitization account | (3,904) | 13,532 | (17,436) | |||||||||||||||||
Payments to storm reserve escrow account | (4,196) | — | (4,196) | |||||||||||||||||
Increase in other investments | (3,462) | (11,862) | 8,400 | |||||||||||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 32,367 | (32,367) | |||||||||||||||||
Proceeds from nuclear decommissioning trust fund sales | 204,128 | 479,937 | (275,809) | |||||||||||||||||
Investment in nuclear decommissioning trust funds | (232,837) | (505,989) | 273,152 | |||||||||||||||||
Net cash flow used in investing activities | (1,283,591) | (1,551,219) | 267,628 | |||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of: | ||||||||||||||||||||
Long-term debt | 1,614,522 | 2,553,369 | (938,847) | |||||||||||||||||
Treasury stock | 4,017 | 9,629 | (5,612) | |||||||||||||||||
Retirement of long-term debt | (834,530) | (1,224,091) | 389,561 | |||||||||||||||||
Changes in credit borrowings and commercial paper - net | 37,995 | 141,634 | (103,639) | |||||||||||||||||
Proceeds from trust related to securitization | 1,457,676 | — | 1,457,676 | |||||||||||||||||
Other | 21,490 | 1,382 | 20,108 | |||||||||||||||||
Dividends paid: | ||||||||||||||||||||
Common stock | (226,194) | (205,058) | (21,136) | |||||||||||||||||
Preferred stock | (4,580) | (4,580) | — | |||||||||||||||||
Net cash flow provided by financing activities | 2,070,396 | 1,272,285 | 798,111 | |||||||||||||||||
Net increase in cash and cash equivalents | 1,746,348 | 259,032 | 1,487,316 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 224,164 | 442,559 | (218,395) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,970,512 | $ | 701,591 | $ | 1,268,921 | ||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||
Interest - net of amount capitalized | $ | 215,082 | $ | 186,269 | $ | 28,813 | ||||||||||||||
Income taxes | $ | (5,352) | $ | (11,505) | $ | 6,153 |
Entergy Corporation | ||||||||||||||||||||
Consolidated Cash Flow Statement | ||||||||||||||||||||
Twelve Months Ended March 31, 2023 vs. 2022 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2023 | 2022 | Variance | ||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Consolidated net income | $ | 1,129,844 | $ | 1,059,168 | $ | 70,676 | ||||||||||||||
Adjustments to reconcile consolidated net income to net cash | ||||||||||||||||||||
flow provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,181,864 | 2,224,104 | (42,240) | |||||||||||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (216,178) | 79,068 | (295,246) | |||||||||||||||||
Asset write-offs, impairments, and related charges (credits) | (164,208) | 261,065 | (425,273) | |||||||||||||||||
Changes in working capital: | ||||||||||||||||||||
Receivables | (7,721) | 91,048 | (98,769) | |||||||||||||||||
Fuel inventory | (37,336) | 6,276 | (43,612) | |||||||||||||||||
Accounts payable | (158,801) | 162,273 | (321,074) | |||||||||||||||||
Taxes accrued | 17,487 | 130,058 | (112,571) | |||||||||||||||||
Interest accrued | 1,878 | 26,000 | (24,122) | |||||||||||||||||
Deferred fuel costs | 107,784 | (171,883) | 279,667 | |||||||||||||||||
Other working capital accounts | (130,173) | (105,334) | (24,839) | |||||||||||||||||
Changes in provisions for estimated losses | 365,898 | (16,584) | 382,482 | |||||||||||||||||
Changes in other regulatory assets | 2,543,823 | (2,050,887) | 4,594,710 | |||||||||||||||||
Changes in other regulatory liabilities | 120,484 | (192,263) | 312,747 | |||||||||||||||||
Effects of securitization on regulatory asset | (2,924,127) | 1,491,942 | (4,416,069) | |||||||||||||||||
Changes in pension and other postretirement liabilities | (661,708) | (832,075) | 170,367 | |||||||||||||||||
Other | 838,257 | 726,268 | 111,989 | |||||||||||||||||
Net cash flow provided by operating activities | 3,007,067 | 2,888,244 | 118,823 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Construction/capital expenditures | (4,739,205) | (6,036,771) | 1,297,566 | |||||||||||||||||
Allowance for equity funds used during construction | 80,107 | 71,767 | 8,340 | |||||||||||||||||
Nuclear fuel purchases | (231,096) | (201,922) | (29,174) | |||||||||||||||||
Payment for purchase of plant | (106,193) | (168,304) | 62,111 | |||||||||||||||||
Net proceeds from sale of plant | (1,195) | 17,421 | (18,616) | |||||||||||||||||
Litigation proceeds from settlement agreement | — | 9,829 | (9,829) | |||||||||||||||||
Changes in securitization account | (1,922) | 28,505 | (30,427) | |||||||||||||||||
Payments to storm reserve escrow account | (1,498,244) | (15) | (1,498,229) | |||||||||||||||||
Receipts from storm reserve escrow account | 1,125,279 | 38,900 | 1,086,379 | |||||||||||||||||
Decrease (increase) in other investments | 5,072 | (22,040) | 27,112 | |||||||||||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | — | 65,868 | (65,868) | |||||||||||||||||
Proceeds from nuclear decommissioning trust fund sales | 1,360,877 | 2,808,056 | (1,447,179) | |||||||||||||||||
Investment in nuclear decommissioning trust funds | (1,435,749) | (2,828,517) | 1,392,768 | |||||||||||||||||
Net cash flow used in investing activities | (5,442,269) | (6,217,223) | 774,954 | |||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of: | ||||||||||||||||||||
Long-term debt | 5,080,988 | 7,185,554 | (2,104,566) | |||||||||||||||||
Treasury stock | 26,430 | 14,627 | 11,803 | |||||||||||||||||
Common stock | 852,555 | 200,776 | 651,779 | |||||||||||||||||
Retirement of long-term debt | (5,606,342) | (4,705,746) | (900,596) | |||||||||||||||||
Changes in credit borrowings and commercial paper - net | (477,195) | 315,182 | (792,377) | |||||||||||||||||
Capital contributions from noncontrolling interests | 24,702 | 51,202 | (26,500) | |||||||||||||||||
Proceeds from trust related to securitization | 4,621,248 | — | 4,621,248 | |||||||||||||||||
Other | 62,869 | 34,223 | 28,646 | |||||||||||||||||
Dividends paid: | ||||||||||||||||||||
Common stock | (862,813) | (789,585) | (73,228) | |||||||||||||||||
Preferred stock | (18,319) | (18,319) | — | |||||||||||||||||
Net cash flow provided by financing activities | 3,704,123 | 2,287,914 | 1,416,209 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,268,921 | (1,041,065) | 2,309,986 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 701,591 | 1,742,656 | (1,041,065) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,970,512 | $ | 701,591 | $ | 1,268,921 | ||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||
Interest - net of amount capitalized | $ | 930,697 | $ | 827,046 | $ | 103,651 | ||||||||||||||
Income taxes | $ | 34,507 | $ | 77,857 | $ | (43,350) |
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