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| 8-K - 8-K - ENTERGY CORP /DE/ | etr-20210428.htm |
Exhibit 99.1
Entergy
639 Loyola Avenue
New Orleans, LA 70113
News
Release
Date: | April 28, 2021 | ||||||||||
| For Release: | Immediately | ||||||||||
| Contact: | Neal Kirby (Media) (504) 576-4238 nkirby@entergy.com | Bill Abler (Investor Relations) (504) 576-3097 wabler@entergy.com | |||||||||
Entergy Reports First Quarter Earnings
Company affirms guidance and financial outlooks
NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2021 earnings per share of $1.66 on an as-reported basis and $1.47 on an adjusted basis (non-GAAP).
“We had a strong first quarter and our team successfully executed on several fronts,” said Entergy Chairman and Chief Executive Officer Leo Denault. “We reached settlements on several important issues, reducing risk, providing long-term clarity, and solidifying a clear path for our future growth. This enables us to continue to make investments in a cleaner generation fleet and a more reliable delivery system that benefit our customers and our communities, and that support the long-term growth of our business.”
Business highlights included the following:
• Entergy Louisiana, Entergy Arkansas, and Entergy Texas issued RFPs for up to 500, 300, and 200 megawatts of renewable resources, respectively.
• Entergy Arkansas resolved its formula rate plan, including a five-year extension.
• Entergy Louisiana reached an agreement on a three-year extension of its formula rate plan.
• Entergy Mississippi submitted its annual formula rate plan filing.
• Entergy Texas reached settlements on its TCRF and DCRF filings.
• Entergy and Holtec filed a joint settlement agreement among all parties with the NY PSC for the sale of Indian Point.
• Entergy and five other utilities formed the Electric Highway Coalition, a multi-state electric vehicle charging initiative.
• Entergy ranked among the top energy and utility companies on the 2021 Corporate Equality Index by the Human Rights Campaign Foundation.
| Table of Contents Page | ||
| News Release 1 Appendices 7 A: Consolidated Results and Adjustments 8 B: Earnings Variance Analysis 11 C: Utility Financial and Operating Measures 13 D: EWC Financial and Operating Measures 14 E: Consolidated Financial Measures 15 F: Definitions and Abbreviations and Acronyms 16 G: Other GAAP to Non-GAAP Reconciliations 19 Financial Statements 22 | ||
| Consolidated Earnings (GAAP and Non-GAAP Measures) | |||||||||||
| First Quarter 2021 vs. 2020 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | |||||||||||
| First Quarter | |||||||||||
| 2021 | 2020 | Change | |||||||||
| (After-tax, $ in millions) | |||||||||||
| As-reported earnings | 335 | 119 | 216 | ||||||||
| Less adjustments | 38 | (111) | 149 | ||||||||
| Adjusted earnings (non-GAAP) | 297 | 230 | 67 | ||||||||
| Estimated weather in billed sales | 24 | (50) | 73 | ||||||||
| (After-tax, per share in $) | |||||||||||
| As-reported earnings | 1.66 | 0.59 | 1.07 | ||||||||
| Less adjustments | 0.19 | (0.55) | 0.74 | ||||||||
| Adjusted earnings (non-GAAP) | 1.47 | 1.14 | 0.33 | ||||||||
| Estimated weather in billed sales | 0.12 | (0.25) | 0.37 | ||||||||
Calculations may differ due to rounding
Consolidated Results
For first quarter 2021, the company reported earnings of $335 million, or $1.66 per share, on an as-reported basis, and earnings of $297 million, or $1.47 per share, on an adjusted basis. This compared to first quarter 2020 earnings of $119 million, or 59 cents per share, on an as-reported basis, and earnings of $230 million, or $1.14 per share, on an adjusted basis.
Summary discussions by business are below. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of quarterly variances by business is provided in Appendix B.
Business Segment Results
Utility
For first quarter 2021, the Utility business reported earnings attributable to Entergy Corporation of $357 million, or $1.77 per share, on both an as-reported and an adjusted basis. This compared to first quarter 2020 earnings of $320 million, or $1.59 per share, on both an as-reported and an adjusted basis. Drivers for the quarter included:
• higher retail sales volume, including the net effects of weather and COVID-19;
• the net effect of regulatory actions across the operating companies; and
• the reversal of a regulatory provision at E-AR for its 2019 netting adjustment, originally recorded in fourth quarter 2020.
These drivers were partially offset by:
• two income tax items recorded in first quarter 2020, which was partially offset at P&O;
• higher other O&M primarily due to higher nuclear and non-nuclear generation expenses; and
• higher depreciation and interest expenses.
Appendix C contains additional details on Utility financial and operating measures.
Parent & Other
For first quarter 2021, Parent & Other reported a loss attributable to Entergy Corporation of $(60 million), or (30) cents per share, on both an as-reported and an adjusted basis. This compared to a first quarter 2020 loss of $(90 million), or (45) cents per share, on both an as-reported and an adjusted basis. A primary driver was an income tax item recorded in first quarter 2020, which was partially offset at the Utility.
Entergy Wholesale Commodities
For first quarter 2021, EWC reported earnings attributable to Entergy Corporation of
$38 million, or 19 cents per share, on an as-reported basis. This compared to a first quarter 2020 loss attributable to Entergy Corporation of $(111 million), or (55) cents per share, on an as-reported basis. Drivers for the quarter included:
• performance of decommissioning trust funds; and
• lower operating expenses primarily due to the shutdown of Indian Point 2.
These drivers were partially offset by:
• lower revenue primarily due to the shutdown of Indian Point 2.
Appendix D contains additional details on EWC financial and operating measures, including reconciliation for non-GAAP EWC adjusted EBITDA.
Earnings Per Share Guidance
Entergy affirmed its 2021 adjusted EPS guidance range of $5.80 to $6.10. See webcast presentation for additional details.
The company has provided 2021 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP Financial Measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately $(1.70) in 2021. This estimate is subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.
Earnings Teleconference
A teleconference will be held at 10:00 a.m. Central Time on Wednesday, April 28, 2021, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 3529059, no more than 15 minutes prior to the start of the call. The webcast presentation is also posted to Entergy’s website concurrent with this news release, which was issued before market open on the day of the call. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through May 5, 2021, by dialing 855-859-2056, conference ID 3529059.
Entergy Corporation is an integrated energy company engaged in electric power production, transmission and retail distribution operations. Entergy delivers electricity to nearly 3 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy owns and operates one of the cleanest large-scale U.S. power generating fleets with approximately 30,000 megawatts of electric generating capacity, including 8,000 megawatts of nuclear power. Headquartered in New Orleans, Louisiana, Entergy has annual revenues of $10 billion and 13,400 employees.
Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR.”
Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.
Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates of certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.
For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.
Non-GAAP Financial Measures
This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s decision to exit the merchant power business. Adjustments are 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 the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.
Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.
Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROE, excluding affiliate preferred; adjusted ROIC; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC,
are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility, and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, other financial measures including net income (or earnings) adjusted for preferred dividends and tax-effected interest expense and FFO are included on both an adjusted and an as-reported basis. In each case, the metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) exclude the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.
These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
Cautionary Note Regarding Forward-Looking Statements
In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2021 earnings guidance; its current financial and operational outlooks; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear
facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.
###
First Quarter 2021 Earnings Release Appendices and Financial Statements
Appendices
A: Consolidated Results and Adjustments
B: Earnings Variance Analysis
C: Utility Financial and Operating Measures
D: EWC Financial and Operating Measures
E: Consolidated Financial Measures
F: Definitions and Abbreviations and Acronyms
G: Other GAAP to Non-GAAP Reconciliations
Financial Statements
Consolidating Balance Sheets
Consolidating Income Statements
Consolidated Cash Flow Statements
A: Consolidated Results and Adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures First Quarter 2021 vs. 2020 (See Appendix A-3 and Appendix A-4 for details on adjustments) | |||||||||||
| First Quarter | |||||||||||
| 2021 | 2020 | Change | |||||||||
| (After-tax, $ in millions) | |||||||||||
| As-reported earnings (loss) | |||||||||||
| Utility | 357 | 320 | 37 | ||||||||
| Parent & Other | (60) | (90) | 30 | ||||||||
| EWC | 38 | (111) | 149 | ||||||||
| Consolidated | 335 | 119 | 216 | ||||||||
| Less adjustments | |||||||||||
| Utility | - | - | - | ||||||||
| Parent & Other | - | - | - | ||||||||
| EWC | 38 | (111) | 149 | ||||||||
| Consolidated | 38 | (111) | 149 | ||||||||
| Adjusted earnings (loss) (non-GAAP) | |||||||||||
| Utility | 357 | 320 | 37 | ||||||||
| Parent & Other | (60) | (90) | 30 | ||||||||
| EWC | - | - | - | ||||||||
| Consolidated | 297 | 230 | 67 | ||||||||
| Estimated weather in billed sales | 24 | (50) | 73 | ||||||||
| Diluted average number of common shares outstanding (in millions) | 201 | 201 | |||||||||
(After-tax, per share in $) (a) | |||||||||||
| As-reported earnings (loss) | |||||||||||
| Utility | 1.77 | 1.59 | 0.18 | ||||||||
| Parent & Other | (0.30) | (0.45) | 0.15 | ||||||||
| EWC | 0.19 | (0.55) | 0.74 | ||||||||
| Consolidated | 1.66 | 0.59 | 1.07 | ||||||||
| Less adjustments | |||||||||||
| Utility | - | - | - | ||||||||
| Parent & Other | - | - | - | ||||||||
| EWC | 0.19 | (0.55) | 0.74 | ||||||||
| Consolidated | 0.19 | (0.55) | 0.74 | ||||||||
| Adjusted earnings (loss) (non-GAAP) | |||||||||||
| Utility | 1.77 | 1.59 | 0.18 | ||||||||
| Parent & Other | (0.30) | (0.45) | 0.15 | ||||||||
| EWC | - | - | - | ||||||||
| Consolidated | 1.47 | 1.14 | 0.33 | ||||||||
| Estimated weather in billed sales | 0.12 | (0.25) | 0.37 | ||||||||
Calculations may differ due to rounding
(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
See Appendix B for detailed earnings variance analysis.
Appendix A-2 provides a comparative summary of OCF, by business.
| Appendix A-2: Consolidated Operating Cash Flow | |||||||||||
| First Quarter 2021 vs. 2020 | |||||||||||
| ($ in millions) | |||||||||||
| First Quarter | |||||||||||
| 2021 | 2020 | Change | |||||||||
| Utility | (77) | 603 | (680) | ||||||||
| Parent & Other | (22) | (81) | 59 | ||||||||
| EWC | 49 | 137 | (88) | ||||||||
| Consolidated | (50) | 659 | (709) | ||||||||
Calculations may differ due to rounding
OCF decreased quarter-over-quarter due primarily to the timing of fuel and purchased power cost recovery, primarily related to increased fuel costs from Winter Storm Uri, payments related to hurricane restoration (non-capital portion), and higher pension funding. Intercompany income tax payments contributed to the line of business variances but were immaterial at the consolidated level.
Appendix A-3 and Appendix A-4 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.
| Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS) | |||||||||||
| First Quarter 2021 vs. 2020 | |||||||||||
| First Quarter | |||||||||||
| 2021 | 2020 | Change | |||||||||
| (Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions) | |||||||||||
| EWC | |||||||||||
| Income before income taxes | 54 | (141) | 195 | ||||||||
| Income taxes | (16) | 31 | (46) | ||||||||
| Preferred dividend requirements | (1) | (1) | — | ||||||||
| Total EWC | 38 | (111) | 149 | ||||||||
| Total adjustments | 38 | (111) | 149 | ||||||||
| (After-tax, per share in $) (b) | |||||||||||
| EWC | |||||||||||
| Total EWC | 0.19 | (0.55) | 0.74 | ||||||||
| Total adjustments | 0.19 | (0.55) | 0.74 | ||||||||
Calculations may differ due to rounding
(b)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
| Appendix A-4: Adjustments by Income Statement Line Item (shown as positive/(negative) impact on earnings) | |||||||||||
| First Quarter 2021 vs. 2020 | |||||||||||
| (Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions) | |||||||||||
| First Quarter | |||||||||||
| 2021 | 2020 | Change | |||||||||
| EWC | |||||||||||
| Operating revenues | 248 | 333 | (84) | ||||||||
| Fuel and fuel-related expenses | (21) | (20) | (1) | ||||||||
| Purchased power | (18) | (11) | (7) | ||||||||
| Nuclear refueling outage expense | (11) | (12) | 1 | ||||||||
| Other O&M | (99) | (131) | 32 | ||||||||
| Asset write-off and impairments | (3) | (5) | 2 | ||||||||
| Decommissioning expense | (53) | (50) | (3) | ||||||||
| Taxes other than income taxes | (6) | (20) | 14 | ||||||||
| Depreciation/amortization exp. | (13) | (35) | 22 | ||||||||
| Other income (deductions)–other | 34 | (184) | 218 | ||||||||
| Interest exp. and other charges | (4) | (5) | 1 | ||||||||
| Income taxes | (16) | 31 | (46) | ||||||||
| Preferred dividend requirements | (1) | (1) | — | ||||||||
| Total EWC | 38 | (111) | 149 | ||||||||
| Total adjustments (after-tax) | 38 | (111) | 149 | ||||||||
Calculations may differ due to rounding
B: Earnings Variance Analysis
Appendix B-1 provides details of current quarter 2021 versus 2020 as-reported and adjusted earnings variance analysis for Utility, Parent & Other, and EWC.
Appendix B-1: As-Reported and Adjusted Earnings Variance Analysis (c), (d) | ||||||||||||||||||||||||||||||||
| First Quarter 2021 vs. 2020 | ||||||||||||||||||||||||||||||||
| (After-tax, per share in $) | ||||||||||||||||||||||||||||||||
| Utility | Parent & Other | EWC | Consolidated | |||||||||||||||||||||||||||||
| As-Reported | Adjusted | As-Reported | Adjusted | As- Reported | As- Reported | Adjusted | ||||||||||||||||||||||||||
| 2020 earnings (loss) | 1.59 | 1.59 | (0.45) | (0.45) | (0.55) | 0.59 | 1.14 | |||||||||||||||||||||||||
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits) | 0.80 | 0.80 | (e) | - | - | (0.36) | (f) | 0.44 | 0.80 | |||||||||||||||||||||||
| Nuclear refueling outage expense | 0.02 | 0.02 | - | - | - | 0.02 | 0.02 | |||||||||||||||||||||||||
| Other O&M | (0.14) | (0.14) | (g) | - | - | 0.13 | (h) | (0.01) | (0.14) | |||||||||||||||||||||||
| Asset write-offs and impairments | - | - | - | - | 0.01 | 0.01 | - | |||||||||||||||||||||||||
| Decommissioning expense | (0.01) | (0.01) | - | - | (0.01) | (0.02) | (0.01) | |||||||||||||||||||||||||
| Taxes other than income taxes | - | - | - | - | 0.05 | (i) | 0.05 | - | ||||||||||||||||||||||||
| Depreciation/amortization exp. | (0.14) | (0.14) | (i) | - | - | 0.09 | (k) | (0.05) | (0.14) | |||||||||||||||||||||||
| Other income (deductions)–other | 0.11 | 0.11 | (l) | 0.02 | 0.02 | 0.86 | (m) | 0.99 | 0.13 | |||||||||||||||||||||||
| Interest exp. and other charges | (0.05) | (0.05) | (n) | 0.01 | 0.01 | - | (0.04) | (0.04) | ||||||||||||||||||||||||
| Income taxes–other | (0.41) | (0.41) | (o) | 0.12 | 0.12 | (p) | (0.03) | (0.32) | (0.29) | |||||||||||||||||||||||
| Preferred dividend requirements | - | - | - | - | - | - | - | |||||||||||||||||||||||||
| Share effect | - | - | - | - | - | - | - | |||||||||||||||||||||||||
| 2021 earnings (loss) | 1.77 | 1.77 | (0.30) | (0.30) | 0.19 | 1.66 | 1.47 | |||||||||||||||||||||||||
h
h
Calculations may differ due to rounding
(c)Utility operating revenue / regulatory charges and Utility income taxes-other exclude $41 million, in first quarter 2021 and $30 million in first quarter 2020 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings).
Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits) variance analysis 2021 vs. 2020 ($ EPS) | |||||
| 1Q | |||||
| Volume/weather | 0.36 | ||||
| Retail electric price | 0.27 | ||||
| Reg. provision for E-AR FRP | 0.16 | ||||
Reg. liability for tax sharing | 0.10 | ||||
| Other, including reg. credit for decommissioning items | (0.09) | ||||
| Total | 0.80 | ||||
(d)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes–other represents income tax differences other than the tax effect of individual line items.
(e)The earnings increase was primarily driven by higher volume/weather, including the net effects of COVID-19; E-LA’s FRP, including recovery of LCPS; E-TX’s GCRR, TCRF and DCRF; E-NO NOPS recovery; and E-MS’s FRP and vegetation rider. The variance also reflected the reversal of a regulatory provision for E-AR’s 2019 netting adjustment (which was subsequently adjusted) and a first quarter 2020 regulatory liability for tax sharing with E-LA customers (partially offsets the Hurricane Isaac Act 55 income tax item discussed in footnote o). Partially offsetting was lower regulatory credits for the difference between decommissioning expenses and decommissioning trust earnings plus decommissioning costs collected in revenue (largely earnings neutral, offset in Utility other income (deductions)-other).
(f)The earnings decrease was due largely to lower revenues from the shutdown of Indian Point 2 in April 2020.
(g)The earnings decrease from higher Utility other O&M was due primarily to higher non-nuclear generation expenses related to new plants in service, primarily LCPS, higher vegetation costs, higher nuclear generation expense, and lower nuclear insurance refunds.
(h)The earnings increase from lower EWC other O&M was due largely to the shutdown of Indian Point 2 in April 2020.
(i)The earnings increase from lower EWC taxes other than income taxes was due primarily to lower payroll taxes and lower ad valorem taxes.
(j)The earnings decrease from higher Utility depreciation expense was due primarily to higher plant in service, including LCPS and MCPS.
(k)The earnings increase from lower EWC depreciation expense was due primarily to the shutdown of Indian Point 2 in April 2020.
(l)The earnings increase from higher Utility other income (deductions)–other was due largely to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral), partially offset by lower AFUDC as a result of lower construction work in progress.
(m)The earnings increase from higher EWC other income (deductions)–other was due largely to performance of nuclear decommissioning trust fund investments.
(n)The earnings decrease from higher Utility interest expense was due primarily to higher debt balances at E-LA and lower AFUDC as a result of lower construction work in progress.
(o)The earnings decrease from Utility income taxes-other primarily relates to two first quarter 2020 items. First, a $55 million tax benefit was recorded in first quarter 2020 as a result of an IRS settlement related to Act 55 financing of Hurricane Isaac costs (partly offset by customer sharing, discussed in footnote e); and second, an annual tax accrual related to stock-based compensation resulted in a $22 million income tax benefit in first quarter 2020.
(p)The earnings increase from Parent & Other income taxes-other reflected $23 million of income tax expense recorded in first quarter 2020 as a result of the IRS settlement related to the Hurricane Isaac Act 55 financing (discussed in footnote o).
C: Utility Financial and Operating Measures
Appendix C provides comparative summaries of Utility operating and financial measures.
| Appendix C: Utility Operating and Financial Measures | ||||||||||||||
| First Quarter 2021 vs. 2020 | ||||||||||||||
| First Quarter | ||||||||||||||
| 2021 | 2020 | % Change | % Weather Adjusted (q) | |||||||||||
| GWh billed | ||||||||||||||
| Residential | 9,599 | 8,126 | 18.1 | 2.2 | ||||||||||
| Commercial | 6,134 | 6,244 | (1.8) | (4.2) | ||||||||||
| Governmental | 579 | 595 | (2.7) | (1.9) | ||||||||||
| Industrial | 11,458 | 11,815 | (3.0) | (3.0) | ||||||||||
| Total retail sales | 27,770 | 26,780 | 3.7 | (1.6) | ||||||||||
| Wholesale | 4,299 | 3,117 | 37.9 | |||||||||||
| Total sales | 32,069 | 29,897 | 7.3 | |||||||||||
| Number of electric retail customers | ||||||||||||||
| Residential | 2,532,172 | 2,504,243 | 1.1 | |||||||||||
| Commercial | 360,323 | 356,303 | 1.1 | |||||||||||
| Governmental | 17,811 | 17,724 | 0.5 | |||||||||||
| Industrial | 44,622 | 44,443 | 0.4 | |||||||||||
| Total retail customers | 2,954,928 | 2,922,713 | 1.1 | |||||||||||
| Other O&M and refueling outage expense per MWh | $19.80 | $20.20 | (2.0) | |||||||||||
Calculations may differ due to rounding
(q)The effects of weather were estimated using heating degree days and cooling degree days for the billing cycles from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
On a weather-adjusted basis billed retail sales decreased (1.6) percent, including the impacts from COVID-19. Residential billed sales increased 2.2 percent and commercial billed sales decreased (4.2) percent. Industrial billed sales volume decreased (3.0) percent reflecting lower sales to existing large and small customers, partially offset by continued growth from new/expansion customers.
D: EWC Financial and Operating Measures
Appendix D-1 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).
| Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures | |||||||||||
| First Quarter 2021 vs. 2020 | |||||||||||
| ($ in millions) | First Quarter | ||||||||||
| 2021 | 2020 | Change | |||||||||
| Net income (loss) | 38 | (110) | 148 | ||||||||
| Add back: interest expense | 4 | 5 | (1) | ||||||||
| Add back: income taxes | 16 | (31) | 47 | ||||||||
| Add back: depreciation and amortization | 13 | 35 | (22) | ||||||||
| Subtract: interest and investment income | 48 | (172) | 220 | ||||||||
| Add back: decommissioning expense | 53 | 50 | 3 | ||||||||
| Adjusted EBITDA (non-GAAP) | 76 | 122 | (46) | ||||||||
Calculations may differ due to rounding
Appendix D-2 provides a comparative summary of EWC operating and financial measures.
Appendix D-2: EWC Operating and Financial Measures | |||||||||||
| First Quarter 2021 vs. 2020 | |||||||||||
| First Quarter | |||||||||||
| 2021 | 2020 | % Change | |||||||||
Owned capacity (MW) (r) | 2,246 | 3,274 | (31.4) | ||||||||
| GWh billed | 4,413 | 6,757 | (34.7) | ||||||||
| EWC Nuclear Fleet | |||||||||||
| Capacity factor | 99% | 99% | - | ||||||||
| GWh billed | 3,988 | 6,259 | (36.3) | ||||||||
| Production cost per MWh | $18.46 | $15.42 | 19.7 | ||||||||
| Average energy/capacity revenue per MWh | $52.04 | $48.44 | 7.4 | ||||||||
Calculations may differ due to rounding
(r)2020 excludes IP2 (1,028MW), shut down April 30, 2020.
See the appendix in the webcast presentation for EWC hedging and price disclosures.
E: Consolidated Financial Measures
Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix E: GAAP and Non-GAAP Financial Measures | |||||||||||
| First Quarter 2021 vs. 2020 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures) | |||||||||||
| For 12 months ending March 31 | 2021 | 2020 | Change | ||||||||
| GAAP Measures | |||||||||||
| As-reported ROIC | 6.4% | 5.6% | 0.8% | ||||||||
| As-reported ROE | 15.1% | 11.5% | 3.6% | ||||||||
| Non-GAAP Financial Measures | |||||||||||
| Adjusted ROIC | 5.2% | 5.6% | (0.4%) | ||||||||
| Adjusted ROE | 11.3% | 11.8% | (0.5%) | ||||||||
| As of March 31 ($ in millions, except where noted) | 2021 | 2020 | Change | ||||||||
| GAAP Measures | |||||||||||
Cash and cash equivalents | 1,743 | 1,464 | 279 | ||||||||
Available revolver capacity | 4,220 | 3,348 | 872 | ||||||||
| Commercial paper | 1,028 | 1,942 | (914) | ||||||||
| Total debt | 25,803 | 21,465 | 4,338 | ||||||||
Securitization debt | 147 | 271 | (124) | ||||||||
| Debt to capital | 69.6% | 67.2% | (2.4%) | ||||||||
| Off-balance sheet liabilities: | |||||||||||
Debt of joint ventures – Entergy’s share | 15 | 53 | (38) | ||||||||
| Total off-balance sheet liabilities | 15 | 53 | (38) | ||||||||
| Storm escrow balances | 72 | 373 | (301) | ||||||||
| Non-GAAP Financial Measures ($ in millions, except where noted) | |||||||||||
| Debt to capital, excluding securitization debt | 69.5% | 66.9% | 2.6% | ||||||||
| Net debt to net capital, excluding securitization debt | 68.0% | 65.3% | 2.7% | ||||||||
| Gross liquidity | 5,963 | 4,811 | 1,152 | ||||||||
| Net liquidity | 4,935 | 2,870 | 2,065 | ||||||||
| Net liquidity, including storm escrow balances | 5,007 | 3,242 | 1,765 | ||||||||
| Parent debt to total debt, excluding securitization debt | 22.3% | 22.2% | 0.1% | ||||||||
| FFO to debt, excluding securitization debt | 8.2% | 14.3% | (6.1%) | ||||||||
| FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 8.7% | 16.0% | (7.3%) | ||||||||
Calculations may differ due to rounding
F: Definitions and Abbreviations and Acronyms
Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.
Appendix F-1: Definitions | |||||
| Utility Financial and Operating Measures | |||||
| GWh billed | Total number of GWh billed 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 billed sales | ||||
| EWC Financial and Operating Measures | |||||
| Adjusted EBITDA (non-GAAP) | Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense | ||||
| Average revenue per MWh on contracted volumes | Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades (revenue will fluctuate due to factors including positive or negative basis differentials and other risk management costs) | ||||
| Average revenue under contract per kW-month (applies to capacity contracts only) | Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards | ||||
| Bundled capacity and energy contracts | A contract for the sale of installed capacity and related energy, priced per MWh sold | ||||
| Capacity contracts | A contract for the sale of the installed capacity product in regional markets | ||||
| Capacity factor | Normalized percentage of the period that the nuclear plants generate power | ||||
| Expected sold and market total revenue per MWh | Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including positive or negative basis differentials and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA | ||||
| GWh billed | Total number of GWh billed to customers and financially-settled instruments | ||||
| Owned capacity (MW) | Installed capacity owned by EWC | ||||
| Percent of capacity sold forward | Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions | ||||
| Percent of planned generation under contract (unit contingent) | Percent of planned generation output sold under contracts | ||||
| Planned net MW in operation (average) | Average installed capacity to generate power and/or sell capacity, reflecting the shutdown of Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022) | ||||
| Planned TWh of generation | Amount of output expected to be generated by EWC resources considering plant operating characteristics, reflecting the shutdown of Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022) | ||||
| Production cost per MWh | Fuel and other O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation) | ||||
| Refueling outage days | Number of days lost for a scheduled refueling and maintenance outage during the period | ||||
Appendix F-1: Definitions (continued) | ||||||||
EWC Financial and Operating Measures (continued) | ||||||||
| Unit contingent | Transaction under which power is supplied from a specific generation asset; if the asset is in operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee | |||||||
| Financial Measures – GAAP | ||||||||
| As-reported ROE | 12-months rolling net income attributable to Entergy Corporation divided by avg. common equity | |||||||
| As-reported ROIC | 12-months rolling net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital | |||||||
| 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 Corporation divided by average common equity | |||||||
| Adjusted ROIC | 12-months rolling adjusted net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital | |||||||
| 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 the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items | |||||||
| 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 | |||||||
| FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | 12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with exit of EWC 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, incl. amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excl. securitization debt | |||||||
Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.
| Appendix F-2: Abbreviations and Acronyms | |||||||||||
ADIT AFUDC AFUDC – borrowed funds AG ALJ AMI ANO APSC ARO bps CCGT CCN CCNO Choctaw COD CT CWIP DCRF DOE DSM E-AR E-LA E-MS E-NO E-TX EBITDA ENP EPS ETR EWC FERC FFO FIN 48 FRP GAAP GCRR Grand Gulf or GGNS IIRR-G Indian Point 1 Indian Point 2 or IP2 Indian Point 3 or IP3 IPEC or Indian Point IRP | Accumulated deferred income taxes Allowance for funds used during construction Allowance for borrowed funds used during construction Attorney General Administrative law judge Advanced metering infrastructure Units 1 and 2 of Arkansas Nuclear One owned by E-AR (nuclear) Arkansas Public Service Commission Asset retirement obligation Basis points Combined cycle gas turbine Certificate of convenience and necessity Council of the City of New Orleans Choctaw County Generating Station (CCGT) Commercial operation date Simple cycle combustion turbine Construction work in progress Distribution cost recovery factor U.S. Department of Energy Demand side management Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc. Earnings before interest, income taxes, and depreciation and amortization Entergy Nuclear Palisades, LLC Earnings per share Entergy Corporation Entergy Wholesale Commodities Federal Energy Regulatory Commission Funds from operations FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes” Formula rate plan U.S. generally accepted accounting principles Generation Cost Recovery Rider Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI Infrastructure investment recovery rider - gas Indian Point Energy Center Unit 1 (nuclear) (shut down in 1974) Indian Point Energy Center Unit 2 (nuclear) (shut down April 30, 2020) Indian Point Energy Center Unit 3 (nuclear) Indian Point Energy Center (nuclear) Integrated resource plan | IRS ISES 2 ISO LCPS LPSC LTM MCPS MISO Moody’s MPSC MTEP Nelson 6 NDT NGO NOPA NOPS NOSS NRC NY PSC NYS AG NYS DEC NYS DPS NYISO NYSE OCF OCPS OpCo OPEB Other O&M P&O Palisades PMR PPA PSC PUCT RICE RFP ROE ROIC RS Cogen RSP S&P SEC SERI TCRF UPSA WACC WPEC | Internal Revenue Service Unit 2 of Independence Steam Electric Station (coal) Independent system operator Lake Charles Power Station (CCGT) Louisiana Public Service Commission Last twelve months Montgomery County Power Station (CCGT) Midcontinent Independent System Operator, Inc. Moody’s Investor Service Mississippi Public Service Commission MISO Transmission Expansion Plan Unit 6 of Roy S. Nelson plant (coal) Nuclear decommissioning trust Non-governmental organization IRS Notice of Proposed Adjustment New Orleans Power Station New Orleans Solar Station U.S. Nuclear Regulatory Commission New York Public Service Commission New York State Attorney General New York State Department of Environmental Conservation New York State Department of Public Service New York Independent System Operator, Inc. New York Stock Exchange Net cash flow provided by operating activities Orange County Power Station Utility operating company Other post-employment benefits Other non-fuel operation and maintenance expense Parent & Other Palisades Power Plant (nuclear) Performance Management Rider Power purchase agreement or purchased power agreement Public service commission Public Utility Commission of Texas Reciprocating internal combustion engine Request for proposals Return on equity Return on invested capital RS Cogen facility (CCGT cogeneration) Rate Stabilization Plan (E-LA Gas) Standard & Poor’s U.S. Securities and Exchange Commission System Energy Resources, Inc. Transmission cost recovery factor Unit Power Sales Agreement Weighted-average cost of capital Washington Parish Energy Center | ||||||||
G: Other GAAP to Non-GAAP Reconciliations
Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.
Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE | |||||||||||
| (LTM $ in millions except where noted) | First Quarter | ||||||||||
| 2021 | 2020 | ||||||||||
| As-reported net income (loss) attributable to Entergy Corporation | (A) | 1,604 | 1,105 | ||||||||
| Preferred dividends | 18 | 17 | |||||||||
| Tax-effected interest expense | 594 | 559 | |||||||||
| As-reported net income (loss) attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense | (B) | 2,216 | 1,681 | ||||||||
Adjustments | (C) | 399 | (31) | ||||||||
| EWC preferred dividends and tax-effected interest expense included in adjustments | 19 | 22 | |||||||||
| Total adjustments, excluding EWC preferred dividends and tax-effected interest expense (non-GAAP) | (D) | 418 | (9) | ||||||||
| Adjusted earnings (non-GAAP) | (A-C) | 1,205 | 1,136 | ||||||||
| Adjusted earnings, excluding preferred dividends and tax- effected interest expense (non-GAAP) | (B-D) | 1,798 | 1,690 | ||||||||
| Average invested capital (average of beginning and ending balances) | (E) | 34,509 | 30,229 | ||||||||
| Average common equity (average of beginning and ending balances) | (F) | 10,621 | 9,597 | ||||||||
| As-reported ROIC | (B/E) | 6.4% | 5.6% | ||||||||
| Adjusted ROIC (non-GAAP) | [(B-D)/E] | 5.2% | 5.6% | ||||||||
| As-reported ROE | (A/F) | 15.1% | 11.5% | ||||||||
| Adjusted ROE (non-GAAP) | [(A-C)/F] | 11.3% | 11.8% | ||||||||
Calculations may differ due to rounding
Appendix G-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 | ||||||||||
| 2021 | 2020 | ||||||||||
| Total debt | (A) | 25,803 | 21,465 | ||||||||
| Less securitization debt | (B) | 147 | 271 | ||||||||
| Total debt, excluding securitization debt | (C) | 25,656 | 21,193 | ||||||||
| Less cash and cash equivalents | (D) | 1,743 | 1,464 | ||||||||
| Net debt, excluding securitization debt | (E) | 23,914 | 19,730 | ||||||||
| Commercial paper | (F) | 1,028 | 1,942 | ||||||||
| Total capitalization | (G) | 37,075 | 31,943 | ||||||||
| Less securitization debt | (B) | 147 | 271 | ||||||||
| Total capitalization, excluding securitization debt | (H) | 36,928 | 31,672 | ||||||||
| Less cash and cash equivalents | (D) | 1,743 | 1,464 | ||||||||
| Net capital, excluding securitization debt | (I) | 35,185 | 30,208 | ||||||||
| Debt to capital | (A/G) | 69.6% | 67.2% | ||||||||
| Debt to capital, excluding securitization debt (non-GAAP) | (C/H) | 69.5% | 66.9% | ||||||||
| Net debt to net capital, excluding securitization debt (non-GAAP) | (E/I) | 68.0% | 65.3% | ||||||||
| Available revolver capacity | (J) | 4,220 | 3,348 | ||||||||
| Storm escrows | (K) | 72 | 373 | ||||||||
| Gross liquidity (non-GAAP) | (D+J) | 5,963 | 4,811 | ||||||||
| Net liquidity (non-GAAP) | (D+J-F) | 4,935 | 2,870 | ||||||||
| Net liquidity, including storm escrows (non-GAAP) | (D+J-F+K) | 5,007 | 3,242 | ||||||||
| Entergy Corporation notes: | |||||||||||
| Due September 2020 | - | 450 | |||||||||
| Due July 2022 | 650 | 650 | |||||||||
| Due September 2025 | 800 | - | |||||||||
| Due September 2026 | 750 | 750 | |||||||||
| Due June 2028 | 650 | - | |||||||||
| Due June 2030 | 600 | - | |||||||||
| Due June 2031 | 650 | - | |||||||||
| Due June 2050 | 600 | - | |||||||||
| Total Entergy Corporation notes | (L) | 4,700 | 1,850 | ||||||||
| Revolver draw | (M) | 55 | 922 | ||||||||
| Unamortized debt issuance costs and discounts | (N) | (54) | (8) | ||||||||
| Total parent debt | (F+L+M+N) | 5,728 | 4,706 | ||||||||
| Parent debt to total debt, excluding securitization debt (non-GAAP) | [(F+L+M+N)/C] | 22.3% | 22.2% | ||||||||
Calculations may differ due to rounding
| Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures – FFO to debt, excluding securitization debt; FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC | |||||||||||
| ($ in millions except where noted) | First Quarter | ||||||||||
| 2021 | 2020 | ||||||||||
| Total debt | (A) | 25,803 | 21,465 | ||||||||
| Less securitization debt | (B) | 147 | 271 | ||||||||
| Total debt, excluding securitization debt | (C) | 25,656 | 21,193 | ||||||||
Net cash flow provided by operating activities, LTM | (D) | 1,981 | 2,974 | ||||||||
AFUDC – borrowed funds, LTM | (E) | (43) | (63) | ||||||||
| Working capital items in net cash flow provided by operating activities, LTM: | |||||||||||
| Receivables | (262) | (71) | |||||||||
| Fuel inventory | 15 | (39) | |||||||||
| Accounts payable | 90 | (136) | |||||||||
| Taxes accrued | 21 | (21) | |||||||||
| Interest accrued | 9 | 17 | |||||||||
| Other working capital accounts | (165) | 17 | |||||||||
| Securitization regulatory charges, LTM | 124 | 122 | |||||||||
| Total | (F) | (170) | (111) | ||||||||
| FFO, LTM (non-GAAP) | (G)=(D+E-F) | 2,109 | 3,023 | ||||||||
| FFO to debt, excluding securitization debt (non-GAAP) | (G/C) | 8.2% | 14.3% | ||||||||
| Estimated return of unprotected excess ADIT, LTM | (H) | 80 | 236 | ||||||||
| Severance and retention payments associated with exit of EWC, LTM pre-tax | (I) | 55 | 141 | ||||||||
| FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC (non-GAAP) | [(G+H+I)/(C)] | 8.7% | 16.0% | ||||||||
Calculations may differ due to rounding
Financial Statements
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Balance Sheet | ||||||||||||||||||||||||||
| March 31, 2021 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| CURRENT ASSETS | ||||||||||||||||||||||||||
| Cash and cash equivalents: | ||||||||||||||||||||||||||
| Cash | $64,956 | $2,251 | $367 | $67,574 | ||||||||||||||||||||||
| Temporary cash investments | 984,503 | 358,626 | 331,953 | 1,675,082 | ||||||||||||||||||||||
| Total cash and cash equivalents | 1,049,459 | 360,877 | 332,320 | 1,742,656 | ||||||||||||||||||||||
| Notes receivable | — | (75,000) | 75,000 | — | ||||||||||||||||||||||
| Accounts receivable: | ||||||||||||||||||||||||||
| Customer | 837,409 | — | 45,943 | 883,352 | ||||||||||||||||||||||
| Allowance for doubtful accounts | (119,027) | — | — | (119,027) | ||||||||||||||||||||||
| Associated companies | 10,423 | (12,112) | 1,689 | — | ||||||||||||||||||||||
| Other | 148,474 | 37 | 10,327 | 158,838 | ||||||||||||||||||||||
| Accrued unbilled revenues | 415,253 | — | — | 415,253 | ||||||||||||||||||||||
| Total accounts receivable | 1,292,532 | (12,075) | 57,959 | 1,338,416 | ||||||||||||||||||||||
| Deferred fuel costs | 226,619 | — | — | 226,619 | ||||||||||||||||||||||
| Fuel inventory - at average cost | 140,515 | — | 5,541 | 146,056 | ||||||||||||||||||||||
| Materials and supplies - at average cost | 941,783 | — | 30,988 | 972,771 | ||||||||||||||||||||||
| Deferred nuclear refueling outage costs | 130,463 | — | 52,258 | 182,721 | ||||||||||||||||||||||
| Prepayments and other | 176,663 | (16,464) | 19,116 | 179,315 | ||||||||||||||||||||||
| TOTAL | 3,958,034 | 257,338 | 573,182 | 4,788,554 | ||||||||||||||||||||||
| OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||||||||||||
| Investment in affiliates - at equity | 1,490,069 | (1,490,155) | 22,017 | 21,931 | ||||||||||||||||||||||
| Decommissioning trust funds | 4,440,231 | — | 2,898,857 | 7,339,088 | ||||||||||||||||||||||
| Non-utility property - at cost (less accumulated depreciation) | 342,315 | (12) | 13,516 | 355,819 | ||||||||||||||||||||||
| Other | 134,561 | 4,252 | 8,350 | 147,163 | ||||||||||||||||||||||
| TOTAL | 6,407,176 | (1,485,915) | 2,942,740 | 7,864,001 | ||||||||||||||||||||||
| PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||||||||||||
| Electric | 59,931,200 | 10,710 | 959,319 | 60,901,229 | ||||||||||||||||||||||
| Natural gas | 621,682 | — | — | 621,682 | ||||||||||||||||||||||
| Construction work in progress | 1,308,320 | 279 | 3,398 | 1,311,997 | ||||||||||||||||||||||
| Nuclear fuel | 547,338 | — | 43,786 | 591,124 | ||||||||||||||||||||||
| TOTAL PROPERTY, PLANT, AND EQUIPMENT | 62,408,540 | 10,989 | 1,006,503 | 63,426,032 | ||||||||||||||||||||||
| Less - accumulated depreciation and amortization | 23,528,633 | 4,496 | 870,870 | 24,403,999 | ||||||||||||||||||||||
| PROPERTY, PLANT, AND EQUIPMENT - NET | 38,879,907 | 6,493 | 135,633 | 39,022,033 | ||||||||||||||||||||||
| DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||||||||||||
| Regulatory assets: | ||||||||||||||||||||||||||
| Other regulatory assets | 5,986,639 | — | — | 5,986,639 | ||||||||||||||||||||||
| Deferred fuel costs | 240,555 | — | — | 240,555 | ||||||||||||||||||||||
| Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||||||||||||
| Accumulated deferred income taxes | 52,884 | 60 | 3,124 | 56,068 | ||||||||||||||||||||||
| Other | 186,891 | 9,713 | 136,002 | 332,606 | ||||||||||||||||||||||
| TOTAL | 6,841,068 | 9,773 | 142,199 | 6,993,040 | ||||||||||||||||||||||
| TOTAL ASSETS | $56,086,185 | ($1,212,311) | $3,793,754 | $58,667,628 | ||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Balance Sheet | ||||||||||||||||||||||||||
| March 31, 2021 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
| CURRENT LIABILITIES | ||||||||||||||||||||||||||
| Currently maturing long-term debt | $490,019 | $— | $139,000 | $629,019 | ||||||||||||||||||||||
| Notes payable and commercial paper: | ||||||||||||||||||||||||||
| Other | — | 1,027,629 | — | 1,027,629 | ||||||||||||||||||||||
| Account payable: | ||||||||||||||||||||||||||
| Associated companies | 56,188 | (60,100) | 3,912 | — | ||||||||||||||||||||||
| Other | 1,465,730 | 1,983 | 229,493 | 1,697,206 | ||||||||||||||||||||||
| Customer deposits | 391,032 | — | — | 391,032 | ||||||||||||||||||||||
| Taxes accrued | 227,799 | 9,179 | (27,149) | 209,829 | ||||||||||||||||||||||
| Interest accrued | 176,188 | 21,310 | 515 | 198,013 | ||||||||||||||||||||||
| Deferred fuel costs | 22,386 | — | — | 22,386 | ||||||||||||||||||||||
| Pension and other postretirement liabilities | 50,598 | — | 13,154 | 63,752 | ||||||||||||||||||||||
| Current portion of unprotected excess accumulated deferred | ||||||||||||||||||||||||||
| income taxes | 65,056 | — | — | 65,056 | ||||||||||||||||||||||
| Other | 181,928 | 1,929 | 24,127 | 207,984 | ||||||||||||||||||||||
| TOTAL | 3,126,924 | 1,001,930 | 383,052 | 4,511,906 | ||||||||||||||||||||||
| NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||
| Accumulated deferred income taxes and taxes accrued | 5,360,984 | (399,787) | (393,091) | 4,568,106 | ||||||||||||||||||||||
| Accumulated deferred investment tax credits | 217,888 | — | — | 217,888 | ||||||||||||||||||||||
| Regulatory liability for income taxes - net | 1,465,852 | — | — | 1,465,852 | ||||||||||||||||||||||
| Other regulatory liabilities | 2,363,919 | — | — | 2,363,919 | ||||||||||||||||||||||
| Decommissioning and retirement cost liabilities | 3,926,407 | — | 2,602,043 | 6,528,450 | ||||||||||||||||||||||
| Accumulated provisions | 181,588 | — | 324 | 181,912 | ||||||||||||||||||||||
| Pension and other postretirement liabilities | 2,103,138 | — | 581,205 | 2,684,343 | ||||||||||||||||||||||
| Long-term debt | 19,374,725 | 4,700,731 | — | 24,075,456 | ||||||||||||||||||||||
| Other | 1,184,244 | (435,711) | 49,677 | 798,210 | ||||||||||||||||||||||
| TOTAL | 36,178,745 | 3,865,233 | 2,840,158 | 42,884,136 | ||||||||||||||||||||||
| Subsidiaries' preferred stock without sinking fund | 195,161 | — | 24,249 | 219,410 | ||||||||||||||||||||||
| EQUITY | ||||||||||||||||||||||||||
| Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||||||||||||||||
| issued 270,035,180 shares in 2021 | 2,323,748 | (2,522,151) | 201,103 | 2,700 | ||||||||||||||||||||||
| Paid-in capital | 4,397,226 | 1,121,084 | 1,001,742 | 6,520,052 | ||||||||||||||||||||||
| Retained earnings | 10,037,837 | 247,814 | (244,499) | 10,041,152 | ||||||||||||||||||||||
| Accumulated other comprehensive loss | (88,456) | — | (412,051) | (500,507) | ||||||||||||||||||||||
| Less - treasury stock, at cost (69,402,061 shares in 2021) | 120,000 | 4,926,221 | — | 5,046,221 | ||||||||||||||||||||||
| TOTAL COMMON SHAREHOLDERS' EQUITY | 16,550,355 | (6,079,474) | 546,295 | 11,017,176 | ||||||||||||||||||||||
| Subsidiaries' preferred stock without sinking fund | 35,000 | — | — | 35,000 | ||||||||||||||||||||||
| TOTAL | 16,585,355 | (6,079,474) | 546,295 | 11,052,176 | ||||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $56,086,185 | ($1,212,311) | $3,793,754 | $58,667,628 | ||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Balance Sheet | ||||||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| CURRENT ASSETS | ||||||||||||||||||||||||||
| Cash and cash equivalents: | ||||||||||||||||||||||||||
| Cash | $85,219 | $42,388 | $1,244 | $128,851 | ||||||||||||||||||||||
| Temporary cash investments | 1,440,796 | 13,648 | 175,804 | 1,630,248 | ||||||||||||||||||||||
| Total cash and cash equivalents | 1,526,015 | 56,036 | 177,048 | 1,759,099 | ||||||||||||||||||||||
| Notes receivable | — | (75,000) | 75,000 | — | ||||||||||||||||||||||
| Accounts receivable: | ||||||||||||||||||||||||||
| Customer | 781,272 | — | 52,206 | 833,478 | ||||||||||||||||||||||
| Allowance for doubtful accounts | (117,794) | — | — | (117,794) | ||||||||||||||||||||||
| Associated companies | 16,999 | (19,008) | 2,009 | — | ||||||||||||||||||||||
| Other | 109,725 | — | 25,483 | 135,208 | ||||||||||||||||||||||
| Accrued unbilled revenues | 434,835 | — | — | 434,835 | ||||||||||||||||||||||
| Total accounts receivable | 1,225,037 | (19,008) | 79,698 | 1,285,727 | ||||||||||||||||||||||
| Deferred fuel costs | 4,380 | — | — | 4,380 | ||||||||||||||||||||||
| Fuel inventory - at average cost | 167,117 | — | 5,817 | 172,934 | ||||||||||||||||||||||
| Materials and supplies - at average cost | 930,895 | (2) | 31,292 | 962,185 | ||||||||||||||||||||||
| Deferred nuclear refueling outage costs | 115,559 | — | 63,591 | 179,150 | ||||||||||||||||||||||
| Prepayments and other | 162,405 | (16,306) | 50,325 | 196,424 | ||||||||||||||||||||||
| TOTAL | 4,131,408 | (54,280) | 482,771 | 4,559,899 | ||||||||||||||||||||||
| OTHER PROPERTY AND INVESTMENTS | ||||||||||||||||||||||||||
| Investment in affiliates | 1,465,626 | (1,465,712) | 21,993 | 21,907 | ||||||||||||||||||||||
| Decommissioning trust funds | 4,283,831 | — | 2,969,384 | 7,253,215 | ||||||||||||||||||||||
| Non-utility property - at cost (less accumulated depreciation) | 329,700 | (11) | 13,639 | 343,328 | ||||||||||||||||||||||
| Other | 180,971 | 3,002 | 8,342 | 192,315 | ||||||||||||||||||||||
| TOTAL | 6,260,128 | (1,462,721) | 3,013,358 | 7,810,765 | ||||||||||||||||||||||
| PROPERTY, PLANT, AND EQUIPMENT | ||||||||||||||||||||||||||
| Electric | 58,711,665 | 10,705 | 974,073 | 59,696,443 | ||||||||||||||||||||||
| Natural gas | 610,768 | — | — | 610,768 | ||||||||||||||||||||||
| Construction work in progress | 2,006,905 | 261 | 4,864 | 2,012,030 | ||||||||||||||||||||||
| Nuclear fuel | 548,178 | — | 53,103 | 601,281 | ||||||||||||||||||||||
| TOTAL PROPERTY, PLANT, AND EQUIPMENT | 61,877,516 | 10,966 | 1,032,040 | 62,920,522 | ||||||||||||||||||||||
| Less - accumulated depreciation and amortization | 23,204,219 | 4,006 | 859,520 | 24,067,745 | ||||||||||||||||||||||
| PROPERTY, PLANT, AND EQUIPMENT - NET | 38,673,297 | 6,960 | 172,520 | 38,852,777 | ||||||||||||||||||||||
| DEFERRED DEBITS AND OTHER ASSETS | ||||||||||||||||||||||||||
| Regulatory assets: | ||||||||||||||||||||||||||
| Other regulatory assets | 6,076,549 | — | — | 6,076,549 | ||||||||||||||||||||||
| Deferred fuel costs | 240,422 | — | — | 240,422 | ||||||||||||||||||||||
| Goodwill | 374,099 | — | 3,073 | 377,172 | ||||||||||||||||||||||
| Accumulated deferred income taxes | 72,599 | 373 | 3,317 | 76,289 | ||||||||||||||||||||||
| Other | 111,651 | 8,349 | 125,339 | 245,339 | ||||||||||||||||||||||
| TOTAL | 6,875,320 | 8,722 | 131,729 | 7,015,771 | ||||||||||||||||||||||
| TOTAL ASSETS | $55,940,153 | ($1,501,319) | $3,800,378 | $58,239,212 | ||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Balance Sheet | ||||||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
| CURRENT LIABILITIES | ||||||||||||||||||||||||||
| Currently maturing long-term debt | $1,025,015 | $— | $139,000 | $1,164,015 | ||||||||||||||||||||||
| Notes payable and commercial paper: | ||||||||||||||||||||||||||
| Other | — | 1,627,489 | — | 1,627,489 | ||||||||||||||||||||||
| Account payable: | ||||||||||||||||||||||||||
| Associated companies | 32,247 | (42,703) | 10,456 | — | ||||||||||||||||||||||
| Other | 2,541,702 | 706 | 197,029 | 2,739,437 | ||||||||||||||||||||||
| Customer deposits | 401,512 | — | — | 401,512 | ||||||||||||||||||||||
| Taxes accrued | 420,510 | (9,028) | 29,529 | 441,011 | ||||||||||||||||||||||
| Interest accrued | 177,557 | 23,708 | 526 | 201,791 | ||||||||||||||||||||||
| Deferred fuel costs | 153,113 | — | — | 153,113 | ||||||||||||||||||||||
| Pension and other postretirement liabilities | 48,757 | — | 13,058 | 61,815 | ||||||||||||||||||||||
| Current portion of unprotected excess accumulated | ||||||||||||||||||||||||||
| deferred income taxes | 63,683 | — | — | 63,683 | ||||||||||||||||||||||
| Other | 182,095 | 1,892 | 22,653 | 206,640 | ||||||||||||||||||||||
| TOTAL | 5,046,191 | 1,602,064 | 412,251 | 7,060,506 | ||||||||||||||||||||||
| NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||
| Accumulated deferred income taxes and taxes accrued | 5,188,989 | (179,493) | (647,724) | 4,361,772 | ||||||||||||||||||||||
| Accumulated deferred investment tax credits | 212,494 | — | — | 212,494 | ||||||||||||||||||||||
| Regulatory liability for income taxes - net | 1,521,757 | — | — | 1,521,757 | ||||||||||||||||||||||
| Other regulatory liabilities | 2,323,851 | — | — | 2,323,851 | ||||||||||||||||||||||
| Decommissioning and retirement cost liabilities | 3,877,971 | — | 2,591,481 | 6,469,452 | ||||||||||||||||||||||
| Accumulated provisions | 242,511 | — | 324 | 242,835 | ||||||||||||||||||||||
| Pension and other postretirement liabilities | 2,224,025 | — | 628,988 | 2,853,013 | ||||||||||||||||||||||
| Long-term debt | 17,679,206 | 3,526,555 | — | 21,205,761 | ||||||||||||||||||||||
| Other | 1,200,370 | (448,834) | 55,683 | 807,219 | ||||||||||||||||||||||
| TOTAL | 34,471,174 | 2,898,228 | 2,628,752 | 39,998,154 | ||||||||||||||||||||||
| Subsidiaries' preferred stock without sinking fund | 195,161 | — | 24,249 | 219,410 | ||||||||||||||||||||||
| EQUITY | ||||||||||||||||||||||||||
| Common stock, $.01 par value, authorized 500,000,000 | ||||||||||||||||||||||||||
| shares; issued 270,035,180 shares in 2020 | 1,973,748 | (2,172,151) | 201,103 | 2,700 | ||||||||||||||||||||||
| Paid-in capital | 4,722,954 | 651,574 | 1,175,395 | 6,549,923 | ||||||||||||||||||||||
| Retained earnings | 9,705,837 | 473,422 | (282,077) | 9,897,182 | ||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (89,912) | — | (359,295) | (449,207) | ||||||||||||||||||||||
| Less - treasury stock, at cost (69,790,346 shares in 2020) | 120,000 | 4,954,456 | — | 5,074,456 | ||||||||||||||||||||||
| TOTAL COMMON SHAREHOLDERS' EQUITY | 16,192,627 | (6,001,611) | 735,126 | 10,926,142 | ||||||||||||||||||||||
| Subsidiaries' preferred stock without sinking fund | 35,000 | — | — | 35,000 | ||||||||||||||||||||||
| TOTAL | 16,227,627 | (6,001,611) | 735,126 | 10,961,142 | ||||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $55,940,153 | ($1,501,319) | $3,800,378 | $58,239,212 | ||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Income Statement | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| OPERATING REVENUES | ||||||||||||||||||||||||||
| Electric | $2,538,448 | ($28) | $— | $2,538,420 | ||||||||||||||||||||||
| Natural gas | 58,168 | — | — | 58,168 | ||||||||||||||||||||||
| Competitive businesses | — | 31 | 248,219 | 248,250 | ||||||||||||||||||||||
| Total | 2,596,616 | 3 | 248,219 | 2,844,838 | ||||||||||||||||||||||
| OPERATING EXPENSES | ||||||||||||||||||||||||||
| Operating and Maintenance: | ||||||||||||||||||||||||||
| Fuel, fuel related expenses, and gas purchased for resale | 479,846 | (20) | 21,341 | 501,167 | ||||||||||||||||||||||
| Purchased power | 361,881 | 20 | 17,833 | 379,734 | ||||||||||||||||||||||
| Nuclear refueling outage expenses | 32,647 | — | 11,092 | 43,739 | ||||||||||||||||||||||
| Other operation and maintenance | 602,309 | 5,535 | 98,942 | 706,786 | ||||||||||||||||||||||
| Asset write-offs, impairments, and related charges | — | — | 3,273 | 3,273 | ||||||||||||||||||||||
| Decommissioning | 45,663 | — | 52,979 | 98,642 | ||||||||||||||||||||||
| Taxes other than income taxes | 149,936 | 330 | 6,436 | 156,702 | ||||||||||||||||||||||
| Depreciation and amortization | 401,102 | 653 | 12,764 | 414,519 | ||||||||||||||||||||||
| Other regulatory charges (credits) - net | 32,279 | — | — | 32,279 | ||||||||||||||||||||||
| Total | 2,105,663 | 6,518 | 224,660 | 2,336,841 | ||||||||||||||||||||||
| OPERATING INCOME | 490,953 | (6,515) | 23,559 | 507,997 | ||||||||||||||||||||||
| OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
| Allowance for equity funds used during construction | 14,577 | — | — | 14,577 | ||||||||||||||||||||||
| Interest and investment income | 128,113 | (32,732) | 47,934 | 143,315 | ||||||||||||||||||||||
| Miscellaneous - net | (45,520) | (1,931) | (13,478) | (60,929) | ||||||||||||||||||||||
| Total | 97,170 | (34,663) | 34,456 | 96,963 | ||||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||
| Interest expense | 173,802 | 27,753 | 4,331 | 205,886 | ||||||||||||||||||||||
| Allowance for borrowed funds used during construction | (6,013) | — | — | (6,013) | ||||||||||||||||||||||
| Total | 167,789 | 27,753 | 4,331 | 199,873 | ||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 420,334 | (68,931) | 53,684 | 405,087 | ||||||||||||||||||||||
| Income taxes | 59,734 | (9,352) | 15,560 | 65,942 | ||||||||||||||||||||||
| CONSOLIDATED NET INCOME | 360,600 | (59,579) | 38,124 | 339,145 | ||||||||||||||||||||||
| Preferred dividend requirements of subsidiaries | 4,033 | — | 547 | 4,580 | ||||||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $356,567 | ($59,579) | $37,577 | $334,565 | ||||||||||||||||||||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
| BASIC | $1.78 | ($0.30) | $0.19 | $1.67 | ||||||||||||||||||||||
| DILUTED | $1.77 | ($0.30) | $0.19 | $1.66 | ||||||||||||||||||||||
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
| BASIC | 200,525,549 | |||||||||||||||||||||||||
| DILUTED | 201,059,665 | |||||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Income Statement | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| OPERATING REVENUES | ||||||||||||||||||||||||||
| Electric | $2,050,653 | ($15) | $— | $2,050,638 | ||||||||||||||||||||||
| Natural gas | 43,976 | — | — | 43,976 | ||||||||||||||||||||||
| Competitive businesses | — | 16 | 332,549 | 332,565 | ||||||||||||||||||||||
| Total | 2,094,629 | 1 | 332,549 | 2,427,179 | ||||||||||||||||||||||
| OPERATING EXPENSES | ||||||||||||||||||||||||||
| Operating and Maintenance: | ||||||||||||||||||||||||||
| Fuel, fuel related expenses, and gas purchased for resale | 377,166 | (10) | 20,247 | 397,403 | ||||||||||||||||||||||
| Purchased power | 205,914 | 10 | 10,690 | 216,614 | ||||||||||||||||||||||
| Nuclear refueling outage expenses | 38,149 | — | 12,069 | 50,218 | ||||||||||||||||||||||
| Other operation and maintenance | 565,720 | 5,373 | 130,991 | 702,084 | ||||||||||||||||||||||
| Asset write-offs, impairments and related charges | — | — | 5,095 | 5,095 | ||||||||||||||||||||||
| Decommissioning | 43,400 | — | 50,284 | 93,684 | ||||||||||||||||||||||
| Taxes other than income taxes | 150,191 | 26 | 20,077 | 170,294 | ||||||||||||||||||||||
| Depreciation and amortization | 364,050 | 748 | 34,912 | 399,710 | ||||||||||||||||||||||
| Other regulatory charges (credits) - net | (7,679) | — | — | (7,679) | ||||||||||||||||||||||
| Total | 1,736,911 | 6,147 | 284,365 | 2,027,423 | ||||||||||||||||||||||
| OPERATING INCOME | 357,718 | (6,146) | 48,184 | 399,756 | ||||||||||||||||||||||
| OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
| Allowance for equity funds used during construction | 35,953 | — | — | 35,953 | ||||||||||||||||||||||
| Interest and investment income (loss) | (6,131) | (38,875) | (171,847) | (216,853) | ||||||||||||||||||||||
| Miscellaneous - net | 37,302 | (2,045) | (11,868) | 23,389 | ||||||||||||||||||||||
| Total | 67,124 | (40,920) | (183,715) | (157,511) | ||||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||
| Interest expense | 169,386 | 30,766 | 5,437 | 205,589 | ||||||||||||||||||||||
| Allowance for borrowed funds used during construction | (15,444) | — | — | (15,444) | ||||||||||||||||||||||
| Total | 153,942 | 30,766 | 5,437 | 190,145 | ||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 270,900 | (77,832) | (140,968) | 52,100 | ||||||||||||||||||||||
| Income taxes | (52,949) | 12,295 | (30,540) | (71,194) | ||||||||||||||||||||||
| CONSOLIDATED NET INCOME | 323,849 | (90,127) | (110,428) | 123,294 | ||||||||||||||||||||||
| Preferred dividend requirements of subsidiaries | 4,033 | — | 547 | 4,580 | ||||||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $319,816 | ($90,127) | ($110,975) | $118,714 | ||||||||||||||||||||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
| BASIC | $1.60 | ($0.45) | ($0.56) | $0.59 | ||||||||||||||||||||||
| DILUTED | $1.59 | ($0.45) | ($0.55) | $0.59 | ||||||||||||||||||||||
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
| BASIC | 199,790,016 | |||||||||||||||||||||||||
| DILUTED | 200,901,349 | |||||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Income Statement | ||||||||||||||||||||||||||
| Twelve Months Ended March 31, 2021 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| OPERATING REVENUES | ||||||||||||||||||||||||||
| Electric | $9,534,501 | ($77) | $— | $9,534,424 | ||||||||||||||||||||||
| Natural gas | 138,200 | — | — | 138,200 | ||||||||||||||||||||||
| Competitive businesses | — | 131 | 858,539 | 858,670 | ||||||||||||||||||||||
| Total | 9,672,701 | 54 | 858,539 | 10,531,294 | ||||||||||||||||||||||
| OPERATING EXPENSES | ||||||||||||||||||||||||||
| Operating and Maintenance: | ||||||||||||||||||||||||||
| Fuel, fuel related expenses, and gas purchased for resale | 1,599,763 | (34) | 68,406 | 1,668,135 | ||||||||||||||||||||||
| Purchased power | 992,658 | 34 | 74,696 | 1,067,388 | ||||||||||||||||||||||
| Nuclear refueling outage expenses | 133,277 | — | 44,400 | 177,677 | ||||||||||||||||||||||
| Other operation and maintenance | 2,514,610 | 25,067 | 467,652 | 3,007,329 | ||||||||||||||||||||||
| Asset write-offs, impairments and related charges | — | — | 24,800 | 24,800 | ||||||||||||||||||||||
| Decommissioning | 179,203 | — | 207,617 | 386,820 | ||||||||||||||||||||||
| Taxes other than income taxes | 598,299 | 1,276 | 39,673 | 639,248 | ||||||||||||||||||||||
| Depreciation and amortization | 1,545,249 | 2,740 | 79,906 | 1,627,895 | ||||||||||||||||||||||
| Other regulatory charges (credits) - net | 54,566 | — | — | 54,566 | ||||||||||||||||||||||
| Total | 7,617,625 | 29,083 | 1,007,150 | 8,653,858 | ||||||||||||||||||||||
| OPERATING INCOME | 2,055,076 | (29,029) | (148,611) | 1,877,436 | ||||||||||||||||||||||
| OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
| Allowance for equity funds used during construction | 98,054 | — | — | 98,054 | ||||||||||||||||||||||
| Interest and investment income | 433,248 | (134,237) | 453,975 | 752,986 | ||||||||||||||||||||||
| Miscellaneous - net | (240,203) | (7,537) | (47,211) | (294,951) | ||||||||||||||||||||||
| Total | 291,099 | (141,774) | 406,764 | 556,089 | ||||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||
| Interest expense | 705,585 | 111,367 | 21,326 | 838,278 | ||||||||||||||||||||||
| Allowance for borrowed funds used during construction | (42,887) | — | — | (42,887) | ||||||||||||||||||||||
| Total | 662,698 | 111,367 | 21,326 | 795,391 | ||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 1,683,477 | (282,170) | 236,827 | 1,638,134 | ||||||||||||||||||||||
| Income taxes | (169,628) | 34,220 | 151,038 | 15,630 | ||||||||||||||||||||||
| CONSOLIDATED NET INCOME | 1,853,105 | (316,390) | 85,789 | 1,622,504 | ||||||||||||||||||||||
| Preferred dividend requirements of subsidiaries | 16,131 | — | 2,188 | 18,319 | ||||||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $1,836,974 | ($316,390) | $83,601 | $1,604,185 | ||||||||||||||||||||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
| BASIC | $9.17 | ($1.58) | $0.42 | $8.01 | ||||||||||||||||||||||
| DILUTED | $9.13 | ($1.57) | $0.41 | $7.97 | ||||||||||||||||||||||
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
| BASIC | 200,289,178 | |||||||||||||||||||||||||
| DILUTED | 201,198,761 | |||||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||||||||
| Consolidating Income Statement | ||||||||||||||||||||||||||
| Twelve Months Ended March 31, 2020 | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||||||||||||||||||||
| OPERATING REVENUES | ||||||||||||||||||||||||||
| Electric | $9,359,651 | ($57) | $— | $9,359,594 | ||||||||||||||||||||||
| Natural gas | 142,982 | — | — | 142,982 | ||||||||||||||||||||||
| Competitive businesses | — | 37 | 1,193,655 | 1,193,692 | ||||||||||||||||||||||
| Total | 9,502,633 | (20) | 1,193,655 | 10,696,268 | ||||||||||||||||||||||
| OPERATING EXPENSES | ||||||||||||||||||||||||||
| Operating and Maintenance: | ||||||||||||||||||||||||||
| Fuel, fuel related expenses, and gas purchased for resale | 1,855,514 | (52) | 93,249 | 1,948,711 | ||||||||||||||||||||||
| Purchased power | 1,016,383 | 52 | 53,532 | 1,069,967 | ||||||||||||||||||||||
| Nuclear refueling outage expenses | 156,221 | — | 48,483 | 204,704 | ||||||||||||||||||||||
| Other operation and maintenance | 2,542,919 | 28,499 | 619,996 | 3,191,414 | ||||||||||||||||||||||
| Asset write-offs, impairments and related charges | — | — | 221,144 | 221,144 | ||||||||||||||||||||||
| Decommissioning | 168,943 | — | 223,423 | 392,366 | ||||||||||||||||||||||
| Taxes other than income taxes | 587,277 | 545 | 67,642 | 655,464 | ||||||||||||||||||||||
| Depreciation and amortization | 1,374,385 | 3,021 | 145,045 | 1,522,451 | ||||||||||||||||||||||
| Other regulatory charges (credits) - net | (16,952) | — | — | (16,952) | ||||||||||||||||||||||
| Total | 7,684,690 | 32,065 | 1,472,514 | 9,189,269 | ||||||||||||||||||||||
| OPERATING INCOME | 1,817,943 | (32,085) | (278,859) | 1,506,999 | ||||||||||||||||||||||
| OTHER INCOME (DEDUCTIONS) | ||||||||||||||||||||||||||
| Allowance for equity funds used during construction | 142,711 | — | — | 142,711 | ||||||||||||||||||||||
| Interest and investment income | 197,160 | (155,395) | 61,144 | 102,909 | ||||||||||||||||||||||
| Miscellaneous - net | (62,839) | (28,690) | (72,961) | (164,490) | ||||||||||||||||||||||
| Total | 277,032 | (184,085) | (11,817) | 81,130 | ||||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||
| Interest expense | 664,334 | 121,942 | 25,703 | 811,979 | ||||||||||||||||||||||
| Allowance for borrowed funds used during construction | (62,952) | — | — | (62,952) | ||||||||||||||||||||||
| Total | 601,382 | 121,942 | 25,703 | 749,027 | ||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 1,493,593 | (338,112) | (316,379) | 839,102 | ||||||||||||||||||||||
| Income taxes | (21,751) | (4,296) | (257,742) | (283,789) | ||||||||||||||||||||||
| CONSOLIDATED NET INCOME | 1,515,344 | (333,816) | (58,637) | 1,122,891 | ||||||||||||||||||||||
| Preferred dividend requirements of subsidiaries | 15,300 | — | 2,188 | 17,488 | ||||||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $1,500,044 | ($333,816) | ($60,825) | $1,105,403 | ||||||||||||||||||||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||||||||||||||||||||||||
| BASIC | $7.59 | ($1.69) | ($0.31) | $5.59 | ||||||||||||||||||||||
| DILUTED | $7.53 | ($1.67) | ($0.31) | $5.55 | ||||||||||||||||||||||
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
| BASIC | 197,720,253 | |||||||||||||||||||||||||
| DILUTED | 199,251,525 | |||||||||||||||||||||||||
| *Totals may not foot due to rounding. | ||||||||||||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||
| Consolidated Cash Flow Statement | ||||||||||||||||||||
| Three Months Ended March 31, 2021 vs. 2020 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| 2021 | 2020 | Variance | ||||||||||||||||||
| OPERATING ACTIVITIES | ||||||||||||||||||||
| Consolidated net income | $339,145 | $123,294 | $215,851 | |||||||||||||||||
| Adjustments to reconcile consolidated net income to net cash | ||||||||||||||||||||
| flow provided by operating activities: | ||||||||||||||||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 580,571 | 568,596 | 11,975 | |||||||||||||||||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | 240,431 | (31,405) | 271,836 | |||||||||||||||||
| Asset write-offs, impairments and related charges | 3,278 | 4,962 | (1,684) | |||||||||||||||||
| Changes in working capital: | ||||||||||||||||||||
| Receivables | (52,690) | 70,357 | (123,047) | |||||||||||||||||
| Fuel inventory | 26,878 | (15,389) | 42,267 | |||||||||||||||||
| Accounts payable | (175,651) | (127,727) | (47,924) | |||||||||||||||||
| Taxes accrued | (231,182) | (44,241) | (186,941) | |||||||||||||||||
| Interest accrued | (3,778) | (4,791) | 1,013 | |||||||||||||||||
| Deferred fuel costs | (353,099) | 30,560 | (383,659) | |||||||||||||||||
| Other working capital accounts | (43,582) | (21,758) | (21,824) | |||||||||||||||||
| Changes in provisions for estimated losses | (60,923) | (35,829) | (25,094) | |||||||||||||||||
| Changes in other regulatory assets | 89,910 | 99,275 | (9,365) | |||||||||||||||||
| Changes in other regulatory liabilities | (14,464) | (450,905) | 436,441 | |||||||||||||||||
| Changes in pension and other postretirement liabilities | (166,733) | (113,071) | (53,662) | |||||||||||||||||
| Other | (227,676) | 607,132 | (834,808) | |||||||||||||||||
| Net cash flow provided by (used in) operating activities | (49,565) | 659,060 | (708,625) | |||||||||||||||||
| INVESTING ACTIVITIES | ||||||||||||||||||||
| Construction/capital expenditures | (1,552,103) | (1,043,608) | (508,495) | |||||||||||||||||
| Allowance for equity funds used during construction | 14,577 | 35,953 | (21,376) | |||||||||||||||||
| Nuclear fuel purchases | (47,916) | (85,334) | 37,418 | |||||||||||||||||
| Payment for purchase of assets | — | (24,633) | 24,633 | |||||||||||||||||
| Changes in securitization account | (1,304) | (70) | (1,234) | |||||||||||||||||
| Payments to storm reserve escrow account | (10) | (1,557) | 1,547 | |||||||||||||||||
| Receipts from storm reserve escrow account | 44,205 | 40,589 | 3,616 | |||||||||||||||||
| Decrease in other investments | 12,521 | 2,265 | 10,256 | |||||||||||||||||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 15,735 | 62,162 | (46,427) | |||||||||||||||||
| Proceeds from nuclear decommissioning trust fund sales | 3,225,510 | 687,487 | 2,538,023 | |||||||||||||||||
| Investment in nuclear decommissioning trust funds | (3,224,487) | (718,741) | (2,505,746) | |||||||||||||||||
| Net cash flow used in investing activities | (1,513,272) | (1,045,487) | (467,785) | |||||||||||||||||
| FINANCING ACTIVITIES | ||||||||||||||||||||
| Proceeds from the issuance of: | ||||||||||||||||||||
| Long-term debt | 3,676,242 | 3,195,345 | 480,897 | |||||||||||||||||
| Treasury stock | 979 | 39,964 | (38,985) | |||||||||||||||||
| Retirement of long-term debt | (1,346,172) | (1,614,578) | 268,406 | |||||||||||||||||
| Changes in credit borrowings and commercial paper - net | (599,860) | (4,911) | (594,949) | |||||||||||||||||
| Other | 10,380 | (756) | 11,136 | |||||||||||||||||
| Dividends paid: | ||||||||||||||||||||
| Common stock | (190,595) | (185,763) | (4,832) | |||||||||||||||||
| Preferred stock | (4,580) | (4,763) | 183 | |||||||||||||||||
| Net cash flow provided by financing activities | 1,546,394 | 1,424,538 | 121,856 | |||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (16,443) | 1,038,111 | (1,054,554) | |||||||||||||||||
| Cash and cash equivalents at beginning of period | 1,759,099 | 425,722 | 1,333,377 | |||||||||||||||||
| Cash and cash equivalents at end of period | $1,742,656 | $1,463,833 | $278,823 | |||||||||||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||
| Cash paid (received) during the period for: | ||||||||||||||||||||
| Interest - net of amount capitalized | $202,451 | $203,466 | ($1,015) | |||||||||||||||||
| Income taxes | $9,015 | ($23,063) | $32,078 | |||||||||||||||||
| Entergy Corporation | ||||||||||||||||||||
| Consolidated Cash Flow Statement | ||||||||||||||||||||
| Twelve Months Ended March 31, 2021 vs. 2020 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| 2021 | 2020 | Variance | ||||||||||||||||||
| OPERATING ACTIVITIES | ||||||||||||||||||||
| Consolidated net income | $1,622,504 | $1,122,891 | $499,613 | |||||||||||||||||
| Adjustments to reconcile consolidated net income to net cash | ||||||||||||||||||||
| flow provided by operating activities: | ||||||||||||||||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,269,725 | 2,220,685 | 49,040 | |||||||||||||||||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | 140,722 | 57,661 | 83,061 | |||||||||||||||||
| Asset write-offs, impairments and related charges | 24,695 | 206,178 | (181,483) | |||||||||||||||||
| Changes in working capital: | ||||||||||||||||||||
| Receivables | (262,343) | (70,567) | (191,776) | |||||||||||||||||
| Fuel inventory | 14,809 | (39,161) | 53,970 | |||||||||||||||||
| Accounts payable | 89,533 | (136,012) | 225,545 | |||||||||||||||||
| Taxes accrued | 20,615 | (20,942) | 41,557 | |||||||||||||||||
| Interest accrued | 8,675 | 16,692 | (8,017) | |||||||||||||||||
| Deferred fuel costs | (433,143) | 182,505 | (615,648) | |||||||||||||||||
| Other working capital accounts | (165,275) | 17,150 | (182,425) | |||||||||||||||||
| Changes in provisions for estimated losses | (316,287) | (29,635) | (286,652) | |||||||||||||||||
| Changes in other regulatory assets | (793,859) | (284,092) | (509,767) | |||||||||||||||||
| Changes in other regulatory liabilities | 675,110 | (596,610) | 1,271,720 | |||||||||||||||||
| Changes in pension and other postretirement liabilities | (3,283) | 81,766 | (85,049) | |||||||||||||||||
| Other | (910,957) | 245,989 | (1,156,946) | |||||||||||||||||
| Net cash flow provided by operating activities | 1,981,241 | 2,974,498 | (993,257) | |||||||||||||||||
| INVESTING ACTIVITIES | ||||||||||||||||||||
| Construction/capital expenditures | (5,202,571) | (4,289,646) | (912,925) | |||||||||||||||||
| Allowance for equity funds used during construction | 98,054 | 142,493 | (44,439) | |||||||||||||||||
| Nuclear fuel purchases | (178,246) | (175,255) | (2,991) | |||||||||||||||||
| Payment for purchase of plant or assets | (222,488) | (330,105) | 107,617 | |||||||||||||||||
| Proceeds from sale of assets | — | 28,932 | (28,932) | |||||||||||||||||
| Insurance proceeds received for property damages | — | 7,040 | (7,040) | |||||||||||||||||
| Changes in securitization account | 3,865 | 4,312 | (447) | |||||||||||||||||
| Payments to storm reserve escrow account | (726) | (7,310) | 6,584 | |||||||||||||||||
| Receipts from storm reserve escrow account | 301,204 | 40,589 | 260,615 | |||||||||||||||||
| Increase in other investments | (2,499) | (6,461) | 3,962 | |||||||||||||||||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 26,284 | 64,531 | (38,247) | |||||||||||||||||
| Proceeds from nuclear decommissioning trust fund sales | 5,645,835 | 3,501,291 | 2,144,544 | |||||||||||||||||
| Investment in nuclear decommissioning trust funds | (5,708,803) | (3,585,182) | (2,123,621) | |||||||||||||||||
| Net cash flow used in investing activities | (5,240,091) | (4,604,771) | (635,320) | |||||||||||||||||
| FINANCING ACTIVITIES | ||||||||||||||||||||
| Proceeds from the issuance of: | ||||||||||||||||||||
| Long-term debt | 13,100,098 | 9,055,511 | 4,044,587 | |||||||||||||||||
| Preferred stock of subsidiary | — | (2,389) | 2,389 | |||||||||||||||||
| Treasury stock | 3,615 | 133,826 | (130,211) | |||||||||||||||||
| Common stock | — | 607,650 | (607,650) | |||||||||||||||||
| Retirement of long-term debt | (7,883,972) | (6,935,103) | (948,869) | |||||||||||||||||
| Changes in credit borrowings and commercial paper - net | (914,187) | (505) | (913,682) | |||||||||||||||||
| Other | 3,612 | (6,543) | 10,155 | |||||||||||||||||
| Dividends paid: | ||||||||||||||||||||
| Common stock | (753,174) | (724,745) | (28,429) | |||||||||||||||||
| Preferred stock | (18,319) | (17,092) | (1,227) | |||||||||||||||||
| Net cash flow provided by financing activities | 3,537,673 | 2,110,610 | 1,427,063 | |||||||||||||||||
| Net increase in cash and cash equivalents | 278,823 | 480,337 | (201,514) | |||||||||||||||||
| Cash and cash equivalents at beginning of period | 1,463,833 | 983,496 | 480,337 | |||||||||||||||||
| Cash and cash equivalents at end of period | $1,742,656 | $1,463,833 | $278,823 | |||||||||||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||
| Cash paid (received) during the period for: | ||||||||||||||||||||
| Interest - net of amount capitalized | $802,908 | $766,740 | $36,168 | |||||||||||||||||
| Income taxes | $850 | ($49,645) | $50,495 | |||||||||||||||||