Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date earliest event reported) June 30, 2020


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.
 
 
 
 
 
1-11299
ENTERGY CORPORATION
 
1-35747
ENTERGY NEW ORLEANS, LLC
 
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
 
 
(a Texas limited liability company)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3700
 
72-1229752
 
 
82-2212934
 
 
 
 
 
 
 
 
 
 
1-10764
ENTERGY ARKANSAS, LLC
 
1-34360
ENTERGY TEXAS, INC.
 
(a Texas limited liability company)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
 
 
(a Texas corporation)
10055 Grogans Mill Road
The Woodlands, Texas 77380
Telephone (409) 981-2000
 
83-1918668
 
 
61-1435798
 
 
 
 
 
 
 
 
 
 
1-32718
ENTERGY LOUISIANA, LLC
 
1-09067
SYSTEM ENERGY RESOURCES, INC.
 
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
 
 
(an Arkansas corporation)
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
 
47-4469646
 
 
72-0752777
 
 
 
 
 
 
 
 
 
 
1-31508
ENTERGY MISSISSIPPI, LLC
 
 
 
 
(a Texas limited liability company)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
 
 
 
 
83-1950019
 
 
 
 
 
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Securities registered pursuant to Section 12(b) of the Act:

Registrant
Title of Class
Trading
Symbol
Name of Each Exchange
on Which Registered
 
 
 
 
Entergy Corporation
Common Stock, $0.01 Par Value
ETR
New York Stock Exchange
 
Common Stock, $0.01 Par Value
ETR
NYSE Chicago, Inc.
 
 
 
 
Entergy Arkansas, LLC
Mortgage Bonds, 4.90% Series due December 2052
EAB
New York Stock Exchange
 
Mortgage Bonds, 4.75% Series due June 2063
EAE
New York Stock Exchange
 
Mortgage Bonds, 4.875% Series due September 2066
EAI
New York Stock Exchange
 
 
 
 
Entergy Louisiana, LLC
Mortgage Bonds, 5.25% Series due July 2052
ELJ
New York Stock Exchange
 
Mortgage Bonds, 4.70% Series due June 2063
ELU
New York Stock Exchange
 
Mortgage Bonds, 4.875% Series due September 2066
ELC
New York Stock Exchange
 
 
 
 
Entergy Mississippi, LLC
Mortgage Bonds, 4.90% Series due October 2066
EMP
New York Stock Exchange
 
 
 
 
Entergy New Orleans, LLC
Mortgage Bonds, 5.0% Series due December 2052
ENJ
New York Stock Exchange
 
Mortgage Bonds, 5.50% Series due April 2066
ENO
New York Stock Exchange
 
 
 
 
Entergy Texas, Inc.
Mortgage Bonds, 5.625% Series due June 2064
EZT
New York Stock Exchange
 
5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)
ETI/PR
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     






Item 7.01 Regulation FD Disclosure.
On June 30, 2020, Entergy Corporation published on its website the 2019 Entergy Statistical Report and Investor Guide (the “Investor Guide”). The Investor Guide is a compilation of financial and operating data, financial metrics and other information about Entergy and its subsidiaries. The Investor Guide is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Current Report on Form 8-K is being furnished, not filed, pursuant to Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
 
 
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.











SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Entergy Corporation
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
System Energy Resources, Inc.



By: /s/ Marcus V. Brown
Marcus V. Brown
Executive Vice President and
General Counsel

Dated: June 30, 2020





Exhibit


https://cdn.kscope.io/54c12d5b20ea54242887e7a436f31037-entergylogoa33.gif

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ENTERGY STATISTICAL REPORT
 
AND INVESTOR GUIDE
 
 
 
2019






Our Vision: We Power Life
 
Our Mission: We exist to grow a world-class energy business that creates sustainable value for our four key stakeholders – our customers, our employees, our communities and our owners.
 
Entergy Corporation (NYSE:ETR) is an integrated energy company
engaged primarily in electric power production and retail distribution
operations. Entergy owns and operates power plants with
approximately 30,000 megawatts of electric generating capacity,
including nearly 9,000 megawatts of nuclear power. Entergy delivers
electricity to 2.9 million utility customers in Arkansas, Louisiana,
Mississippi and Texas. Entergy has annual revenues of $11 billion and approximately 13,600 employees.
 
We have assembled the statistics and facts in this report to support your review and analysis of Entergy’s results over the last three years.

This information is available in two electronic files, Excel and PDF in order to facilitate easier access and analysis.
 
Entergy Investor Relations






TABLE OF CONTENTS
 
 
Note: The Excel Tab labels correspond to the page numbers
 
 
 
in the PDF version of the 2019 report.
 
 
Excel Tab
 
 
Excel Tab
ABOUT THIS PUBLICATION
Page 2
 
   Utility Securities Detail
Pages 31 – 34
FORWARD-LOOKING INFORMATION
Page 2
 
        Utility Long-Term Debt and Preferred Stock
Page 31
REGULATION G COMPLIANCE
Page 2
 
            Entergy Arkansas, LLC
Page 31
ENTERGY AT A GLANCE
Pages 3 – 4
 
            Entergy Utility Holding Company, LLC
Page 31
 
 
 
            Entergy Louisiana, LLC
Page 32
ENTERGY CORPORATION AND SUBSIDIARIES
 
 
            Entergy Mississippi, LLC
Page 33
  Selected Financial and Operating Data
Page 5
 
            Entergy New Orleans, LLC
Page 33
     Selected Financial Data
Page 5
 
            Entergy Texas, Inc.
Page 34
     Utility Electric Operating Data
Page 5
 
            System Energy Resources, Inc.
Page 34
     Entergy Wholesale Commodities Operating Data
Page 5
 
   Utility Statistical Information
Pages 35 – 47
     Employees
Page 5
 
        Utility Total Capability
Page 35
     Owned and Leased Capability
Page 5
 
        Utility Selected Operating Data
Page 35
    Consolidated Quarterly Financial Metrics
Page 6
 
        Utility Electric Statisitcal Information
Page 36
    Consolidated Annual Financial Metrics
Page 6
 
            Entergy Arkansas, LLC
Pages 37 – 38
    Financial Results
Page 7
 
            Entergy Louisiana, LLC
Pages 39 – 40
          GAAP to Non-GAAP Reconciliations:
Page 7
 
            Entergy Mississippi, LLC
Pages 41 – 42
      Consolidated Quarterly Results
Page 7
 
            Entergy New Orleans, LLC
Pages 43 – 44
      Consolidated Quarterly Adjustments
Pages 8 – 9
 
            System Energy Resources, Inc.
Page 44
      Consolidated Annual Results
Page 10
 
            Entergy Texas, Inc.
Pages 45 – 46
      Consolidated Annual Adjustments
Pages 11 – 12
 
        Utility Nuclear Plant Statistics
Page 47
     Consolidated Statements of Operations
Page 13
 
   Utility Regulatory Information
Page 48
     Consolidating Income Statement
Page 14
 
        State Regulatory Commissions
Page 48
     Consolidated Balance Sheets
Pages 15 – 16
 
        Commission/Council Members
Page 48
     Consolidating Balance Sheet
Pages 17 – 18
 
 
 
     Consolidated Statements of Cash Flow
Pages 19 – 20
 
ENTERGY WHOLESALE COMMODITIES
 
     Cash Flow Information by Business
Page 20
 
   EWC Quarterly Financial Metrics
Page 49
     Consolidated Statements of Changes in Equity
Page 21
 
   EWC Annual Financial Metrics
Page 49
     Consolidated Statements of Comprehensive
Page 22
 
   EWC Quarterly Operational Metrics
Page 49
      Income (Loss)
 
 
   EWC Annual Operational Metrics
Page 49
  Consolidated Capital Expenditures
Page 23
 
   EWC Total Capacity
Page 49
     Historical Capital Expenditures
Page 23
 
   EWC Nuclear Plant Statistics
Page 50
  Entergy Corporation Securities Detail
Page 23
 
   EWC Nuclear Plant Additional Information
Page 50
     Entergy Corporation Long-Term Debt
Page 23
 
   EWC Non-Nuclear Wholesale Assets
Page 50
     Securities Ratings (Outlook)
Page 23
 
     Plant Statistics
 
     Preferred Member Interests
Page 23
 
   EWC Non-Nuclear Wholesale Assets
Page 50
UTILITY
 
 
     Plant Emissions
 
   Utility Quarterly Financial Metrics
Page 24
 
   EWC Non-Nuclear Assets Securities Detail
Page 51
   Utility Annual Financial Metrics
Page 24
 
   Vermont Yankee Credit Facility
Page 51
   Utility Securities Ratings (Outlook)
Page 24
 
   Preferred Stock
Page 51
   Utility Historical Capital Expenditures
Page 24
 
 
 
   Utility Financial Results
Pages 25 – 30
 
DEFINITIONS OF OPERATIONAL MEASURES AND
 
        Utility Consolidating Income Statement
Page 25
 
  GAAP AND NON-GAAP FINANCIAL MEASURES
Page 52
        Utility Consolidating Balance Sheet
Pages 26 – 27
 
 
 
        Utility Selected Annual Financial Metrics
Pages 28 – 30
 
REG G RECONCILIATIONS
 
 
 
 
  Financial Measures
Pages 53 – 66
 
 
 
 
 
 
 
 
INVESTOR INFORMATION
Page 67
 
 
 
 
 
 
 
 
 
 





ABOUT THIS PUBLICATION
• variations in weather and the occurrence of hurricanes and other storms and disasters,
This publication is unaudited and should be used in conjunction with Entergy’s 2019
including uncertainties associated with efforts to remediate the effects of hurricanes, ice
Annual Report to Shareholders and Form 10-K filed with the Securities and Exchange
storms, or other weather events and the recovery of costs associated with restoration,
Commission. It has been prepared for information purposes and is not intended for use
including accessing funded storm reserves, federal and local cost recovery mechanisms,
in connection with any sale or purchase of, or any offer to buy, any securities of Entergy
securitization, and insurance, as well as any related unplanned outages;
Corporation or its subsidiaries.
• the risk that an incident at any nuclear generation facility in the U.S. could lead to the
 
assessment of significant retrospective assessments and/or retrospective insurance
FORWARD-LOOKING INFORMATION
premiums as a result of Entergy’s participation in a secondary financial protection
In this report and from time to time, Entergy Corporation makes statements concerning
system, a utility industry mutual insurance company, and industry self- insurance
its expectations, beliefs, plans, objectives, goals, strategies, and future events or
programs;
performance. Such statements are “forward-looking statements” within the meaning of
• effects of climate change, including the potential for increases in extreme weather
the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,”
events and sea levels or coastal land and wetland loss;
“could,” “project,” “believe,” “anticipate,” “intend,” “expect,” “estimate,” “continue,”
• changes in the quality and availability of water supplies and the related regulation of
“potential,” “plan,” “predict,” “forecast,” and other similar words or expressions are
water use and diversion;
intended to identify forward-looking statements but are not the only means to identify
• Entergy’s ability to manage its capital projects, including completion of projects timely
these statements. Although Entergy believes that these forward-looking statements and
and within budget and to obtain the anticipated performance or other benefits, and its
the underlying assumptions are reasonable, it cannot provide assurance that they will
operation and maintenance costs;
prove correct. Any forward-looking statement is based on information current as of the
• Entergy’s ability to purchase and sell assets at attractive prices and on other attractive
date of this report and speaks only as of the date on which such statement is made.
terms;
Except to the extent required by the federal securities laws, Entergy undertakes no
• the economic climate, and particularly economic conditions in Entergy’s Utility service
obligation to publicly update or revise any forward-looking statements, whether as a
area and the northern United States and events and circumstances that could influence
result of new information, future events, or otherwise.
economic conditions in those areas, including power prices, and the risk that anticipated
Forward-looking statements involve a number of risks and uncertainties. There are
load growth may not materialize;
factors that could cause actual results to differ materially from those expressed or
• federal income tax reform, including the Tax Cuts and Jobs Act and its intended and
implied in the forward-looking statements, including those factors discussed or
unintended consequences on financial results and future cash flows;
incorporated by reference in (a) Item 1A. Risk Factors contained in the Form 10-K for
• the effects of Entergy’s strategies to reduce tax payments;
the year ended Dec. 31, 2019, (b) those factors discussed or incorporated by reference
• changes in the financial markets and regulatory requirements for the issuance of
in Management’s Financial Discussion and Analysis contained in the Form 10-K for the
securities, particularly as they affect access to capital and Entergy’s ability to refinance
year ended Dec. 31, 2019, and (c) the following factors (in addition to others described
existing securities, execute share repurchase programs, and fund investments and
elsewhere in this report and in subsequent securities filings):
acquisitions;
• resolution of pending and future rate cases, formula rate proceedings and related
• actions of rating agencies, including changes in the ratings of debt and preferred
negotiations, including various performance-based rate discussions, Entergy’s utility
stock, changes in general corporate ratings, and changes in the rating agencies’ ratings
supply plan, and recovery of fuel and purchased power costs;
criteria;
• continuing long-term risks and uncertainties associated with the termination of the
• changes in inflation and interest rates;
System Agreement in 2016, including the potential absence of federal authority to
• the effects of litigation and government investigations or proceedings;
resolve certain issues among the Utility operating companies and their retail regulators;
• changes in technology, including (i) Entergy’s ability to implement new or emerging
• regulatory and operating challenges and uncertainties and economic risks associated
technologies, (ii) the impact of changes relating to new, developing, or alternative
with the Utility operating companies’ participation in MISO, including the benefits of
sources of generation such as distributed energy and energy storage, renewable energy,
continued MISO participation, the effect of current or projected MISO market rules and
energy efficiency, demand side management and other measures that reduce load and
market and system conditions in the MISO markets, the allocation of MISO system
government policies incentivizing development of the foregoing, and (iii) competition from
transmission upgrade costs, the MISO-wide base rate of return on equity allowed or
other companies offering products and services to Entergy’s customers based on new or
any MISO-related charges and credits required by the FERC, and the effect of planning
emerging technologies or alternative sources of generation;
decisions that MISO makes with respect to future transmission investments by the
• the effects, including increased security costs, of threatened or actual terrorism,
Utility operating companies;
cyber-attacks or data security breaches, natural or man-made electromagnetic pulses
• changes in utility regulation, including with respect to retail and wholesale competition,
that affect transmission or generation infrastructure, accidents, and war or a catastrophic
the ability to recover net utility assets and other potential stranded costs, and the
 event such as a nuclear accident or a natural gas pipeline explosion;
application of more stringent return on equity criteria, transmission reliability
• the effects of a global event or pandemic, such as the COVID-19 global pandemic,
requirements or market power criteria by the FERC or the U.S. Department of Justice;
including economic and societal disruptions; volatility in the capital markets (and any
• changes in the regulation or regulatory oversight of Entergy’s nuclear generating
related increased cost of capital or any inability to access the capital markets or draw
facilities and nuclear materials and fuel, including with respect to the planned or actual
on available bank credit facilities); reduced demand for electricity, particularly from
shutdown and sale of each of the nuclear generating facilities owned or operated by
commercial and industrial customers; increased or unrecoverable costs; supply chain,
Entergy Wholesale Commodities, and the effects of new or existing safety or
vendor, and contractor disruptions; delays in completion of capital or other construction
environmental concerns regarding nuclear power plants and nuclear fuel;
projects, maintenance, and other operations activities, including prolonged outages;
• resolution of pending or future applications, and related regulatory proceedings and
impacts to Entergy’s workforce availability, health, or safety; increased cybersecurity





litigation, for license modifications or other authorizations required of nuclear generating
risks as a result of many employees telecommuting; increased late or uncollectible
facilities and the effect of public and political opposition on these applications, regulatory
customer payments; regulatory delays; executive orders affecting, or increased
proceedings, and litigation;
regulation of, our business; changes in credit ratings or outlooks as a result of any of the
• the performance of and deliverability of power from Entergy’s generation resources,
foregoing; or other adverse impacts on Entergy’s ability to execute on its business
including the capacity factors at Entergy’s nuclear generating facilities;
strategies and initiatives or, more generally, on Entergy’s results of operations, financial
• increases in costs and capital expenditures that could result from changing regulatory
condition, and liquidity;
requirements, emerging operating and industry issues, and the commitment of
• Entergy’s ability to attract and retain talented management, directors, and employees
substantial human and capital resources required for the safe and reliable operation and
with specialized skills;
maintenance of Entergy’s nuclear generating facilities;
• Entergy’s ability to attract, retain and manage an appropriately qualified workforce;
• Entergy’s ability to develop and execute on a point of view regarding future prices of
• changes in accounting standards and corporate governance;
electricity, natural gas, and other energy-related commodities;
• declines in the market prices of marketable securities and resulting funding
• prices for power generated by Entergy’s merchant generating facilities and the ability
requirements and the effects on benefits costs for Entergy’s defined benefit pension
to hedge, meet credit support requirements for hedges, sell power forward or otherwise
and other postretirement benefit plans;
reduce the market price risk associated with those facilities, including the Entergy
• future wage and employee benefit costs, including changes in discount rates and
Wholesale Commodities nuclear plants, especially in light of the planned shutdown and
returns on benefit plan assets;
sale of each of these nuclear plants;
• changes in decommissioning trust fund values or earnings or in the timing of,
• the prices and availability of fuel and power Entergy must purchase for its Utility
requirements for, or cost to decommission Entergy’s nuclear plant sites and the
customers, and Entergy’s ability to meet credit support requirements for fuel and power
 implementation of decommissioning of such sites following shutdown;
supply contracts;
• the decision to cease merchant power generation at all Entergy Wholesale
• volatility and changes in markets for electricity, natural gas, uranium, emissions
Commodities nuclear power plants by mid-2022, including the implementation of the
allowances, and other energy-related commodities, and the effect of those changes on
planned shutdowns and sales of Indian Point 2, Indian Point 3, and Palisades;
Entergy and its customers;
• the effectiveness of Entergy’s risk management policies and procedures and the
• changes in law resulting from federal or state energy legislation or legislation
ability and willingness of its counterparties to satisfy their financial and performance
subjecting energy derivatives used in hedging and risk management transactions to
commitments;
governmental regulation;
• the potential for the factors listed herein to lead to the impairment of long-lived assets;
• changes in environmental laws and regulations, agency positions or associated
and
litigation, including requirements for reduced emissions of sulfur dioxide, nitrogen oxide,
• Entergy and its subsidiaries 'ability to successfully execute on their business
greenhouse gases, mercury, particulate matter and other regulated air emissions, heat
strategies, including their ability to complete strategic transactions that Entergy may
and other regulated discharges to water, requirements for waste management and
undertake.
disposal and for the remediation of contaminated sites, wetlands protection and
 
permitting, and changes in costs of compliance with environmental laws and regulations;
REGULATION G COMPLIANCE
• changes in laws and regulations, agency positions, or associated litigation related to
Financial performance measures shown in this report include those calculated and
protected species and associated critical habitat designations;
presented in accordance with generally accepted accounting principles (GAAP), as well
• the effects of changes in federal, state, or local laws and regulations, and other
as those that are considered non-GAAP measures. This report includes non-GAAP
governmental actions or policies, including changes in monetary, fiscal, tax,
measures of adjusted earnings; adjusted EPS; adjustments; adjusted EBITDA; adjusted
environmental, trade/tariff, domestic purchase requirements, or energy policies;
common dividend payout ratio; adjusted ROIC; adjusted ROE; gross liquidity; adjusted
• the effects of full or partial shutdowns of the federal government or delays in obtaining
return on average member's equity; adjusted net revenue; adjusted non-fuel O&M; total
government or regulatory actions or decisions;
debt, excluding securitization debt; debt to capital, excluding securitization debt; net
• uncertainty regarding the establishment of interim or permanent sites for spent nuclear
debt to net capital, excluding securitization debt; parent debt to total debt, excluding
fuel and nuclear waste storage and disposal and the level of spent fuel and nuclear
securitization debt; FFO; FFO to debt, excluding securitization debt; FFO to debt
waste disposal fees charged by the U.S. government or other providers related to such
excluding securitization debt, return of unprotected excess ADIT, and severance, and
sites;
retention payments associated with exit of EWC. We have prepared reconciliations of
 
these measures to the most directly comparable GAAP measures. Reconciliations can
 
be found on pages 7, 10, and 53 – 66.





ENTERGY AT A GLANCE
 
 
 
 
 
VISION, MISSION AND STAKEHOLDER OBJECTIVES
 
 
 
 
 
We power life. This is our vision. It goes much further than powering the grid. Together, we are on a journey with our stakeholders to improve lives, build businesses and create prosperity.
 
 
 
We exist to grow a world-class energy business that creates sustainable value for our four key stakeholders – our customers, our employees, our communities, and our owners.
 
 
 
• For our customers, we create value by delivering top-quartile customer experience. We work directly with customers to anticipate their needs and exceed their expectations while also keeping rates reasonable.
 
 
 
• For our employees, we create value by advocating for our employees to live safe, all day, every day. We strive to earn top-quartile organizational health scores. We provide a rewarding, engaging, diverse, and inclusive work environment with fair compensation and benefits while also providing opportunities for career advancement.
 
 
 
• For our communities, we create value by achieving top-decile corporate social responsibility performance. We are active in economic development, philanthropy, volunteerism, and advocacy, and we operate our business safely and in a socially and environmentally responsible way.
 
 
 
• For our owners, we create value by delivering top-quartile total shareholder returns. We are relentless in our pursuit of opportunities to optimize our business.
 
 
 
BUSINESS STRATEGY
 
 
 
 
 
Our strategy to achieve our stakeholder objectives has two key aspects. First, we invest in the utility for the benefit of our customers, which supports steady, predictable growth in earnings and dividends. Second, we manage risk by ensuring our utility investments are customer-centric, supported by progressive regulatory constructs, and executed with disciplined project management.
 
 
 
ENTERGY BY THE NUMBERS
 
 
 
 
 
GAAP Revenues
 
$10.9 billion
GAAP Net Income
 
$1.2 billion
Total Assets
 
$51.7 billion
Utility Retail Electric Customers
 
2.9 million
Interconnected High-Voltage Transmission Lines
 
16,000 circuit miles
Distribution Lines
 
105,000 circuit miles
Utility Billed Retail Electric Energy Sales
 
129,121 GWh
EWC Billed Electric Energy Sales
 
28,088 GWh
Employees at Year-end
 
13,635
Total Owned and Leased Generating Capability by Fuel Source in MW:
 
 
  CCGT/CT
 
8,330
  Nuclear
 
8,087
  Legacy Gas
 
7,011
  Coal
 
2,401
  Hydro/Solar
 
75
 
 
 
 
 
 
 
 
 





ENTERGY AT A GLANCE
 
 
 
 
 
OPERATIONS
 
 
 
 
 
UTILITY
 
 
The Utility business segment includes the generation, transmission,
 
ENTERGY WHOLESALE COMMODITIES (EWC)
  distribution, and sale of electric power, and operation of a small natural gas
 
Entergy has announced the sale and closure of the EWC nuclear assets, completing
  distribution business.
 
its plan to exit the merchant power business and transition to a pure-play utility.
• Five retail electric utilities with 2.9 million customers
 
 
• Four states – Arkansas, Louisiana, Mississippi, Texas
 
The EWC business segment includes the ownership, operation, and decommissioning
• 22,630 MW generating capability
 
of nuclear power plants located in the northern United States and the sale of the electric
• Two gas utilities with 202,000 customers
 
power produced by its operating plants to wholesale customers. EWC also provides
 
 
services to other nuclear power plant owners and owns interest in non-nuclear power
ENTERGY ARKANSAS, LLC (E-AR)
 
plants that sell the electric power produced by those plants to wholesale customers.
Entergy Arkansas generates, transmits, distributes, and sells electric
 
 
power to 715,000 retail customers in Arkansas.
 
• 2,880 MW nuclear-owned generating capacity in three units in northern U.S.
 
 
    • Indian Point Energy Center Units 2 and 3 in Buchanan, New York
ENTERGY LOUISIANA, LLC (E-LA)
 
    • Palisades Nuclear Plant in Covert, Michigan
Entergy Louisiana generates, transmits, distributes, and sells electric
 
• 394 net owned MW non-nuclear generating capacity
power to 1,091,000 retail customers in Louisiana. Entergy
 
• 800 MW under management support services contract
Louisiana also provides natural gas utility service to 94,000 customers in
 
    • Cooper Nuclear Station located near Brownville, Nebraska
the Baton Rouge, Louisiana area.
 
 
 
 
James A. FitzPatrick Nuclear Power Plant was sold on March 31, 2017. Vermont Yankee
ENTERGY MISSISSIPPI, LLC (E-MS)
 
Nuclear Power Station was sold on January 11, 2019. Pilgrim Nuclear Power Station
Entergy Mississippi generates, transmits, distributes, and sells electric
 
was sold on August 26, 2019. Entergy plans to close Indian Point 2 on April 30, 2020,
power to 451,000 retail customers in Mississippi.
 
 Indian Point 3 on April 30, 2021, and Palisades on May 31, 2022.
 
 
 
ENTERGY NEW ORLEANS, LLC (E-NO)
 
 
Entergy New Orleans generates, transmits, distributes, and sells
 
 
electric power to 205,000 retail customers in the city of New Orleans,
 
 
Louisiana. Entergy New Orleans also provides natural gas utility
 
 
service to 108,000 customers in the city of New Orleans.
 
 
 
 
 
ENTERGY TEXAS, INC. (E-TX)
 
 
Entergy Texas generates, transmits, distributes, and sells electric power
 
 
to 461,000 retail customers in Texas.
 
 
 
 
 
SYSTEM ENERGY RESOURCES, INC. (SERI)
 
 
System Energy owns or leases 90% of the Grand Gulf 1 nuclear
 
 
generating facility. System Energy sells its power and capacity from
 
 
Grand Gulf 1 at wholesale to Entergy Arkansas (36%), Entergy Louisiana (14%),
 
 
Entergy Mississippi (33%) and Entergy New Orleans (17%).
 
 
 
 
 
UTILITY NUCLEAR PLANTS
 
 
Entergy owns and operates five nuclear units at four plant sites to serve
 
 
its regulated utility business: Arkansas Nuclear One (ANO) Units 1 and 2
 
 
near Russellville, Arkansas; Grand Gulf Nuclear Station Unit 1 in Port Gibson,
 
 
Mississippi; River Bend Station in St. Francisville, Louisiana and
 
 
Waterford Steam Electric Station Unit 3 in Killona, Louisiana.
 
 






SELECTED FINANCIAL AND OPERATING DATA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED FINANCIAL DATA
 
 
 
 
 
 
 
 
 
 
 
2019

2018

2017

GAAP MEASURES
 
 
 
 
 
 
 
Operating Revenues ($ millions)
 
 
 
 
10,879

11,009

11,074

As-Reported Net Income (Loss) Attributable to Entergy Corporation ($ millions)
1,241

849

412

As-Reported Earnings Per Share ($)
 
 
 
6.3

4.63

2.28

Common Dividend Paid Per Share ($)
 
 
 
3.66

3.58

3.50

Common Dividend Payout Ratio – As-Reported (%)
 
 
58

77

154

NON-GAAP MEASURES
 
 
 
 
 
 
 
Adjusted Earnings ($ millions)
 
 
 
1,064

970

715

Adjusted Earnings Per Share ($)
 
 
 
5.40

5.29

3.96

Adjustments ($ millions)
 
 
 
 
177

(121
)
(303
)
Adjustments Per Share ($)
 
 
 
 
0.9

(0.66
)
(1.68
)
Common Dividend Payout Ratio – Adjusted (%)
 
 
68

68

88

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UTILITY ELECTRIC OPERATING DATA
 
 
 
 
 
 
 
 
 
 
 
 
2019

2018

2017

Retail Kilowatt-Hour Sales (millions)
 
 
 
129,121

117,498

112,859

Peak Demand (megawatts)
 
 
 
 
21,598

21,587

21,671

Retail Customers – Year End (thousands)
 
 
 
2,923

2,901

2,884

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ENTERGY WHOLESALE COMMODITIES OPERATING DATA
 
 
 
 
 
 
 
 
 
 
2019

2018

2017

Billed Electric Energy Sales (gigawatt hours)
 
 
 
28,088

29,875

30,501

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMPLOYEES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019

2018

2017

Total Employees – Year End
 
 
 
 
13,635

13,688

13,504



OWNED AND LEASED CAPABILITY (MW)(a)
 
 
 
 
 
 
 As of December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 E-AR

E-LA

 E-MS

 E-NO

 E-TX

SERI

EWC(b)(c)(d)

 Total

Gas/Oil
2,106

7,556

2,923

507

2,034

213

15,339

Coal
1,194

350

417

259

181

2,401

Total Fossil
3,300

7,906

3,340

507

2,293

394

17,740

Nuclear
1,810

2,144




1,254

2,880

8,088

Hydro
73







73

Solar


2

1




3

Total
5,183

10,050

3,342

508

2,293

1,254

3,274

25,904

 (a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based
          on the primary fuel (assuming no curtailments) that each station was designed to utilize.
 
 
 (b) Nuclear reflects Net MW in Operation. Net MW in Operation is the installed capacity owned and operated. Excludes management
          services contract for Cooper Nuclear Station.
 
 
 
 
 
 (c) Fossil reflects nameplate rating of generating unit and excludes capacity under contract.
 
 
 (d) The owned MW capacity for coal is the portion of the plant capacity owned by Entergy Wholesale Commodities.
 
 





CONSOLIDATED ENTERGY CORPORATION AND SUBSIDIARIES DATA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED QUARTERLY FINANCIAL METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
2018
 FY

 
 1Q

 2Q

 3Q

 4Q

FY

 1Q

 2Q

 3Q

 4Q

FY

 CHANGE

GAAP MEASURES
 
 
 
 
 
 
 
 
 
 
 
ROIC – as-reported (%)(a)
5.6

5.5

4.8

6.3

6.3

3.9

3.2

3.7

5.3

5.3

1.0

ROE – as-reported (%)(a)
11.4

10.8

8.6

13.0

13.0

5.8

3.6

5.1

10.1

10.1

2.9

Cash and cash equivalents ($ millions)
983

636

956

426

426

1,206

813

988

481

481

(55
)
Revolver capacity ($ millions)
3,950

4,120

4,115

3,810

3,810

3,010

3,885

3,653

4,056

4,056

(246
)
Commercial paper ($ millions)
1,942

1,635

1,918

1,947

1,947

655

1,945

1,947

1,942

1,942

5

Total debt ($ millions)
19,325

19,054

19,441

19,885

19,885

17,680

17,881

18,485

18,133

18,133

1,752

Securitization debt ($ millions)
398

360

338

298

298

520

483

463

424

424

(126
)
Debt to capital (%)
67.8

65.5

65.4

65.5

65.5

68.4

68.5

68.2

66.7

66.7

(1.2
)
Off-balance sheet liabilities ($ millions)
 
 
 
 
 
 
 
 
 
 
 
Debt of joint ventures – Entergy’s share
59

58

56

54

54

66

64

62

61

61

(7
)
Leases – Entergy’s share





429

429

429

448

448

(448
)
Power purchase agreements accounted for as leases(b)





136

136

136

106

106

(106
)
Total off-balance sheet liabilities
59

58

56

54

54

631

629

627

615

615

(561
)
 
 
 
 
 
 
 
 
 
 
 
 
NON-GAAP MEASURES
 
 
 
 
 
 
 
 
 
 
 
ROIC – adjusted (%)(a)
5.5

5.5

5.6

5.6

5.6

5.0

5.2

5.5

5.7

5.7

(0.1
)
ROE – adjusted (%)(a)
11.5

11.0

11.4

11.2

11.2

9.4

10.1

10.7

11.5

11.5

(0.3
)
Gross liquidity ($ millions)
4,933

4,756

5,071

4,236

4,236

4,216

4,698

4,641

4,537

4,537

(301
)
Debt to capital,
     excluding securitization debt (%)
67.3

65.1

65.0

65.1

65.1

67.7

67.9

67.7

66.1

66.1

(1.0
)
Net debt to net capital,
     excluding securitization debt (%)
66.1

64.3

63.8

64.6

64.6

66.1

66.9

66.4

65.5

65.5

(0.9
)
Parent debt to total debt,
     excluding securitization debt (%)
21.7

19.4

20.5

21.6

21.6

21.1

24.1

24.5

22.6

22.6

(1.0
)
FFO to debt,
     excluding securitization debt (%)
11.1

11.8

14.2

14.6

14.6

14.8

15.4

13.1

11.7

11.7

2.9

FFO to debt,
     excluding securitization debt, return of
     unprotected excess ADIT, and severance and
     retention payments associated with exit of EWC (%)
15.0

15.8

17.6

16.8

16.8

15.3

15.9

15.0

15.3

15.3

1.5

Totals may not foot due to rounding.
 
 
 
 
 
 
 
 
 
 
 
(a) Rolling twelve months.
 
 
 
 
 
 
 
 
 
 
 
(b) For further detail, see Note 10 on page 159 of the 2019 SEC Form 10-K.
 
 
 
 
 
 







CONSOLIDATED ANNUAL FINANCIAL METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019

 
2018

 
2017

GAAP MEASURES
 
 
 
 
 
 
 
ROIC – as-reported (%)
 
 
6.3

 
5.3

 
3.4

ROE – as-reported (%)
 
 
13.0

 
10.1

 
5.1

Cash and cash equivalents ($ millions)
 
 
426

 
481

 
781

Revolver capacity ($ millions)
 
 
3,810

 
4,056

 
4,174

Commercial paper ($ millions)
 
 
1,947

 
1,942

 
1,467

Total debt ($ millions)
 
 
19,885

 
18,133

 
16,677

Securitization debt ($ millions)
 
 
298

 
424

 
545

Debt to capital (%)
 
 
65.5

 
66.7

 
67.1

Off-balance sheet liabilities ($ millions)
 
 
 
 
 
 
 
Debt of joint ventures – Entergy’s share
 
 
54

 
61

 
67

Leases – Entergy’s share
 
 

 
448

 
429

Power purchase agreements accounted for as leases(a)
 

 
106

 
136

Total off-balance sheet liabilities
 
 
54

 
615

 
632

 
 
 
 
 
 
 
 
NON-GAAP MEASURES
 
 
 
 
 
 
 
ROIC – adjusted (%)
 
 
5.6

 
5.7

 
4.6

ROE – adjusted (%)
 
 
11.2

 
11.5

 
8.9

Gross liquidity ($ millions)
 
 
4,236

 
4,537

 
4,955

Debt to capital, excluding securitization debt (%)
 
 
65.1

 
66.1

 
66.3

Net debt to net capital, excluding securitization debt (%)
 
 
64.6

 
65.5

 
65.2

Parent debt to total debt, excluding securitization debt (%)
 
21.6

 
22.6

 
21.8

FFO to debt, excluding securitization debt (%)
 
 
14.6

 
11.7

 
15.1

FFO to debt, excluding securitization debt, return of
unprotected excess ADIT, and severance and retention
payments associated with exit of EWC (%)
 
 
16.8

 
15.3

 
15.7

Totals may not foot due to rounding.
 
 
 
 
 
 
 
(a) For further detail, see Note 10 on page 159 of the 2019 SEC Form 10-K.
 
 





FINANCIAL RESULTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ENTERGY CORPORATION CONSOLIDATED QUARTERLY RESULTS – GAAP TO NON-GAAP RECONCILIATION
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
2018
FY

(After-tax, $ in millions)
 1Q
 2Q
 3Q
 4Q
FY
 1Q
 2Q
 3Q
 4Q
FY
 CHANGE

AS-REPORTED EARNINGS (LOSS)
 
 
 
 
 
 
 
 
 
 
 
Utility
231

331

578

271

1,411

215

376

505

388

1,483

(73
)
Parent & Other
(73
)
(69
)
(72
)
(103
)
(316
)
(64
)
(73
)
(73
)
(81
)
(292
)
(24
)
Entergy Wholesale Commodities
97

(26
)
(141
)
217

147

(18
)
(57
)
105

(373
)
(343
)
490

CONSOLIDATED AS-REPORTED EARNINGS (LOSS)
255

236

365

385

1,241

133

245

536

(66
)
849

393

 
 
 
 
 
 
 
 
 
 
 
 
LESS ADJUSTMENTS
 
 
 
 
 
 
 
 
 
 
 
Utility



41

41


43


179

222

(180
)
Parent & Other



(11
)
(11
)





(11
)
Entergy Wholesale Commodities
97

(26
)
(141
)
217

147

(18
)
(57
)
105

(373
)
(343
)
490

TOTAL ADJUSTMENTS
97

(26
)
(141
)
248

177

(18
)
(14
)
105

(194
)
(121
)
298

 
 
 
 
 
 
 
 
 
 
 
 
ADJUSTED EARNINGS (LOSS)
 
 
 
 
 
 
 
 
 
 
 
Utility
231

331

578

229

1,369

215

333

505

209

1,262

108

Parent & Other
(73
)
(69
)
(72
)
(92
)
(305
)
(64
)
(73
)
(73
)
(81
)
(291
)
(14
)
Entergy Wholesale Commodities











CONSOLIDATED ADJUSTED EARNINGS (LOSS)
158

262

506

137

1,064

151

259

431

128

970

94

 
 
 
 
 
 
 
 
 
 
 
 
Weather Impact
(23
)
12

13

45

46

16

21

5

25

67

(21
)
 
 
 
 
 
 
 
 
 
 
 
 
SHARES OF COMMON STOCK OUTSTANDING
 
 
   

   

   

 
 
   

   

   

   

($ millions)
 
 
 
 
 
 
 
 
 
 
 
End of period
190

199

199

199

199

181

181

181

189

189

10

Weighted average - diluted
192

194

200

201

197

181

183

184

183

183

14

 
 
 
 
 
 
 
 
 
 
 
 
 
2019
2018
FY

(After-tax, per share in $) (a)
 1Q

 2Q

 3Q

 4Q

FY

 1Q

 2Q

 3Q

 4Q

FY

 CHANGE

AS-REPORTED EARNINGS (LOSS)
 
 
 
 
 
 
 
 
 
 
 
Utility
1.20

1.70

2.88

1.35

7.16

1.19

2.05

2.75

2.12

8.09

(0.93
)
Parent & Other
(0.38
)
(0.35
)
(0.36
)
(0.51
)
(1.60
)
(0.36
)
(0.40
)
(0.40
)
(0.44
)
(1.59
)
(0.01
)
Entergy Wholesale Commodities
0.50

(0.13
)
(0.70
)
1.08

0.74

(0.10
)
(0.31
)
0.57

(2.04
)
(1.87
)
2.61

CONSOLIDATED AS-REPORTED EARNINGS (LOSS)
1.32

1.22

1.82

1.92

6.30

0.73

1.34

2.92

(0.36
)
4.63

1.67

 
 
 
 
 
 
 
 
 
 
 
 
LESS ADJUSTMENTS
 
 
 
 
 
 
 
 
 
 
 
Utility



0.21

0.21


0.23


0.98

1.21

(1.00
)
Parent & Other



(0.05
)
(0.05
)





(0.05
)
Entergy Wholesale Commodities
0.50

(0.13
)
(0.70
)
1.08

0.74

(0.10
)
(0.31
)
0.57

(2.04
)
(1.87
)
2.61

TOTAL ADJUSTMENTS
0.50

(0.13
)
(0.70
)
1.24

0.90

(0.10
)
(0.08
)
0.57

(1.06
)
(0.66
)
1.56

 
 
 
 
 
 
 
 
 
 
 
 
ADJUSTED EARNINGS (LOSS)
 
 
 
 
 
 
 
 
 
 
 
Utility
1.20

1.70

2.88

1.14

6.95

1.19

1.82

2.75

1.14

6.88

0.07

Parent & Other
(0.38
)
(0.35
)
(0.36
)
(0.46
)
(1.55
)
(0.36
)
(0.40
)
(0.40
)
(0.44
)
(1.59
)
0.04

Entergy Wholesale Commodities











CONSOLIDATED ADJUSTED EARNINGS (LOSS)
0.82

1.35

2.52

0.68

5.40

0.83

1.42

2.35

0.71

5.29

0.11

 
 
 
 
 
 
 
 
 
 
 
 
Weather Impact
(0.12
)
0.06

0.06

0.22

0.23

0.09

0.11

0.03

0.13

0.37

(0.14
)
Totals may not foot 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.
 
 
 
 
 
 
 
 
 
 
 
 







FINANCIAL RESULTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ENTERGY CORPORATION CONSOLIDATED QUARTERLY ADJUSTMENTS - BY ITEM TYPE
 
 
 
Shown as Positive/(Negative) Impact on Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
2018
FY

(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ millions)
 1Q
 2Q
 3Q
 4Q
FY
 1Q
 2Q
 3Q
 4Q
FY
 CHANGE

UTILITY ADJUSTMENTS
   
   
   
   
   
   
   
   
   
   
   
Customer sharing associated with internal restructuring





 `



(40
)
(40
)
40

Income tax effect on Utility adjustments above (a)








10

10

(10
)
2012 / 2013 IRS audit settlement






43



43

(43
)
Internal restructuring








170

170

(170
)
Tax reform








38

38

(38
)
Reversal of income tax valuation allowance



41

41






41

Total



41

41


43


179

222

(180
)
PARENT & OTHER ADJUSTMENTS
 
 
 
 
 
 
 
 
 
 
 
Income tax item related to valuation allowance for interest deductibility



(11
)
(11
)





(11
)
Total



(11
)
(11
)





(11
)
ENTERGY WHOLESALE COMMODITIES ADJUSTMENTS
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
163

(35
)
(171
)
31

(12
)
(19
)
(86
)
(30
)
(474
)
(610
)
597

Income taxes
(66
)
9

31

187

161

1

30

136

102

269

(108
)
Preferred dividend requirements
1

(1
)
(1
)
(1
)
(2
)
(1
)
(1
)
(1
)
(1
)
(2
)

Total
97

(26
)
(141
)
217

147

(18
)
(57
)
105

(373
)
(343
)
490

TOTAL ADJUSTMENTS
97

(26
)
(141
)
248

177

(18
)
(14
)
105

(194
)
(121
)
298

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
2018
FY

(After-tax, per share in $) (b)
 1Q
 2Q
 3Q
 4Q
FY
 1Q
 2Q
 3Q
 4Q
FY
 CHANGE

UTILITY ADJUSTMENTS
 

 

 

 

 

 

 

 

 

 

 

2012 / 2013 IRS audit settlement






0.23



0.23

(0.23
)
Internal restructuring








0.93

0.93

(0.93
)
Customer sharing associated with internal restructuring








(0.16
)
(0.16
)
0.16

Tax reform








0.21

0.21

(0.21
)
Reversal of income tax valuation allowance



0.21

0.21






0.21

Total



0.21

0.21


0.23


0.98

1.21

(1.00
)
PARENT & OTHER ADJUSTMENTS
 
 
 
 
 
 
 
 
 
 
 
Income tax item related to valuation allowance for interest deductibility



(0.05
)
(0.50
)





(0.05
)
Total



(0.05
)
(0.50
)





(0.05
)
ENTERGY WHOLESALE COMMODITIES ADJUSTMENT
 
 
 
 
 
 
 
 
 
 
 
Total
0.50

(0.13
)
(0.70
)
1.08

0.74

(0.10
)
(0.31
)
0.57

(2.04
)
(1.87
)
2.61

TOTAL ADJUSTMENTS
0.50

(0.13
)
(0.70
)
1.24

0.90

(0.10
)
(0.08
)
0.57

(1.06
)
(0.66
)
1.56

Totals may not foot due to rounding.
 
 
 
 
 
 
 
 
 
 
 
(a) Income tax effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply.
(b) EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply to each adjustment and then dividing by
     the diluted average number of common shares outstanding for the period.
 
 
 
 
 
 
 
 
 
 
 
 






FINANCIAL RESULTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ENTERGY CORPORATION CONSOLIDATED QUARTERLY ADJUSTMENTS - BY INCOME STATEMENT LINE ITEM
Shown as Positive/(Negative) Impact on Earnings