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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) April 27, 2022

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.
1-11299ENTERGY CORPORATION1-35747ENTERGY 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
72-122975282-2212934
1-10764ENTERGY ARKANSAS, LLC1-34360ENTERGY TEXAS, INC.
(a Texas limited liability company)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
(a Texas corporation)
2107 Research Forest Drive
The Woodlands, Texas 77380
Telephone (409) 981-2000
83-191866861-1435798
1-32718ENTERGY LOUISIANA, LLC1-09067SYSTEM 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
47-446964672-0752777
1-31508ENTERGY 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:
RegistrantTitle of ClassTrading
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, 4.875% Series due September 2066
EAI
New York Stock Exchange
 
 
 
Entergy Louisiana, LLC
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.
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 2.02. Results of Operations and Financial Condition

On April 27, 2022, Entergy Corporation (the “Company”) issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2022 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.

Item 7.01. Regulation FD Disclosure

On April 27, 2022, the Company issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2022. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 7.01.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.
Exhibit No.Description
99.1
104Cover 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/ Kimberly A. Fontan
Kimberly A. Fontan
Senior Vice President and
Chief Accounting Officer
Dated: April 27, 2022


Document

https://cdn.kscope.io/e187fbe9914cdeb0113206399eb44330-image_0a.jpg
Exhibit 99.1


NEWS RELEASE
FOR IMMEDIATE RELEASE
April 27, 2022


Entergy reports first quarter earnings
Company affirms guidance and financial outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2022 earnings per share of $1.36 on an as-reported basis and $1.32 on an adjusted basis (non-GAAP).

“We had a strong start for 2022 and continued to make important operational, strategic, and financial progress across the business,” said Leo Denault, Entergy Chairman and Chief Executive Officer. “With favorable weather and higher-than-planned retail sales, we are ahead of schedule and solidly on track to achieve our 2022 objectives.”

Business highlights included the following:
E-LA completed an $86M transmission upgrade in Lafourche Parish, improving the resilience and reliability of the local power grid.
E-LA completed a $100M transmission improvement project in north Louisiana that will increase resilience and reliability and provide economic benefits.
E-TX selected several resources from its 2021 solar RFP totaling at least 400 megawatts of capacity.
E-AR filed for approval of a new 250-megawatt solar facility, Driver Solar.
E-AR and E-LA announced their intent to issue RFPs totaling 2,000 megawatts of renewable resources.
E-TX issued securitization bonds, completing recovery of its 2020 storm costs.
The LPSC approved cost recovery and financing for E-LA’s 2020 storms, including a $290 million storm reserve as well as $1 billion escrow designated for Hurricane Ida costs.
E-NO submitted a filing seeking approval to issue $150M in securitized bonds to replenish its storm escrow.
E-MS filed its annual FRP.


Table of Contents Page
News Release 1
Appendices 7
A: Consolidated results and adjustments 8
B: Earnings variance analysis 11
C: Utility operating and financial measures 13
D: EWC operating and financial measures 14
E: Consolidated financial measures 15
F: Definitions and abbreviations and acronyms 16
G: Other GAAP to non-GAAP reconciliations 19
Financial statements 21


1

Entergy reports first quarter earnings
April 27, 2022
Page 2


Consolidated earnings (GAAP and non-GAAP Measures)
First quarter 2022 vs. 2021 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
First quarter
2022
2021
Change
(After-tax, $ in millions)
As-reported earnings
276
335
(58)
Less adjustments
7
38
(30)
Adjusted earnings (non-GAAP)
269
297
(28)
Estimated weather impact
16
23
(7)
(After-tax, per share in $)
As-reported earnings
1.36
1.66
(0.30)
Less adjustments
0.04
0.19
(0.15)
Adjusted earnings (non-GAAP)
1.32
1.47
(0.15)
Estimated weather impact
0.08
0.11
(0.03)

Calculations may differ due to rounding

Consolidated results

For first quarter 2022, the company reported earnings of $276 million, or $1.36 per share, on an as-reported basis, and earnings of $269 million, or $1.32 per share, on an adjusted basis. This compared to first quarter 2021 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.

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 2022, the Utility business reported earnings attributable to Entergy Corporation of $340 million, or $1.67 per share, on both an as-reported and an adjusted basis. This compared to first quarter 2021 earnings of $357 million, or $1.77 per share, on both an as-reported and an adjusted basis. Drivers for the quarter included:
the first quarter 2021 reversal of a regulatory provision at E-AR for its 2019 netting adjustment;
higher operating expenses including other O&M, taxes other than income taxes, and depreciation expense; and
higher interest expense.

These drivers were partially offset by the net effect of regulatory actions across the operating companies.

On a per share basis, first quarter 2022 results reflected higher common shares outstanding.

Appendix C contains additional details on Utility operating and financial measures.

Parent & Other


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April 27, 2022
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For first quarter 2022, Parent & Other reported a loss attributable to Entergy Corporation of $(71 million), or (35) cents per share, on both an as-reported and an adjusted basis. This compared to a first quarter 2021 loss of $(60 million), or (30) cents per share, on both an as-reported and an adjusted basis. No individual drivers were significant contributors to the change.

Entergy Wholesale Commodities

For first quarter 2022, EWC reported earnings attributable to Entergy Corporation of $7 million, or 4 cents per share, on an as-reported basis. This compared to a first quarter 2021 earnings attributable to Entergy Corporation of $38 million, or 19 cents per share, on an as-reported basis. Drivers for the quarter included:
lower revenue primarily due to the shutdown of Indian Point 3, and
the absence of earnings from NDTs as a result of the sale of Indian Point.

These drivers were partially offset by:
lower other O&M due primarily to the shutdown of Indian Point 3, and
lower decommissioning expenses primarily due to the sale of Indian Point.

Appendix D contains additional details on EWC operating and financial measures, including reconciliation for non-GAAP EWC adjusted EBITDA.

Earnings per share guidance

Entergy affirmed its 2022 adjusted EPS guidance range of $6.15 to $6.45. See webcast presentation for additional details.

The company has provided 2022 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 20 cents in 2022. 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 27, 2022, 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 7789889, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. 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 4, 2022, by dialing 855-859-2056, conference ID 7789889.

Entergy Corporation, a Fortune 500 company headquartered in New Orleans, powers life for 3 million customers through its operating companies across Arkansas, Louisiana, Mississippi, and Texas. Entergy is creating a cleaner, more resilient energy future for everyone with our diverse power generation portfolio, including increasingly carbon-free energy sources. With roots in the Gulf South region for more than a century, Entergy is a recognized leader in corporate citizenship, delivering more than $100 million in economic benefits to local communities through philanthropy and advocacy efforts

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April 27, 2022
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annually over the last several years. Our approximately 12,500 employees are dedicated to powering life today and for future generations.

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 on 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 exit from 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; 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,

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April 27, 2022
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and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, ROE is included on both an adjusted and an as-reported basis. 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 2022 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 or on the timeline 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.


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April 27, 2022
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###



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Media inquiries:
Neal Kirby
504-576-4238
nkirby@entergy.com

Investor relations inquiries:
Bill Abler
504-576-3097
wabler@entergy.com



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First quarter 2022 earnings release appendices and financial statements

Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: EWC operating and financial 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 2022 vs. 2021 (See Appendix A-2 and Appendix A-3 for details on adjustments)
First quarter
20222021Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility340357(16)
Parent & Other(71)(60)(12)
EWC738(30)
Consolidated276335(58)
Less adjustments
Utility---
Parent & Other---
EWC738(30)
Consolidated738(30)
Adjusted earnings (loss) (non-GAAP)
Utility340357(16)
Parent & Other(71)(60)(12)
EWC---
Consolidated269297(28)
Estimated weather impact1623(7)
Diluted average number of common shares outstanding (in millions)203.9201.1
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility1.671.77(0.10)
Parent & Other(0.35)(0.30)(0.05)
EWC0.040.19(0.15)
Consolidated1.361.66(0.30)
Less adjustments
Utility---
Parent & Other---
EWC0.040.19(0.15)
Consolidated0.040.19(0.15)
Adjusted earnings (loss) (non-GAAP)
Utility1.671.77(0.10)
Parent & Other(0.35)(0.30)(0.05)
EWC---
Consolidated1.321.47(0.15)
Estimated weather impact0.080.11(0.03)
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 and Appendix A-3 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-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
First quarter 2022 vs. 2021
First quarter
20222021Change
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
EWC
Income before income taxes
1154(43)
Income taxes
(3)(16)13
Preferred dividend requirements
(1)(1)-
Total EWC738(30)
Total adjustments738(30)
(After-tax, per share in $) (b)
EWC
Total EWC0.040.19(0.15)
Total adjustments0.040.19(0.15)
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-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings)
First quarter 2022 vs. 2021
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
First quarter
20222021Change
EWC
Operating revenue
150248(98)
Fuel and fuel-related expenses
(26)(21)(5)
Purchased power
(14)(18)4
Nuclear refueling outage expenses
(11)(11)-
Other O&M
(41)(99)58
Asset write-off and impairments
(1)(3)3
Decommissioning expense
(14)(53)39
Taxes other than income taxes
(10)(6)(3)
Depreciation/amortization exp.
(9)(13)4
Other income (deductions)–other
(13)34(47)
Interest exp. and other charges
(1)(4)3
Income taxes
(3)(16)13
Preferred dividend requirements
(1)(1)-
Total EWC738(30)
Total adjustments (after-tax)738(30)
Calculations may differ due to rounding







Appendix A-4 provides a comparative summary of OCF by business.

Appendix A-4: Consolidated operating cash flow
First quarter 2022 vs. 2021
($ in millions)
First quarter
20222021Change
Utility495(77)572
Parent & Other(35)(22)(13)
EWC784929
Consolidated538(50)588
    Calculations may differ due to rounding

OCF increased for the quarter due to several drivers, including higher Utility customer collections, lower fuel and purchased power payments (including costs related to Winter Storm Uri in 2021), lower pension contributions, and higher proceeds from the DOE regarding spent fuel litigation. The increase was partially offset by higher non-capital storm restoration spending.

Intercompany income tax payments contributed to the line of business variances.

B: Earnings variance analysis
Appendix B provides details of current quarter 2022 versus 2021 as-reported and adjusted earnings per share variances for Utility, Parent & Other, and EWC.

Appendix B: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
First quarter 2022 vs. 2021
(After-tax, per share in $)
UtilityParent & OtherEWCConsolidated
As-
reported
AdjustedAs-reportedAdjusted
As-
reported
As-
reported
Adjusted
2021 earnings (loss)1.771.77(0.30)(0.30)0.191.661.47
Operating revenue less:
  Fuel, fuel-related expenses and
  gas purchased for resale,
  Purchased power, and
  Regulatory charges (credits)–net
0.430.43
(f)
--(0.39)
(g)
0.040.43
Other O&M(0.10)(0.10)
(h)
(0.01)(0.01)0.23
(i)
0.12(0.11)
Asset write-offs and impairments----0.010.01-
Decommissioning expense(0.01)(0.01)--0.15
(j)
0.14(0.01)
Taxes other than income taxes
(0.07)(0.07)
(k)
--(0.01)(0.08)(0.07)
Depreciation/amortization exp.
(0.11)(0.11)
(l)
--0.02(0.09)(0.11)
Other income (deductions)
(0.17)(0.17)
(m)
(0.01)(0.01)(0.18)
(n)
(0.36)(0.18)
Interest expense
(0.06)(0.06)
(o)
(0.03)(0.03)0.01(0.08)(0.09)
Income taxes–other
0.010.01--0.010.020.01
Share effect
(0.02)(0.02)---(0.02)(0.02)
2022 earnings (loss)1.671.67(0.35)(0.35)0.041.361.32
h
Calculations may differ due to rounding

(c)Utility operating revenue / regulatory charges and Utility income taxes-other exclude $17 million, in first quarter 2022 and $41 million, in first quarter 2021 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings).
(d)Utility regulatory charges (credits) and Utility preferred dividend and noncontrolling interest exclude $1 million, in first quarter 2022 and $0 in first quarter 2021 for the effects of HLBV accounting and the approved deferral (net effect is neutral to earnings).
(e)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.



Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits)-net variance analysis
2022 vs. 2021 ($ EPS)
1Q
Volume/weather
(0.05)
Retail electric price
0.33
1Q21 reversal of reg. provision for E-AR’s FRP 2019 netting adj.
(0.16)
1Q22 reg. provision for true-up of E-LA and E-TX cost of debt from 2020 storms
0.05
Reg. provisions for decommissioning items
0.22
Other, including Grand Gulf recovery
0.04
Total
0.43
(f)The earnings increase was primarily driven by regulatory actions including E-AR’s FRP; E-LA’s FRP; E-MS’s FRP and ad valorem rider; E-NO’s FRP; and E-TX’s GCRR, TCRF, and DCRF. The variance also reflected a change in regulatory provisions for decommissioning items (the difference between expense and trust earnings plus costs collected in revenue, largely earnings neutral) and a regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms. Partially offsetting was the first quarter 2021 reversal of an E-AR regulatory provision.
(g)The earnings decrease was due largely to the shutdown of Indian Point 3 in April 2021.
(h)The earnings decrease from higher Utility other O&M was due primarily to higher customer service center support expenses, higher nuclear generation expenses, higher transmission expenses, and higher distribution operations expenses. These items were partially offset by higher nuclear insurance refunds.
(i)The earnings increase from lower EWC other O&M was due largely to the shutdown of Indian Point 3 in April 2021 and lower severance and retention expenses.
(j)The earnings increase from lower EWC decommissioning expense was due primarily to the sale of Indian Point in May 2021.
(k)The earnings decrease from higher Utility taxes other than income taxes was due to increases in ad valorem and franchise taxes.
(l)The earnings decrease from higher Utility depreciation expense was due primarily to higher plant in service.
(m)The earnings decrease from lower Utility other income (deductions) was due largely to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral).
(n)The earnings decrease from lower EWC other income (deductions) was due largely to the absence of earnings from nuclear decommissioning trust funds that were transferred in the sale of Indian Point in May 2021 and the performance of Palisades decommissioning trust investments. The decrease was partially offset by lower non-service pension costs.
(o)The earnings decrease from higher Utility interest expense was due primarily to higher debt balances.




C: Utility operating and financial measures
Appendix C provides comparative summaries of Utility operating and financial measures.

Appendix C: Utility operating and financial measures
First quarter 2022 vs. 2021
First quarter
20222021%
Change
% Weather Adjusted (p)
GWh sold
Residential
8,4548,663(2.4)(3.6)
Commercial
6,2716,1112.65.2
Governmental
5845810.50.5
Industrial
12,49611,7386.56.5
Total retail sales
27,80527,0932.62.9
Wholesale
3,6414,299(15.3)
Total sales
31,44631,3920.2
Number of electric retail customers
Residential
2,548,1382,532,1720.6
Commercial
368,951360,3232.4
Governmental
18,17317,8112.0
Industrial
46,47744,6224.2
Total retail customers
2,981,7392,954,9280.9
Other O&M and refueling outage expense per MWh$21.00$20.233.8

Calculations may differ due to rounding
(p)The effects of weather were estimated using heating degree days and cooling degree days for the period 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 retail sales increased 2.9 percent. Residential sales decreased (3.6) percent and commercial sales increased 5.2 percent, including the impact of the COVID-19 pandemic on first quarter 2021. Industrial sales volume increased 6.5 percent due to higher sales to cogeneration customers, higher sales to existing large industrial customers (primarily chemicals and pulp and paper industries, partially offset by lower petroleum refining), an increase in demand from expansion projects (primarily in the chemicals, transportation, and petroleum refining industries), and higher sales to mid-to-small industrial customers.

D: EWC operating and financial measures
Appendix D-1 provides a comparative summary of EWC operating and financial measures.

Appendix D-1: EWC operating and financial measures
First quarter 2022 vs. 2021
First quarter
20222021% Change
Owned capacity (MW) (q)
1,2052,246(46.3)
GWh billed
2,2254,413(49.6)

EWC Nuclear Fleet
Capacity factor
100%99%1.0
GWh billed
1,7663,988(55.7)
Production cost per MWh$25.47$18.4638.0
Average energy/capacity revenue per MWh$59.21$52.0413.8
Calculations may differ due to rounding    
(q)2022 is lower due to the shutdown of IP3 (1,041MW) on April 30, 2021.




See the appendix in the webcast presentation for EWC hedging and price disclosures.

Appendix D-2 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-2: EWC adjusted EBITDA - reconciliation of GAAP to non-GAAP measures
First quarter 2022 vs. 2021
($ in millions)First quarter
20222021Change
Net income (loss)
838(30)
Add back: interest expense
14(3)
Add back: income taxes
316(13)
Add back: depreciation and amortization
913(4)
Subtract: interest and investment income
(17)48(65)
Add back: decommissioning expense
1453(39)
Adjusted EBITDA (non-GAAP)5176(24)
Calculations may differ due to rounding







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 2022 vs. 2021 (See appendix G for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending March 31
20222021Change
GAAP measure
As-reported ROE
9.3%15.1%(5.7)%

Non-GAAP measure
Adjusted ROE
10.4%11.3%(0.8)%

As of March 31 ($ in millions, except where noted)
20222021Change
GAAP measures
Cash and cash equivalents
7021,743(1,041)
Available revolver capacity
4,1294,220(92)
Commercial paper
1,3431,028315
Total debt
28,63025,8032,827
Securitization debt
55147(92)
Debt to capital
70.5%
69.6%0.9%
Off-balance sheet liabilities:
  Debt of joint ventures – Entergy’s share
515(10)
Total off-balance sheet liabilities
515(10)

Storm escrows
3372(39)

Non-GAAP measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt
70.4%69.5%0.9%
Net debt to net capital, excluding securitization debt
69.9%68.0%1.9%
Gross liquidity
4,8305,963(1,133)
Net liquidity
3,4874,935(1,448)
Net liquidity, including storm escrows
3,5215,007(1,487)
Parent debt to total debt, excluding securitization debt
21.5%22.3%(0.8)%
FFO to debt, excluding securitization debt
8.7%8.2%0.5%
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC
9.3%8.7%0.6%

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 operating and financial measures
GWh sold
Total number of GWh sold to retail and wholesale customers
Number of electric retail customers
Average number of electric customers over the period
Other O&M and refueling outage expense per MWh
Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales

EWC Operating and financial 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)
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 unit-contingent contracts
Planned net MW in operation (average)
Average installed nuclear capacity to generate power and/or sell capacity, reflecting the shutdown of Palisades (May 31, 2022)
Planned TWh of generation
Amount of output expected to be generated by EWC nuclear resources considering plant operating characteristics, reflecting the shutdown of 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)
Unit contingentTransaction 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
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




Appendix F-1: Definitions (continued)
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
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 the exit of EWC
12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with the 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
ALJ
AMI
APSC
ARO
ATM
bps
CCGT
CCNO
CFO
COD
DCRF
DOE
DSM
E-AR
E-LA
E-MS
E-NO
E-TX
EBITDA
EPC
EPS
ETR
EWC
FERC
FFO
FIN 48
FRP
GAAP
GCRR
Grand Gulf or GGNS
HLBV
Accumulated deferred income taxes
Allowance for funds used during construction

Allowance for borrowed funds used during construction
Administrative law judge
Advanced metering infrastructure
Arkansas Public Service Commission
Asset retirement obligation
At the market equity issuance program
Basis points
Combined cycle gas turbine
Council of the City of New Orleans
Cash from operations
Commercial operation date
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
Engineering, procurement, and construction
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
Hypothetical liquidation at book value


IIRR-G
Indian Point 3
or IP3
IPEC or
Indian Point
ISES 2

LPSC
LTM
MISO
Moody’s
MPSC
MTEP
Nelson 6
NDT
NRC
NYSE
OCAPS
OCF
OpCo
OPEB
Other O&M
P&O
Palisades
PMR
PPA
PUCT
RFP
ROE
RS Cogen
RSP
S&P
SEC
SERI
TCRF
UPSA
WACC
Infrastructure investment recovery rider - gas
Indian Point Energy Center Unit 3 (nuclear)
(shut down April 30, 2021, sold May 28, 2021)
Indian Point Energy Center (nuclear)
(sold May 28, 2021)
Unit 2 of Independence Steam Electric Station (coal)
Louisiana Public Service Commission
Last twelve months
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
U.S. Nuclear Regulatory Commission
New York Stock Exchange
Orange County Advanced Power Station
Net cash flow provided by operating activities
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 Utility Commission of Texas
Request for proposals
Return on equity
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





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 – ROE
(LTM $ in millions except where noted)First quarter
20222021
As-reported net income (loss) attributable to Entergy Corporation
(A)1,0601,604
Adjustments(B)(127)399
Adjusted earnings (non-GAAP)(A-B)1,1871,205
Average common equity (average of beginning and ending balances)(C)11,36410,621
As-reported ROE(A/C)9.3%15.1%
Adjusted ROE (non-GAAP)[(A-B)/C]10.4%11.3%
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
20222021
Total debt(A)28,63025,803
Less securitization debt(B)55147
Total debt, excluding securitization debt(C)28,57525,656
Less cash and cash equivalents(D)7021,743
Net debt, excluding securitization debt(E)27,87423,914
Commercial paper(F)1,3431,028
Total capitalization(G)40,62637,075
Less securitization debt(B)55147
Total capitalization, excluding securitization debt(H)40,57136,928
Less cash and cash equivalents(D)7021,743
Net capital, excluding securitization debt(I)39,87035,185
Debt to capital(A/G)70.5%69.6%
Debt to capital, excluding securitization debt (non-GAAP)(C/H)70.4%69.5%
Net debt to net capital, excluding securitization debt (non-GAAP)(E/I)69.9%68.0%
Available revolver capacity(J)4,1294,220
Storm escrows(K)3372
Gross liquidity (non-GAAP)(D+J)4,8305,963
Net liquidity (non-GAAP)(D+J-F)3,4874,935
Net liquidity, including storm escrows (non-GAAP)(D+J-F+K)3,5215,007
Entergy Corporation notes:
Due July 2022650650
Due September 2025800800
Due September 2026750750
Due June 2028650650
Due June 2030600600
Due June 2031650650
Due June 2050600600
Total Entergy Corporation notes(L)4,7004,700
Revolver draw(M)15055
Unamortized debt issuance costs and discounts(N)(47)(54)
Total parent debt(F+L+M+N)6,1455,728
Parent debt to total debt, excluding securitization debt (non-GAAP)[(F+L+M+N)/C]21.5%22.3%
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 the exit of EWC
($ in millions except where noted)
First quarter

20222021
Total debt
(A)28,63025,803
Less securitization debt
(B)55147
Total debt, excluding securitization debt
(C)28,57525,656

Net cash flow provided by operating activities, LTM
(D)2,8881,981

AFUDC – borrowed funds, LTM
(E)(29)(43)

Working capital items in net cash flow provided by operating activities, LTM:
Receivables
91(262)
Fuel inventory
615
Accounts payable
16290
Taxes accrued
13021
Interest accrued
269
Other working capital accounts
(105)(165)
Securitization regulatory charges, LTM71124
Total
(F)382(170)

FFO, LTM (non-GAAP)
(G)=(D+E-F)2,4772,109

FFO to debt, excluding securitization debt (non-GAAP)
(G/C)8.7%8.2%

Estimated return of unprotected excess ADIT, LTM
(H)6680
Severance and retention payments associated with exit of EWC, LTM pre-tax
(I)11955

FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC (non-GAAP)
[(G+H+I)/(C)]9.3%8.7%

Calculations may differ due to rounding







Financial Statements
Entergy Corporation 
Consolidating Balance Sheet        
March 31, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
ASSETS
CURRENT ASSETS
 Cash and cash equivalents:
    Cash$65,251 $3,312 $7,583 $76,146 
    Temporary cash investments408,892 57,856 158,697 625,445 
     Total cash and cash equivalents474,143 61,168 166,280 701,591 
Notes receivable— (75,000)75,000  
Accounts receivable:
   Customer 629,903 — 38,717 668,620 
   Allowance for doubtful accounts(31,486)— — (31,486)
   Associated companies10,560 (12,259)1,699  
   Other157,760 390 13,708 171,858 
   Accrued unbilled revenues406,010 — — 406,010 
     Total accounts receivable1,172,747 (11,869)54,124 1,215,002 
Deferred fuel costs375,670 — — 375,670 
Fuel inventory - at average cost134,157 — 5,623 139,780 
Materials and supplies - at average cost1,047,217 — 19,318 1,066,535 
Deferred nuclear refueling outage costs117,851 — 7,341 125,192 
Prepayments and other220,194 (16,624)11,661 215,231 
TOTAL3,541,979 (42,325)339,347 3,839,001 
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates 3,009,118 (3,009,204)22,114 22,028 
Decommissioning trust funds4,674,146 — 535,984 5,210,130 
Non-utility property - at cost (less accumulated depreciation)345,386 (15)11,721 357,092 
Other 81,789 46,910 9,001 137,700 
TOTAL8,110,439 (2,962,309)578,820 5,726,950 
PROPERTY, PLANT, AND EQUIPMENT
Electric62,923,397 4,996 477,518 63,405,911 
Natural gas666,646 — — 666,646 
Construction work in progress1,555,338 321 992 1,556,651 
Nuclear fuel543,449 — 4,257 547,706 
TOTAL PROPERTY, PLANT, AND EQUIPMENT65,688,830 5,317 482,767 66,176,914 
Less - accumulated depreciation and amortization24,561,188 200 421,379 24,982,767 
PROPERTY, PLANT, AND EQUIPMENT - NET41,127,642 5,117 61,388 41,194,147 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
  Other regulatory assets8,037,526 — — 8,037,526 
  Deferred fuel costs241,002 — — 241,002 
Goodwill374,099 — 3,073 377,172 
Accumulated deferred income taxes51,844 58 6,486 58,388 
Other200,078 10,533 148,729 359,340 
TOTAL8,904,549 10,591 158,288 9,073,428 
TOTAL ASSETS$61,684,609 $(2,988,926)$1,137,843 $59,833,526 
*Totals may not foot due to rounding.





Entergy Corporation 
Consolidating Balance Sheet        
March 31, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
CURRENT LIABILITIES        
Currently maturing long-term debt $250,335 $650,000 $139,000 $1,039,335 
Notes payable and commercial paper: 
  Other — 1,342,811 — 1,342,811 
Account payable: 
  Associated companies 44,283 (43,377)(906) 
  Other 1,676,612 55 64,385 1,741,052 
Customer deposits 402,600 — — 402,600 
Taxes accrued 314,817 39,469 (14,399)339,887 
Interest accrued 195,856 27,640 517 224,013 
Pension and other postretirement liabilities 47,302 — 12,947 60,249 
Current portion of unprotected excess accumulated  
   deferred income taxes 35,241 — — 35,241 
Other 168,722 1,787 7,488 177,997 
TOTAL 3,135,768 2,018,385 209,032 5,363,185 
         
NON-CURRENT LIABILITIES        
Accumulated deferred income taxes and taxes accrued 5,862,594 (528,240)(538,146)4,796,208 
Accumulated deferred investment tax credits 209,921 — — 209,921 
Regulatory liability for income taxes - net 1,233,417 — — 1,233,417 
Other regulatory liabilities 2,433,906 — — 2,433,906 
Decommissioning and retirement cost liabilities 4,120,965 — 695,559 4,816,524 
Accumulated provisions 165,029 — 299 165,328 
Pension and other postretirement liabilities 1,539,986 — 315,785 1,855,771 
Long-term debt 22,023,908 4,152,541 — 26,176,449 
Other 1,167,374 (441,641)60,848 786,581 
TOTAL 38,757,100 3,182,660 534,345 42,474,105 
         
Subsidiaries' preferred stock without sinking fund 195,161 — 24,249 219,410 
         
EQUITY        
  Preferred stock, no par value, authorized 1,000,000 shares;
    issued shares in 2022 - none— — —  
  Common stock, $.01 par value, authorized 499,000,000 shares;
   issued 271,965,510 shares in 20222,323,748 (2,522,131)201,103 2,720 
Paid-in capital4,508,952 (1,377,329)3,603,531 6,735,154 
Retained earnings12,865,133 596,326 (3,149,565)10,311,894 
Accumulated other comprehensive loss(51,726)— (284,852)(336,578)
Less - treasury stock, at cost (68,808,788 shares in 2022)120,000 4,883,087 — 5,003,087 
TOTAL COMMON SHAREHOLDERS' EQUITY19,526,107 (8,186,221)370,217 11,710,103 
Subsidiaries' preferred stock without sinking fund
    and noncontrolling interest70,473 (3,750)— 66,723 
TOTAL19,596,580 (8,189,971)370,217 11,776,826 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$61,684,609 $(2,988,926)$1,137,843 $59,833,526 
*Totals may not foot due to rounding.






Entergy Corporation 
Consolidating Balance Sheet        
December 31, 2021        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
ASSETS
CURRENT ASSETS
 Cash and cash equivalents:
    Cash$40,303 $3,144 $1,497 $44,944 
    Temporary cash investments270,947 8,126 118,542 397,615 
     Total cash and cash equivalents311,250 11,270 120,039 442,559 
Notes receivable— (84,000)84,000  
Accounts receivable:
   Customer 747,423 — 39,443 786,866 
   Allowance for doubtful accounts(68,608)— — (68,608)
   Associated companies12,448 (13,069)621  
   Other137,817 345 93,681 231,843 
   Accrued unbilled revenues420,255 — — 420,255 
     Total accounts receivable1,249,335 (12,724)133,745 1,370,356 
Deferred fuel costs324,394 — — 324,394 
Fuel inventory - at average cost149,817 — 4,758 154,575 
Materials and supplies - at average cost1,022,137 — 19,378 1,041,515 
Deferred nuclear refueling outage costs115,024 — 18,398 133,422 
Prepayments and other162,559 (16,251)10,466 156,774 
TOTAL3,334,516 (101,705)390,784 3,623,595 
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates 1,482,963 (1,483,049)22,090 22,004 
Decommissioning trust funds4,938,194 — 575,822 5,514,016 
Non-utility property - at cost (less accumulated depreciation)344,427 (14)13,163 357,576 
Other 82,118 46,339 8,994 137,451 
TOTAL6,847,702 (1,436,724)620,069 6,031,047 
PROPERTY, PLANT, AND EQUIPMENT
Electric63,775,441 10,869 476,940 64,263,250 
Natural gas658,989 — — 658,989 
Construction work in progress1,510,840 257 869 1,511,966 
Nuclear fuel562,910 — 14,096 577,006 
TOTAL PROPERTY, PLANT, AND EQUIPMENT66,508,180 11,126 491,905 67,011,211 
Less - accumulated depreciation and amortization24,346,483 5,968 414,600 24,767,051 
PROPERTY, PLANT, AND EQUIPMENT - NET42,161,697 5,158 77,305 42,244,160 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
  Other regulatory assets6,613,256 — — 6,613,256 
  Deferred fuel costs240,953 — — 240,953 
Goodwill374,099 — 3,073 377,172 
Accumulated deferred income taxes47,641 59 6,486 54,186 
Other113,761 11,154 144,958 269,873 
TOTAL7,389,710 11,213 154,517 7,555,440 
TOTAL ASSETS$59,733,625 $(1,522,058)$1,242,675 $59,454,242 
*Totals may not foot due to rounding.



Entergy Corporation 
Consolidating Balance Sheet        
December 31, 2021        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
CURRENT LIABILITIES        
Currently maturing long-term debt $250,329 $650,000 $139,000 $1,039,329 
Notes payable and commercial paper: 
  Other — 1,201,177 — 1,201,177 
Account payable: 
  Associated companies 38,168 (41,588)3,420  
  Other 2,544,419 77 65,636 2,610,132 
Customer deposits 395,184 — — 395,184 
Taxes accrued 417,949 3,680 (1,801)419,828 
Interest accrued 166,149 24,506 496 191,151 
Deferred fuel costs 7,607 — — 7,607 
Pension and other postretirement liabilities 55,528 — 12,808 68,336 
Current portion of unprotected excess accumulated  
   deferred income taxes 53,385 — — 53,385 
Other 190,473 1,893 12,247 204,613 
TOTAL 4,119,191 1,839,745 231,806 6,190,742 
         
NON-CURRENT LIABILITIES        
Accumulated deferred income taxes and taxes accrued 5,737,096 (477,484)(552,815)4,706,797 
Accumulated deferred investment tax credits 211,975 — — 211,975 
Regulatory liability for income taxes - net 1,255,692 — — 1,255,692 
Other regulatory liabilities 2,643,845 — — 2,643,845 
Decommissioning and retirement cost liabilities 4,074,078 — 683,006 4,757,084 
Accumulated provisions 156,823 — 299 157,122 
Pension and other postretirement liabilities 1,601,648 — 347,677 1,949,325 
Long-term debt 20,675,567 4,166,005 — 24,841,572 
Other 1,207,314 (453,928)61,898 815,284 
TOTAL 37,564,038 3,234,593 540,065 41,338,696 
         
Subsidiaries' preferred stock without sinking fund 195,161 — 24,249 219,410 
         
EQUITY        
  Preferred stock, no par value, authorized 1,000,000 shares;
    issued shares in 2021 - none— — —  
  Common stock, $.01 par value, authorized 499,000,000 shares;
   issued 271,965,510 shares in 20212,323,748 (2,522,131)201,103 2,720 
Paid-in capital4,482,797 1,314,411 969,031 6,766,239 
Retained earnings11,149,232 (465,227)(443,453)10,240,552 
Accumulated other comprehensive loss(52,402)— (280,126)(332,528)
Less - treasury stock, at cost (69,312,326 shares in 2021)120,000 4,919,699 — 5,039,699 
TOTAL COMMON SHAREHOLDERS' EQUITY17,783,375 (6,592,646)446,555 11,637,284 
Subsidiaries' preferred stock without sinking fund
    and noncontrolling interest71,860 (3,750)— 68,110 
TOTAL17,855,235 (6,596,396)446,555 11,705,394 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$59,733,625 $(1,522,058)$1,242,675 $59,454,242 
*Totals may not foot due to rounding.



Entergy Corporation        
Consolidating Income Statement        
Three Months Ended March 31, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $2,655,795 $(19)$— $2,655,776 
Natural gas 72,361 — — 72,361 
Competitive businesses — 11 149,777 149,788 
     Total 2,728,156 (8)149,777 2,877,925 
         
OPERATING EXPENSES        
Operating and Maintenance:        
  Fuel, fuel related expenses, and gas purchased for resale 640,770 (9)26,177 666,938 
  Purchased power 255,944 13,673 269,626 
  Nuclear refueling outage expenses 31,944 — 11,058 43,002 
  Other operation and maintenance 628,516 9,075 41,221 678,812 
Asset write-offs, impairments, and related charges — — 744 744 
Decommissioning 48,064 — 13,984 62,048 
Taxes other than income taxes 170,280 363 9,505 180,148 
Depreciation and amortization 430,223 204 8,545 438,972 
Other regulatory charges (credits) - net (28,425)— — (28,425)
     Total 2,177,316 9,642 124,907 2,311,865 
  
OPERATING INCOME 550,840 (9,650)24,870 566,060 
         
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 15,871 — — 15,871 
Interest and investment income (loss) 27,707 (32,722)(16,903)(21,918)
Miscellaneous - net 7,328 (3,775)4,050 7,603 
     Total 50,906 (36,497)(12,853)1,556 
         
INTEREST EXPENSE        
Interest expense 189,327 36,991 1,304 227,622 
Allowance for borrowed funds used during construction (6,096)— — (6,096)
     Total 183,231 36,991 1,304 221,526 
  
INCOME BEFORE INCOME TAXES 418,515 (83,138)10,713 346,090 
  
Income taxes 75,359 (11,716)2,854 66,497 
  
CONSOLIDATED NET INCOME 343,156 (71,422)7,859 279,593 
  
Preferred dividend requirements of subsidiaries and noncontrolling interest 2,694 (48)547 3,193 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $340,462 $(71,374)$7,312 $276,400 
         
EARNINGS PER AVERAGE COMMON SHARE:        
  BASIC $1.67 ($0.35)$0.04 $1.36
  DILUTED $1.67 ($0.35)$0.04 $1.36