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ELC Entergy Louisiana

Filed: 28 Apr 21, 7:18am

Exhibit 99.1
entergylogo1a.gif
Entergy
639 Loyola Avenue
New Orleans, LA 70113
News
Release

Date:April 28, 2021
For Release:Immediately
Contact:
Neal Kirby (Media)
(504) 576-4238
nkirby@entergy.com
Bill Abler (Investor Relations)
(504) 576-3097
wabler@entergy.com

Entergy Reports First Quarter Earnings
Company affirms guidance and financial outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2021 earnings per share of $1.66 on an as-reported basis and $1.47 on an adjusted basis (non-GAAP).

“We had a strong first quarter and our team successfully executed on several fronts,” said Entergy Chairman and Chief Executive Officer Leo Denault. “We reached settlements on several important issues, reducing risk, providing long-term clarity, and solidifying a clear path for our future growth. This enables us to continue to make investments in a cleaner generation fleet and a more reliable delivery system that benefit our customers and our communities, and that support the long-term growth of our business.”

Business highlights included the following:
•    Entergy Louisiana, Entergy Arkansas, and Entergy Texas issued RFPs for up to 500, 300, and 200 megawatts of renewable resources, respectively.
•    Entergy Arkansas resolved its formula rate plan, including a five-year extension.
•    Entergy Louisiana reached an agreement on a three-year extension of its formula rate plan.
•    Entergy Mississippi submitted its annual formula rate plan filing.
•    Entergy Texas reached settlements on its TCRF and DCRF filings.



•    Entergy and Holtec filed a joint settlement agreement among all parties with the NY PSC for the sale of Indian Point.
•    Entergy and five other utilities formed the Electric Highway Coalition, a multi-state electric vehicle charging initiative.
•    Entergy ranked among the top energy and utility companies on the 2021 Corporate Equality Index by the Human Rights Campaign Foundation.

Table of Contents Page
News Release 1
Appendices 7
A: Consolidated Results and Adjustments 8
B: Earnings Variance Analysis 11
C: Utility Financial and Operating Measures 13
D: EWC Financial and Operating Measures 14
E: Consolidated Financial Measures 15
F: Definitions and Abbreviations and Acronyms 16
G: Other GAAP to Non-GAAP Reconciliations 19
Financial Statements 22

Consolidated Earnings (GAAP and Non-GAAP Measures)
First Quarter 2021 vs. 2020 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
First Quarter
20212020Change
(After-tax, $ in millions)
As-reported earnings335119216
Less adjustments38(111)149
Adjusted earnings (non-GAAP)29723067
Estimated weather in billed sales24(50)73
(After-tax, per share in $)
As-reported earnings1.660.591.07
Less adjustments0.19(0.55)0.74
Adjusted earnings (non-GAAP)1.471.140.33
Estimated weather in billed sales0.12(0.25)0.37
Calculations may differ due to rounding

Consolidated Results

For first quarter 2021, the company reported earnings of $335 million, or $1.66 per share, on an as-reported basis, and earnings of $297 million, or $1.47 per share, on an adjusted basis. This compared to first quarter 2020 earnings of $119 million, or 59 cents per share, on an as-reported basis, and earnings of $230 million, or $1.14 per share, on an adjusted basis.




Summary discussions by business are below. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of quarterly variances by business is provided in Appendix B.

Business Segment Results

Utility

For first quarter 2021, the Utility business reported earnings attributable to Entergy Corporation of $357 million, or $1.77 per share, on both an as-reported and an adjusted basis. This compared to first quarter 2020 earnings of $320 million, or $1.59 per share, on both an as-reported and an adjusted basis. Drivers for the quarter included:
•    higher retail sales volume, including the net effects of weather and COVID-19;
•    the net effect of regulatory actions across the operating companies; and
•    the reversal of a regulatory provision at E-AR for its 2019 netting adjustment, originally recorded in fourth quarter 2020.

These drivers were partially offset by:
•    two income tax items recorded in first quarter 2020, which was partially offset at P&O;
•    higher other O&M primarily due to higher nuclear and non-nuclear generation expenses; and
•    higher depreciation and interest expenses.

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

Parent & Other

For first quarter 2021, Parent & Other reported a loss attributable to Entergy Corporation of $(60 million), or (30) cents per share, on both an as-reported and an adjusted basis. This compared to a first quarter 2020 loss of $(90 million), or (45) cents per share, on both an as-reported and an adjusted basis. A primary driver was an income tax item recorded in first quarter 2020, which was partially offset at the Utility.

Entergy Wholesale Commodities

For first quarter 2021, EWC reported earnings attributable to Entergy Corporation of
$38 million, or 19 cents per share, on an as-reported basis. This compared to a first quarter 2020 loss attributable to Entergy Corporation of $(111 million), or (55) cents per share, on an as-reported basis. Drivers for the quarter included:
•    performance of decommissioning trust funds; and
•    lower operating expenses primarily due to the shutdown of Indian Point 2.

These drivers were partially offset by:
•    lower revenue primarily due to the shutdown of Indian Point 2.




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

Earnings Per Share Guidance

Entergy affirmed its 2021 adjusted EPS guidance range of $5.80 to $6.10. See webcast presentation for additional details.

The company has provided 2021 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP Financial Measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately $(1.70) in 2021. This estimate is subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.

Earnings Teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, April 28, 2021, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 3529059, no more than 15 minutes prior to the start of the call. The webcast presentation is also posted to Entergy’s website concurrent with this news release, which was issued before market open on the day of the call. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through May 5, 2021, by dialing 855-859-2056, conference ID 3529059.

Entergy Corporation is an integrated energy company engaged in electric power production, transmission and retail distribution operations. Entergy delivers electricity to nearly 3 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy owns and operates one of the cleanest large-scale U.S. power generating fleets with approximately 30,000 megawatts of electric generating capacity, including 8,000 megawatts of nuclear power. Headquartered in New Orleans, Louisiana, Entergy has annual revenues of $10 billion and 13,400 employees.
Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR.”

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.




Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates of certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.

For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.

Non-GAAP Financial Measures
    
This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s decision to exit the merchant power business. Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.

Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROE, excluding affiliate preferred; adjusted ROIC; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC,



are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility, and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, other financial measures including net income (or earnings) adjusted for preferred dividends and tax-effected interest expense and FFO are included on both an adjusted and an as-reported basis. In each case, the metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) exclude the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2021 earnings guidance; its current financial and operational outlooks; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear



facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.

###




First Quarter 2021 Earnings Release Appendices and Financial Statements

Appendices
A: Consolidated Results and Adjustments
B: Earnings Variance Analysis
C: Utility Financial and Operating Measures
D: EWC Financial and Operating Measures
E: Consolidated Financial Measures
F: Definitions and Abbreviations and Acronyms
G: Other GAAP to Non-GAAP Reconciliations

Financial Statements
Consolidating Balance Sheets
Consolidating Income Statements
Consolidated Cash Flow Statements







A: Consolidated Results and Adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
First Quarter 2021 vs. 2020 (See Appendix A-3 and Appendix A-4 for details on adjustments)
First Quarter
20212020Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility35732037
Parent & Other(60)(90)30
EWC38(111)149
Consolidated335119216
Less adjustments
Utility---
Parent & Other---
EWC38(111)149
Consolidated38(111)149
Adjusted earnings (loss) (non-GAAP)
Utility35732037
Parent & Other(60)(90)30
EWC---
Consolidated29723067
Estimated weather in billed sales24(50)73
Diluted average number of common shares outstanding (in millions)201201
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility1.771.590.18
Parent & Other(0.30)(0.45)0.15
EWC0.19(0.55)0.74
Consolidated1.660.591.07
Less adjustments
Utility---
Parent & Other---
EWC0.19(0.55)0.74
Consolidated0.19(0.55)0.74
Adjusted earnings (loss) (non-GAAP)
Utility1.771.590.18
Parent & Other(0.30)(0.45)0.15
EWC---
Consolidated1.471.140.33
Estimated weather in billed sales0.12(0.25)0.37
Calculations may differ due to rounding
(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.




See Appendix B for detailed earnings variance analysis.

Appendix A-2 provides a comparative summary of OCF, by business.

Appendix A-2: Consolidated Operating Cash Flow
First Quarter 2021 vs. 2020
($ in millions)
First Quarter
20212020Change
Utility(77)603(680)
Parent & Other(22)(81)59
EWC49137(88)
Consolidated(50)659(709)
Calculations may differ due to rounding

OCF decreased quarter-over-quarter due primarily to the timing of fuel and purchased power cost recovery, primarily related to increased fuel costs from Winter Storm Uri, payments related to hurricane restoration (non-capital portion), and higher pension funding. Intercompany income tax payments contributed to the line of business variances but were immaterial at the consolidated level.

Appendix A-3 and Appendix A-4 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS)
First Quarter 2021 vs. 2020
First Quarter
20212020Change
(Pre-tax except for income taxes, preferred dividend
requirements, and totals; $ in millions)
EWC
Income before income taxes54(141)195
Income taxes(16)31(46)
Preferred dividend requirements(1)(1)
Total EWC38(111)149
Total adjustments38(111)149
(After-tax, per share in $) (b)
EWC
Total EWC0.19(0.55)0.74
Total adjustments0.19(0.55)0.74

Calculations may differ due to rounding



(b)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.


Appendix A-4: Adjustments by Income Statement Line Item (shown as positive/(negative) impact on earnings)
First Quarter 2021 vs. 2020
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
First Quarter
20212020Change
EWC
Operating revenues248333(84)
Fuel and fuel-related expenses(21)(20)(1)
Purchased power(18)(11)(7)
Nuclear refueling outage expense(11)(12)1
Other O&M(99)(131)32
Asset write-off and impairments(3)(5)2
Decommissioning expense(53)(50)(3)
Taxes other than income taxes(6)(20)14
Depreciation/amortization exp.(13)(35)22
Other income (deductions)–other34(184)218
Interest exp. and other charges(4)(5)1
Income taxes(16)31(46)
Preferred dividend requirements(1)(1)
Total EWC38(111)149
Total adjustments (after-tax)38(111)149
Calculations may differ due to rounding




B: Earnings Variance Analysis
Appendix B-1 provides details of current quarter 2021 versus 2020 as-reported and adjusted earnings variance analysis for Utility, Parent & Other, and EWC.

Appendix B-1: As-Reported and Adjusted Earnings Variance Analysis (c), (d)
First Quarter 2021 vs. 2020
(After-tax, per share in $)
UtilityParent & OtherEWCConsolidated
As-ReportedAdjustedAs-ReportedAdjusted
As-
Reported
As-
Reported
Adjusted
2020 earnings (loss)1.591.59(0.45)(0.45)(0.55)0.591.14
Operating revenue less:
  Fuel, fuel-related expenses and
  gas purchased for resale,
  Purchased power, and
  Regulatory charges (credits)
0.800.80(e)--(0.36)(f)0.440.80
Nuclear refueling outage expense0.020.02---0.020.02
Other O&M(0.14)(0.14)(g)--0.13(h)(0.01)(0.14)
Asset write-offs and impairments----0.010.01-
Decommissioning expense(0.01)(0.01)--(0.01)(0.02)(0.01)
Taxes other than income taxes----0.05(i)0.05-
Depreciation/amortization exp.(0.14)(0.14)(i)--0.09(k)(0.05)(0.14)
Other income (deductions)–other0.110.11(l)0.020.020.86(m)0.990.13
Interest exp. and other charges(0.05)(0.05)(n)0.010.01-(0.04)(0.04)
Income taxes–other(0.41)(0.41)(o)0.120.12(p)(0.03)(0.32)(0.29)
Preferred dividend requirements-------
Share effect-------
2021 earnings (loss)1.771.77(0.30)(0.30)0.191.661.47
h


h
Calculations may differ due to rounding
(c)Utility operating revenue / regulatory charges and Utility income taxes-other exclude $41 million, in first quarter 2021 and $30 million in first quarter 2020 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings).
Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits) variance analysis
2021 vs. 2020 ($ EPS)
1Q
Volume/weather0.36
Retail electric price0.27
Reg. provision for E-AR FRP0.16
Reg. liability for tax sharing0.10
Other, including reg. credit for decommissioning items(0.09)
Total0.80



(d)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes–other represents income tax differences other than the tax effect of individual line items.
(e)The earnings increase was primarily driven by higher volume/weather, including the net effects of COVID-19; E-LA’s FRP, including recovery of LCPS; E-TX’s GCRR, TCRF and DCRF; E-NO NOPS recovery; and E-MS’s FRP and vegetation rider. The variance also reflected the reversal of a regulatory provision for E-AR’s 2019 netting adjustment (which was subsequently adjusted) and a first quarter 2020 regulatory liability for tax sharing with E-LA customers (partially offsets the Hurricane Isaac Act 55 income tax item discussed in footnote o). Partially offsetting was lower regulatory credits for the difference between decommissioning expenses and decommissioning trust earnings plus decommissioning costs collected in revenue (largely earnings neutral, offset in Utility other income (deductions)-other).
(f)The earnings decrease was due largely to lower revenues from the shutdown of Indian Point 2 in April 2020.
(g)The earnings decrease from higher Utility other O&M was due primarily to higher non-nuclear generation expenses related to new plants in service, primarily LCPS, higher vegetation costs, higher nuclear generation expense, and lower nuclear insurance refunds.
(h)The earnings increase from lower EWC other O&M was due largely to the shutdown of Indian Point 2 in April 2020.
(i)The earnings increase from lower EWC taxes other than income taxes was due primarily to lower payroll taxes and lower ad valorem taxes.
(j)The earnings decrease from higher Utility depreciation expense was due primarily to higher plant in service, including LCPS and MCPS.
(k)The earnings increase from lower EWC depreciation expense was due primarily to the shutdown of Indian Point 2 in April 2020.
(l)The earnings increase from higher Utility other income (deductions)–other was due largely to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral), partially offset by lower AFUDC as a result of lower construction work in progress.
(m)The earnings increase from higher EWC other income (deductions)–other was due largely to performance of nuclear decommissioning trust fund investments.
(n)The earnings decrease from higher Utility interest expense was due primarily to higher debt balances at E-LA and lower AFUDC as a result of lower construction work in progress.
(o)The earnings decrease from Utility income taxes-other primarily relates to two first quarter 2020 items. First, a $55 million tax benefit was recorded in first quarter 2020 as a result of an IRS settlement related to Act 55 financing of Hurricane Isaac costs (partly offset by customer sharing, discussed in footnote e); and second, an annual tax accrual related to stock-based compensation resulted in a $22 million income tax benefit in first quarter 2020.
(p)The earnings increase from Parent & Other income taxes-other reflected $23 million of income tax expense recorded in first quarter 2020 as a result of the IRS settlement related to the Hurricane Isaac Act 55 financing (discussed in footnote o).









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

Appendix C: Utility Operating and Financial Measures
First Quarter 2021 vs. 2020
First Quarter
20212020% Change% Weather Adjusted (q)
GWh billed
Residential9,5998,12618.12.2
Commercial6,1346,244(1.8)(4.2)
Governmental579595(2.7)(1.9)
Industrial11,45811,815(3.0)(3.0)
Total retail sales27,77026,7803.7(1.6)
Wholesale4,2993,11737.9
Total sales32,06929,8977.3
Number of electric retail customers
Residential2,532,1722,504,2431.1
Commercial360,323356,3031.1
Governmental17,81117,7240.5
Industrial44,62244,4430.4
Total retail customers2,954,9282,922,7131.1
Other O&M and refueling outage expense per MWh$19.80$20.20(2.0)
Calculations may differ due to rounding

(q)The effects of weather were estimated using heating degree days and cooling degree days for the billing cycles from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.

On a weather-adjusted basis billed retail sales decreased (1.6) percent, including the impacts from COVID-19. Residential billed sales increased 2.2 percent and commercial billed sales decreased (4.2) percent. Industrial billed sales volume decreased (3.0) percent reflecting lower sales to existing large and small customers, partially offset by continued growth from new/expansion customers.










D: EWC Financial and Operating Measures
Appendix D-1 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures
First Quarter 2021 vs. 2020
($ in millions)First Quarter
20212020Change
Net income (loss)38(110)148
Add back: interest expense45(1)
Add back: income taxes16(31)47
Add back: depreciation and amortization1335(22)
Subtract: interest and investment income48(172)220
Add back: decommissioning expense53503
Adjusted EBITDA (non-GAAP)76122(46)
Calculations may differ due to rounding

Appendix D-2 provides a comparative summary of EWC operating and financial measures.

Appendix D-2: EWC Operating and Financial Measures
First Quarter 2021 vs. 2020
First Quarter
20212020% Change
Owned capacity (MW) (r)2,2463,274(31.4)
GWh billed4,4136,757(34.7)
EWC Nuclear Fleet
Capacity factor99%99%-
GWh billed3,9886,259(36.3)
Production cost per MWh$18.46$15.4219.7
Average energy/capacity revenue per MWh$52.04$48.447.4
Calculations may differ due to rounding
(r)2020 excludes IP2 (1,028MW), shut down April 30, 2020.

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





E: Consolidated Financial Measures
Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix E: GAAP and Non-GAAP Financial Measures
First Quarter 2021 vs. 2020 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending March 3120212020Change
GAAP Measures
As-reported ROIC6.4%5.6%0.8%
As-reported ROE15.1%11.5%3.6%
Non-GAAP Financial Measures
Adjusted ROIC5.2%5.6%(0.4%)
Adjusted ROE11.3%11.8%(0.5%)
As of March 31 ($ in millions, except where noted)20212020Change
GAAP Measures
Cash and cash equivalents1,7431,464279
Available revolver capacity4,2203,348872
  Commercial paper1,0281,942(914)
  Total debt25,80321,4654,338
Securitization debt147271(124)
  Debt to capital69.6%67.2%(2.4%)
  Off-balance sheet liabilities:
  Debt of joint ventures – Entergy’s share1553(38)
Total off-balance sheet liabilities1553(38)
Storm escrow balances72373(301)
Non-GAAP Financial Measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt69.5%66.9%2.6%
Net debt to net capital, excluding securitization debt68.0%65.3%2.7%
Gross liquidity5,9634,8111,152
Net liquidity4,9352,8702,065
Net liquidity, including storm escrow balances5,0073,2421,765
Parent debt to total debt, excluding securitization debt22.3%22.2%0.1%
FFO to debt, excluding securitization debt8.2%14.3%(6.1%)
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC8.7%16.0%(7.3%)
Calculations may differ due to rounding





F: Definitions and Abbreviations and Acronyms
Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

Appendix F-1: Definitions
Utility Financial and Operating Measures
GWh billedTotal number of GWh billed to retail and wholesale customers
Number of electric retail customersAverage number of electric customers over the period
Other O&M and refueling outage expense per MWhOther operation and maintenance expense plus nuclear refueling outage expense per MWh of billed sales
EWC Financial and Operating Measures
Adjusted EBITDA (non-GAAP)Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense
Average revenue per MWh on contracted volumesRevenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades (revenue will fluctuate due to factors including positive or negative basis differentials and other risk management costs)
Average revenue under contract per kW-month (applies to capacity contracts only)Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards
Bundled capacity and energy contractsA contract for the sale of installed capacity and related energy, priced per MWh sold
Capacity contractsA contract for the sale of the installed capacity product in regional markets
Capacity factorNormalized percentage of the period that the nuclear plants generate power
Expected sold and market total revenue per MWhTotal 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 billedTotal number of GWh billed to customers and financially-settled instruments
Owned capacity (MW)Installed capacity owned by EWC
Percent of capacity sold forwardPercent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions
Percent of planned generation under contract (unit contingent)Percent of planned generation output sold under contracts
Planned net MW in operation (average)Average installed capacity to generate power and/or sell capacity, reflecting the shutdown of Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022)
Planned TWh of generationAmount of output expected to be generated by EWC resources considering plant operating characteristics, reflecting the shutdown of Indian Point 3 (April 30, 2021) and Palisades (May 31, 2022)
Production cost per MWhFuel and other O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation)
Refueling outage daysNumber of days lost for a scheduled refueling and maintenance outage during the period




Appendix F-1: Definitions (continued)
EWC Financial and Operating Measures (continued)
Unit 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 ROE12-months rolling net income attributable to Entergy Corporation divided by avg. common equity
As-reported ROIC12-months rolling net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital
Debt of joint ventures – Entergy’s shareEntergy’s share of debt issued by business joint ventures at EWC
Debt to capitalTotal debt divided by total capitalization
Available revolver capacityAmount of undrawn capacity remaining on corporate and subsidiary revolvers
Securitization debtDebt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total debtSum of short-term and long-term debt, notes payable and commercial paper, and finance leases on the balance sheet
Financial Measures – Non-GAAP
Adjusted EPSAs-reported EPS excluding adjustments
Adjusted ROE12-months rolling adjusted net income attributable to Entergy Corporation divided by average common equity
Adjusted ROIC12-months rolling adjusted net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital
AdjustmentsUnusual 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 debtTotal debt divided by total capitalization, excluding securitization debt
FFOOCF 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 debt12-months rolling FFO as a percentage of end of period total debt excluding securitization debt
FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with exit of EWC as a percentage of end of period total debt excluding securitization debt
Gross liquiditySum of cash and available revolver capacity
Net debt to net capital, excl. securitization debtTotal debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt
Net liquiditySum of cash and available revolver capacity less commercial paper borrowing
Net liquidity, including storm escrowsSum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing
Parent debt to total debt, excl. securitization debtEntergy Corp. debt, incl. amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excl. securitization debt





Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix F-2: Abbreviations and Acronyms
ADIT
AFUDC
AFUDC –
borrowed funds
AG
ALJ
AMI
ANO
APSC
ARO
bps
CCGT
CCN
CCNO
Choctaw
COD
CT
CWIP
DCRF
DOE
DSM
E-AR
E-LA
E-MS
E-NO
E-TX
EBITDA
ENP
EPS
ETR
EWC
FERC
FFO
FIN 48
FRP
GAAP
GCRR
Grand Gulf or GGNS
IIRR-G
Indian Point 1
Indian Point 2
or IP2
Indian Point 3
or IP3
IPEC or
Indian Point
IRP
Accumulated deferred income taxes
Allowance for funds used during construction
Allowance for borrowed funds used during construction
Attorney General
Administrative law judge
Advanced metering infrastructure
Units 1 and 2 of Arkansas Nuclear One owned by E-AR (nuclear)
Arkansas Public Service Commission
Asset retirement obligation
Basis points
Combined cycle gas turbine
Certificate of convenience and necessity
Council of the City of New Orleans
Choctaw County Generating Station (CCGT)
Commercial operation date
Simple cycle combustion turbine
Construction work in progress
Distribution cost recovery factor
U.S. Department of Energy
Demand side management
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
Earnings before interest, income taxes, and depreciation and amortization
Entergy Nuclear Palisades, LLC
Earnings per share
Entergy Corporation
Entergy Wholesale Commodities
Federal Energy Regulatory Commission
Funds from operations
FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes”
Formula rate plan
U.S. generally accepted accounting principles
Generation Cost Recovery Rider
Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI
Infrastructure investment recovery rider - gas
Indian Point Energy Center Unit 1 (nuclear) (shut down in 1974)
Indian Point Energy Center Unit 2 (nuclear) (shut down April 30, 2020)
Indian Point Energy Center Unit 3 (nuclear)
Indian Point Energy Center (nuclear)
Integrated resource plan
IRS
ISES 2

ISO
LCPS
LPSC
LTM
MCPS
MISO
Moody’s
MPSC
MTEP
Nelson 6
NDT
NGO
NOPA
NOPS
NOSS
NRC
NY PSC
NYS AG
NYS DEC
NYS DPS
NYISO
NYSE
OCF
OCPS
OpCo
OPEB
Other O&M
P&O
Palisades
PMR
PPA
PSC
PUCT
RICE
RFP
ROE
ROIC
RS Cogen
RSP
S&P
SEC
SERI
TCRF
UPSA
WACC
WPEC
Internal Revenue Service
Unit 2 of Independence Steam Electric Station (coal)
Independent system operator
Lake Charles Power Station (CCGT)
Louisiana Public Service Commission
Last twelve months
Montgomery County Power Station (CCGT)
Midcontinent Independent System Operator, Inc.
Moody’s Investor Service
Mississippi Public Service Commission
MISO Transmission Expansion Plan
Unit 6 of Roy S. Nelson plant (coal)
Nuclear decommissioning trust
Non-governmental organization
IRS Notice of Proposed Adjustment
New Orleans Power Station
New Orleans Solar Station
U.S. Nuclear Regulatory Commission
New York Public Service Commission
New York State Attorney General
New York State Department of Environmental Conservation
New York State Department of Public Service
New York Independent System Operator, Inc.
New York Stock Exchange
Net cash flow provided by operating activities
Orange County Power Station
Utility operating company
Other post-employment benefits
Other non-fuel operation and maintenance expense
Parent & Other
Palisades Power Plant (nuclear)
Performance Management Rider
Power purchase agreement or purchased power agreement
Public service commission
Public Utility Commission of Texas
Reciprocating internal combustion engine
Request for proposals
Return on equity
Return on invested capital
RS Cogen facility (CCGT cogeneration)
Rate Stabilization Plan (E-LA Gas)
Standard & Poor’s
U.S. Securities and Exchange Commission
System Energy Resources, Inc.
Transmission cost recovery factor
Unit Power Sales Agreement
Weighted-average cost of capital
Washington Parish Energy Center







G: Other GAAP to Non-GAAP Reconciliations
Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE
(LTM $ in millions except where noted)First Quarter
20212020
As-reported net income (loss) attributable to Entergy Corporation(A)1,6041,105
Preferred dividends1817
Tax-effected interest expense594559
As-reported net income (loss) attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense(B)2,2161,681
Adjustments
  
(C)399(31)
EWC preferred dividends and tax-effected interest expense included in adjustments1922
Total adjustments, excluding EWC preferred dividends and tax-effected interest expense (non-GAAP)(D)418(9)
Adjusted earnings (non-GAAP)(A-C)1,2051,136
Adjusted earnings, excluding preferred dividends and tax- effected interest expense (non-GAAP)(B-D)1,7981,690
Average invested capital (average of beginning and ending balances)(E)34,50930,229
Average common equity (average of beginning and ending balances)(F)10,6219,597
As-reported ROIC(B/E)6.4%5.6%
Adjusted ROIC (non-GAAP)[(B-D)/E]5.2%5.6%
As-reported ROE(A/F)15.1%11.5%
Adjusted ROE (non-GAAP)[(A-C)/F]11.3%11.8%
Calculations may differ due to rounding




Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures – Debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows
($ in millions except where noted)First Quarter
20212020
Total debt(A)25,80321,465
Less securitization debt(B)147271
Total debt, excluding securitization debt(C)25,65621,193
Less cash and cash equivalents(D)1,7431,464
Net debt, excluding securitization debt(E)23,91419,730
Commercial paper(F)1,0281,942
Total capitalization(G)37,07531,943
Less securitization debt(B)147271
Total capitalization, excluding securitization debt(H)36,92831,672
Less cash and cash equivalents(D)1,7431,464
Net capital, excluding securitization debt(I)35,18530,208
Debt to capital(A/G)69.6%67.2%
Debt to capital, excluding securitization debt (non-GAAP)(C/H)69.5%66.9%
Net debt to net capital, excluding securitization debt (non-GAAP)(E/I)68.0%65.3%
Available revolver capacity(J)4,2203,348
Storm escrows(K)72373
Gross liquidity (non-GAAP)(D+J)5,9634,811
Net liquidity (non-GAAP)(D+J-F)4,9352,870
Net liquidity, including storm escrows (non-GAAP)(D+J-F+K)5,0073,242
Entergy Corporation notes:
Due September 2020 - 450
Due July 2022 650 650
Due September 2025 800-
Due September 2026 750 750
Due June 2028 650-
Due June 2030 600-
Due June 2031 650-
Due June 2050 600-
Total Entergy Corporation notes(L) 4,700 1,850
Revolver draw(M) 55922
Unamortized debt issuance costs and discounts(N) (54) (8)
Total parent debt(F+L+M+N) 5,728 4,706
Parent debt to total debt, excluding securitization debt (non-GAAP)[(F+L+M+N)/C]22.3%22.2%
Calculations may differ due to rounding



Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures – FFO to debt, excluding securitization debt; FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC
($ in millions except where noted)First Quarter
20212020
Total debt(A)25,80321,465
Less securitization debt(B)147271
Total debt, excluding securitization debt(C)25,65621,193
Net cash flow provided by operating activities, LTM(D) 1,9812,974
AFUDC – borrowed funds, LTM(E) (43)(63)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables (262)(71)
Fuel inventory 15(39)
Accounts payable 90(136)
Taxes accrued 21(21)
Interest accrued 917
Other working capital accounts (165)17
Securitization regulatory charges, LTM 124122
Total(F) (170)(111)
FFO, LTM (non-GAAP)(G)=(D+E-F)2,1093,023
FFO to debt, excluding securitization debt (non-GAAP)(G/C)8.2%14.3%
Estimated return of unprotected excess ADIT, LTM(H)80236
Severance and retention payments associated with exit of EWC, LTM pre-tax(I)55141
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC (non-GAAP)[(G+H+I)/(C)]8.7%16.0%
Calculations may differ due to rounding




Financial Statements
Entergy Corporation 
Consolidating Balance Sheet        
March 31, 2021        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
ASSETS
CURRENT ASSETS
 Cash and cash equivalents:
    Cash$64,956 $2,251 $367 $67,574 
    Temporary cash investments984,503 358,626 331,953 1,675,082 
     Total cash and cash equivalents1,049,459 360,877 332,320 1,742,656 
Notes receivable— (75,000)75,000  
Accounts receivable:
   Customer837,409 — 45,943 883,352 
   Allowance for doubtful accounts(119,027)— — (119,027)
   Associated companies10,423 (12,112)1,689  
   Other148,474 37 10,327 158,838 
   Accrued unbilled revenues415,253 — — 415,253 
     Total accounts receivable1,292,532 (12,075)57,959 1,338,416 
Deferred fuel costs226,619 — — 226,619 
Fuel inventory - at average cost140,515 — 5,541 146,056 
Materials and supplies - at average cost941,783 — 30,988 972,771 
Deferred nuclear refueling outage costs130,463 — 52,258 182,721 
Prepayments and other176,663 (16,464)19,116 179,315 
TOTAL3,958,034 257,338 573,182 4,788,554 
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity1,490,069 (1,490,155)22,017 21,931 
Decommissioning trust funds4,440,231 — 2,898,857 7,339,088 
Non-utility property - at cost (less accumulated depreciation)342,315 (12)13,516 355,819 
Other134,561 4,252 8,350 147,163 
TOTAL6,407,176 (1,485,915)2,942,740 7,864,001 
PROPERTY, PLANT, AND EQUIPMENT
Electric59,931,200 10,710 959,319 60,901,229 
Natural gas621,682 — — 621,682 
Construction work in progress1,308,320 279 3,398 1,311,997 
Nuclear fuel547,338 — 43,786 591,124 
TOTAL PROPERTY, PLANT, AND EQUIPMENT62,408,540 10,989 1,006,503 63,426,032 
Less - accumulated depreciation and amortization23,528,633 4,496 870,870 24,403,999 
PROPERTY, PLANT, AND EQUIPMENT - NET38,879,907 6,493 135,633 39,022,033 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
    Other regulatory assets5,986,639 — — 5,986,639 
    Deferred fuel costs240,555 — — 240,555 
Goodwill374,099 — 3,073 377,172 
Accumulated deferred income taxes52,884 60 3,124 56,068 
Other186,891 9,713 136,002 332,606 
TOTAL6,841,068 9,773 142,199 6,993,040 
TOTAL ASSETS$56,086,185 ($1,212,311)$3,793,754 $58,667,628 
*Totals may not foot due to rounding.



Entergy Corporation 
Consolidating Balance Sheet        
March 31, 2021        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt$490,019 $— $139,000 $629,019 
Notes payable and commercial paper:
  Other— 1,027,629 — 1,027,629 
Account payable:
  Associated companies56,188 (60,100)3,912  
  Other1,465,730 1,983 229,493 1,697,206 
Customer deposits391,032 — — 391,032 
Taxes accrued227,799 9,179 (27,149)209,829 
Interest accrued176,188 21,310 515 198,013 
Deferred fuel costs22,386 — — 22,386 
Pension and other postretirement liabilities50,598 — 13,154 63,752 
Current portion of unprotected excess accumulated deferred
      income taxes65,056 — — 65,056 
Other181,928 1,929 24,127 207,984 
TOTAL3,126,924 1,001,930 383,052 4,511,906 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued5,360,984 (399,787)(393,091)4,568,106 
Accumulated deferred investment tax credits217,888 — — 217,888 
Regulatory liability for income taxes - net1,465,852 — — 1,465,852 
Other regulatory liabilities2,363,919 — — 2,363,919 
Decommissioning and retirement cost liabilities3,926,407 — 2,602,043 6,528,450 
Accumulated provisions181,588 — 324 181,912 
Pension and other postretirement liabilities2,103,138 — 581,205 2,684,343 
Long-term debt19,374,725 4,700,731 — 24,075,456 
Other1,184,244 (435,711)49,677 798,210 
TOTAL36,178,745 3,865,233 2,840,158 42,884,136 
Subsidiaries' preferred stock without sinking fund195,161 — 24,249 219,410 
EQUITY
  Common stock, $.01 par value, authorized 500,000,000 shares;
    issued 270,035,180 shares in 20212,323,748 (2,522,151)201,103 2,700 
  Paid-in capital4,397,226 1,121,084 1,001,742 6,520,052 
  Retained earnings10,037,837 247,814 (244,499)10,041,152 
  Accumulated other comprehensive loss(88,456)— (412,051)(500,507)
Less - treasury stock, at cost (69,402,061 shares in 2021)120,000 4,926,221 — 5,046,221 
TOTAL COMMON SHAREHOLDERS' EQUITY16,550,355 (6,079,474)546,295 11,017,176 
Subsidiaries' preferred stock without sinking fund35,000 — — 35,000 
TOTAL16,585,355 (6,079,474)546,295 11,052,176 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$56,086,185 ($1,212,311)$3,793,754 $58,667,628 
*Totals may not foot due to rounding.        




Entergy Corporation        
Consolidating Balance Sheet        
December 31, 2020        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
ASSETS        
         
CURRENT ASSETS        
Cash and cash equivalents:        
  Cash $85,219 $42,388 $1,244 $128,851 
  Temporary cash investments 1,440,796 13,648 175,804 1,630,248 
     Total cash and cash equivalents 1,526,015 56,036 177,048 1,759,099 
Notes receivable— (75,000)75,000  
Accounts receivable:
   Customer781,272 — 52,206 833,478 
   Allowance for doubtful accounts(117,794)— — (117,794)
   Associated companies16,999 (19,008)2,009  
   Other109,725 — 25,483 135,208 
   Accrued unbilled revenues434,835 — — 434,835 
     Total accounts receivable1,225,037 (19,008)79,698 1,285,727 
Deferred fuel costs4,380 — — 4,380 
Fuel inventory - at average cost167,117 — 5,817 172,934 
Materials and supplies - at average cost930,895 (2)31,292 962,185 
Deferred nuclear refueling outage costs115,559 — 63,591 179,150 
Prepayments and other162,405 (16,306)50,325 196,424 
TOTAL4,131,408 (54,280)482,771 4,559,899 
OTHER PROPERTY AND INVESTMENTS        
Investment in affiliates 1,465,626 (1,465,712)21,993 21,907 
Decommissioning trust funds 4,283,831 — 2,969,384 7,253,215 
Non-utility property - at cost (less accumulated depreciation)329,700 (11)13,639 343,328 
Other 180,971 3,002 8,342 192,315 
TOTAL 6,260,128 (1,462,721)3,013,358 7,810,765 
         
PROPERTY, PLANT, AND EQUIPMENT        
Electric 58,711,665 10,705 974,073 59,696,443 
Natural gas 610,768 — — 610,768 
Construction work in progress 2,006,905 261 4,864 2,012,030 
Nuclear fuel 548,178 — 53,103 601,281 
TOTAL PROPERTY, PLANT, AND EQUIPMENT 61,877,516 10,966 1,032,040 62,920,522 
Less - accumulated depreciation and amortization 23,204,219 4,006 859,520 24,067,745 
PROPERTY, PLANT, AND EQUIPMENT - NET 38,673,297 6,960 172,520 38,852,777 
         
DEFERRED DEBITS AND OTHER ASSETS        
Regulatory assets:        
  Other regulatory assets 6,076,549 — — 6,076,549 
  Deferred fuel costs 240,422 — — 240,422 
Goodwill 374,099 — 3,073 377,172 
Accumulated deferred income taxes 72,599 373 3,317 76,289 
Other 111,651 8,349 125,339 245,339 
TOTAL 6,875,320 8,722 131,729 7,015,771 
         
TOTAL ASSETS $55,940,153 ($1,501,319)$3,800,378 $58,239,212 
         
*Totals may not foot due to rounding.        




Entergy Corporation        
Consolidating Balance Sheet        
December 31, 2020        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
CURRENT LIABILITIES        
Currently maturing long-term debt $1,025,015 $— $139,000 $1,164,015 
Notes payable and commercial paper: 
  Other — 1,627,489 — 1,627,489 
Account payable: 
  Associated companies 32,247 (42,703)10,456  
  Other 2,541,702 706 197,029 2,739,437 
Customer deposits 401,512 — — 401,512 
Taxes accrued 420,510 (9,028)29,529 441,011 
Interest accrued 177,557 23,708 526 201,791 
Deferred fuel costs 153,113 — — 153,113 
Pension and other postretirement liabilities 48,757 — 13,058 61,815 
Current portion of unprotected excess accumulated
   deferred income taxes 63,683 — — 63,683 
Other 182,095 1,892 22,653 206,640 
TOTAL 5,046,191 1,602,064 412,251 7,060,506 
         
NON-CURRENT LIABILITIES        
Accumulated deferred income taxes and taxes accrued 5,188,989 (179,493)(647,724)4,361,772 
Accumulated deferred investment tax credits 212,494 — — 212,494 
Regulatory liability for income taxes - net 1,521,757 — — 1,521,757 
Other regulatory liabilities 2,323,851 — — 2,323,851 
Decommissioning and retirement cost liabilities 3,877,971 — 2,591,481 6,469,452 
Accumulated provisions 242,511 — 324 242,835 
Pension and other postretirement liabilities 2,224,025 — 628,988 2,853,013 
Long-term debt 17,679,206 3,526,555 — 21,205,761 
Other 1,200,370 (448,834)55,683 807,219 
TOTAL 34,471,174 2,898,228 2,628,752 39,998,154 
         
Subsidiaries' preferred stock without sinking fund 195,161  —  24,249  219,410 
         
EQUITY        
Common stock, $.01 par value, authorized 500,000,000       
  shares; issued 270,035,180 shares in 2020 1,973,748 (2,172,151)201,103 2,700 
  Paid-in capital 4,722,954 651,574 1,175,395 6,549,923 
  Retained earnings 9,705,837 473,422 (282,077)9,897,182 
  Accumulated other comprehensive income (loss) (89,912)— (359,295)(449,207)
Less - treasury stock, at cost (69,790,346 shares in 2020) 120,000 4,954,456 — 5,074,456 
TOTAL COMMON SHAREHOLDERS' EQUITY 16,192,627 (6,001,611)735,126 10,926,142 
Subsidiaries' preferred stock without sinking fund 35,000 — — 35,000 
TOTAL 16,227,627 (6,001,611)735,126 10,961,142 
  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $55,940,153 ($1,501,319)$3,800,378 $58,239,212 
         
*Totals may not foot due to rounding.        
Entergy Corporation        
Consolidating Income Statement        
Three Months Ended March 31, 2021        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $2,538,448 ($28)$— $2,538,420 
Natural gas 58,168 — — 58,168 
Competitive businesses — 31 248,219 248,250 
     Total 2,596,616 248,219 2,844,838 
         
OPERATING EXPENSES        
Operating and Maintenance:        
  Fuel, fuel related expenses, and gas purchased for resale 479,846 (20)21,341 501,167 
  Purchased power 361,881 20 17,833 379,734 
  Nuclear refueling outage expenses 32,647 — 11,092 43,739 
  Other operation and maintenance 602,309 5,535 98,942 706,786 
Asset write-offs, impairments, and related charges — — 3,273 3,273 
Decommissioning 45,663 — 52,979 98,642 
Taxes other than income taxes 149,936 330 6,436 156,702 
Depreciation and amortization 401,102 653 12,764 414,519 
Other regulatory charges (credits) - net 32,279 — — 32,279 
     Total 2,105,663 6,518 224,660 2,336,841 
         
OPERATING INCOME 490,953 (6,515)23,559 507,997 
         
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 14,577 — — 14,577 
Interest and investment income 128,113 (32,732)47,934 143,315 
Miscellaneous - net (45,520)(1,931)(13,478)(60,929)
     Total 97,170 (34,663)34,456 96,963 
         
INTEREST EXPENSE        
Interest expense 173,802 27,753 4,331 205,886 
Allowance for borrowed funds used during construction (6,013)— — (6,013)
     Total 167,789 27,753 4,331 199,873 
         
INCOME BEFORE INCOME TAXES 420,334 (68,931)53,684 405,087 
  
Income taxes 59,734 (9,352)15,560 65,942 
  
CONSOLIDATED NET INCOME 360,600 (59,579)38,124 339,145 
         
Preferred dividend requirements of subsidiaries 4,033 — 547 4,580 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $356,567 ($59,579)$37,577 $334,565 
         
EARNINGS PER AVERAGE COMMON SHARE:        
  BASIC $1.78 ($0.30)$0.19 $1.67 
  DILUTED $1.77 ($0.30)$0.19 $1.66 
         
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
  BASIC       200,525,549
  DILUTED       201,059,665
*Totals may not foot due to rounding.        
         




Entergy Corporation        
Consolidating Income Statement        
Three Months Ended March 31, 2020        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $2,050,653 ($15)$— $2,050,638 
Natural gas 43,976 — — 43,976 
Competitive businesses — 16 332,549 332,565 
     Total 2,094,629 332,549 2,427,179 
         
OPERATING EXPENSES        
Operating and Maintenance:        
  Fuel, fuel related expenses, and gas purchased for resale 377,166 (10)20,247 397,403 
  Purchased power 205,914 10 10,690 216,614 
  Nuclear refueling outage expenses 38,149 — 12,069 50,218 
  Other operation and maintenance 565,720 5,373 130,991 702,084 
Asset write-offs, impairments and related charges — — 5,095 5,095 
Decommissioning 43,400 — 50,284 93,684 
Taxes other than income taxes 150,191 26 20,077 170,294 
Depreciation and amortization 364,050 748 34,912 399,710 
Other regulatory charges (credits) - net (7,679)— — (7,679)
     Total 1,736,911 6,147 284,365 2,027,423 
         
OPERATING INCOME 357,718 (6,146)48,184 399,756 
         
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 35,953 — — 35,953 
Interest and investment income (loss) (6,131)(38,875)(171,847)(216,853)
Miscellaneous - net 37,302 (2,045)(11,868)23,389 
     Total 67,124 (40,920)(183,715)(157,511)
         
INTEREST EXPENSE        
Interest expense 169,386 30,766 5,437 205,589 
Allowance for borrowed funds used during construction (15,444)— — (15,444)
     Total 153,942 30,766 5,437 190,145 
         
INCOME BEFORE INCOME TAXES 270,900 (77,832)(140,968)52,100 
  
Income taxes (52,949)12,295 (30,540)(71,194)
         
CONSOLIDATED NET INCOME 323,849 (90,127)(110,428)123,294 
  
Preferred dividend requirements of subsidiaries 4,033 — 547 4,580 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $319,816 ($90,127)($110,975)$118,714 
         
EARNINGS PER AVERAGE COMMON SHARE:        
  BASIC $1.60 ($0.45)($0.56)$0.59 
  DILUTED $1.59 ($0.45)($0.55)$0.59 
         
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
  BASIC       199,790,016
  DILUTED       200,901,349
*Totals may not foot due to rounding.        




Entergy Corporation        
Consolidating Income Statement        
Twelve Months Ended March 31, 2021        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $9,534,501 ($77)$— $9,534,424 
Natural gas 138,200 — — 138,200 
Competitive businesses — 131 858,539 858,670 
     Total 9,672,701 54 858,539 10,531,294 
         
OPERATING EXPENSES        
Operating and Maintenance:        
  Fuel, fuel related expenses, and gas purchased for resale 1,599,763 (34)68,406 1,668,135 
  Purchased power 992,658 34 74,696 1,067,388 
  Nuclear refueling outage expenses 133,277 — 44,400 177,677 
  Other operation and maintenance 2,514,610 25,067 467,652 3,007,329 
Asset write-offs, impairments and related charges — — 24,800 24,800 
Decommissioning 179,203 — 207,617 386,820 
Taxes other than income taxes 598,299 1,276 39,673 639,248 
Depreciation and amortization 1,545,249 2,740 79,906 1,627,895 
Other regulatory charges (credits) - net 54,566 — — 54,566 
     Total 7,617,625 29,083 1,007,150 8,653,858 
         
OPERATING INCOME 2,055,076 (29,029)(148,611)1,877,436 
         
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 98,054 — — 98,054 
Interest and investment income 433,248 (134,237)453,975 752,986 
Miscellaneous - net (240,203)(7,537)(47,211)(294,951)
     Total 291,099 (141,774)406,764 556,089 
         
INTEREST EXPENSE        
Interest expense 705,585 111,367 21,326 838,278 
Allowance for borrowed funds used during construction (42,887)— — (42,887)
     Total 662,698 111,367 21,326 795,391 
  
INCOME BEFORE INCOME TAXES 1,683,477 (282,170)236,827 1,638,134 
         
Income taxes (169,628)34,220 151,038 15,630 
  
CONSOLIDATED NET INCOME 1,853,105 (316,390)85,789 1,622,504 
  
Preferred dividend requirements of subsidiaries 16,131 — 2,188 18,319 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $1,836,974 ($316,390)$83,601 $1,604,185 
         
EARNINGS PER AVERAGE COMMON SHARE:        
  BASIC $9.17 ($1.58)$0.42 $8.01 
  DILUTED $9.13 ($1.57)$0.41 $7.97 
         
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
  BASIC       200,289,178
  DILUTED       201,198,761
*Totals may not foot due to rounding.        





Entergy Corporation        
Consolidating Income Statement        
Twelve Months Ended March 31, 2020        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $9,359,651 ($57)$— $9,359,594 
Natural gas 142,982 — — 142,982 
Competitive businesses — 37 1,193,655 1,193,692 
     Total 9,502,633 (20)1,193,655 10,696,268 
         
OPERATING EXPENSES        
Operating and Maintenance:        
  Fuel, fuel related expenses, and gas purchased for resale 1,855,514 (52)93,249 1,948,711 
  Purchased power 1,016,383 52 53,532 1,069,967 
  Nuclear refueling outage expenses 156,221 — 48,483 204,704 
  Other operation and maintenance 2,542,919 28,499 619,996 3,191,414 
Asset write-offs, impairments and related charges — — 221,144 221,144 
Decommissioning 168,943 — 223,423 392,366 
Taxes other than income taxes 587,277 545 67,642 655,464 
Depreciation and amortization 1,374,385 3,021 145,045 1,522,451 
Other regulatory charges (credits) - net (16,952)— — (16,952)
     Total 7,684,690 32,065 1,472,514 9,189,269 
         
OPERATING INCOME 1,817,943 (32,085)(278,859)1,506,999 
         
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 142,711 — — 142,711 
Interest and investment income 197,160 (155,395)61,144 102,909 
Miscellaneous - net (62,839)(28,690)(72,961)(164,490)
     Total 277,032 (184,085)(11,817)81,130 
         
INTEREST EXPENSE        
Interest expense 664,334 121,942 25,703 811,979 
Allowance for borrowed funds used during construction (62,952)— — (62,952)
     Total 601,382 121,942 25,703 749,027 
         
INCOME BEFORE INCOME TAXES 1,493,593 (338,112)(316,379)839,102 
  
Income taxes (21,751)(4,296)(257,742)(283,789)
  
CONSOLIDATED NET INCOME 1,515,344 (333,816)(58,637)1,122,891 
         
Preferred dividend requirements of subsidiaries 15,300 — 2,188 17,488 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $1,500,044 ($333,816)($60,825)$1,105,403 
         
EARNINGS PER AVERAGE COMMON SHARE:        
  BASIC $7.59 ($1.69)($0.31)$5.59 
  DILUTED $7.53 ($1.67)($0.31)$5.55 
         
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
  BASIC       197,720,253
  DILUTED       199,251,525
*Totals may not foot due to rounding.        
         




Entergy Corporation      
Consolidated Cash Flow Statement      
Three Months Ended March 31, 2021 vs. 2020      
(Dollars in thousands)      
(Unaudited)      
  20212020 Variance
       
OPERATING ACTIVITIES      
Consolidated net income $339,145 $123,294 $215,851 
Adjustments to reconcile consolidated net income to net cash 
flow provided by operating activities: 
Depreciation, amortization, and decommissioning, including nuclear fuel amortization580,571 568,596 11,975 
Deferred income taxes, investment tax credits, and non-current taxes accrued 240,431 (31,405)271,836 
Asset write-offs, impairments and related charges 3,278 4,962 (1,684)
Changes in working capital: 
Receivables (52,690)70,357 (123,047)
Fuel inventory 26,878 (15,389)42,267 
Accounts payable (175,651)(127,727)(47,924)
Taxes accrued (231,182)(44,241)(186,941)
Interest accrued (3,778)(4,791)1,013 
Deferred fuel costs (353,099)30,560 (383,659)
Other working capital accounts (43,582)(21,758)(21,824)
Changes in provisions for estimated losses (60,923)(35,829)(25,094)
Changes in other regulatory assets 89,910 99,275 (9,365)
Changes in other regulatory liabilities (14,464)(450,905)436,441 
Changes in pension and other postretirement liabilities (166,733)(113,071)(53,662)
Other (227,676)607,132 (834,808)
Net cash flow provided by (used in) operating activities (49,565)659,060 (708,625)
  INVESTING ACTIVITIES
Construction/capital expenditures(1,552,103)(1,043,608)(508,495)
Allowance for equity funds used during construction14,577 35,953 (21,376)
Nuclear fuel purchases(47,916)(85,334)37,418 
Payment for purchase of assets— (24,633)24,633 
Changes in securitization account(1,304)(70)(1,234)
Payments to storm reserve escrow account(10)(1,557)1,547 
Receipts from storm reserve escrow account44,205 40,589 3,616 
Decrease in other investments12,521 2,265 10,256 
Litigation proceeds for reimbursement of spent nuclear fuel storage costs15,735 62,162 (46,427)
Proceeds from nuclear decommissioning trust fund sales3,225,510 687,487 2,538,023 
Investment in nuclear decommissioning trust funds(3,224,487)(718,741)(2,505,746)
Net cash flow used in investing activities(1,513,272)(1,045,487)(467,785)
FINANCING ACTIVITIES      
  Proceeds from the issuance of:
    Long-term debt3,676,242 3,195,345 480,897 
    Treasury stock979 39,964 (38,985)
  Retirement of long-term debt(1,346,172)(1,614,578)268,406 
  Changes in credit borrowings and commercial paper - net(599,860)(4,911)(594,949)
  Other10,380 (756)11,136 
  Dividends paid:
     Common stock(190,595)(185,763)(4,832)
     Preferred stock(4,580)(4,763)183 
Net cash flow provided by financing activities1,546,394 1,424,538 121,856 
Net increase (decrease) in cash and cash equivalents (16,443)1,038,111 (1,054,554)
Cash and cash equivalents at beginning of period 1,759,099 425,722 1,333,377 
Cash and cash equivalents at end of period $1,742,656 $1,463,833 $278,823 
       
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid (received) during the period for:      
Interest - net of amount capitalized $202,451 $203,466 ($1,015)
Income taxes $9,015 ($23,063)$32,078 
      




Entergy Corporation      
Consolidated Cash Flow Statement      
Twelve Months Ended March 31, 2021 vs. 2020      
(Dollars in thousands)      
(Unaudited)      
  20212020 Variance
       
OPERATING ACTIVITIES
Consolidated net income$1,622,504 $1,122,891 $499,613 
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
  Depreciation, amortization, and decommissioning, including nuclear fuel amortization2,269,725 2,220,685 49,040 
  Deferred income taxes, investment tax credits, and non-current taxes accrued140,722 57,661 83,061 
  Asset write-offs, impairments and related charges24,695 206,178 (181,483)
  Changes in working capital:
     Receivables(262,343)(70,567)(191,776)
     Fuel inventory14,809 (39,161)53,970 
     Accounts payable89,533 (136,012)225,545 
     Taxes accrued20,615 (20,942)41,557 
     Interest accrued8,675 16,692 (8,017)
     Deferred fuel costs(433,143)182,505 (615,648)
     Other working capital accounts(165,275)17,150 (182,425)
  Changes in provisions for estimated losses(316,287)(29,635)(286,652)
  Changes in other regulatory assets(793,859)(284,092)(509,767)
  Changes in other regulatory liabilities675,110 (596,610)1,271,720 
  Changes in pension and other postretirement liabilities(3,283)81,766 (85,049)
  Other(910,957)245,989 (1,156,946)
Net cash flow provided by operating activities1,981,241 2,974,498 (993,257)
  INVESTING ACTIVITIES
Construction/capital expenditures(5,202,571)(4,289,646)(912,925)
Allowance for equity funds used during construction98,054 142,493 (44,439)
Nuclear fuel purchases(178,246)(175,255)(2,991)
Payment for purchase of plant or assets(222,488)(330,105)107,617 
Proceeds from sale of assets— 28,932 (28,932)
Insurance proceeds received for property damages— 7,040 (7,040)
Changes in securitization account3,865 4,312 (447)
Payments to storm reserve escrow account(726)(7,310)6,584 
Receipts from storm reserve escrow account301,204 40,589 260,615 
Increase in other investments(2,499)(6,461)3,962 
Litigation proceeds for reimbursement of spent nuclear fuel storage costs26,284 64,531 (38,247)
Proceeds from nuclear decommissioning trust fund sales5,645,835 3,501,291 2,144,544 
Investment in nuclear decommissioning trust funds(5,708,803)(3,585,182)(2,123,621)
Net cash flow used in investing activities(5,240,091)(4,604,771)(635,320)
FINANCING ACTIVITIES
  Proceeds from the issuance of:
    Long-term debt13,100,098 9,055,511 4,044,587 
    Preferred stock of subsidiary— (2,389)2,389 
    Treasury stock3,615 133,826 (130,211)
    Common stock— 607,650 (607,650)
  Retirement of long-term debt(7,883,972)(6,935,103)(948,869)
  Changes in credit borrowings and commercial paper - net(914,187)(505)(913,682)
  Other3,612 (6,543)10,155 
  Dividends paid:
     Common stock(753,174)(724,745)(28,429)
     Preferred stock(18,319)(17,092)(1,227)
Net cash flow provided by financing activities3,537,673 2,110,610 1,427,063 
Net increase in cash and cash equivalents278,823 480,337 (201,514)
Cash and cash equivalents at beginning of period1,463,833 983,496 480,337 
Cash and cash equivalents at end of period$1,742,656 $1,463,833 $278,823 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid (received) during the period for:
     Interest - net of amount capitalized$802,908 $766,740 $36,168 
     Income taxes$850 ($49,645)$50,495