08/01/2024 | Press release | Distributed by Public on 08/01/2024 06:31
Table of contents
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Page
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News release
Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations
Financial statements
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1
7
8
11
14
15
16
18
20
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Consolidated earnings (GAAP and non-GAAP measures)
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Second quarter and year-to-date 2024 vs. 2023 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
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Second quarter | Year-to-date | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
(After-tax, $ in millions)
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As-reported earnings
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49 | 391 | (342) | 124 | 702 | (578) |
Less adjustments
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(362) | - | (362) | (517) | 69 | (586) |
Adjusted earnings (non-GAAP)
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411 | 391 | 20 | 641 | 634 | 8 |
Estimated weather impact
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56 | 15 | 41 | 30 | (32) | 62 |
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(After-tax, per share in $)
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||||||
As-reported earnings
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0.23 | 1.84 | (1.62) | 0.58 | 3.31 | (2.73) |
Less adjustments
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(1.69) | - | (1.69) | (2.41) | 0.32 | (2.74) |
Adjusted earnings (non-GAAP)
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1.92 | 1.84 | 0.07 | 2.99 | 2.99 | 0.01 |
Estimated weather impact
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0.26 | 0.07 | 0.19 | 0.14 | (0.15) | 0.29 |
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Media inquiries:
Neal Kirby
504-576-4238
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Investor relations inquiries:
Bill Abler
281-297-5436
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Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures
Second quarter and year-to-date 2024 vs. 2023 (See Appendix A-2 and Appendix A-3 for details on adjustments)
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Second quarter | Year-to-date | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
(After-tax, $ in millions) | ||||||
As-reported earnings (loss) | ||||||
Utility | 441 | 514 | (73) | 636 | 912 | (275) |
Parent & Other | (392) | (123) | (269) | (512) | (209) | (303) |
Consolidated | 49 | 391 | (342) | 124 | 702 | (578) |
Less adjustments | ||||||
Utility | (112) | - | (112) | (267) | 69 | (336) |
Parent & Other | (250) | - | (250) | (250) | - | (250) |
Consolidated | (362) | - | (362) | (517) | 69 | (586) |
Adjusted earnings (loss) (non-GAAP) | ||||||
Utility | 553 | 514 | 39 | 903 | 843 | 60 |
Parent & Other | (142) | (123) | (19) | (262) | (209) | (52) |
Consolidated | 411 | 391 | 20 | 641 | 634 | 8 |
Estimated weather impact | 56 | 15 | 41 | 30 | (32) | 62 |
Diluted average number of common shares outstanding (in millions) | 214 | 212 | 2 | 214 | 212 | 2 |
(After-tax, per share in $) (a)
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||||||
As-reported earnings (loss) | ||||||
Utility | 2.06 | 2.42 | (0.37) | 2.97 | 4.30 | (1.33) |
Parent & Other | (1.83) | (0.58) | (1.25) | (2.39) | (0.99) | (1.40) |
Consolidated | 0.23 | 1.84 | (1.62) | 0.58 | 3.31 | (2.73) |
Less adjustments | ||||||
Utility | (0.52) | - | (0.52) | (1.25) | 0.32 | (1.57) |
Parent & Other | (1.17) | - | (1.17) | (1.17) | - | (1.17) |
Consolidated | (1.69) | - | (1.69) | (2.41) | 0.32 | (2.74) |
Adjusted earnings (loss) (non-GAAP) | ||||||
Utility | 2.58 | 2.42 | 0.16 | 4.22 | 3.97 | 0.24 |
Parent & Other | (0.66) | (0.58) | (0.08) | (1.22) | (0.99) | (0.24) |
Consolidated | 1.92 | 1.84 | 0.07 | 2.99 | 2.99 | 0.01 |
Estimated weather impact | 0.26 | 0.07 | 0.19 | 0.14 | (0.15) | 0.29 |
Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
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||||||
Second quarter and year-to-date 2024 vs. 2023 | ||||||
Second quarter | Year-to-date | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
(Pre-tax except for income taxes and totals; $ in millions) | ||||||
Utility | ||||||
2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters
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(151) | - | (151) | (151) | - | (151) |
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding
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- | - | - | (132) | - | (132) |
1Q24 E-NO increase in customer sharing of tax benefits as a result of the 2016-2018 IRS audit resolution
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- | - | - | (79) | - | (79) |
1Q23 impacts from E-LA storm cost approval and securitization, including customer sharing (excluding income tax item below)
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- | - | - | - | (87) | 87 |
Income tax effect on Utility adjustments above
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39 | - | 39 | 95 | 27 | 68 |
1Q23 E-LA income tax benefit resulting from securitization
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- | - | - | - | 129 | (129) |
Total Utility | (112) | - | (112) | (267) | 69 | (336) |
Parent & Other | ||||||
2Q24 pension lift out
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(317) | - | (317) | (317) | - | (317) |
Income tax effect on Parent & Other adjustment above
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67 | - | 67 | 67 | - | 67 |
Total Parent & Other | (250) | - | (250) | (250) | - | (250) |
Total adjustments | (362) | - | (362) | (517) | 69 | (586) |
(After-tax, per share in $) (b)
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||||||
Utility | ||||||
2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters
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(0.52) | - | (0.52) | (0.52) | - | (0.52) |
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding
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- | - | - | (0.45) | - | (0.45) |
1Q24 E-NO increase in customer sharing of tax benefits as a result of the 2016-2018 IRS audit resolution
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- | - | - | (0.27) | - | (0.27) |
1Q23 impacts from E-LA storm cost approval and securitization, including customer sharing
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- | - | - | - | 0.32 | (0.32) |
Total Utility
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(0.52) | - | (0.52) | (1.25) | 0.32 | (1.57) |
Parent & Other | ||||||
2Q24 pension lift out
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(1.17) | - | (1.17) | (1.17) | - | (1.17) |
Total Parent & Other | (1.17) | - | (1.17) | (1.17) | - | (1.17) |
Total adjustments | (1.69) | - | (1.69) | (2.41) | 0.32 | (2.74) |
Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings) | ||||||
Second quarter and year-to-date 2024 vs. 2023 | ||||||
(Pre-tax except for income taxes and totals; $ in millions) | ||||||
Second quarter | Year-to-date | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
Utility | ||||||
Operating revenues | - | - | - | - | 31 | (31) |
Other O&M | (1) | - | (1) | (1) | - | (1) |
Asset write-offs, impairments, and related charges | - | - | - | (132) | - | (132) |
Other regulatory charges (credits) - net | (150) | - | (150) | (229) | (103) | (125) |
Other income (deductions) - other | - | - | - | - | (15) | 15 |
Income taxes | 39 | - | 39 | 95 | 156 | (61) |
Total Utility | (112) | - | (112) | (267) | 69 | (336) |
Parent & Other | ||||||
Other income (deductions) - other | (317) | - | (317) | (317) | - | (317) |
Income taxes | 67 | - | 67 | 67 | - | 67 |
Total Parent & Other | (250) | - | (250) | (250) | - | (250) |
Total adjustments | (362) | - | (362) | (517) | 69 | (586) |
Appendix A-4: Consolidated operating cash flow | ||||||
Second quarter and year-to-date 2024 vs. 2023 | ||||||
($ in millions) | ||||||
Second quarter | Year-to-date | |||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
Utility | 1,111 | 936 | 174 | 1,626 | 1,915 | (289) |
Parent & Other | (85) | (70) | (15) | (79) | (88) | 9 |
Consolidated | 1,025 | 866 | 159 | 1,546 | 1,826 | (280) |
Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
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||||||||
Second quarter 2024 vs. 2023 | ||||||||
(After-tax, per share in $) | ||||||||
Utility | Parent & Other | Consolidated | ||||||
As-
reported
|
Adjusted |
As-
reported
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Adjusted |
As-
reported
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Adjusted | |||
2023 earnings (loss) | 2.42 | 2.42 | (0.58) | (0.58) | 1.84 | 1.84 | ||
Operating revenue less:
fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) - net |
(0.16) | 0.36 |
(f)
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(0.02) | (0.02) | (0.19) | 0.33 | |
Nuclear refueling outage expenses
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(0.01) | (0.01) | - | - | (0.01) | (0.01) | ||
Other O&M
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(0.15) | (0.14) |
(g)
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- | - | (0.15) | (0.14) | |
Asset write-offs, impairments, and related charges
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- | - | - | - | - | - | ||
Decommissioning
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(0.01) | (0.01) | - | - | (0.01) | (0.01) | ||
Taxes other than income taxes
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(0.01) | (0.01) | - | - | (0.01) | (0.01) | ||
Depreciation and amortization
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(0.13) | (0.13) |
(h)
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- | - | (0.13) | (0.13) | |
Other income (deductions)
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0.18 | 0.18 |
(i)
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(1.17) | 0.01 |
(j)
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(0.99) | 0.19 |
Interest expense
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(0.07) | (0.07) |
(k)
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(0.07) | (0.07) |
(l)
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(0.14) | (0.14) |
Income taxes - other
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0.03 | 0.03 | (0.01) | (0.01) | 0.02 | 0.02 | ||
Preferred dividend requirements and noncontrolling interests
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- | - | - | - | - | - | ||
Share effect
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(0.02) | (0.03) | 0.02 | 0.01 | - | (0.02) | ||
2024 earnings (loss)
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2.06 | 2.58 | (1.83) | (0.66) | 0.23 | 1.92 | ||
Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
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Year-to-date 2024 vs. 2023 | ||||||||
(After-tax, per share in $) | ||||||||
Utility | Parent & Other | Consolidated | ||||||
As-
reported
|
Adjusted |
As-
reported
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Adjusted |
As-
reported
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Adjusted | |||
2023 earnings (loss)
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4.30 | 3.97 | (0.99) | (0.99) | 3.31 | 2.99 | ||
Operating revenue less:
fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) - net |
(0.16) | 0.42 |
(f)
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(0.03) | (0.03) | (0.19) | 0.39 | |
Nuclear refueling outage expenses
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(0.02) | (0.02) | - | - | (0.02) | (0.02) | ||
Other O&M
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(0.36) | (0.36) |
(g)
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0.02 | 0.02 | (0.34) | (0.34) | |
Asset write-offs, impairments, and related charges
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(0.46) | - |
(m)
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- | - | (0.46) | - | |
Decommissioning
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(0.02) | (0.02) | - | - | (0.02) | (0.02) | ||
Taxes other than income taxes
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(0.04) | (0.04) | - | - | (0.04) | (0.04) | ||
Depreciation and amortization
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(0.29) | (0.29) |
(h)
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- | - | (0.29) | (0.29) | |
Other income (deductions)
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0.71 | 0.64 |
(i)
|
(1.29) | (0.11) |
(j)
|
(0.58) | 0.53 |
Interest expense
|
(0.11) | (0.11) |
(k)
|
(0.11) | (0.11) |
(l)
|
(0.22) | (0.22) |
Income taxes - other
|
(0.55) | 0.05 |
(n)
|
(0.02) | (0.02) | (0.57) | 0.04 | |
Preferred dividend requirements and noncontrolling interests
|
- | - | - | - | - | - | ||
Share effect
|
(0.03) | (0.04) | 0.02 | 0.01 | (0.01) | (0.03) | ||
2024 earnings (loss)
|
2.97 | 4.22 | (2.39) | (1.22) | 0.58 | 2.99 | ||
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2Q24
|
2Q23
|
YTD24
|
YTD23
|
Utility operating revenue
|
8
|
5
|
16
|
3
|
Utility income taxes - other
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(8)
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(5)
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(16)
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(3)
|
|
2Q24
|
2Q23
|
YTD24
|
YTD23
|
Utility regulatory charges (credits) - net
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(2)
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(5)
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(5)
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(8)
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Utility preferred dividend requirements and noncontrolling interests
|
2
|
5
|
5
|
8
|
Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power;
and other regulatory charges (credits) - net variance analysis
2024 vs. 2023 ($ EPS)
|
||
2Q | YTD | |
Electric volume / weather
|
0.28
|
0.35
|
Retail electric price
|
0.23 | 0.49 |
2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters
|
(0.52) | (0.52) |
2Q24 E-MS 2024 FRP rate implementation
|
0.03 | 0.03 |
1Q24 E-NO provision for increased income tax sharing
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- | (0.27) |
1Q23 impacts from E-LA storm cost approval and securitization, including customer sharing
|
- | 0.22 |
E-LA wholesale contract termination
|
(0.04) | (0.06) |
Reg. provisions for decommissioning items
|
(0.10) | (0.41) |
Other, including Grand Gulf recovery
|
(0.04) | 0.01 |
Total
|
(0.16) | (0.16) |
Appendix C: Utility operating and financial measures | ||||||||
Second quarter and year-to-date 2024 vs. 2023 | ||||||||
Second quarter | Year-to-date | |||||||
2024 | 2023 | % Change |
% Weather adjusted (o)
|
2024 | 2023 | % Change |
% Weather adjusted (o)
|
|
GWh sold | ||||||||
Residential
|
9,557 | 9,027 | 5.9 | 0.3 | 17,315 | 16,303 | 6.2 | 0.8 |
Commercial
|
7,236 | 6,969 | 3.8 | 2.0 | 13,460 | 13,217 | 1.8 | 0.4 |
Governmental
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626 | 608 | 3.0 | 1.9 | 1,198 | 1,185 | 1.1 | 1.3 |
Industrial
|
13,973 | 13,301 | 5.1 | 5.1 | 26,633 | 26,041 | 2.3 | 2.3 |
Total retail sales
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31,392 | 29,905 | 5.0 | 2.9 | 58,606 | 56,746 | 3.3 | 1.4 |
Wholesale
|
3,052 | 3,171 | (3.8) | 7,010 | 7,674 | (8.7) | ||
Total sales
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34,444 | 33,076 | 4.1 | 65,616 | 64,420 | 1.9 | ||
Number of electric retail customers | ||||||||
Residential
|
2,592,846 | 2,571,543 | 0.8 | |||||
Commercial
|
370,219 | 368,731 | 0.4 | |||||
Governmental
|
18,042 | 18,146 | (0.6) | |||||
Industrial
|
42,294 | 43,359 | (2.5) | |||||
Total retail customers
|
3,023,401 | 3,001,779 | 0.7 | |||||
Other O&M and nuclear refueling outage exp. per MWh | 20.99 | 20.53 | 2.2 | $21.98 | $20.74 | 6.0 | ||
Appendix D: GAAP and non-GAAP financial measures
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|||
Second quarter 2024 vs. 2023 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
|
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For 12 months ending June 30
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2024 | 2023 | Change |
GAAP measure
|
|||
As-reported ROE
|
12.8% | 11.0% | 1.8% |
|
|||
Non-GAAP financial measure
|
|||
Adjusted ROE
|
10.4% | 10.6% | (0.2)% |
|
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As of June 30 ($ in millions, except where noted)
|
2024 | 2023 | Change |
GAAP measures
|
|||
Cash and cash equivalents
|
1,355 | 1,194 | 161 |
Available revolver capacity
|
4,345 | 4,216 | 129 |
Commercial paper
|
932 | 1,108 | (176) |
Total debt
|
28,846 | 27,362 | 1,484 |
Junior subordinated debentures
|
1,200 | - | 1,200 |
Securitization debt
|
249 | 278 | (29) |
Debt to capital
|
66%
|
67% | (1)% |
Storm escrows | 333 | 411 | (78) |
|
|||
Non-GAAP financial measures ($ in millions, except where noted)
|
|||
Adjusted debt to adjusted capitalization
|
64% | 67% | (2)% |
Adjusted net debt to adjusted net capitalization
|
63% | 66% | (2)% |
Gross liquidity
|
5,700 | 5,410 | 290 |
Net liquidity
|
5,915 | 4,761 | 1,154 |
Adjusted parent debt to total adjusted debt
|
20% | 19% | 0% |
FFO to adjusted debt
|
13.8% | 11.7% | 2.1% |
|
Appendix E-1: Definitions | |
Utility operating and financial measures | |
GWh sold
|
Total number of GWh sold to retail and wholesale customers |
Number of electric retail customers
|
Average number of electric customers over the period |
Other O&M and refueling outage expense per MWh
|
Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales |
Financial measures - GAAP | |
As-reported ROE
|
Last twelve months net income attributable to Entergy Corp. divided by avg. common equity |
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 |
Financial measures - non-GAAP | |
Adjusted capitalization
|
Capitalization excluding securitization debt |
Adjusted debt
|
Debt excluding securitization debt and 50% of junior subordinated debentures |
Adjusted debt to adjusted capitalization
|
Adjusted debt divided by adjusted capitalization |
Adjusted EPS
|
As-reported earnings minus adjustments, divided by the diluted average number of common shares outstanding |
Adjusted net capitalization
|
Adjusted capitalization minus cash and cash equivalents |
Adjusted net debt
|
Adjusted debt minus cash and cash equivalents |
Adjusted net debt to adjusted net capitalization
|
Adjusted net debt, divided by adjusted net capitalization
|
Adjusted Parent debt
|
Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities, minus 50% of junior subordinated debentures
|
Adjusted Parent debt to total adjusted debt
|
Adjusted Parent debt divided by total adjusted debt
|
Adjusted ROE
|
Last twelve months adjusted earnings divided by average common equity |
Adjusted ROE excluding affiliate preferred
|
Last twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to exclude the estimated equity associated with the affiliate preferred investment |
Adjustments
|
Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant tax items, and other items such as certain costs, expenses, or other specified items |
FFO
|
OCF minus AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, and other working capital accounts), 50% of interest on junior subordinated debentures, and securitization regulatory charges |
FFO to adjusted debt
|
Last twelve months FFO divided by end of period adjusted debt |
Gross liquidity | Sum of cash and available revolver capacity |
Net liquidity
|
Sum of cash, available revolver capacity, escrow accounts available for certain storm expenses, and equity sold forward but not yet settled minus commercial paper borrowing |
Appendix E-2: Abbreviations and acronyms | |||
A&G
ADIT
AFUDC - borrowed funds
AMS
ANO
APSC
ATM
bbl
Bcf/d
bps
CAGR
CCCT
CCGT
CCN
CCNO
CCS
CFO
COD
CWIP
DCRF
DOE
DRM
E-AR
E-LA
E-MS
E-NO
E-TX
EEI
EPS
ESG
ETR
FERC
FFO
FRP
GAAP
GRIP
GCRR
Grand Gulf or GGNS
|
Administrative and general expenses
Accumulated deferred income taxes
Allowance for borrowed funds used during construction
Advanced metering system
Arkansas Nuclear One (nuclear)
Arkansas Public Service Commission
At the market equity issuance program
Barrels
Billion cubic feet per day
Basis points
Compound annual growth rate
Combined cycle combustion turbine
Combined cycle gas turbine
Certificate for convenience and necessity
Council of the City of New Orleans
Carbon capture and sequestration
Cash from operations
Commercial operation date
Combustion turbine
Construction work in process
Distribution cost recovery factor
U.S. Department of Energy
Distribution Recovery Mechanism (rider within E-LA's FRP)
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
Edison Electric Institute
Earnings per share
Environmental, social, and governance
Entergy Corporation
Federal Energy Regulatory Commission
Funds from operations
Formula rate plan
U.S. generally accepted accounting principles
Grid Resilience and Innovation Partnerships (DOE grant program)
Generation Cost Recovery Rider
Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI
|
HLBV
IPEC
IRS
LDC
LNG
LPSC
LTM
LURC
MISO
MMBtu
Moody's
MPSC
MTEP
NBP
NDT
NGL
NYSE
O&M
OCF
OpCo
OPEB
Other O&M
P&O
PMR
PPA
PUCT
RFP
ROE
RSP
S&P
SEC
SERI
TCJA
TCRF
TRAM
TRM
UPSA
WACC
WTI
|
Hypothetical liquidation at book value
Indian Point Energy Center (nuclear)
(sold 5/28/21)
Internal Revenue Service
Local distribution company
Liquified natural gas
Louisiana Public Service Commission
Last twelve months
Louisiana Utility Restoration Corporation
Midcontinent Independent System Operator, Inc.
Million British thermal units
Moody's Investor Service
Mississippi Public Service Commission
MISO Transmission Expansion Plan
National Balancing Point
Nuclear decommissioning trust
Natural gas liquid
New York Stock Exchange
Operations and maintenance
Net cash flow provided by operating activities
Utility operating company
Other post-employment benefits
Other non-fuel operation and maintenance expense
Parent & Other
Performance Management Rider
Power purchase agreement or purchased power agreement
Public Utility Commission of Texas
Request for proposals
Return on equity
Rate Stabilization Plan (E-LA Gas)
Standard & Poor's
U.S. Securities and Exchange Commission
System Energy Resources, Inc.
Tax Cuts and Jobs Act of 2017
Transmission cost recovery factor
Tax reform adjustment mechanism
Transmission Recovery Mechanism (rider within E-LA's FRP)
Unit Power Sales Agreement
Weighted-average cost of capital
West Texas Intermediate
|
Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures - ROE
|
|||
(LTM $ in millions except where noted) | Second quarter | ||
2024 | 2023 | ||
As-reported net income attributable to Entergy Corporation
|
(A) | 1,779 | 1,369 |
Adjustments | (B) | 333 | 49 |
Adjusted earnings (non-GAAP) | (C)=(A-B) | 1,446 | 1,320 |
Average common equity (average of beginning and ending balances) | (D) | 13,902 | 12,474 |
As-reported ROE | (A/D) | 12.8% | 11.0% |
Adjusted ROE (non-GAAP) | (C/D) | 10.4% | 10.6% |
Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures - FFO to adjusted debt | |||
($ in millions except where noted)
|
Second quarter | ||
|
2024 | 2023 | |
Total debt
|
(A) | 28,846 | 27,362 |
Securitization debt
|
(B) | 249 | 278 |
50% junior subordinated debentures
|
(C) | 600 | - |
Adjusted debt (non-GAAP)
|
(D)=(A-B-C) | 27,997 | 27,084 |
|
|||
Net cash flow provided by operating activities, LTM
|
(E) | 4,015 | 3,595 |
|
|||
AFUDC - borrowed funds, LTM
|
(F) | (42) | (37) |
|
|||
50% of the interest expense associated with junior subordinated debentures, LTM
|
(G) | (5) | - |
|
|||
Working capital items in net cash flow provided by operating activities, LTM:
|
|||
Receivables
|
(151) | 132 | |
Fuel inventory
|
17 | (53) | |
Accounts payable
|
(17) | (413) | |
Taxes accrued
|
52 | (20) | |
Interest accrued
|
36 | 23 | |
Deferred fuel costs
|
331 | 837 | |
Other working capital accounts
|
(182) | (169) | |
Securitization regulatory charges, LTM | 30 | 40 | |
Total
|
(H) | 115 | 377 |
|
|||
FFO, LTM (non-GAAP)
|
(I)=(E+F-G-H) | 3,862 | 3,182 |
|
|||
FFO to adjusted debt (non-GAAP)
|
(I/D) | 13.8% | 11.7% |
|
|||
|
Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures - adjusted debt ratios; gross liquidity; and net liquidity
|
|||
($ in millions except where noted) | Second quarter | ||
2024 | 2023 | ||
Total debt | (A) | 28,846 | 27,362 |
Securitization debt | (B) | 249 | 278 |
50% junior subordinated debentures | (C) | 600 | - |
Adjusted debt (non-GAAP)
|
(D)=(A-B-C) | 27,997 | 27,084 |
Cash and cash equivalents | (E) | 1,355 | 1,194 |
Adjusted net debt (non-GAAP) | (F)=(D-E) | 26,642 | 25,889 |
Commercial paper | (G) | 932 | 1,108 |
Total capitalization | (H) | 43,747 | 40,949 |
Securitization debt | (B) | 249 | 278 |
Adjusted capitalization (non-GAAP) | (I)=(H-B) | 43,498 | 40,671 |
Cash and cash equivalents | (E) | 1,355 | 1,194 |
Adjusted net capitalization (non-GAAP) | (J)=(I-E) | 42,143 | 39,477 |
Total debt to total capitalization | (A/H) | 66% | 67% |
Adjusted debt to adjusted capitalization (non-GAAP) | (D/I) | 64% | 67% |
Adjusted net debt to adjusted net capitalization (non-GAAP) | (F/J) | 63% | 66% |
Available revolver capacity | (K) | 4,345 | 4,216 |
Storm escrows | (L) | 333 | 411 |
Equity sold forward, not yet settled (p)
|
(M) | 815 | 48 |
Gross liquidity (non-GAAP) | (N)=(E+K) | 5,700 | 5,410 |
Net liquidity (non-GAAP) |
(N-G+L+M)
|
5,915 | 4,761 |
Entergy Corporation notes: | |||
Due September 2025 | 800 | 800 | |
Due September 2026 | 750 | 750 | |
Due June 2028 | 650 | 650 | |
Due June 2030 | 600 | 600 | |
Due June 2031 | 650 | 650 | |
Due June 2050 | 600 | 600 | |
Junior subordinated debentures due December 2054 | 1,200 | - | |
Total Parent long-term debt | (O) | 5,250 | 4,050 |
Revolver draw | (P) | - | 150 |
Unamortized debt issuance costs and discounts | (Q) | (48) | (40) |
Total parent debt | (R)=(G+O+P+Q) | 6,134 | 5,268 |
Adjusted Parent debt (non-GAAP) | (S)=(R-C) | 5,534 | 5,268 |
Adjusted parent debt to total adjusted debt (non-GAAP) | (S/D) | 20% | 19% |
Entergy Corporation | ||||||
Consolidating Balance Sheet | ||||||
June 30, 2024 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
Utility | Parent & Other | Consolidated | ||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents: | ||||||
Cash | $ | 77,788 | $ | 5,062 | $ | 82,850 |
Temporary cash investments | 1,138,324 | 133,990 | 1,272,314 | |||
Total cash and cash equivalents | 1,216,112 | 139,052 | 1,355,164 | |||
Accounts receivable: | ||||||
Customer | 777,791 | - | 777,791 | |||
Allowance for doubtful accounts | (16,642) | - | (16,642) | |||
Associated companies | 4,480 | (4,480) | - | |||
Other | 221,663 | 5,412 | 227,075 | |||
Accrued unbilled revenues | 592,785 | - | 592,785 | |||
Total accounts receivable | 1,580,077 | 932 | 1,581,009 | |||
Deferred fuel costs | 78,434 | - | 78,434 | |||
Fuel inventory - at average cost | 167,783 | 6,692 | 174,475 | |||
Materials and supplies - at average cost | 1,572,023 | 4,436 | 1,576,459 | |||
Deferred nuclear refueling outage costs | 134,500 | - | 134,500 | |||
Prepayments and other | 407,115 | (160,059) | 247,056 | |||
TOTAL | 5,156,044 | (8,947) | 5,147,097 | |||
OTHER PROPERTY AND INVESTMENTS | ||||||
Investment in affiliates | 4,393,852 | (4,393,852) | - | |||
Decommissioning trust funds | 5,265,003 | - | 5,265,003 | |||
Non-utility property - at cost (less accumulated depreciation) | 411,105 | 6,448 | 417,553 | |||
Storm reserve escrow account | 332,801 | - | 332,801 | |||
Other | 38,907 | 33,013 | 71,920 | |||
TOTAL | 10,441,668 | (4,354,391) | 6,087,277 | |||
PROPERTY, PLANT, AND EQUIPMENT | ||||||
Electric | 68,040,063 | 201,848 | 68,241,911 | |||
Natural gas | 732,677 | - | 732,677 | |||
Construction work in progress | 2,681,194 | 1,179 | 2,682,373 | |||
Nuclear fuel | 682,247 | - | 682,247 | |||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 72,136,181 | 203,027 | 72,339,208 | |||
Less - accumulated depreciation and amortization | 27,026,376 | 145,172 | 27,171,548 | |||
PROPERTY, PLANT, AND EQUIPMENT - NET | 45,109,805 | 57,855 | 45,167,660 | |||
DEFERRED DEBITS AND OTHER ASSETS | ||||||
Regulatory assets: | ||||||
Other regulatory assets | 5,408,682 | - | 5,408,682 | |||
Deferred fuel costs | 172,201 | - | 172,201 | |||
Goodwill | 374,099 | - | 374,099 | |||
Accumulated deferred income taxes | 13,879 | 2,631 | 16,510 | |||
Other | 269,590 | 123,181 | 392,771 | |||
TOTAL | 6,238,451 | 125,812 | 6,364,263 | |||
TOTAL ASSETS | $ | 66,945,968 | $ | (4,179,671) | $ | 62,766,297 |
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||
Consolidating Balance Sheet | |||||||
June 30, 2024 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Currently maturing long-term debt | $ | 1,378,072 | $ | 139,000 | $ | 1,517,072 | |
Notes payable and commercial paper: | |||||||
Associated companies | 26,428 | (26,428) | - | ||||
Other | - | 932,351 | 932,351 | ||||
Accounts payable: | |||||||
Associated companies | 38,031 | (38,031) | - | ||||
Other | 1,309,001 | 5,660 | 1,314,661 | ||||
Customer deposits | 462,222 | - | 462,222 | ||||
Taxes accrued | 369,798 | 80,961 | 450,759 | ||||
Interest accrued | 215,900 | 21,857 | 237,757 | ||||
Deferred fuel costs | 262,348 | - | 262,348 | ||||
Pension and other postretirement liabilities | 42,643 | 13,878 | 56,521 | ||||
Other | 245,928 | 7,561 | 253,489 | ||||
TOTAL | 4,350,371 | 1,136,809 | 5,487,180 | ||||
NON-CURRENT LIABILITIES | |||||||
Accumulated deferred income taxes and taxes accrued | 6,055,267 | (1,733,496) | 4,321,771 | ||||
Accumulated deferred investment tax credits | 199,745 | - | 199,745 | ||||
Regulatory liability for income taxes - net | 1,042,248 | - | 1,042,248 | ||||
Other regulatory liabilities | 3,488,314 | - | 3,488,314 | ||||
Decommissioning and asset retirement cost liabilities | 4,680,510 | 3,392 | 4,683,902 | ||||
Accumulated provisions | 466,934 | 266 | 467,200 | ||||
Pension and other postretirement liabilities | 463,997 | 55,864 | 519,861 | ||||
Long-term debt | 21,099,034 | 5,202,058 | 26,301,092 | ||||
Other | 1,758,881 | (404,962) | 1,353,919 | ||||
TOTAL | 39,254,930 | 3,123,122 | 42,378,052 | ||||
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 2024 - none | - | - | - | ||||
Common stock, $.01 par value, authorized 499,000,000 shares; | |||||||
issued 280,975,348 shares in 2024 | 2,438,748 | (2,435,938) | 2,810 | ||||
Paid-in capital | 5,204,843 | 2,581,078 | 7,785,921 | ||||
Retained earnings | 15,444,185 | (3,861,853) | 11,582,332 | ||||
Accumulated other comprehensive income | 60,054 | 20,307 | 80,361 | ||||
Less - treasury stock, at cost (67,166,752 shares in 2024) | 120,000 | 4,763,695 | 4,883,695 | ||||
TOTAL SHAREHOLDERS' EQUITY | 23,027,830 | (8,460,101) | 14,567,729 | ||||
Subsidiaries' preferred stock without sinking fund | |||||||
and noncontrolling interests | 117,676 | (3,750) | 113,926 | ||||
TOTAL | 23,145,506 | (8,463,851) | 14,681,655 | ||||
TOTAL LIABILITIES AND EQUITY | $ | 66,945,968 | $ | (4,179,671) | $ | 62,766,297 | |
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||
Consolidating Balance Sheet | ||||||
December 31, 2023 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
Utility | Parent & Other | Consolidated | ||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents: | ||||||
Cash | $ | 63,000 | $ | 8,609 | $ | 71,609 |
Temporary cash investments | 37,434 | 23,505 | 60,939 | |||
Total cash and cash equivalents | 100,434 | 32,114 | 132,548 | |||
Accounts receivable: | ||||||
Customer | 699,411 | - | 699,411 | |||
Allowance for doubtful accounts | (25,905) | - | (25,905) | |||
Associated companies | (21,282) | 21,282 | - | |||
Other | 215,265 | 10,069 | 225,334 | |||
Accrued unbilled revenues | 494,615 | - | 494,615 | |||
Total accounts receivable | 1,362,104 | 31,351 | 1,393,455 | |||
Deferred fuel costs | 169,967 | - | 169,967 | |||
Fuel inventory - at average cost | 185,653 | 7,146 | 192,799 | |||
Materials and supplies - at average cost | 1,414,613 | 4,356 | 1,418,969 | |||
Deferred nuclear refueling outage costs | 140,115 | - | 140,115 | |||
Prepayments and other | 210,563 | 2,453 | 213,016 | |||
TOTAL | 3,583,449 | 77,420 | 3,660,869 | |||
OTHER PROPERTY AND INVESTMENTS | ||||||
Investment in affiliates | 4,509,294 | (4,509,294) | - | |||
Decommissioning trust funds | 4,863,710 | - | 4,863,710 | |||
Non-utility property - at cost (less accumulated depreciation) | 410,845 | 7,701 | 418,546 | |||
Storm reserve escrow account | 323,206 | - | 323,206 | |||
Other | 38,513 | 30,981 | 69,494 | |||
TOTAL | 10,145,568 | (4,470,612) | 5,674,956 | |||
PROPERTY, PLANT, AND EQUIPMENT | ||||||
Electric | 66,638,517 | 211,957 | 66,850,474 | |||
Natural gas | 717,503 | - | 717,503 | |||
Construction work in progress | 2,108,760 | 943 | 2,109,703 | |||
Nuclear fuel | 707,852 | - | 707,852 | |||
TOTAL PROPERTY, PLANT, AND EQUIPMENT | 70,172,632 | 212,900 | 70,385,532 | |||
Less - accumulated depreciation and amortization | 26,395,786 | 155,417 | 26,551,203 | |||
PROPERTY, PLANT, AND EQUIPMENT - NET | 43,776,846 | 57,483 | 43,834,329 | |||
DEFERRED DEBITS AND OTHER ASSETS | ||||||
Regulatory assets: | ||||||
Other regulatory assets | 5,669,404 | - | 5,669,404 | |||
Deferred fuel costs | 172,201 | - | 172,201 | |||
Goodwill | 374,099 | - | 374,099 | |||
Accumulated deferred income taxes | 14,010 | 2,357 | 16,367 | |||
Other | 151,461 | 149,710 | 301,171 | |||
TOTAL | 6,381,175 | 152,067 | 6,533,242 | |||
TOTAL ASSETS | $ | 63,887,038 | $ | (4,183,642) | $ | 59,703,396 |
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||
Consolidating Balance Sheet | |||||||
December 31, 2023 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Currently maturing long-term debt | $ | 1,960,057 | $ | 139,000 | $ | 2,099,057 | |
Notes payable and commercial paper: | |||||||
Other | - | 1,138,171 | 1,138,171 | ||||
Accounts payable: | |||||||
Associated companies | 66,835 | (66,835) | - | ||||
Other | 1,558,713 | 8,032 | 1,566,745 | ||||
Customer deposits | 446,146 | - | 446,146 | ||||
Taxes accrued | 431,146 | 3,067 | 434,213 | ||||
Interest accrued | 201,336 | 12,861 | 214,197 | ||||
Deferred fuel costs | 218,927 | - | 218,927 | ||||
Pension and other postretirement liabilities | 45,144 | 14,364 | 59,508 | ||||
Other | 213,809 | 5,719 | 219,528 | ||||
TOTAL | 5,142,113 | 1,254,379 | 6,396,492 | ||||
NON-CURRENT LIABILITIES | |||||||
Accumulated deferred income taxes and taxes accrued | 5,843,746 | (1,597,764) | 4,245,982 | ||||
Accumulated deferred investment tax credits | 205,973 | - | 205,973 | ||||
Regulatory liability for income taxes - net | 1,033,242 | - | 1,033,242 | ||||
Other regulatory liabilities | 3,116,926 | - | 3,116,926 | ||||
Decommissioning and asset retirement cost liabilities | 4,505,119 | 663 | 4,505,782 | ||||
Accumulated provisions | 462,296 | 274 | 462,570 | ||||
Pension and other postretirement liabilities | 546,897 | 101,516 | 648,413 | ||||
Long-term debt | 18,995,944 | 4,012,895 | 23,008,839 | ||||
Other | 1,528,284 | (411,623) | 1,116,661 | ||||
TOTAL | 36,238,427 | 2,105,961 | 38,344,388 | ||||
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 2023 - none | - | - | - | ||||
Common stock, $.01 par value, authorized 499,000,000 shares; | |||||||
issued 280,975,348 shares in 2023 | 2,458,748 | (2,455,938) | 2,810 | ||||
Paid-in capital | 5,198,873 | 2,596,538 | 7,795,411 | ||||
Retained earnings | 14,585,015 | (2,644,631) | 11,940,384 | ||||
Accumulated other comprehensive loss | 64,492 | (226,952) | (162,460) | ||||
Less - treasury stock, at cost (68,162,778 shares in 2023) | 120,000 | 4,833,498 | 4,953,498 | ||||
TOTAL SHAREHOLDERS' EQUITY | 22,187,128 | (7,564,481) | 14,622,647 | ||||
Subsidiaries' preferred stock without sinking fund | |||||||
and noncontrolling interests | 124,209 | (3,750) | 120,459 | ||||
TOTAL | 22,311,337 | (7,568,231) | 14,743,106 | ||||
TOTAL LIABILITIES AND EQUITY | $ | 63,887,038 | $ | (4,183,642) | $ | 59,703,396 | |
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||
Consolidating Income Statement | |||||||
Three Months Ended June 30, 2024 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
OPERATING REVENUES | |||||||
Electric | $ | 2,906,047 | $ | - | $ | 2,906,047 | |
Natural gas | 35,357 | - | 35,357 | ||||
Other | - | 12,216 | 12,216 | ||||
Total | 2,941,404 | 12,216 | 2,953,620 | ||||
OPERATING EXPENSES | |||||||
Operating and Maintenance: | |||||||
Fuel, fuel related expenses, and gas purchased for resale | 514,223 | 8,327 | 522,550 | ||||
Purchased power | 193,010 | 7,695 | 200,705 | ||||
Nuclear refueling outage expenses | 38,277 | - | 38,277 | ||||
Other operation and maintenance | 685,990 | 15,785 | 701,775 | ||||
Decommissioning | 54,180 | 13 | 54,193 | ||||
Taxes other than income taxes | 186,713 | 807 | 187,520 | ||||
Depreciation and amortization | 503,782 | 1,581 | 505,363 | ||||
Other regulatory charges (credits) - net | 125,607 | - | 125,607 | ||||
Total | 2,301,782 | 34,208 | 2,335,990 | ||||
OPERATING INCOME | 639,622 | (21,992) | 617,630 | ||||
OTHER INCOME (DEDUCTIONS) | |||||||
Allowance for equity funds used during construction | 29,275 | - | 29,275 | ||||
Interest and investment income | 141,249 | (70,662) | 70,587 | ||||
Miscellaneous - net | (28,299) | (314,250) | (342,549) | ||||
Total | 142,225 | (384,912) | (242,687) | ||||
INTEREST EXPENSE | |||||||
Interest expense | 237,197 | 64,066 | 301,263 | ||||
Allowance for borrowed funds used during construction | (11,686) | - | (11,686) | ||||
Total | 225,511 | 64,066 | 289,577 | ||||
INCOME BEFORE INCOME TAXES | 556,336 | (470,970) | 85,366 | ||||
Income taxes | 113,017 | (79,383) | 33,634 | ||||
CONSOLIDATED NET INCOME | 443,319 | (391,587) | 51,732 | ||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | 2,311 | 499 | 2,810 | ||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 441,008 | $ | (392,086) | $ | 48,922 | |
EARNINGS PER AVERAGE COMMON SHARE: | |||||||
BASIC | $2.06 | ($1.84) | $0.23 | ||||
DILUTED | $2.06 | ($1.83) | $0.23 | ||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||
BASIC | 213,617,110 | ||||||
DILUTED | 214,376,721 | ||||||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Income Statement | |||||||
Three Months Ended June 30, 2023 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
OPERATING REVENUES | |||||||
Electric | $ | 2,785,244 | $ | - | $ | 2,785,244 | |
Natural gas | 33,503 | - | 33,503 | ||||
Other | - | 27,279 | 27,279 | ||||
Total | 2,818,747 | 27,279 | 2,846,026 | ||||
OPERATING EXPENSES | |||||||
Operating and Maintenance: | |||||||
Fuel, fuel related expenses, and gas purchased for resale | 574,500 | 9,217 | 583,717 | ||||
Purchased power | 191,209 | 15,327 | 206,536 | ||||
Nuclear refueling outage expenses | 34,785 | - | 34,785 | ||||
Other operation and maintenance | 644,148 | 15,746 | 659,894 | ||||
Decommissioning | 51,140 | 12 | 51,152 | ||||
Taxes other than income taxes | 182,788 | 790 | 183,578 | ||||
Depreciation and amortization | 467,381 | 1,557 | 468,938 | ||||
Other regulatory charges (credits) - net | (98,501) | - | (98,501) | ||||
Total | 2,047,450 | 42,649 | 2,090,099 | ||||
OPERATING INCOME | 771,297 | (15,370) | 755,927 | ||||
OTHER INCOME (DEDUCTIONS) | |||||||
Allowance for equity funds used during construction | 24,867 | - | 24,867 | ||||
Interest and investment income | 123,743 | (78,315) | 45,428 | ||||
Miscellaneous - net | (56,386) | 7,842 | (48,544) | ||||
Total | 92,224 | (70,473) | 21,751 | ||||
INTEREST EXPENSE | |||||||
Interest expense | 215,015 | 46,334 | 261,349 | ||||
Allowance for borrowed funds used during construction | (10,481) | - | (10,481) | ||||
Total | 204,534 | 46,334 | 250,868 | ||||
INCOME BEFORE INCOME TAXES | 658,987 | (132,177) | 526,810 | ||||
Income taxes | 144,489 | (9,693) | 134,796 | ||||
CONSOLIDATED NET INCOME | 514,498 | (122,484) | 392,014 | ||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | 271 | 499 | 770 | ||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 514,227 | $ | (122,983) | $ | 391,244 | |
EARNINGS PER AVERAGE COMMON SHARE: | |||||||
BASIC | $2.43 | ($0.58) | $1.85 | ||||
DILUTED | $2.42 | ($0.58) | $1.84 | ||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||
BASIC | 211,449,211 | ||||||
DILUTED | 212,201,529 | ||||||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Income Statement | |||||||
Six Months Ended June 30, 2024 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
OPERATING REVENUES | |||||||
Electric | $ | 5,612,553 | $ | - | $ | 5,612,553 | |
Natural gas | 101,024 | - | 101,024 | ||||
Other | - | 34,671 | 34,671 | ||||
Total | 5,713,577 | 34,671 | 5,748,248 | ||||
OPERATING EXPENSES | |||||||
Operating and Maintenance: | |||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,118,627 | 20,539 | 1,139,166 | ||||
Purchased power | 412,204 | 16,643 | 428,847 | ||||
Nuclear refueling outage expenses | 76,540 | - | 76,540 | ||||
Other operation and maintenance | 1,366,705 | 22,101 | 1,388,806 | ||||
Asset write-offs, impairments and related charges | 131,775 | - | 131,775 | ||||
Decommissioning | 107,549 | 25 | 107,574 | ||||
Taxes other than income taxes | 378,495 | 1,454 | 379,949 | ||||
Depreciation and amortization | 1,001,903 | 3,121 | 1,005,024 | ||||
Other regulatory charges (credits) - net | 234,954 | - | 234,954 | ||||
Total | 4,828,752 | 63,883 | 4,892,635 | ||||
OPERATING INCOME | 884,825 | (29,212) | 855,613 | ||||
OTHER INCOME (DEDUCTIONS) | |||||||
Allowance for equity funds used during construction | 56,070 | - | 56,070 | ||||
Interest and investment income | 366,499 | (145,216) | 221,283 | ||||
Miscellaneous - net | (82,871) | (310,423) | (393,294) | ||||
Total | 339,698 | (455,639) | (115,941) | ||||
INTEREST EXPENSE | |||||||
Interest expense | 459,888 | 119,118 | 579,006 | ||||
Allowance for borrowed funds used during construction | (22,229) | - | (22,229) | ||||
Total | 437,659 | 119,118 | 556,777 | ||||
INCOME BEFORE INCOME TAXES | 786,864 | (603,969) | 182,895 | ||||
Income taxes | 147,565 | (92,938) | 54,627 | ||||
CONSOLIDATED NET INCOME | 639,299 | (511,031) | 128,268 | ||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | 3,067 | 998 | 4,065 | ||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 636,232 | $ | (512,029) | $ | 124,203 | |
EARNINGS PER AVERAGE COMMON SHARE: | |||||||
BASIC | $2.98 | ($2.40) | $0.58 | ||||
DILUTED | $2.97 | ($2.39) | $0.58 | ||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||
BASIC | 213,380,414 | ||||||
DILUTED | 214,155,768 | ||||||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Income Statement | |||||||
Six Months Ended June 30, 2023 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
OPERATING REVENUES | |||||||
Electric | $ | 5,668,654 | $ | - | $ | 5,668,654 | |
Natural gas | 98,084 | - | 98,084 | ||||
Other | - | 60,347 | 60,347 | ||||
Total | 5,766,738 | 60,347 | 5,827,085 | ||||
OPERATING EXPENSES | |||||||
Operating and Maintenance: | |||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,462,949 | 19,151 | 1,482,100 | ||||
Purchased power | 410,176 | 34,647 | 444,823 | ||||
Nuclear refueling outage expenses | 72,018 | - | 72,018 | ||||
Other operation and maintenance | 1,263,942 | 27,479 | 1,291,421 | ||||
Decommissioning | 101,621 | 23 | 101,644 | ||||
Taxes other than income taxes | 367,200 | 1,815 | 369,015 | ||||
Depreciation and amortization | 919,756 | 3,099 | 922,855 | ||||
Other regulatory charges (credits) - net | (74,827) | - | (74,827) | ||||
Total | 4,522,835 | 86,214 | 4,609,049 | ||||
OPERATING INCOME | 1,243,903 | (25,867) | 1,218,036 | ||||
OTHER INCOME (DEDUCTIONS) | |||||||
Allowance for equity funds used during construction | 48,013 | - | 48,013 | ||||
Interest and investment income | 223,510 | (129,823) | 93,687 | ||||
Miscellaneous - net | (117,630) | 14,633 | (102,997) | ||||
Total | 153,893 | (115,190) | 38,703 | ||||
INTEREST EXPENSE | |||||||
Interest expense | 426,841 | 89,837 | 516,678 | ||||
Allowance for borrowed funds used during construction | (20,072) | - | (20,072) | ||||
Total | 406,769 | 89,837 | 496,606 | ||||
INCOME BEFORE INCOME TAXES | 991,027 | (230,894) | 760,133 | ||||
Income taxes | 78,363 | (22,542) | 55,821 | ||||
CONSOLIDATED NET INCOME | 912,664 | (208,352) | 704,312 | ||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | 1,135 | 998 | 2,133 | ||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 911,529 | $ | (209,350) | $ | 702,179 | |
EARNINGS PER AVERAGE COMMON SHARE: | |||||||
BASIC | $4.31 | ($0.99) | $3.32 | ||||
DILUTED | $4.30 | ($0.99) | $3.31 | ||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||
BASIC | 211,400,230 | ||||||
DILUTED | 212,173,254 | ||||||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Income Statement | |||||||
Twelve Months Ended June 30, 2024 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
OPERATING REVENUES | |||||||
Electric | $ | 11,786,355 | $ | - | $ | 11,786,355 | |
Natural gas | 183,429 | - | 183,429 | ||||
Other | - | 98,791 | 98,791 | ||||
Total | 11,969,784 | 98,791 | 12,068,575 | ||||
OPERATING EXPENSES | |||||||
Operating and Maintenance: | |||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,411,471 | 47,175 | 2,458,646 | ||||
Purchased power | 906,212 | 45,848 | 952,060 | ||||
Nuclear refueling outage expenses | 154,668 | - | 154,668 | ||||
Other operation and maintenance | 2,940,820 | 54,779 | 2,995,599 | ||||
Asset write-offs, impairments, and related charges (credits) | 211,737 | (37,283) | 174,454 | ||||
Decommissioning | 212,554 | 49 | 212,603 | ||||
Taxes other than income taxes | 763,806 | 2,702 | 766,508 | ||||
Depreciation and amortization | 1,920,775 | 6,397 | 1,927,172 | ||||
Other regulatory charges (credits) - net | 171,313 | - | 171,313 | ||||
Total | 9,693,356 | 119,667 | 9,813,023 | ||||
OPERATING INCOME | 2,276,428 | (20,876) | 2,255,552 | ||||
OTHER INCOME (DEDUCTIONS) | |||||||
Allowance for equity funds used during construction | 106,549 | - | 106,549 | ||||
Interest and investment income | 586,741 | (296,419) | 290,322 | ||||
Miscellaneous - net | (190,291) | (301,018) | (491,309) | ||||
Total | 502,999 | (597,437) | (94,438) | ||||
INTEREST EXPENSE | |||||||
Interest expense | 889,448 | 219,044 | 1,108,492 | ||||
Allowance for borrowed funds used during construction | (41,915) | - | (41,915) | ||||
Total | 847,533 | 219,044 | 1,066,577 | ||||
INCOME BEFORE INCOME TAXES | 1,931,894 | (837,357) | 1,094,537 | ||||
Income taxes | (305,645) | (386,084) | (691,729) | ||||
CONSOLIDATED NET INCOME | 2,237,539 | (451,273) | 1,786,266 | ||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | 5,709 | 1,996 | 7,705 | ||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 2,231,830 | $ | (453,269) | $ | 1,778,561 | |
EARNINGS PER AVERAGE COMMON SHARE: | |||||||
BASIC | $10.50 | ($2.13) | $8.37 | ||||
DILUTED | $10.46 | ($2.12) | $8.34 | ||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||
BASIC | 212,554,149 | ||||||
DILUTED | 213,373,159 | ||||||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Income Statement | |||||||
Twelve Months Ended June 30, 2023 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Utility | Parent & Other | Consolidated | |||||
OPERATING REVENUES | |||||||
Electric | $ | 12,941,481 | $ | (13) | $ | 12,941,468 | |
Natural gas | 211,635 | - | 211,635 | ||||
Other | - | 165,097 | 165,097 | ||||
Total | 13,153,116 | 165,084 | 13,318,200 | ||||
OPERATING EXPENSES | |||||||
Operating and Maintenance: | |||||||
Fuel, fuel related expenses, and gas purchased for resale | 3,829,341 | 66,726 | 3,896,067 | ||||
Purchased power | 1,087,390 | 78,726 | 1,166,116 | ||||
Nuclear refueling outage expenses | 148,132 | - | 148,132 | ||||
Other operation and maintenance | 2,809,439 | 63,911 | 2,873,350 | ||||
Asset write-offs, impairments, and related charges (credits) | - | (143) | (143) | ||||
Decommissioning | 200,768 | 46 | 200,814 | ||||
Taxes other than income taxes | 744,280 | 5,882 | 750,162 | ||||
Depreciation and amortization | 1,793,784 | 6,363 | 1,800,147 | ||||
Other regulatory charges (credits) - net | (138,062) | - | (138,062) | ||||
Total | 10,475,072 | 221,511 | 10,696,583 | ||||
OPERATING INCOME | 2,678,044 | (56,427) | 2,621,617 | ||||
OTHER INCOME (DEDUCTIONS) | |||||||
Allowance for equity funds used during construction | 91,405 | - | 91,405 | ||||
Interest and investment loss | 372,659 | (233,585) | 139,074 | ||||
Miscellaneous - net | (203,675) | (20,132) | (223,807) | ||||
Total | 260,389 | (253,717) | 6,672 | ||||
INTEREST EXPENSE | |||||||
Interest expense | 823,494 | 174,009 | 997,503 | ||||
Allowance for borrowed funds used during construction | (37,048) | - | (37,048) | ||||
Total | 786,446 | 174,009 | 960,455 | ||||
INCOME BEFORE INCOME TAXES | 2,151,987 | (484,153) | 1,667,834 | ||||
Income taxes | 340,445 | (30,457) | 309,988 | ||||
CONSOLIDATED NET INCOME | 1,811,542 | (453,696) | 1,357,846 | ||||
Preferred dividend requirements of subsidiaries and noncontrolling interests | (13,392) | 1,996 | (11,396) | ||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 1,824,934 | $ | (455,692) | $ | 1,369,242 | |
EARNINGS PER AVERAGE COMMON SHARE: | |||||||
BASIC | $8.68 | ($2.17) | $6.51 | ||||
DILUTED | $8.64 | ($2.16) | $6.48 | ||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||
BASIC | 210,206,563 | ||||||
DILUTED | 211,182,463 | ||||||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | ||||||
Consolidated Cash Flow Statement | ||||||
Three Months Ended June 30, 2024 vs. 2023 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2024 | 2023 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $ | 51,732 | $ | 392,014 | $ | (340,282) |
Adjustments to reconcile consolidated net income to net cash | ||||||
flow provided by operating activities: | ||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 606,080 | 563,619 | 42,461 | |||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 36,654 | 141,746 | (105,092) | |||
Pension settlement charge | 316,738 | - | 316,738 | |||
Changes in working capital: | ||||||
Receivables | (295,475) | (207,274) | (88,201) | |||
Fuel inventory | 12,937 | (14,009) | 26,946 | |||
Accounts payable | 137,864 | 72,143 | 65,721 | |||
Taxes accrued | 80,631 | 41,637 | 38,994 | |||
Interest accrued | (6,055) | (23,820) | 17,765 | |||
Deferred fuel costs | 42,268 | 121,012 | (78,744) | |||
Other working capital accounts | (46,962) | (80,767) | 33,805 | |||
Changes in provisions for estimated losses | (4,653) | (16,589) | 11,936 | |||
Changes in regulatory assets | 23,624 | (151,506) | 175,130 | |||
Changes in other regulatory liabilities | 174,807 | 171,373 | 3,434 | |||
Changes in pension and other postretirement funded status | (55,196) | (64,291) | 9,095 | |||
Other | (49,630) | (78,859) | 29,229 | |||
Net cash flow provided by operating activities | 1,025,364 | 866,429 | 158,935 | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (1,163,127) | (1,135,808) | (27,319) | |||
Allowance for equity funds used during construction | 29,275 | 24,867 | 4,408 | |||
Nuclear fuel purchases | (28,168) | (43,889) | 15,721 | |||
Payment for purchase of assets | - | (30,433) | 30,433 | |||
Proceeds from sale of assets | - | 11,000 | (11,000) | |||
Insurance proceeds received for property damages | - | 6,184 | (6,184) | |||
Changes in securitization account | 12,910 | 11,707 | 1,203 | |||
Payments to storm reserve escrow accounts | (4,326) | (4,884) | 558 | |||
Decrease (increase) in other investments | (8,127) | 3,724 | (11,851) | |||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | - | 17,933 | (17,933) | |||
Proceeds from nuclear decommissioning trust fund sales | 711,745 | 231,775 | 479,970 | |||
Investment in nuclear decommissioning trust funds | (728,802) | (254,016) | (474,786) | |||
Net cash flow used in investing activities | (1,178,620) | (1,161,840) | (16,780) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 2,861,928 | 875,364 | 1,986,564 | |||
Treasury stock | 39,223 | 61 | 39,162 | |||
Retirement of long-term debt | (1,544,163) | (1,439,243) | (104,920) | |||
Changes in commercial paper - net | (981,153) | 242,770 | (1,223,923) | |||
Capital contributions from noncontrolling interests | - | 25,708 | (25,708) | |||
Other | 83,601 | 45,408 | 38,193 | |||
Dividends paid: | ||||||
Common stock | (241,296) | (226,248) | (15,048) | |||
Preferred stock | (4,579) | (4,579) | - | |||
Net cash flow provided by (used in) financing activities | 213,561 | (480,759) | 694,320 | |||
Net increase (decrease) in cash and cash equivalents | 60,305 | (776,170) | 836,475 | |||
Cash and cash equivalents at beginning of period | 1,294,859 | 1,970,512 | (675,653) | |||
Cash and cash equivalents at end of period | $ | 1,355,164 | $ | 1,194,342 | $ | 160,822 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Cash paid during the period for: | ||||||
Interest - net of amount capitalized | $ | 294,811 | $ | 275,119 | $ | 19,692 |
Income taxes | $ | 8,138 | $ | 36,583 | $ | (28,445) |
Noncash investing activities: | ||||||
Accrued construction expenditures | $ | 28,417 | $ | 107,254 | $ | (78,837) |
Entergy Corporation | ||||||
Consolidated Cash Flow Statement | ||||||
Six Months Ended June 30, 2024 vs. 2023 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2024 | 2023 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $ | 128,268 | $ | 704,312 | $ | (576,044) |
Adjustments to reconcile consolidated net income to net cash | ||||||
flow provided by operating activities: | ||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 1,206,492 | 1,116,843 | 89,649 | |||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 15,998 | 43,502 | (27,504) | |||
Asset write-offs, impairments and related charges | 131,775 | - | 131,775 | |||
Pension settlement charge | 316,738 | - | 316,738 | |||
Changes in working capital: | ||||||
Receivables | (187,554) | 65,259 | (252,813) | |||
Fuel inventory | 18,324 | (43,493) | 61,817 | |||
Accounts payable | (149,554) | (267,820) | 118,266 | |||
Taxes accrued | 16,546 | (25,080) | 41,626 | |||
Interest accrued | 23,560 | 6,807 | 16,753 | |||
Deferred fuel costs | 134,953 | 563,610 | (428,657) | |||
Other working capital accounts | (120,277) | (148,738) | 28,461 | |||
Changes in provisions for estimated losses | 4,630 | (16,564) | 21,194 | |||
Changes in regulatory assets | 260,722 | 391,188 | (130,466) | |||
Changes in other regulatory liabilities | 380,394 | 308,058 | 72,336 | |||
Effect of securitization on regulatory asset | - | (491,150) | 491,150 | |||
Changes in pension and other postretirement funded status | (131,539) | (128,379) | (3,160) | |||
Other | (503,020) | (252,383) | (250,637) | |||
Net cash flow provided by operating activities | 1,546,456 | 1,825,972 | (279,516) | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (2,124,279) | (2,311,465) | 187,186 | |||
Allowance for equity funds used during construction | 56,070 | 48,013 | 8,057 | |||
Nuclear fuel purchases | (161,483) | (134,698) | (26,785) | |||
Payment for purchase of plant and assets | (172,614) | (30,433) | (142,181) | |||
Proceeds from sale of assets | - | 11,000 | (11,000) | |||
Insurance proceeds received for property damages | - | 6,184 | (6,184) | |||
Changes in securitization account | 3,976 | 7,803 | (3,827) | |||
Payments to storm reserve escrow accounts | (9,595) | (9,080) | (515) | |||
Decrease (increase) in other investments | (9,689) | 262 | (9,951) | |||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | - | 17,933 | (17,933) | |||
Proceeds from nuclear decommissioning trust fund sales | 1,201,162 | 435,903 | 765,259 | |||
Investment in nuclear decommissioning trust funds | (1,250,039) | (486,853) | (763,186) | |||
Net cash flow used in investing activities | (2,466,491) | (2,445,431) | (21,060) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 5,068,266 | 2,489,886 | 2,578,380 | |||
Treasury stock | 45,982 | 4,078 | 41,904 | |||
Retirement of long-term debt | (2,379,903) | (2,273,773) | (106,130) | |||
Changes in commercial paper - net | (205,820) | 280,765 | (486,585) | |||
Capital contributions from noncontrolling interest | - | 25,708 | (25,708) | |||
Proceeds received by storm trusts related to securitization | - | 1,457,676 | (1,457,676) | |||
Other | 105,540 | 66,898 | 38,642 | |||
Dividends paid: | ||||||
Common stock | (482,255) | (452,442) | (29,813) | |||
Preferred stock | (9,159) | (9,159) | - | |||
Net cash flow provided by financing activities | 2,142,651 | 1,589,637 | 553,014 | |||
Net increase in cash and cash equivalents | 1,222,616 | 970,178 | 252,438 | |||
Cash and cash equivalents at beginning of period | 132,548 | 224,164 | (91,616) | |||
Cash and cash equivalents at end of period | $ | 1,355,164 | $ | 1,194,342 | $ | 160,822 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Cash paid during the period for: | ||||||
Interest - net of amount capitalized | $ | 532,742 | $ | 490,201 | $ | 42,541 |
Income taxes | $ | 7,822 | $ | 31,231 | $ | (23,409) |
Noncash investing activities: | ||||||
Accrued construction expenditures | $ | 537,463 | $ | 535,714 | $ | 1,749 |
Entergy Corporation | ||||||
Consolidated Cash Flow Statement | ||||||
Twelve Months Ended June 30, 2024 vs. 2023 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2024 | 2023 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $ | 1,786,266 | $ | 1,357,846 | $ | 428,420 |
Adjustments to reconcile consolidated net income to net cash | ||||||
flow provided by operating activities: | ||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,334,128 | 2,193,260 | 140,868 | |||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (735,326) | 270,487 | (1,005,813) | |||
Asset write-offs, impairments and related charges (credits) | 174,454 | (143) | 174,597 | |||
Pension settlement charge | 316,738 | - | 316,738 | |||
Changes in working capital: | ||||||
Receivables | (151,012) | 132,491 | (283,503) | |||
Fuel inventory | 16,651 | (52,931) | 69,582 | |||
Accounts payable | (16,782) | (412,748) | 395,966 | |||
Taxes accrued | 51,748 | (20,397) | 72,145 | |||
Interest accrued | 35,686 | 22,867 | 12,819 | |||
Deferred fuel costs | 330,704 | 837,111 | (506,407) | |||
Other working capital accounts | (181,577) | (169,120) | (12,457) | |||
Changes in provisions for estimated losses | (47,437) | 61,528 | (108,965) | |||
Changes in regulatory assets | 305,411 | 243,820 | 61,591 | |||
Changes in other regulatory liabilities | 536,141 | 25,711 | 510,430 | |||
Effect of securitization on regulatory asset | - | (395,230) | 395,230 | |||
Changes in pension and other postretirement funded status | (613,639) | (659,958) | 46,319 | |||
Other | (127,341) | 160,905 | (288,246) | |||
Net cash flow provided by operating activities | 4,014,813 | 3,595,499 | 419,314 | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (4,253,466) | (4,655,995) | 402,529 | |||
Allowance for equity funds used during construction | 106,549 | 91,405 | 15,144 | |||
Nuclear fuel purchases | (297,758) | (243,468) | (54,290) | |||
Payment for purchase of plant and assets | (177,276) | (31,477) | (145,799) | |||
Proceeds from sale of assets | - | 16,887 | (16,887) | |||
Insurance proceeds received for property damages | 13,309 | 6,184 | 7,125 | |||
Changes in securitization account | 1,666 | 22,980 | (21,314) | |||
Payments to storm reserve escrow accounts | (20,295) | (212,814) | 192,519 | |||
Receipts from storm reserve escrow accounts | 98,529 | 125,061 | (26,532) | |||
Decrease (increase) in other investments | (26,684) | 32,991 | (59,675) | |||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 5,722 | 17,933 | (12,211) | |||
Proceeds from nuclear decommissioning trust fund sales | 1,847,981 | 973,086 | 874,895 | |||
Investment in nuclear decommissioning trust funds | (1,948,316) | (1,074,119) | (874,197) | |||
Net cash flow used in investing activities | (4,650,039) | (4,931,346) | 281,307 | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 6,851,677 | 4,658,660 | 2,193,017 | |||
Treasury stock | 51,727 | 9,168 | 42,559 | |||
Common stock | 130,649 | 852,555 | (721,906) | |||
Retirement of long-term debt | (5,241,883) | (3,976,253) | (1,265,630) | |||
Changes in commercial paper - net | (176,035) | (289,485) | 113,450 | |||
Capital contributions from noncontrolling interest | - | 40,815 | (40,815) | |||
Proceeds received by storm trusts related to securitization | - | 1,457,676 | (1,457,676) | |||
Other | 146,238 | 99,136 | 47,102 | |||
Dividends paid: | ||||||
Common stock | (948,006) | (883,653) | (64,353) | |||
Preferred stock | (18,319) | (18,319) | - | |||
Net cash flow provided by financing activities | 796,048 | 1,950,300 | (1,154,252) | |||
Net increase in cash and cash equivalents | 160,822 | 614,453 | (453,631) | |||
Cash and cash equivalents at beginning of period | 1,194,342 | 579,889 | 614,453 | |||
Cash and cash equivalents at end of period | $ | 1,355,164 | $ | 1,194,342 | $ | 160,822 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Cash paid during the period for: | ||||||
Interest - net of amount capitalized | $ | 1,029,793 | $ | 937,419 | $ | 92,374 |
Income taxes | $ | 19,412 | $ | 67,070 | $ | (47,658) |
Noncash investing activities: | ||||||
Accrued construction expenditures | $ | 537,463 | $ | 535,714 | $ | 1,749 |