(Mark One)
|
|
X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
For the Quarterly Period Ended June 30, 2011
|
|
OR
|
|
TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from ____________ to ____________
|
Commission
File Number
|
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Telephone
Number, and IRS Employer Identification No.
|
Commission
File Number
|
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Telephone
Number, and IRS Employer Identification No.
|
|
1-11299
|
ENTERGY CORPORATION
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
72-1229752
|
1-31508
|
ENTERGY MISSISSIPPI, INC.
(a Mississippi corporation)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
64-0205830
|
|
1-10764
|
ENTERGY ARKANSAS, INC.
(an Arkansas corporation)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
71-0005900
|
0-05807
|
ENTERGY NEW ORLEANS, INC.
(a Louisiana corporation)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3700
72-0273040
|
|
0-20371
|
ENTERGY GULF STATES LOUISIANA, L.L.C.
(a Louisiana limited liability company)
446 North Boulevard
Baton Rouge, Louisiana 70802
Telephone (800) 368-3749
74-0662730
|
1-34360
|
ENTERGY TEXAS, INC.
(a Texas corporation)
350 Pine Street
Beaumont, Texas 77701
Telephone (409) 981-2000
61-1435798
|
|
1-32718
|
ENTERGY LOUISIANA, LLC
(a Texas limited liability company)
446 North Boulevard
Baton Rouge, Louisiana 70802
Telephone (800) 368-3749
75-3206126
|
1-09067
|
SYSTEM ENERGY RESOURCES, INC.
(an Arkansas corporation)
Echelon One
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
72-0752777
|
|
Large
accelerated
filer
|
Accelerated
filer
|
Non-
accelerated
filer
|
Smaller
reporting
company
|
||||
Entergy Corporation
|
Ö
|
||||||
Entergy Arkansas, Inc.
|
Ö
|
||||||
Entergy Gulf States Louisiana, L.L.C.
|
Ö
|
||||||
Entergy Louisiana, LLC
|
Ö
|
||||||
Entergy Mississippi, Inc.
|
Ö
|
||||||
Entergy New Orleans, Inc.
|
Ö
|
||||||
Entergy Texas, Inc.
|
Ö
|
||||||
System Energy Resources, Inc.
|
Ö
|
Common Stock Outstanding
|
Outstanding at July 29, 2011
|
|
Entergy Corporation
|
($0.01 par value)
|
176,781,300
|
Page Number
|
|
iv
|
|
vi
|
|
Entergy Corporation and Subsidiaries
|
|
1
|
|
9
|
|
13
|
|
14
|
|
16
|
|
16
|
|
16
|
|
17
|
|
18
|
|
20
|
|
22
|
|
23
|
|
24
|
|
67
|
|
Entergy Arkansas, Inc. and Subsidiaries
|
|
68
|
|
71
|
|
73
|
|
73
|
|
73
|
|
73
|
|
73
|
|
74
|
|
75
|
|
76
|
|
78
|
|
79
|
|
Entergy Gulf States Louisiana, L.L.C.
|
|
80
|
|
82
|
|
84
|
|
85
|
|
85
|
|
85
|
|
85
|
|
86
|
|
87
|
|
88
|
|
90
|
|
91
|
|
Page Number
|
|
Entergy Louisiana, LLC
|
|
92
|
|
95
|
|
98
|
|
98
|
|
98
|
|
98
|
|
99
|
|
100
|
|
101
|
|
102
|
|
104
|
|
105
|
|
Entergy Mississippi, Inc.
|
|
106
|
|
108
|
|
110
|
|
110
|
|
110
|
|
111
|
|
113
|
|
114
|
|
116
|
|
117
|
|
Entergy New Orleans, Inc.
|
|
118
|
|
120
|
|
122
|
|
122
|
|
122
|
|
122
|
|
123
|
|
125
|
|
126
|
|
128
|
|
129
|
|
Page Number
|
|
Entergy Texas, Inc. and Subsidiaries
|
|
130
|
|
133
|
|
135
|
|
135
|
|
135
|
|
135
|
|
136
|
|
137
|
|
138
|
|
140
|
|
141
|
|
System Energy Resources, Inc.
|
|
142
|
|
142
|
|
144
|
|
144
|
|
144
|
|
145
|
|
147
|
|
148
|
|
150
|
|
Part II. Other Information
|
|
151
|
|
151
|
|
151
|
|
152
|
|
155
|
|
158
|
·
|
resolution of pending and future rate cases and negotiations, including various performance-based rate discussions, and other regulatory proceedings, including those related to Entergy’s System Agreement or any successor agreement or arrangement, Entergy’s utility supply plan, recovery of storm costs, and recovery of fuel and purchased power costs
|
·
|
changes in utility regulation, including the beginning or end of retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, the operations of the independent coordinator of transmission for Entergy’s utility service territory and transition to a successor or alternative arrangement, including possible participation in a regional transmission organization, and the application of more stringent transmission reliability requirements or market power criteria by the FERC
|
·
|
changes in regulation of nuclear generating facilities and nuclear materials and fuel, including possible shutdown of nuclear generating facilities, particularly those owned or operated by the Entergy Wholesale Commodities business, and the effects of new or existing safety concerns regarding nuclear power plants and nuclear fuel
|
·
|
resolution of pending or future applications for license renewals or modifications of nuclear generating facilities
|
·
|
the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at its nuclear generating facilities
|
·
|
Entergy’s ability to develop and execute on a point of view regarding future prices of electricity, natural gas, and other energy-related commodities
|
·
|
prices for power generated by Entergy’s merchant generating facilities and the ability to hedge, sell power forward or otherwise reduce the market price risk associated with those facilities, including the Entergy Wholesale Commodities nuclear plants
|
·
|
the prices and availability of fuel and power Entergy must purchase for its Utility customers, and Entergy’s ability to meet credit support requirements for fuel and power supply contracts
|
·
|
volatility and changes in markets for electricity, natural gas, uranium, and other energy-related commodities
|
·
|
changes in law resulting from federal or state energy legislation or legislation subjecting energy derivatives used in hedging and risk management transactions to governmental regulation
|
·
|
changes in environmental, tax, and other laws, including requirements for reduced emissions of sulfur, nitrogen, carbon, mercury, and other substances, and changes in costs of compliance with environmental and other laws and regulations
|
·
|
uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal
|
·
|
variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes and ice storms and the recovery of costs associated with restoration, including accessing funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance
|
·
|
effects of climate change
|
·
|
Entergy’s ability to manage its capital projects and operation and maintenance costs
|
·
|
Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms
|
·
|
the economic climate, and particularly economic conditions in Entergy’s Utility service territory and the Northeast United States and events that could influence economic conditions in those areas
|
·
|
the effects of Entergy’s strategies to reduce tax payments
|
·
|
changes in the financial markets, particularly those affecting the availability of capital and Entergy’s ability to refinance existing debt, execute share repurchase programs, and fund investments and acquisitions
|
·
|
actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in general corporate ratings, and changes in the rating agencies’ ratings criteria
|
·
|
changes in inflation and interest rates
|
·
|
the effect of litigation and government investigations or proceedings
|
·
|
advances in technology
|
·
|
the potential effects of threatened or actual terrorism, cyber attacks or data security breaches, and war or a catastrophic event such as a nuclear accident or a natural gas pipeline explosion
|
·
|
Entergy’s ability to attract and retain talented management and directors
|
·
|
changes in accounting standards and corporate governance
|
·
|
declines in the market prices of marketable securities and resulting funding requirements for Entergy’s defined benefit pension and other postretirement benefit plans
|
·
|
changes in decommissioning trust fund values or earnings or in the timing of or cost to decommission nuclear plant sites
|
·
|
factors that could lead to impairment of long-lived assets
|
·
|
the ability to successfully complete merger, acquisition, or divestiture plans, regulatory or other limitations imposed as a result of merger, acquisition, or divestiture, and the success of the business following a merger, acquisition, or divestiture
|
Abbreviation or Acronym
|
Term
|
|
AFUDC
|
Allowance for Funds Used During Construction
|
|
ALJ
|
Administrative Law Judge
|
|
ANO 1 and 2
|
Units 1 and 2 of Arkansas Nuclear One (nuclear), owned by Entergy Arkansas
|
|
APSC
|
Arkansas Public Service Commission
|
|
ASU
|
Accounting Standards Update issued by the FASB
|
|
Board
|
Board of Directors of Entergy Corporation
|
|
capacity factor
|
Actual plant output divided by maximum potential plant output for the period
|
|
City Council or Council
|
Council of the City of New Orleans, Louisiana
|
|
Entergy
|
Entergy Corporation and its direct and indirect subsidiaries
|
|
Entergy Corporation
|
Entergy Corporation, a Delaware corporation
|
|
Entergy Gulf States, Inc.
|
Predecessor company for financial reporting purposes to Entergy Gulf States Louisiana that included the assets and business operations of both Entergy Gulf States Louisiana and Entergy Texas
|
|
Entergy Gulf States Louisiana
|
Entergy Gulf States Louisiana, L.L.C., a company created in connection with the jurisdictional separation of Entergy Gulf States, Inc. and the successor company to Entergy Gulf States, Inc. for financial reporting purposes. The term is also used to refer to the Louisiana jurisdictional business of Entergy Gulf States, Inc., as the context requires.
|
|
Entergy Texas
|
Entergy Texas, Inc., a company created in connection with the jurisdictional separation of Entergy Gulf States, Inc. The term is also used to refer to the Texas jurisdictional business of Entergy Gulf States, Inc., as the context requires.
|
|
Entergy Wholesale
Commodities
(EWC)
|
Entergy’s non-utility business segment primarily comprised of the ownership and operation of six nuclear power plants, the ownership of interests in non-nuclear power plants, and the sale of the electric power produced by those plants to wholesale customers
|
|
EPA
|
United States Environmental Protection Agency
|
|
ERCOT
|
Electric Reliability Council of Texas
|
|
FASB
|
Financial Accounting Standards Board
|
|
FERC
|
Federal Energy Regulatory Commission
|
|
firm LD
|
Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, the defaulting party must compensate the other party as specified in the contract
|
|
FitzPatrick
|
James A. FitzPatrick Nuclear Power Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
|
Form 10-K
|
Annual Report on Form 10-K for the calendar year ended December 31, 2010 filed with the SEC by Entergy Corporation and its Registrant Subsidiaries
|
|
Grand Gulf
|
Unit No. 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by System Energy
|
|
GWh
|
Gigawatt-hour(s), which equals one million kilowatt-hours
|
|
Independence
|
Independence Steam Electric Station (coal), owned 16% by Entergy Arkansas, 25% by Entergy Mississippi, and 7% by Entergy Power
|
|
Indian Point 2
|
Unit 2 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
|
Indian Point 3
|
Unit 3 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
|
IRS
|
Internal Revenue Service
|
Abbreviation or Acronym
|
Term
|
ISO
|
Independent System Operator
|
kW
|
Kilowatt, which equals one thousand watts
|
kWh
|
Kilowatt-hour(s)
|
LPSC
|
Louisiana Public Service Commission
|
MISO
|
Midwest Independent Transmission System Operator, Inc., a regional transmission organization
|
MMBtu
|
One million British Thermal Units
|
MPSC
|
Mississippi Public Service Commission
|
MW
|
Megawatt(s), which equals one thousand kilowatts
|
MWh
|
Megawatt-hour(s)
|
Net MW in operation
|
Installed capacity owned and operated
|
NRC
|
Nuclear Regulatory Commission
|
NYPA
|
New York Power Authority
|
Offsetting positions
|
Transactions for the purchase of energy, generally to offset a firm LD transaction
|
Palisades
|
Palisades Power Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
Pilgrim
|
Pilgrim Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
PPA
|
Purchased power agreement or power purchase agreement
|
PUCT
|
Public Utility Commission of Texas
|
Registrant Subsidiaries
|
Entergy Arkansas, Inc., Entergy Gulf States Louisiana, L.L.C., Entergy Louisiana, LLC, Entergy Mississippi, Inc., Entergy New Orleans, Inc., Entergy Texas, Inc., and System Energy Resources, Inc.
|
River Bend
|
River Bend Station (nuclear), owned by Entergy Gulf States Louisiana
|
RTO
|
Regional transmission organization
|
SEC
|
Securities and Exchange Commission
|
SPP
|
Southwest Power Pool
|
System Agreement
|
Agreement, effective January 1, 1983, as modified, among the Utility operating companies relating to the sharing of generating capacity and other power resources
|
System Energy
|
System Energy Resources, Inc.
|
TWh
|
Terawatt-hour(s), which equals one billion kilowatt-hours
|
unit-contingent
|
Transaction under which power is supplied from a specific generation asset; if the asset is not operating, the seller is generally not liable to the buyer for any damages
|
Unit Power Sales Agreement
|
Agreement, dated as of June 10, 1982, as amended and approved by FERC, among Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy, relating to the sale of capacity and energy from System Energy’s share of Grand Gulf
|
Utility
|
Entergy’s business segment that generates, transmits, distributes, and sells electric power, with a small amount of natural gas distribution
|
Utility operating companies
|
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas
|
Vermont Yankee
|
Vermont Yankee Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
Waterford 3
|
Unit No. 3 (nuclear) of the Waterford Steam Electric Station, 100% owned or leased by Entergy Louisiana
|
weather-adjusted usage
|
Electric usage excluding the effects of deviations from normal weather
|
·
|
Utility generates, transmits, distributes, and sells electric power in service territories in four states that include portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operates a small natural gas distribution business.
|
·
|
The Entergy Wholesale Commodities business segment includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. This business also provides services to other nuclear power plant owners. Entergy Wholesale Commodities also owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers.
|
Utility
|
Entergy
Wholesale Commodities
|
Parent &
Other (1)
|
Entergy
|
|||||
(In Thousands)
|
||||||||
2nd Qtr 2010 Consolidated Net Income
|
$230,173
|
$104,557
|
($14,447)
|
$320,283
|
||||
Net revenue (operating revenue less fuel
expense, purchased power, and other
regulatory charges/credits)
|
11,992
|
(55,659)
|
1,117
|
(42,550)
|
||||
Other operation and maintenance expenses
|
13,669
|
(19,296)
|
17,919
|
12,292
|
||||
Taxes other than income taxes
|
4,493
|
(2,454)
|
208
|
2,247
|
||||
Depreciation and amortization
|
2,547
|
5,983
|
109
|
8,639
|
||||
Other income
|
11,004
|
(4,272)
|
(2,825)
|
3,907
|
||||
Interest expense
|
(17,590)
|
(4,594)
|
11,227
|
(10,957)
|
||||
Other expenses
|
(680)
|
2,455
|
-
|
1,775
|
||||
Income taxes
|
(2,011)
|
(3,024)
|
(47,919)
|
(52,954)
|
||||
2nd Qtr 2011 Consolidated Net Income
|
$252,741
|
$65,556
|
$2,301
|
$320,598
|
(1)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
Amount
|
|
|
(In Millions)
|
|
2010 net revenue
|
$1,293
|
|
Retail electric price
|
21
|
|
Volume/weather
|
14
|
|
Purchased power capacity
|
(4)
|
|
Net wholesale revenue
|
(11)
|
|
Other
|
(8)
|
|
2011 net revenue
|
$1,305
|
·
|
a base rate increase at Entergy Arkansas effective July 2010;
|
·
|
rate actions at Entergy Texas, including a base rate increase effective August 2010 and an additional increase beginning May 2011; and
|
·
|
formula rate plan increases at Entergy Louisiana effective September 2010 and May 2011.
|
|
Amount
|
|
|
(In Millions)
|
|
2010 net revenue
|
$530
|
|
Realized price changes
|
(52)
|
|
Volume
|
5
|
|
Other
|
(9)
|
|
2011 net revenue
|
$474
|
2011
|
2010
|
|||
Net MW in operation at June 30
|
4,998
|
4,998
|
||
Average realized revenue per MWh
|
$52.38
|
$57.69
|
||
GWh billed
|
9,993
|
9,868
|
||
Capacity factor
|
91%
|
90%
|
||
Refueling Outage Days:
|
||||
Indian Point 2
|
-
|
11
|
||
Indian Point 3
|
7
|
-
|
||
Pilgrim
|
25
|
-
|
||
Vermont Yankee
|
-
|
29
|
·
|
an increase of $13 million in nuclear expenses primarily due to higher labor costs;
|
·
|
an increase of $5 million in legal expenses primarily resulting from an increase in legal and regulatory activity increasing the use of outside legal services;
|
·
|
an increase of $4 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment; and
|
·
|
an increase of $3 million due to the deferral in 2010 of 2009 Entergy Arkansas rate case expenses.
|
·
|
an increase in distributions of $6 million earned by Entergy Louisiana and $3 million earned by Entergy Gulf States Louisiana on investments in preferred membership interests of Entergy Holdings Company. The distributions on preferred membership interests are eliminated in consolidation and have no effect on Entergy’s net income because the investment is in another Entergy subsidiary. See Note 2 to the financial statements in the Form 10-K for discussion of these investments in preferred membership interests; and
|
·
|
an increase of $5 million in realized earnings on decommissioning trust fund investments.
|
·
|
a decrease in costs related to spin-off dis-synergies;
|
·
|
a decrease of $7 million due to the absence of expenses from the Harrison County plant, which was sold in December 2010; and
|
·
|
a decrease in spending on tritium remediation work.
|
Utility
|
Entergy
Wholesale Commodities
|
Parent &
Other (1)
|
Entergy
|
|||||
(In Thousands)
|
||||||||
2010 Consolidated Net Income
|
$373,144
|
$195,099
|
($29,146)
|
$539,097
|
||||
Net revenue (operating revenue less fuel
expense, purchased power, and other
regulatory charges/credits)
|
30,233
|
(95,800)
|
1,342
|
(64,225)
|
||||
Other operation and maintenance expenses
|
26,702
|
(69,851)
|
8,702
|
(34,447)
|
||||
Taxes other than income taxes
|
(1,746)
|
(5,908)
|
(277)
|
(7,931)
|
||||
Depreciation and amortization
|
(4,394)
|
8,701
|
12
|
4,319
|
||||
Other income
|
10,257
|
(27,760)
|
(4,935)
|
(22,438)
|
||||
Interest expense
|
(26,482)
|
(51,792)
|
23,719
|
(54,555)
|
||||
Other expenses
|
(64)
|
7,223
|
1
|
7,160
|
||||
Income taxes
|
(1,776)
|
(5,623)
|
(28,990)
|
(36,389)
|
||||
2011 Consolidated Net Income
|
$421,394
|
$188,789
|
($35,906)
|
$574,277
|
(1)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
Amount
|
|
|
(In Millions)
|
|
2010 net revenue
|
$2,423
|
|
Retail electric price
|
39
|
|
Volume/weather
|
23
|
|
Net gas revenue
|
(7)
|
|
Purchased power capacity
|
(9)
|
|
Net wholesale revenue
|
(14)
|
|
Other
|
(2)
|
|
2011 net revenue
|
$2,453
|
·
|
a base rate increase at Entergy Arkansas effective July 2010;
|
·
|
rate actions at Entergy Texas, including a base rate increase effective August 2010 and an additional increase beginning May 2011; and
|
·
|
formula rate plan increases at Entergy Louisiana effective September 2010 and May 2011.
|
|
Amount
|
|
|
(In Millions)
|
|
2010 net revenue
|
$1,095
|
|
Realized price changes
|
(67)
|
|
Volume
|
(14)
|
|
Other
|
(15)
|
|
2011 net revenue
|
$999
|
2011
|
2010
|
|||
Net MW in operation at June 30
|
4,998
|
4,998
|
||
Average realized revenue per MWh
|
$54.91
|
$58.22
|
||
GWh billed
|
19,906
|
20,123
|
||
Capacity factor
|
91%
|
92%
|
||
Refueling Outage Days:
|
||||
Indian Point 2
|
-
|
33
|
||
Indian Point 3
|
30
|
-
|
||
Pilgrim
|
25
|
-
|
||
Vermont Yankee
|
-
|
29
|
·
|
an increase of $17 million in nuclear expenses primarily due to higher labor and benefits costs;
|
·
|
an increase of $8 million in legal expenses primarily resulting from an increase in legal and regulatory activity increasing the use of outside legal services;
|
·
|
an increase of $6 million in transmission and distribution expenses primarily due to vegetation and maintenance expenses; and
|
·
|
several individually insignificant items.
|
·
|
the write-off of $32 million of capital costs in first quarter 2010, primarily for software that will not be utilized, in connection with Entergy’s decision to unwind the infrastructure created for the planned spin-off of its non-utility nuclear business;
|
·
|
a decrease of $13 million due to the absence of expenses from the Harrison County plant which was sold in December 2010;
|
·
|
a decrease in spending on tritium remediation work; and
|
·
|
several other individually insignificant factors.
|
·
|
a Michigan tax law change that repealed the business tax and enacted a corporate income tax, which eliminates a deduction that was available under the business tax;
|
·
|
state income taxes; and
|
·
|
certain book and tax differences for Utility plant items.
|
·
|
a charge of $16 million recorded in first quarter 2010 resulting from a change in tax law associated with the federal healthcare legislation enacted in March 2010. See "MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Critical Accounting Estimates" in the Form 10-K for a discussion of the federal healthcare legislation; and
|
·
|
state income taxes; and
|
·
|
certain book and tax differences for Utility plant items.
|
·
|
a $19 million tax benefit recorded first quarter 2010 in connection with Entergy’s decision to unwind the infrastructure created for the planned spin-off of its non-utility nuclear business; and
|
·
|
book and tax differences related to the allowance for equity funds used during construction.
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
58.1%
|
57.3%
|
||
Effect of excluding the Arkansas and Texas securitization bonds
|
(1.8)%
|
(2.0)%
|
||
Debt to capital, excluding securitization bonds (1)
|
56.3%
|
55.3%
|
||
Effect of subtracting cash
|
(1.2)%
|
(3.2)%
|
||
Net debt to net capital, excluding securitization bonds (1)
|
55.1%
|
52.1%
|
(1)
|
Calculation excludes the Arkansas and Texas securitization bonds, which are non-recourse to Entergy Arkansas and Entergy Texas, respectively.
|
Capacity
|
Borrowings
|
Letters
of Credit
|
Capacity
Available
|
|||
(In Millions)
|
||||||
$3,465
|
$1,895
|
$25
|
$1,545
|
2011
|
2010
|
|||
(In Millions)
|
||||
Cash and cash equivalents at beginning of period
|
$1,294
|
$1,710
|
||
Cash flow provided by (used in):
|
||||
Operating activities
|
977
|
1,468
|
||
Investing activities
|
(1,827)
|
(1,173)
|
||
Financing activities
|
86
|
(670)
|
||
Effect of exchange rates on cash and cash equivalents
|
-
|
1
|
||
Net decrease in cash and cash equivalents
|
(764)
|
(374)
|
||
Cash and cash equivalents at end of period
|
$530
|
$1,336
|
·
|
the purchase of the Acadia Power Plant by Entergy Louisiana for approximately $300 million in April 2011;
|
·
|
an increase in nuclear fuel purchases, as more plants were preparing for refueling outages in the spring 2011 than in the spring 2010;
|
·
|
a change in collateral deposit activity, reflected in the “Decrease (increase) in other investments” line, as Entergy received net deposits from Entergy Wholesale Commodities’ counterparties during 2010 and made net collateral deposits in 2011. Entergy Wholesale Commodities’ forward sales contracts are discussed in the Market and Credit Risk Sensitive Instruments section below; and
|
·
|
an increase in construction expenditures, primarily in the Utility business. Entergy’s construction spending plans for 2011 through 2013 are discussed in the Form 10-K. April 2011 storms that caused damage to transmission and distribution lines, equipment, poles, and other facilities, primarily in Arkansas, also contributed to the increase. The estimated capital cost of repairing that damage is approximately $55 million.
|
2011
|
2012
|
2013
|
2014
|
2015
|
|||||||
Percent of planned generation sold forward:
|
|||||||||||
Unit-contingent
|
76%
|
59%
|
36%
|
14%
|
12%
|
||||||
Unit-contingent with guarantee of availability (1)
|
20%
|
14%
|
16%
|
13%
|
13%
|
||||||
Firm LD
|
3%
|
24%
|
24%
|
8%
|
-%
|
||||||
Offsetting positions
|
(3)%
|
(10)%
|
-%
|
-%
|
-%
|
||||||
Total energy sold forward
|
96%
|
87%
|
76%
|
35%
|
25%
|
||||||
Planned generation (TWh) (2)
|
21
|
41
|
40
|
41
|
41
|
||||||
Average revenue under contract per MWh (3) (4)
|
$54
|
$49
|
$45-51
|
$49-55
|
$49-57
|
(1)
|
A sale of power on a unit-contingent basis coupled with a guarantee of availability provides for the payment to the power purchaser of contract damages, if incurred, in the event the seller fails to deliver power as a result of the failure of the specified generation unit to generate power at or above a specified availability threshold. All of Entergy’s outstanding guarantees of availability provide for dollar limits on Entergy’s maximum liability under such guarantees.
|
(2)
|
Assumes NRC license renewal for plants whose current licenses expire within five years and the continued operation of all six plants. NRC license renewal applications are in process for three units, as follows (with current license expirations in parentheses): Pilgrim (June 2012), Indian Point 2 (September 2013), and Indian Point 3 (December 2015). See also Note 11 to the financial statements for a discussion regarding the continued operation of Vermont Yankee.
|
(3)
|
The Vermont Yankee acquisition included a 10-year PPA under which the former owners will buy most of the power produced by the plant through March 21, 2012. The PPA includes an adjustment clause under which the prices specified in the PPA will be adjusted downward monthly, beginning in November 2005, if power market prices drop below PPA prices, which has not happened thus far.
|
(4) |
Average revenue under contract may fluctuate due to factors including positive or negative basis differentials, option premiums and market prices at time of option expiration, costs to convert firm LD to unit-contingent, and other risk management costs. Also, average revenue under contract excludes payments owed under the value sharing agreement with NYPA.
|
2011
|
2012
|
2013
|
2014
|
2015
|
|||||||
Percent of capacity sold forward:
|
|||||||||||
Bundled capacity and energy contracts
|
26%
|
18%
|
16%
|
16%
|
16%
|
||||||
Capacity contracts
|
33%
|
30%
|
26%
|
25%
|
11%
|
||||||
Total capacity sold forward
|
59%
|
48%
|
42%
|
41%
|
27%
|
||||||
Planned net MW in operation
|
4,998
|
4,998
|
4,998
|
4,998
|
4,998
|
||||||
Average revenue under contract per kW per month
(applies to capacity contracts only)
|
$2.4
|
$2.9
|
$3.2
|
$3.1
|
$2.9
|
||||||
Blended Capacity and Energy Recap (based on revenues)
|
|||||||||||
% of planned generation and capacity sold forward
|
96%
|
87%
|
74%
|
37%
|
25%
|
||||||
Blended revenue under contract per MWh
|
$55
|
$51
|
$49
|
$54
|
$56
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands, Except Share Data) | ||||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 2,212,038 | $ | 2,214,108 | $ | 4,077,936 | $ | 4,221,038 | ||||||||
Natural gas
|
28,891 | 31,136 | 100,014 | 127,163 | ||||||||||||
Competitive businesses
|
562,350 | 617,706 | 1,166,538 | 1,274,095 | ||||||||||||
TOTAL
|
2,803,279 | 2,862,950 | 5,344,488 | 5,622,296 | ||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operating and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
563,333 | 631,546 | 1,071,026 | 1,190,214 | ||||||||||||
Purchased power
|
451,227 | 416,458 | 813,845 | 891,361 | ||||||||||||
Nuclear refueling outage expenses
|
62,966 | 64,221 | 126,951 | 126,510 | ||||||||||||
Other operation and maintenance
|
712,496 | 700,204 | 1,368,245 | 1,402,692 | ||||||||||||
Decommissioning
|
55,497 | 52,467 | 110,762 | 104,043 | ||||||||||||
Taxes other than income taxes
|
129,215 | 126,968 | 254,449 | 262,380 | ||||||||||||
Depreciation and amortization
|
264,206 | 255,567 | 529,090 | 524,771 | ||||||||||||
Other regulatory charges (credits) - net
|
5,601 | (10,722 | ) | 491 | 17,370 | |||||||||||
TOTAL
|
2,244,541 | 2,236,709 | 4,274,859 | 4,519,341 | ||||||||||||
OPERATING INCOME
|
558,738 | 626,241 | 1,069,629 | 1,102,955 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
20,753 | 17,630 | 38,042 | 30,926 | ||||||||||||
Interest and investment income
|
35,921 | 34,955 | 62,668 | 83,164 | ||||||||||||
Miscellaneous - net
|
(16,962 | ) | (16,780 | ) | (26,360 | ) | (17,302 | ) | ||||||||
TOTAL
|
39,712 | 35,805 | 74,350 | 96,788 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest expense
|
136,049 | 148,179 | 272,183 | 327,379 | ||||||||||||
Allowance for borrowed funds used during construction
|
(9,150 | ) | (10,323 | ) | (17,684 | ) | (18,325 | ) | ||||||||
TOTAL
|
126,899 | 137,856 | 254,499 | 309,054 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
471,551 | 524,190 | 889,480 | 890,689 | ||||||||||||
Income taxes
|
150,953 | 203,907 | 315,203 | 351,592 | ||||||||||||
CONSOLIDATED NET INCOME
|
320,598 | 320,283 | 574,277 | 539,097 | ||||||||||||
Preferred dividend requirements of subsidiaries
|
5,015 | 5,017 | 10,031 | 10,033 | ||||||||||||
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION
|
$ | 315,583 | $ | 315,266 | $ | 564,246 | $ | 529,064 | ||||||||
Earnings per average common share:
|
||||||||||||||||
Basic
|
$ | 1.77 | $ | 1.67 | $ | 3.16 | $ | 2.80 | ||||||||
Diluted
|
$ | 1.76 | $ | 1.65 | $ | 3.14 | $ | 2.77 | ||||||||
Dividends declared per common share
|
$ | 0.83 | $ | 0.83 | $ | 1.66 | $ | 1.58 | ||||||||
Basic average number of common shares outstanding
|
177,808,890 | 188,776,240 | 178,318,784 | 188,988,284 | ||||||||||||
Diluted average number of common shares outstanding
|
178,925,180 | 190,717,958 | 179,502,551 | 190,999,699 | ||||||||||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Consolidated net income
|
$ | 574,277 | $ | 539,097 | ||||
Adjustments to reconcile consolidated net income to net cash flow
|
||||||||
provided by operating activities:
|
||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
852,028 | 831,785 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
305,121 | 342,641 | ||||||
Changes in working capital:
|
||||||||
Receivables
|
(168,253 | ) | (177,445 | ) | ||||
Fuel inventory
|
(5,457 | ) | 5,002 | |||||
Accounts payable
|
(76,803 | ) | 23,094 | |||||
Prepaid taxes and taxes accrued
|
(2,810 | ) | 10,104 | |||||
Interest accrued
|
(39,404 | ) | (28,815 | ) | ||||
Deferred fuel
|
(198,052 | ) | (2,070 | ) | ||||
Other working capital accounts
|
(112,386 | ) | (126,824 | ) | ||||
Changes in provisions for estimated losses
|
(5,954 | ) | (30,218 | ) | ||||
Changes in other regulatory assets
|
96,549 | (22,703 | ) | |||||
Changes in pensions and other postretirement liabilities
|
(232,306 | ) | (74,187 | ) | ||||
Other
|
(9,301 | ) | 178,373 | |||||
Net cash flow provided by operating activities
|
977,249 | 1,467,834 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction/capital expenditures
|
(991,293 | ) | (918,582 | ) | ||||
Allowance for equity funds used during construction
|
38,681 | 30,926 | ||||||
Nuclear fuel purchases
|
(403,168 | ) | (218,829 | ) | ||||
Payment for purchase of plant
|
(299,590 | ) | - | |||||
Proceeds from sale of assets and businesses
|
- | 9,675 | ||||||
Changes in securitization account
|
9,106 | (22,528 | ) | |||||
NYPA value sharing payment
|
(72,000 | ) | (72,000 | ) | ||||
Payments to storm reserve escrow account
|
(3,294 | ) | (3,030 | ) | ||||
Receipts from storm reserve escrow account
|
- | 9,925 | ||||||
Decrease (increase) in other investments
|
(42,994 | ) | 55,430 | |||||
Proceeds from nuclear decommissioning trust fund sales
|
636,359 | 1,487,387 | ||||||
Investment in nuclear decommissioning trust funds
|
(699,530 | ) | (1,531,275 | ) | ||||
Net cash flow used in investing activities
|
(1,827,723 | ) | (1,172,901 | ) | ||||
See Notes to Financial Statements.
|
||||||||
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from the issuance of:
|
||||||||
Long-term debt
|
1,075,180 | 525,789 | ||||||
Common stock and treasury stock
|
16,958 | 8,716 | ||||||
Retirement of long-term debt
|
(555,940 | ) | (774,772 | ) | ||||
Repurchase of common stock
|
(159,602 | ) | (137,749 | ) | ||||
Changes in credit borrowings - net
|
15,960 | 17,123 | ||||||
Dividends paid:
|
||||||||
Common stock
|
(296,355 | ) | (298,796 | ) | ||||
Preferred stock
|
(10,031 | ) | (10,033 | ) | ||||
Net cash flow provided by (used in) financing activities
|
86,170 | (669,722 | ) | |||||
Effect of exchange rates on cash and cash equivalents
|
(310 | ) | 762 | |||||
Net decrease in cash and cash equivalents
|
(764,614 | ) | (374,027 | ) | ||||
Cash and cash equivalents at beginning of period
|
1,294,472 | 1,709,551 | ||||||
Cash and cash equivalents at end of period
|
$ | 529,858 | $ | 1,335,524 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 267,493 | $ | 268,624 | ||||
Income taxes
|
$ | 77 | $ | 26,054 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 94,968 | $ | 76,290 | ||||
Temporary cash investments
|
434,890 | 1,218,182 | ||||||
Total cash and cash equivalents
|
529,858 | 1,294,472 | ||||||
Securitization recovery trust account
|
33,938 | 43,044 | ||||||
Accounts receivable:
|
||||||||
Customer
|
693,937 | 602,796 | ||||||
Allowance for doubtful accounts
|
(31,002 | ) | (31,777 | ) | ||||
Other
|
162,190 | 161,662 | ||||||
Accrued unbilled revenues
|
377,977 | 302,901 | ||||||
Total accounts receivable
|
1,203,102 | 1,035,582 | ||||||
Deferred fuel costs
|
111,444 | 64,659 | ||||||
Accumulated deferred income taxes
|
6,975 | 8,472 | ||||||
Fuel inventory - at average cost
|
212,982 | 207,520 | ||||||
Materials and supplies - at average cost
|
869,341 | 866,908 | ||||||
Deferred nuclear refueling outage costs
|
287,282 | 218,423 | ||||||
System agreement cost equalization
|
66,351 | 52,160 | ||||||
Prepaid taxes
|
304,617 | 301,807 | ||||||
Prepayments and other
|
237,252 | 246,036 | ||||||
TOTAL
|
3,863,142 | 4,339,083 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Investment in affiliates - at equity
|
44,172 | 40,697 | ||||||
Decommissioning trust funds
|
3,775,026 | 3,595,716 | ||||||
Non-utility property - at cost (less accumulated depreciation)
|
260,614 | 257,847 | ||||||
Other
|
412,090 | 405,946 | ||||||
TOTAL
|
4,491,902 | 4,300,206 | ||||||
PROPERTY, PLANT AND EQUIPMENT
|
||||||||
Electric
|
38,179,664 | 37,153,061 | ||||||
Property under capital lease
|
790,533 | 800,078 | ||||||
Natural gas
|
336,814 | 330,608 | ||||||
Construction work in progress
|
1,799,906 | 1,661,560 | ||||||
Nuclear fuel
|
1,451,087 | 1,377,962 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT
|
42,558,004 | 41,323,269 | ||||||
Less - accumulated depreciation and amortization
|
17,919,151 | 17,474,914 | ||||||
PROPERTY, PLANT AND EQUIPMENT - NET
|
24,638,853 | 23,848,355 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
841,137 | 845,725 | ||||||
Other regulatory assets (includes securitization property of
|
||||||||
$852,723 as of June 30, 2011 and $882,346 as of
|
||||||||
December 31, 2010)
|
3,736,785 | 3,838,237 | ||||||
Deferred fuel costs
|
172,202 | 172,202 | ||||||
Goodwill
|
377,172 | 377,172 | ||||||
Accumulated deferred income taxes
|
80,910 | 54,523 | ||||||
Other
|
927,658 | 909,773 | ||||||
TOTAL
|
6,135,864 | 6,197,632 | ||||||
TOTAL ASSETS
|
$ | 39,129,761 | $ | 38,685,276 | ||||
See Notes to Financial Statements.
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Currently maturing long-term debt
|
$ | 128,062 | $ | 299,548 | ||||
Notes payable
|
130,795 | 154,135 | ||||||
Accounts payable
|
1,044,217 | 1,181,099 | ||||||
Customer deposits
|
345,079 | 335,058 | ||||||
Accumulated deferred income taxes
|
99,147 | 49,307 | ||||||
Interest accrued
|
178,280 | 217,685 | ||||||
Deferred fuel costs
|
15,142 | 166,409 | ||||||
Obligations under capital leases
|
3,599 | 3,388 | ||||||
Pension and other postretirement liabilities
|
40,235 | 39,862 | ||||||
System agreement cost equalization
|
66,351 | 52,160 | ||||||
Other
|
191,497 | 277,598 | ||||||
TOTAL
|
2,242,404 | 2,776,249 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
8,867,158 | 8,573,646 | ||||||
Accumulated deferred investment tax credits
|
284,852 | 292,330 | ||||||
Obligations under capital leases
|
40,177 | 42,078 | ||||||
Other regulatory liabilities
|
578,821 | 539,026 | ||||||
Decommissioning and asset retirement cost liabilities
|
3,218,881 | 3,148,479 | ||||||
Accumulated provisions
|
390,089 | 395,250 | ||||||
Pension and other postretirement liabilities
|
1,942,685 | 2,175,364 | ||||||
Long-term debt (includes securitization bonds of $895,824 as of
|
||||||||
June 30, 2011 and $931,131 as of December 31, 2010)
|
12,057,368 | 11,317,157 | ||||||
Other
|
599,015 | 618,559 | ||||||
TOTAL
|
27,979,046 | 27,101,889 | ||||||
Commitments and Contingencies
|
||||||||
Subsidiaries' preferred stock without sinking fund
|
216,745 | 216,738 | ||||||
EQUITY
|
||||||||
Common Shareholders' Equity:
|
||||||||
Common stock, $.01 par value, authorized 500,000,000 shares;
|
||||||||
issued 254,752,788 shares in 2011 and in 2010
|
2,548 | 2,548 | ||||||
Paid-in capital
|
5,366,132 | 5,367,474 | ||||||
Retained earnings
|
8,957,516 | 8,689,401 | ||||||
Accumulated other comprehensive loss
|
(75,156 | ) | (38,212 | ) | ||||
Less - treasury stock, at cost (77,919,322 shares in 2011 and
|
||||||||
76,006,920 shares in 2010)
|
5,653,474 | 5,524,811 | ||||||
Total common shareholders' equity
|
8,597,566 | 8,496,400 | ||||||
Subsidiaries' preferred stock without sinking fund
|
94,000 | 94,000 | ||||||
TOTAL
|
8,691,566 | 8,590,400 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 39,129,761 | $ | 38,685,276 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND COMPREHENSIVE INCOME
|
||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||||||||||||||||||
Common Shareholders' Equity
|
||||||||||||||||||||||||||||
Subsidiaries' Preferred Stock
|
Common Stock
|
Treasury Stock
|
Paid-in Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
||||||||||||||||||||||
Balance at December 31, 2009
|
$ | 94,000 | $ | 2,548 | $ | (4,727,167 | ) | $ | 5,370,042 | $ | 8,043,122 | $ | (75,185 | ) | $ | 8,707,360 | ||||||||||||
Consolidated net income (a)
|
10,033 | - | - | - | 529,064 | - | 539,097 | |||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||
Cash flow hedges net unrealized
gain (net of tax expense of
$36,587)
|
- | - | - | - | - | 59,071 | 59,071 | |||||||||||||||||||||
Pension and other postretirement
liabilities (net of tax expense of
$2,541)
|
- | - | - | - | - | 5,010 | 5,010 | |||||||||||||||||||||
Net unrealized investment losses
(net of tax benefit of $16,078)
|
- | - | - | - | - | (19,202 | ) | (19,202 | ) | |||||||||||||||||||
Foreign currency translation (net
of tax benefit of $409)
|
- | - | - | - | - | (759 | ) | (759 | ) | |||||||||||||||||||
Total comprehensive income
|
583,217 | |||||||||||||||||||||||||||
Common stock repurchases
|
- | - | (137,749 | ) | - | - | - | (137,749 | ) | |||||||||||||||||||
Common stock issuances related to
stock plans
|
- | - | 13,899 | 7,077 | - | - | 20,976 | |||||||||||||||||||||
Common stock dividends declared
|
- | - | - | - | (299,033 | ) | - | (299,033 | ) | |||||||||||||||||||
Preferred dividend requirements of
subsidiaries (a)
|
(10,033 | ) | - | - | - | - | - | (10,033 | ) | |||||||||||||||||||
Balance at June 30, 2010
|
$ | 94,000 | $ | 2,548 | $ | (4,851,017 | ) | $ | 5,377,119 | $ | 8,273,153 | $ | (31,065 | ) | $ | 8,864,738 | ||||||||||||
Balance at December 31, 2010
|
$ | 94,000 | $ | 2,548 | $ | (5,524,811 | ) | $ | 5,367,474 | $ | 8,689,401 | $ | (38,212 | ) | $ | 8,590,400 | ||||||||||||
Consolidated net income (a)
|
10,031 | - | - | - | 564,246 | - | 574,277 | |||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||
Cash flow hedges net unrealized
loss (net of tax benefit of $41,843)
|
- | - | - | - | - | (71,724 | ) | (71,724 | ) | |||||||||||||||||||
Pension and other postretirement
liabilities (net of tax expense of
$3,057)
|
- | - | - | - | - | 6,598 | 6,598 | |||||||||||||||||||||
Net unrealized investment gains
(net of tax expense of $28,726)
|
- | - | - | - | - | 27,871 | 27,871 | |||||||||||||||||||||
Foreign currency translation (net
of tax expense of $167)
|
- | - | - | - | - | 311 | 311 | |||||||||||||||||||||
Total comprehensive income
|
537,333 | |||||||||||||||||||||||||||
Common stock repurchases
|
- | - | (159,602 | ) | - | - | - | (159,602 | ) | |||||||||||||||||||
Common stock issuances related to
stock plans
|
- | - | 30,939 | (1,342 | ) | - | - | 29,597 | ||||||||||||||||||||
Common stock dividends declared
|
- | - | - | - | (296,131 | ) | - | (296,131 | ) | |||||||||||||||||||
Preferred dividend requirements of
subsidiaries (a)
|
(10,031 | ) | - | - | - | - | - | (10,031 | ) | |||||||||||||||||||
Balance at June 30, 2011
|
$ | 94,000 | $ | 2,548 | $ | (5,653,474 | ) | $ | 5,366,132 | $ | 8,957,516 | $ | (75,156 | ) | $ | 8,691,566 | ||||||||||||
See Notes to Financial Statements.
|
||||||||||||||||||||||||||||
(a) Consolidated net income and preferred dividend requirements of subsidiaries for both 2010 and 2011 include $6.6 million of preferred dividends on subsidiaries' preferred stock without sinking fund that is not presented as equity.
|
||||||||||||||||||||||||||||
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011
|
2010
|
(Decrease)
|
%
|
||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Utility Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 760 | $ | 724 | $ | 36 | 5 | |||||||||
Commercial
|
575 | 562 | 13 | 2 | ||||||||||||
Industrial
|
589 | 570 | 19 | 3 | ||||||||||||
Governmental
|
52 | 52 | - | - | ||||||||||||
Total retail
|
1,976 | 1,908 | 68 | 4 | ||||||||||||
Sales for resale
|
64 | 62 | 2 | 3 | ||||||||||||
Other
|
172 | 244 | (72 | ) | (30 | ) | ||||||||||
Total
|
$ | 2,212 | $ | 2,214 | $ | (2 | ) | - | ||||||||
Utility Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
7,993 | 7,705 | 288 | 4 | ||||||||||||
Commercial
|
6,944 | 6,803 | 141 | 2 | ||||||||||||
Industrial
|
10,140 | 9,862 | 278 | 3 | ||||||||||||
Governmental
|
604 | 581 | 23 | 4 | ||||||||||||
Total retail
|
25,681 | 24,951 | 730 | 3 | ||||||||||||
Sales for resale
|
1,036 | 971 | 65 | 7 | ||||||||||||
Total
|
26,717 | 25,922 | 795 | 3 | ||||||||||||
Competitive Businesses:
|
||||||||||||||||
Operating Revenues
|
$ | 562 | $ | 618 | $ | (56 | ) | (9 | ) | |||||||
Billed Electric Energy Sales (GWh)
|
10,652 | 10,498 | 154 | 1 | ||||||||||||
Six Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011 | 2010 |
(Decrease)
|
%
|
||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Utility Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 1,508 | $ | 1,542 | $ | (34 | ) | (2 | ) | |||||||
Commercial
|
1,076 | 1,088 | (12 | ) | (1 | ) | ||||||||||
Industrial
|
1,068 | 1,091 | (23 | ) | (2 | ) | ||||||||||
Governmental
|
99 | 102 | (3 | ) | (3 | ) | ||||||||||
Total retail
|
3,751 | 3,823 | (72 | ) | (2 | ) | ||||||||||
Sales for resale
|
128 | 145 | (17 | ) | (12 | ) | ||||||||||
Other
|
199 | 253 | (54 | ) | (21 | ) | ||||||||||
Total
|
$ | 4,078 | $ | 4,221 | $ | (143 | ) | (3 | ) | |||||||
Utility Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
17,034 | 17,350 | (316 | ) | (2 | ) | ||||||||||
Commercial
|
13,394 | 13,275 | 119 | 1 | ||||||||||||
Industrial
|
19,657 | 18,596 | 1,061 | 6 | ||||||||||||
Governmental
|
1,186 | 1,173 | 13 | 1 | ||||||||||||
Total retail
|
51,271 | 50,394 | 877 | 2 | ||||||||||||
Sales for resale
|
1,983 | 2,287 | (304 | ) | (13 | ) | ||||||||||
Total
|
53,254 | 52,681 | 573 | 1 | ||||||||||||
Competitive Businesses:
|
||||||||||||||||
Operating Revenues
|
$ | 1,167 | $ | 1,274 | $ | (107 | ) | (8 | ) | |||||||
Billed Electric Energy Sales (GWh)
|
21,171 | 21,626 | (455 | ) | (2 | ) | ||||||||||
Payments or
(Receipts)
|
|
(In Millions)
|
|
Entergy Arkansas
|
$77
|
Entergy Gulf States Louisiana
|
($12)
|
Entergy Louisiana
|
$-
|
Entergy Mississippi
|
($40)
|
Entergy New Orleans
|
($25)
|
Entergy Texas
|
$-
|
For the Three Months Ended June 30,
|
||||||||||||
2011
|
2010
|
|||||||||||
(In Millions, Except Per Share Data)
|
||||||||||||
Basic earnings per share
|
Income
|
Shares
|
$/share
|
Income
|
Shares
|
$/share
|
||||||
Net income attributable to
Entergy Corporation
|
$315.6
|
177.8
|
$1.77
|
$315.3
|
188.8
|
$1.67
|
||||||
Average dilutive effect of:
|
||||||||||||
Stock options
|
-
|
1.0
|
(0.01)
|
-
|
1.9
|
(0.02)
|
||||||
Restricted stock
|
-
|
0.1
|
-
|
-
|
-
|
-
|
||||||
Diluted earnings per share
|
$315.6
|
178.9
|
$1.76
|
$315.3
|
190.7
|
$1.65
|
For the Six Months Ended June,
|
||||||||||||
2011
|
2010
|
|||||||||||
(In Millions, Except Per Share Data)
|
||||||||||||
Basic earnings per share
|
Income
|
Shares
|
$/share
|
Income
|
Shares
|
$/share
|
||||||
Net income attributable to
Entergy Corporation
|
$564.2
|
178.3
|
$3.16
|
$529.1
|
189.0
|
$2.80
|
||||||
Average dilutive effect of:
|
||||||||||||
Stock options
|
-
|
1.0
|
(0.02)
|
-
|
2.0
|
(0.03)
|
||||||
Restricted stock
|
-
|
0.2
|
-
|
-
|
-
|
-
|
||||||
Diluted earnings per share
|
$564.2
|
179.5
|
$3.14
|
$529.1
|
191.0
|
$2.77
|
Entergy
|
Entergy
Gulf States Louisiana
|
Entergy
Louisiana
|
||||||||||
June 30,
2011
|
December 31,
2010
|
June 30,
2011
|
December 31,
2010
|
June 30,
2011
|
December 31,
2010
|
|||||||
(In Thousands)
|
||||||||||||
Cash flow hedges net
unrealized gain
|
$34,534
|
$106,258
|
$-
|
$-
|
$-
|
$-
|
||||||
Pension and other
postretirement liabilities
|
(269,868)
|
(276,466)
|
(39,075)
|
(40,304)
|
(23,861)
|
(24,962)
|
||||||
Net unrealized investment
gains
|
157,556
|
129,685
|
-
|
-
|
-
|
-
|
||||||
Foreign currency translation
|
2,622
|
2,311
|
-
|
-
|
-
|
-
|
||||||
Total
|
($75,156)
|
($38,212)
|
($39,075)
|
($40,304)
|
($23,861)
|
($24,962)
|
Entergy
|
||||
Three Months Ended June 30,
|
2011
|
2010
|
||
(In Thousands)
|
||||
Consolidated net income
|
$320,598
|
$320,283
|
||
Other comprehensive income
|
||||
Cash flow hedges net unrealized loss (a)
|
(13,516)
|
(83,467)
|
||
Pension and other postretirement liabilities (b)
|
2,339
|
3,205
|
||
Net unrealized investment gain (loss) (c)
|
3,186
|
(36,043)
|
||
Foreign currency translation (d)
|
11
|
(152)
|
||
Total
|
$312,618
|
$203,826
|
(a)
|
Net of tax benefit of $7,208 and $50,672, respectively.
|
(b)
|
Net of tax expense of $1,964 and $1,650, respectively.
|
(c)
|
Net of tax expense (benefit) of $3,386 and ($33,891), respectively.
|
(d)
|
Net of tax expense (benefit) of $6 and ($82), respectively.
|
Entergy
Gulf States Louisiana
|
Entergy
Louisiana
|
|||||||
Three Months Ended June 30,
|
2011
|
2010
|
2011
|
2010
|
||||
(In Thousands)
|
||||||||
Net income
|
$49,310
|
$32,154
|
$75,103
|
$61,259
|
||||
Other comprehensive income
|
||||||||
Pension and other postretirement liabilities (e)
|
486
|
519
|
367
|
445
|
||||
Total
|
$49,796
|
$32,673
|
$75,470
|
$61,704
|
(e)
|
Net of tax expense of $508, $505, $365, and $377, respectively.
|
Capacity
|
Borrowings
|
Letters
of Credit
|
Capacity
Available
|
|||
(In Millions)
|
||||||
$3,465
|
$1,895
|
$25
|
$1,545
|
Company
|
Expiration Date |
Amount of
Facility
|
Interest Rate (a)
|
Amount Drawn
as of
June 30,
2011
|
||||
Entergy Arkansas
|
April 2012
|
$78 million (b)
|
3.25%
|
-
|
||||
Entergy Gulf States Louisiana
|
August 2012
|
$100 million (c)
|
0.60%
|
-
|
||||
Entergy Louisiana
|
August 2012
|
$200 million (d)
|
0.61%
|
$100 million
|
||||
Entergy Mississippi
|
May 2012
|
$35 million (e)
|
1.94%
|
-
|
||||
Entergy Mississippi
|
May 2012
|
$25 million (e)
|
1.94%
|
-
|
||||
Entergy Mississippi
|
May 2012
|
$10 million (e)
|
1.94%
|
-
|
||||
Entergy Texas
|
August 2012
|
$100 million (f)
|
0.66%
|
-
|
(a)
|
The interest rate is the rate as of June 30, 2011 that would be applied to outstanding borrowings under the facility.
|
(b)
|
The credit facility requires Entergy Arkansas to maintain a debt ratio of 65% or less of its total capitalization. Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable.
|
(c)
|
The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against the borrowing capacity of the facility. As of June 30, 2011, no letters of credit were outstanding. The credit facility requires Entergy Gulf States Louisiana to maintain a consolidated debt ratio of 65% or less of its total capitalization.
|
(d)
|
The credit facility allows Entergy Louisiana to issue letters of credit against the borrowing capacity of the facility. As of June 30, 2011, no letters of credit were outstanding. The credit facility requires Entergy Louisiana to maintain a consolidated debt ratio of 65% or less of its total capitalization.
|
(e)
|
Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable. Entergy Mississippi is required to maintain a consolidated debt ratio of 65% or less of its total capitalization.
|
(f)
|
The credit facility allows Entergy Texas to issue letters of credit against the borrowing capacity of the facility. As of June 30, 2011, no letters of credit were outstanding. The credit facility requires Entergy Texas to maintain a consolidated debt ratio of 65% or less of its total capitalization. Pursuant to the terms of the credit agreement securitization bonds are excluded from debt and capitalization in calculating the debt ratio.
|
Authorized
|
Borrowings
|
|||
(In Millions)
|
||||
Entergy Arkansas
|
$250
|
-
|
||
Entergy Gulf States Louisiana
|
$200
|
-
|
||
Entergy Louisiana
|
$250
|
$212
|
||
Entergy Mississippi
|
$175
|
$27
|
||
Entergy New Orleans
|
$100
|
-
|
||
Entergy Texas
|
$200
|
$21
|
||
System Energy
|
$200
|
-
|
Company
|
Expiration
Date
|
Amount
of
Facility
|
Weighted
Average
Interest
Rate on
Borrowings
(a)
|
Amount
Outstanding
as of
June 30,
2011
|
|||||
(Dollars in Millions)
|
|||||||||
Entergy Arkansas VIE
|
July 2013
|
$85
|
2.34%
|
$37.6
|
|||||
Entergy Gulf States Louisiana VIE
|
July 2013
|
$85
|
2.13%
|
$56.3
|
|||||
Entergy Louisiana VIE
|
July 2013
|
$90
|
2.28%
|
$64.2
|
|||||
System Energy VIE
|
July 2013
|
$100
|
2.28%
|
$0.5
|
(a)
|
Includes letter of credit fees and bank fronting fees on commercial paper issuances by the VIEs for Entergy Arkansas, Entergy Louisiana, and System Energy. The VIE for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility. |
Company
|
Description
|
Amount
|
||
Entergy Arkansas VIE
|
5.60% Series G due September 2011
|
$35 million
|
||
Entergy Arkansas VIE
|
9% Series H due June 2013
|
$30 million
|
||
Entergy Arkansas VIE
|
5.69% Series I due July 2014
|
$70 million
|
||
Entergy Arkansas VIE
|
3.23% Series J due July 2016
|
$55 million
|
||
Entergy Gulf States Louisiana VIE
|
5.56% Series N due May 2013
|
$75 million
|
||
Entergy Gulf States Louisiana VIE
|
5.41% Series O due July 2012
|
$60 million
|
||
Entergy Louisiana VIE
|
5.69% Series E due July 2014
|
$50 million
|
||
Entergy Louisiana VIE
|
3.30% Series F due March 2016
|
$20 million
|
||
System Energy VIE
|
6.29% Series F due September 2013
|
$70 million
|
||
System Energy VIE
|
5.33% Series G due April 2015
|
$60 million
|
Book Value
of Long-Term Debt
|
Fair Value
of Long-Term Debt (a) (b)
|
|||
(In Thousands)
|
||||
Entergy
|
$12,185,430
|
$11,797,794
|
||
Entergy Arkansas
|
$1,914,895
|
$1,769,498
|
||
Entergy Gulf States Louisiana
|
$1,616,551
|
$1,666,022
|
||
Entergy Louisiana
|
$2,096,561
|
$1,900,873
|
||
Entergy Mississippi
|
$920,409
|
$957,438
|
||
Entergy New Orleans
|
$166,714
|
$171,567
|
||
Entergy Texas
|
$1,628,270
|
$1,807,543
|
||
System Energy
|
$787,011
|
$628,293
|
(a)
|
The values exclude lease obligations of $194 million at Entergy Louisiana and $179 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $158 million at Entergy, and include debt due within one year.
|
(b)
|
Fair values are based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads.
|
2011
|
2010
|
||
(In Millions)
|
|||
Compensation expense included in Entergy’s net income for the second quarter
|
$2.5
|
$3.7
|
|
Tax benefit recognized in Entergy’s net income for the second quarter
|
$1.0
|
$1.4
|
|
Compensation expense included in Entergy’s net income for the six months ended June 30,
|
$5.5
|
$7.6
|
|
Tax benefit recognized in Entergy’s net income for the six months ended June 30,
|
$2.1
|
$2.9
|
|
Compensation cost capitalized as part of fixed assets and inventory as of June 30,
|
$1.0
|
$1.4
|
2011
|
2010
|
||
(In Millions)
|
|||
Compensation expense included in Entergy’s net income for the second quarter
|
$1.0
|
$-
|
|
Tax benefit recognized in Entergy’s net income for the second quarter
|
$0.4
|
$-
|
|
Compensation expense included in Entergy’s net income for the six months ended June 30,
|
$2.0
|
$-
|
|
Tax benefit recognized in Entergy’s net income for the six months ended June 30
|
$0.8
|
$-
|
|
Compensation cost capitalized as part of fixed assets and inventory as of June 30,
|
$0.3
|
$-
|
2011
|
2010
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$30,490
|
$26,239
|
||
Interest cost on projected benefit obligation
|
59,248
|
57,802
|
||
Expected return on assets
|
(75,319)
|
(64,902)
|
||
Amortization of prior service cost
|
838
|
1,164
|
||
Amortization of loss
|
23,244
|
16,475
|
||
Net pension costs
|
$38,501
|
$36,778
|
2011
|
2010
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$60,980
|
$52,478
|
||
Interest cost on projected benefit obligation
|
118,496
|
115,604
|
||
Expected return on assets
|
(150,638)
|
(129,804)
|
||
Amortization of prior service cost
|
1,676
|
2,328
|
||
Amortization of loss
|
46,488
|
32,950
|
||
Net pension costs
|
$77,002
|
$73,556
|
2011
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$4,518
|
$2,462
|
$2,886
|
$1,327
|
$561
|
$1,197
|
$1,235
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
12,991
|
5,928
|
8,159
|
3,909
|
1,762
|
3,993
|
2,939
|
|||||||
Expected return on assets
|
(15,609)
|
(8,339)
|
(9,716)
|
(5,038)
|
(2,114)
|
(5,501)
|
(3,784)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
115
|
20
|
70
|
38
|
9
|
16
|
4
|
|||||||
Amortization of loss
|
6,421
|
2,279
|
4,497
|
1,680
|
1,166
|
1,394
|
1,321
|
|||||||
Net pension cost
|
$8,436
|
$2,350
|
$5,896
|
$1,916
|
$1,384
|
$1,099
|
$1,715
|
2010
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$3,944
|
$2,116
|
$2,443
|
$1,163
|
$516
|
$1,067
|
$1,033
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
12,319
|
6,094
|
7,135
|
3,807
|
1,510
|
3,967
|
2,252
|
|||||||
Expected return on assets
|
(12,659)
|
(7,688)
|
(8,194)
|
(4,313)
|
(1,809)
|
(5,137)
|
(2,952)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
196
|
75
|
119
|
79
|
44
|
59
|
8
|
|||||||
Amortization of loss
|
4,126
|
1,906
|
2,151
|
1,091
|
636
|
802
|
132
|
|||||||
Net pension cost
|
$7,926
|
$2,503
|
$3,654
|
$1,827
|
$897
|
$758
|
$473
|
2011
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$9,036
|
$4,924
|
$5,772
|
$2,654
|
$1,122
|
$2,394
|
$2,470
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
25,982
|
11,856
|
16,318
|
7,818
|
3,524
|
7,986
|
5,878
|
|||||||
Expected return on assets
|
(31,218)
|
(16,678)
|
(19,432)
|
(10,076)
|
(4,228)
|
(11,002)
|
(7,568)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
230
|
40
|
140
|
76
|
18
|
32
|
8
|
|||||||
Amortization of loss
|
12,842
|
4,558
|
8,994
|
3,360
|
2,332
|
2,788
|
2,642
|
|||||||
Net pension cost
|
$16,872
|
$4,700
|
$11,792
|
$3,832
|
$2,768
|
$2,198
|
$3,430
|
2010
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$7,888
|
$4,232
|
$4,886
|
$2,326
|
$1,032
|
$2,134
|
$2,066
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
24,638
|
12,188
|
14,270
|
7,614
|
3,020
|
7,934
|
4,504
|
|||||||
Expected return on assets
|
(25,318)
|
(15,376)
|
(16,388)
|
(8,626)
|
(3,618)
|
(10,274)
|
(5,904)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
392
|
150
|
238
|
158
|
88
|
118
|
16
|
|||||||
Amortization of loss
|
8,252
|
3,812
|
4,302
|
2,182
|
1,272
|
1,604
|
264
|
|||||||
Net pension cost
|
$15,852
|
$5,006
|
$7,308
|
$3,654
|
$1,794
|
$1,516
|
$946
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
|||||||
(In Thousands)
|
||||||||||||
Non-qualified pension cost
second quarter 2011
|
$115
|
$42
|
$4
|
$48
|
$16
|
$192
|
||||||
Non-qualified pension cost
second quarter 2010
|
$189
|
$41
|
$6
|
$51
|
$6
|
$175
|
||||||
Settlement charge recognized
in the second quarter 2010
included in cost above
|
$86
|
$ -
|
$ -
|
$ -
|
$ -
|
$5
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
|||||||
(In Thousands)
|
||||||||||||
Non-qualified pension cost
six months ended June 30, 2011
|
$230
|
$84
|
$8
|
$96
|
$32
|
$384
|
||||||
Non-qualified pension cost
six months ended June 30, 2010
|
$290
|
$82
|
$12
|
$101
|
$13
|
$345
|
||||||
Settlement charge recognized
in the six months ended
June 30, 2010 included in cost
above
|
$86
|
$ -
|
$ -
|
$ -
|
$ -
|
$5
|
2011
|
2010
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$14,835
|
$13,078
|
||
Interest cost on accumulated postretirement benefit
obligation (APBO) |
18,631
|
19,020
|
||
Expected return on assets
|
(7,369)
|
(6,553)
|
||
Amortization of transition obligation
|
796
|
932
|
||
Amortization of prior service cost
|
(3,518)
|
(3,015)
|
||
Amortization of loss
|
5,298
|
4,317
|
||
Net other postretirement benefit cost
|
$28,673
|
$27,779
|
2011
|
2010
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$29,670
|
$26,156
|
||
Interest cost on APBO
|
37,262
|
38,040
|
||
Expected return on assets
|
(14,738)
|
(13,106)
|
||
Amortization of transition obligation
|
1,592
|
1,864
|
||
Amortization of prior service cost
|
(7,036)
|
(6,030)
|
||
Amortization of loss
|
10,596
|
8,634
|
||
Net other postretirement benefit cost
|
$57,346
|
$55,558
|
2011
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$2,013
|
$1,540
|
$1,635
|
$658
|
$362
|
$769
|
$661
|
|||||||
Interest cost on APBO
|
3,436
|
2,075
|
2,192
|
1,093
|
806
|
1,486
|
667
|
|||||||
Expected return on assets
|
(2,882)
|
-
|
-
|
(977)
|
(800)
|
(1,874)
|
(529)
|
|||||||
Amortization of transition
|
||||||||||||||
obligation
|
205
|
60
|
96
|
88
|
298
|
47
|
2
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(133)
|
(206)
|
(62)
|
(35)
|
10
|
(107)
|
(147)
|
|||||||
Amortization of loss
|
1,610
|
723
|
698
|
540
|
241
|
700
|
369
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$4,249
|
$4,192
|
$4,559
|
$1,367
|
$917
|
$1,021
|
$1,023
|
2010
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$1,843
|
$1,370
|
$1,371
|
$550
|
$347
|
$697
|
$563
|
|||||||
Interest cost on APBO
|
3,629
|
2,144
|
2,269
|
1,093
|
900
|
1,582
|
641
|
|||||||
Expected return on assets
|
(2,445)
|
-
|
-
|
(888)
|
(725)
|
(1,718)
|
(468)
|
|||||||
Amortization of transition
|
||||||||||||||
obligation
|
205
|
60
|
96
|
88
|
415
|
66
|
2
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(197)
|
(77)
|
117
|
(62)
|
90
|
19
|
(191)
|
|||||||
Amortization of loss
|
1,690
|
663
|
609
|
476
|
274
|
752
|
325
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$4,725
|
$4,160
|
$4,462
|
$1,257
|
$1,301
|
$1,398
|
$872
|
2011
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$4,026
|
$3,080
|
$3,270
|
$1,316
|
$724
|
$1,538
|
$1,322
|
|||||||
Interest cost on APBO
|
6,872
|
4,150
|
4,384
|
2,186
|
1,612
|
2,972
|
1,334
|
|||||||
Expected return on assets
|
(5,764)
|
-
|
-
|
(1,954)
|
(1,600)
|
(3,748)
|
(1,058)
|
|||||||
Amortization of transition
|
||||||||||||||
obligation
|
410
|
120
|
192
|
176
|
596
|
94
|
4
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(266)
|
(412)
|
(124)
|
(70)
|
20
|
(214)
|
(294)
|
|||||||
Amortization of loss
|
3,220
|
1,446
|
1,396
|
1,080
|
482
|
1,400
|
738
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$8,498
|
$8,384
|
$9,118
|
$2,734
|
$1,834
|
$2,042
|
$2,046
|
2010
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$3,686
|
$2,740
|
$2,742
|
$1,100
|
$694
|
$1,394
|
$1,126
|
|||||||
Interest cost on APBO
|
7,258
|
4,288
|
4,538
|
2,186
|
1,800
|
3,164
|
1,282
|
|||||||
Expected return on assets
|
(4,890)
|
-
|
-
|
(1,776)
|
(1,450)
|
(3,436)
|
(936)
|
|||||||
Amortization of transition
|
||||||||||||||
obligation
|
410
|
120
|
192
|
176
|
830
|
132
|
4
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(394)
|
(154)
|
234
|
(124)
|
180
|
38
|
(382)
|
|||||||
Amortization of loss
|
3,380
|
1,326
|
1,218
|
952
|
548
|
1,504
|
650
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$9,450
|
$8,320
|
$8,924
|
$2,514
|
$2,602
|
$2,796
|
$1,744
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
||||||||
(In Thousands)
|
||||||||||||||
Expected 2011 pension
contributions
|
$120,400
|
$27,318
|
$60,597
|
$29,169
|
$12,160
|
$18,235
|
$28,351
|
|||||||
Pension contributions made
through June 2011
|
$88,004
|
$17,912
|
$42,207
|
$21,169
|
$8,419
|
$11,651
|
$20,546
|
|||||||
Remaining estimated pension
contributions to be made in 2011
|
$32,396
|
$9,406
|
$18,390
|
$8,000
|
$3,741
|
$6,584
|
$7,805
|
Utility
|
Entergy
Wholesale Commodities*
|
All Other
|
Eliminations
|
Consolidated
|
|||||
(In Thousands)
|
|||||||||
2011
|
|||||||||
Operating revenues
|
$2,241,475
|
$568,076
|
$1,038
|
($7,310)
|
$2,803,279
|
||||
Income taxes (benefit)
|
$139,036
|
$64,324
|
($52,407)
|
$-
|
$150,953
|
||||
Consolidated net income
|
$252,741
|
$65,556
|
$29,946
|
($27,645)
|
$320,598
|
||||
2010
|
|||||||||
Operating revenues
|
$2,246,108
|
$622,067
|
$2,068
|
($7,293)
|
$2,862,950
|
||||
Income taxes (benefit)
|
$141,047
|
$67,348
|
($4,488)
|
$-
|
$203,907
|
||||
Consolidated net income
|
$230,173
|
$104,557
|
$3,912
|
($18,359)
|
$320,283
|
Utility
|
Entergy
Wholesale Commodities*
|
All Other
|
Eliminations
|
Consolidated
|
|||||
(In Thousands)
|
|||||||||
2011
|
|||||||||
Operating revenues
|
$4,179,093
|
$1,178,223
|
$2,138
|
($14,966)
|
$5,344,488
|
||||
Income taxes (benefit)
|
$229,241
|
$149,265
|
($63,303)
|
$-
|
$315,203
|
||||
Consolidated net income
|
$421,394
|
$188,789
|
$19,383
|
($55,289)
|
$574,277
|
||||
2010
|
|||||||||
Operating revenues
|
$4,349,937
|
$1,282,466
|
$4,025
|
($14,132)
|
$5,622,296
|
||||
Income taxes (benefit)
|
$231,017
|
$154,888
|
($34,313)
|
$-
|
$351,592
|
||||
Consolidated net income
|
$373,144
|
$195,099
|
$7,573
|
($36,719)
|
$539,097
|
Type of Risk
|
Affected Businesses
|
|
Power price risk
|
Utility, Entergy Wholesale Commodities
|
|
Fuel price risk
|
Utility, Entergy Wholesale Commodities
|
|
Foreign currency exchange rate risk
|
Entergy Wholesale Commodities
|
|
Equity price and interest rate risk - investments
|
Utility, Entergy Wholesale Commodities
|
Instrument
|
Balance Sheet Location
|
Fair Value (a)
|
Offset (a)
|
Business
|
||||
Derivatives designated as hedging instruments
|
||||||||
Assets:
|
||||||||
Electricity forwards, swaps and options
|
Prepayments and other (current portion)
|
$120 million
|
($19) million
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$41 million
|
($30) million
|
Entergy Wholesale Commodities
|
||||
Liabilities:
|
||||||||
Electricity forwards, swaps and options
|
Other current liabilities (current portion)
|
$24 million
|
($23) million
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other non-current liabilities (non-current portion)
|
$47 million
|
($30) million
|
Entergy Wholesale Commodities
|
Instrument
|
Balance Sheet Location
|
Fair Value (a)
|
Offset (a)
|
Business
|
||||
Derivatives not designated as hedging instruments
|
||||||||
Assets:
|
||||||||
Electricity forwards, swaps and options
|
Prepayments and other (current portion)
|
$15 million
|
($11) million
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$5 million
|
($5) million
|
Entergy Wholesale Commodities
|
||||
Liabilities:
|
||||||||
Electricity forwards, swaps and options
|
Other current liabilities (current portion)
|
$7 million
|
($7) million
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other non-current liabilities (non-current portion)
|
$4 million
|
($4) million
|
Entergy Wholesale Commodities
|
||||
Natural gas swaps
|
Other current liabilities
|
$2 million
|
$-
|
Utility
|
Instrument
|
Balance Sheet Location
|
Fair Value (a)
|
Offset (a)
|
Business
|
||||
Derivatives designated as hedging instruments
|
||||||||
Assets:
|
||||||||
Electricity forwards, swaps and options
|
Prepayments and other (current portion)
|
$160 million
|
($7) million
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$82 million
|
($29) million
|
Entergy Wholesale Commodities
|
||||
Liabilities:
|
||||||||
Electricity forwards, swaps and options
|
Other current liabilities (current portion)
|
$5 million
|
($5) million
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other non-current liabilities (non-current portion)
|
$47 million
|
($30) million
|
Entergy Wholesale Commodities
|
||||
Instrument
|
Balance Sheet Location
|
Fair Value (a)
|
Offset (a)
|
Business
|
||||
Derivatives not designated as hedging instruments
|
||||||||
Assets:
|
||||||||
Electricity forwards, swaps and options
|
Prepayments and other (current portion)
|
$2 million
|
$-
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$14 million
|
($8) million
|
Entergy Wholesale Commodities
|
||||
Liabilities:
|
||||||||
Electricity forwards, swaps and options
|
Other current liabilities (current portion)
|
$2 million
|
($2 million)
|
Entergy Wholesale Commodities
|
||||
Electricity forwards, swaps and options
|
Other non-current liabilities (non-current portion)
|
$7 million
|
($7) million
|
Entergy Wholesale Commodities
|
||||
Natural gas swaps
|
Other current liabilities
|
$2 million
|
$-
|
Utility
|
(a)
|
The balances of derivative assets and liabilities in these tables are presented gross. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented on the Entergy Consolidated Balance Sheets on a net basis in accordance with accounting guidance for Derivatives and Hedging.
|
Instrument
|
Amount of gain (loss)
recognized in OCI
(effective portion)
|
Income Statement location
|
Amount of gain
reclassified from
accumulated OCI into
income (effective portion)
|
|||
2011
|
||||||
Electricity forwards, swaps and options
|
$19 million
|
Competitive businesses operating revenues
|
$32 million
|
|||
2010
|
||||||
Electricity forwards, swaps and options
|
($71) million
|
Competitive businesses operating revenues
|
$67 million
|
Instrument
|
Amount of gain (loss)
recognized in OCI
(effective portion)
|
Income Statement location
|
Amount of gain
reclassified from
accumulated OCI into
income (effective portion)
|
|||
2011
|
||||||
Electricity forwards, swaps and options
|
($54) million
|
Competitive businesses operating revenues
|
$61 million
|
|||
2010
|
||||||
Electricity forwards, swaps and options
|
$197 million
|
Competitive businesses operating revenues
|
$103 million
|
Instrument
|
Amount of gain (loss)
recognized in OCI
|
Income Statement location
|
Amount of gain (loss)
recorded in income
|
|||
2011
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($9) million
|
|||
Electricity forwards, swaps and options de-designated as hedged items
|
($4) million
|
Competitive business operating revenues
|
$4 million
|
|||
2010
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$22 million
|
|||
Electricity forwards, swaps and options de-designated as hedged items
|
$3 million
|
Competitive business operating revenues
|
$-
|
Instrument
|
Amount of gain
recognized in OCI
|
Income Statement location
|
Amount of gain (loss)
recorded in income
|
|||
2011
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($12) million
|
|||
Electricity forwards, swaps and options de-designated as hedged items
|
$6 million
|
Competitive business operating revenues
|
$6 million
|
|||
2010
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($63) million
|
|||
Electricity forwards, swaps and options de-designated as hedged items
|
$3 million
|
Competitive business operating revenues
|
$-
|
Instrument
|
Balance Sheet Location
|
Fair Value
|
Registrant
|
|||
Derivatives not designated as hedging instruments
|
||||||
Liabilities:
|
||||||
Natural gas swaps
|
Other current liabilities
|
$0.4 million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Other current liabilities
|
$0.6 million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Other current liabilities
|
$0.3 million
|
Entergy Mississippi
|
|||
Natural gas swaps
|
Other current liabilities
|
$0.1 million
|
Entergy New Orleans
|
Instrument
|
Balance Sheet Location
|
Fair Value
|
Registrant
|
|||
Derivatives not designated as hedging instruments
|
||||||
Assets:
|
||||||
Natural gas swaps
|
Prepayments and other
|
$0.3 million
|
Entergy Mississippi
|
|||
Liabilities:
|
||||||
Natural gas swaps
|
Other current liabilities
|
$1.0 million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Other current liabilities
|
$0.4 million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Other current liabilities
|
$0.5 million
|
Entergy New Orleans
|
Instrument
|
Statement of Income Location
|
Amount of gain
(loss) recorded
in income
|
Registrant
|
|||
2011
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($2.3) million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($3.9) million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($2.8) million
|
Entergy Mississippi
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($0.1) million
|
Entergy New Orleans
|
|||
2010
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$4.9 million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$9.2 million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$8.2 million
|
Entergy Mississippi
|
Instrument
|
Statement of Income Location
|
Amount of
loss recorded
in income
|
Registrant
|
|||
2011
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($4.2) million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($5.0) million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($2.5) million
|
Entergy Mississippi
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($0.9) million
|
Entergy New Orleans
|
|||
2010
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($16.3) million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($27.0) million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($19.6) million
|
Entergy Mississippi
|
·
|
Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents, debt instruments, and gas hedge contracts.
|
·
|
Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following:
|
-
|
quoted prices for similar assets or liabilities in active markets;
|
-
|
quoted prices for identical assets or liabilities in inactive markets;
|
-
|
inputs other than quoted prices that are observable for the asset or liability; or
|
-
|
inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
·
|
Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of derivative power contracts used as cash flow hedges of power sales at merchant power plants.
|
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$435
|
$-
|
$-
|
$435
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
401
|
1,803
|
-
|
2,204
|
||||
Debt securities
|
581
|
990
|
-
|
1,571
|
||||
Power contracts
|
-
|
-
|
116
|
116
|
||||
Securitization recovery trust account
|
34
|
-
|
-
|
34
|
||||
Storm reserve escrow account
|
332
|
-
|
-
|
332
|
||||
$1,783
|
$2,793
|
$116
|
$4,692
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$2
|
$-
|
$-
|
$2
|
||||
Power contracts
|
-
|
-
|
18
|
18
|
||||
$2
|
$-
|
$18
|
$20
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$1,218
|
$-
|
$-
|
$1,218
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
387
|
1,689
|
-
|
2,076
|
||||
Debt securities
|
497
|
1,023
|
-
|
1,520
|
||||
Power contracts
|
-
|
-
|
214
|
214
|
||||
Securitization recovery trust account
|
43
|
-
|
-
|
43
|
||||
Storm reserve escrow account
|
329
|
-
|
-
|
329
|
||||
$2,474
|
$2,712
|
$214
|
$5,400
|
|||||
Liabilities:
|
||||||||
Power contracts
|
$-
|
$-
|
$17
|
$17
|
||||
Gas hedge contracts
|
2
|
-
|
-
|
2
|
||||
$2
|
$-
|
$17
|
$19
|
2011
|
2010
|
|||
(In Millions)
|
||||
Balance as of beginning of period
|
$104
|
$432
|
||
Unrealized gains/(losses) from price changes
|
9
|
(68)
|
||
Unrealized gains/(losses) on originations
|
17
|
-
|
||
Realized losses on settlements
|
(32)
|
(67)
|
||
Balance as of June 30,
|
$98
|
$297
|
2011
|
2010
|
|||
(In Millions)
|
||||
Balance as of January 1,
|
$197
|
$200
|
||
Unrealized gains/(losses) from price changes
|
(53)
|
193
|
||
Unrealized gains/(losses) on originations
|
15
|
7
|
||
Realized losses on settlements
|
(61)
|
(103)
|
||
Balance as of June 30,
|
$98
|
$297
|
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$4.9
|
$-
|
$-
|
$4.9
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
1.3
|
341.5
|
-
|
342.8
|
||||
Debt securities
|
60.6
|
147.6
|
-
|
208.2
|
||||
Securitization recovery trust account
|
2.9
|
-
|
-
|
2.9
|
||||
$69.7
|
$489.1
|
$-
|
$558.8
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$101.9
|
$-
|
$-
|
$101.9
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
3.4
|
316.3
|
-
|
319.7
|
||||
Debt securities
|
41.4
|
159.7
|
-
|
201.1
|
||||
Securitization recovery trust account
|
2.4
|
-
|
-
|
2.4
|
||||
$149.1
|
$476.0
|
$-
|
$625.1
|
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$37.7
|
$-
|
$-
|
$37.7
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
4.5
|
248.2
|
-
|
252.7
|
||||
Debt securities
|
37.5
|
127.9
|
-
|
165.4
|
||||
Storm reserve escrow account
|
90.2
|
-
|
-
|
90.2
|
||||
$169.9
|
$376.1
|
$-
|
$546.0
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.4
|
$-
|
$-
|
$0.4
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$154.9
|
$-
|
$-
|
$154.9
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
3.8
|
231.1
|
-
|
234.9
|
||||
Debt securities
|
32.2
|
126.5
|
-
|
158.7
|
||||
Storm reserve escrow account
|
90.1
|
-
|
-
|
90.1
|
||||
$281.0
|
$357.6
|
$-
|
$638.6
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$1.0
|
$-
|
$-
|
$1.0
|
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
$3.4
|
$152.2
|
$-
|
$155.6
|
||||
Debt securities
|
44.3
|
54.8
|
-
|
99.1
|
||||
Storm reserve escrow account
|
201.1
|
-
|
-
|
201.1
|
||||
$248.8
|
$207.0
|
$-
|
$455.8
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.6
|
$-
|
$-
|
$0.6
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$122.5
|
$-
|
$-
|
$122.5
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
1.3
|
142.6
|
-
|
143.9
|
||||
Debt securities
|
45.7
|
50.9
|
-
|
96.6
|
||||
Storm reserve escrow account
|
201.0
|
-
|
-
|
201.0
|
||||
$370.5
|
$193.5
|
$-
|
$564.0
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.4
|
$-
|
$-
|
$0.4
|
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Storm reserve escrow account
|
$31.9
|
$-
|
$-
|
$31.9
|
||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.3
|
$-
|
$-
|
$0.3
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Gas hedge contracts
|
$0.3
|
$-
|
$-
|
$0.3
|
||||
Storm reserve escrow account
|
31.9
|
-
|
-
|
31.9
|
||||
$32.2
|
$-
|
$-
|
$32.2
|
|||||
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$15.5
|
$-
|
$-
|
$15.5
|
||||
Storm reserve escrow account
|
9.0
|
-
|
-
|
9.0
|
||||
$24.5
|
$-
|
$-
|
$24.5
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.1
|
$-
|
$-
|
$0.1
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$53.6
|
$-
|
$-
|
$53.6
|
||||
Storm reserve escrow account
|
6.0
|
-
|
-
|
6.0
|
||||
$59.6
|
$-
|
$-
|
$59.6
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.5
|
$-
|
$-
|
$0.5
|
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Securitization recovery trust account
|
$31.0
|
$-
|
$-
|
$31.0
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$33.6
|
$-
|
$-
|
$33.6
|
||||
Securitization recovery trust account
|
40.6
|
-
|
-
|
40.6
|
||||
$74.2
|
$-
|
$-
|
$74.2
|
2011
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$67.7
|
$-
|
$-
|
$67.7
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
0.8
|
241.0
|
-
|
241.8
|
||||
Debt securities
|
103.4
|
72.3
|
-
|
175.7
|
||||
$171.9
|
$313.3
|
$-
|
$485.2
|
2010
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$262.9
|
$-
|
$-
|
$262.9
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
3.1
|
220.9
|
-
|
224.0
|
||||
Debt securities
|
95.7
|
68.2
|
-
|
163.9
|
||||
$361.7
|
$289.1
|
$-
|
$650.8
|
(a)
|
The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indexes. Fixed income securities are held in various governmental and corporate securities with an average coupon rate of 4.23%. See Note 9 for additional information on the investment portfolios.
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2011
|
||||||
Equity Securities
|
$2,204
|
$525
|
$5
|
|||
Debt Securities
|
1,571
|
75
|
5
|
|||
Total
|
$3,775
|
$600
|
$10
|
|||
2010
|
||||||
Equity Securities
|
$2,076
|
$436
|
$9
|
|||
Debt Securities
|
1,520
|
67
|
12
|
|||
Total
|
$3,596
|
$503
|
$21
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$49
|
$1
|
$314
|
$5
|
||||
More than 12 months
|
52
|
4
|
5
|
-
|
||||
Total
|
$101
|
$5
|
$319
|
$5
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$15
|
$1
|
$474
|
$11
|
||||
More than 12 months
|
105
|
8
|
4
|
1
|
||||
Total
|
$120
|
$9
|
$478
|
$12
|
2011
|
2010
|
|||
(In Millions)
|
||||
Less than 1 year
|
$51
|
$37
|
||
1 year - 5 years
|
564
|
557
|
||
5 years - 10 years
|
548
|
512
|
||
10 years - 15 years
|
161
|
163
|
||
15 years - 20 years
|
46
|
47
|
||
20 years+
|
201
|
204
|
||
Total
|
$1,571
|
$1,520
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2011
|
||||||
Equity Securities
|
$342.8
|
$90.7
|
$0.1
|
|||
Debt Securities
|
208.2
|
11.1
|
0.5
|
|||
Total
|
$551.0
|
$101.8
|
$0.6
|
|||
2010
|
||||||
Equity Securities
|
$319.7
|
$74.2
|
$0.3
|
|||
Debt Securities
|
201.1
|
11.0
|
1.0
|
|||
Total
|
$520.8
|
$85.2
|
$1.3
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$3.1
|
$0.1
|
$43.9
|
$0.5
|
||||
More than 12 months
|
0.1
|
-
|
-
|
-
|
||||
Total
|
$3.2
|
$0.1
|
$43.9
|
$0.5
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$-
|
$-
|
$44.3
|
$1.0
|
||||
More than 12 months
|
6.6
|
0.3
|
-
|
-
|
||||
Total
|
$6.6
|
$0.3
|
$44.3
|
$1.0
|
2011
|
2010
|
|||
(In Millions)
|
||||
Less than 1 year
|
$3.6
|
$5.3
|
||
1 year - 5 years
|
98.9
|
100.1
|
||
5 years - 10 years
|
97.0
|
85.2
|
||
10 years - 15 years
|
3.6
|
4.5
|
||
15 years - 20 years
|
-
|
-
|
||
20 years+
|
5.1
|
6.0
|
||
Total
|
$208.2
|
$201.1
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2011
|
||||||
Equity Securities
|
$252.7
|
$53.2
|
$0.6
|
|||
Debt Securities
|
165.4
|
11.1
|
0.4
|
|||
Total
|
$418.1
|
$64.3
|
$1.0
|
|||
2010
|
||||||
Equity Securities
|
$234.9
|
$41.7
|
$1.4
|
|||
Debt Securities
|
158.7
|
8.8
|
0.8
|
|||
Total
|
$393.6
|
$50.5
|
$2.2
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$3.7
|
$-
|
$16.0
|
$0.2
|
||||
More than 12 months
|
8.7
|
0.6
|
1.0
|
0.2
|
||||
Total
|
$12.4
|
$0.6
|
$17.0
|
$0.4
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$-
|
$-
|
$22.6
|
$0.6
|
||||
More than 12 months
|
18.6
|
1.4
|
0.9
|
0.2
|
||||
Total
|
$18.6
|
$1.4
|
$23.5
|
$0.8
|
2011
|
2010
|
|||
(In Millions)
|
||||
Less than 1 year
|
$4.9
|
$4.7
|
||
1 year - 5 years
|
34.2
|
35.0
|
||
5 years - 10 years
|
57.7
|
54.2
|
||
10 years - 15 years
|
52.1
|
48.1
|
||
15 years - 20 years
|
4.9
|
3.7
|
||
20 years+
|
11.6
|
13.0
|
||
Total
|
$165.4
|
$158.7
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2011
|
||||||
Equity Securities
|
$155.6
|
$37.7
|
$0.8
|
|||
Debt Securities
|
99.1
|
6.0
|
0.1
|
|||
Total
|
$254.7
|
$43.7
|
$0.9
|
|||
2010
|
||||||
Equity Securities
|
$143.9
|
$31.0
|
$1.7
|
|||
Debt Securities
|
96.6
|
5.3
|
0.1
|
|||
Total
|
$240.5
|
$36.3
|
$1.8
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$2.4
|
$-
|
$4.1
|
$0.1
|
||||
More than 12 months
|
10.8
|
0.8
|
0.1
|
-
|
||||
Total
|
$13.2
|
$0.8
|
$4.2
|
$0.1
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$-
|
$-
|
$4.8
|
$0.1
|
||||
More than 12 months
|
18.9
|
1.7
|
0.2
|
-
|
||||
Total
|
$18.9
|
$1.7
|
$5.0
|
$0.1
|
2011
|
2010
|
|||
(In Millions)
|
||||
Less than 1 year
|
$2.1
|
$5.3
|
||
1 year - 5 years
|
35.4
|
28.1
|
||
5 years - 10 years
|
25.3
|
31.5
|
||
10 years - 15 years
|
17.8
|
14.1
|
||
15 years - 20 years
|
1.8
|
2.9
|
||
20 years+
|
16.7
|
14.7
|
||
Total
|
$99.1
|
$96.6
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2011
|
||||||
Equity Securities
|
$241.8
|
$46.2
|
$2.5
|
|||
Debt Securities
|
175.7
|
5.0
|
0.5
|
|||
Total
|
$417.5
|
$51.2
|
$3.0
|
|||
2010
|
||||||
Equity Securities
|
$224.0
|
$37.3
|
$5.2
|
|||
Debt Securities
|
163.9
|
4.4
|
1.5
|
|||
Total
|
$387.9
|
$41.7
|
$6.7
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$18.6
|
$0.3
|
$33.3
|
$0.5
|
||||
More than 12 months
|
31.5
|
2.2
|
-
|
-
|
||||
Total
|
$50.1
|
$2.5
|
$33.3
|
$0.5
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$-
|
$-
|
$63.0
|
$1.5
|
||||
More than 12 months
|
61.1
|
5.2
|
-
|
-
|
||||
Total
|
$61.1
|
$5.2
|
$63.0
|
$1.5
|
2011
|
2010
|
|||
(In Millions)
|
||||
Less than 1 year
|
$8.8
|
$1.8
|
||
1 year - 5 years
|
85.7
|
79.8
|
||
5 years - 10 years
|
53.5
|
52.3
|
||
10 years - 15 years
|
0.5
|
2.5
|
||
15 years - 20 years
|
5.0
|
3.8
|
||
20 years+
|
22.2
|
23.7
|
||
Total
|
$175.7
|
$163.9
|
·
|
Atomic Energy Act Preemption. Under the Supremacy Clause of the U.S. Constitution, the U.S. Supreme Court held in 1983 that a state has no authority over (1) nuclear power plant licensing and operations or (2) the radiological safety of a nuclear power plant. In violation of these legal principles, Vermont has asserted that it can shut down a federally licensed and operating nuclear power plant, and that it can regulate the plant based upon Vermont’s safety concerns.
|
·
|
Federal Power Act Preemption and the Commerce Clause of the U.S. Constitution. Vermont is prohibited from conditioning post-March 2012 operation of Vermont Yankee on the plant’s agreement to provide power to Vermont utilities at preferential wholesale rates. The Federal Power Act preempts any state interference with the FERC’s exclusive regulation of rates in the wholesale power market. The Commerce Clause of the U.S. Constitution bars a state from discriminatory regulation of private markets that favors in-state over out-of-state residents.
|
|
Amount
|
|
(In Millions)
|
||
2010 net revenue
|
$322.7
|
|
Retail electric price
|
13.5
|
|
Volume/weather
|
(6.2)
|
|
Net wholesale revenue
|
(4.9)
|
|
Capacity acquisition recovery
|
(4.3)
|
|
Other
|
(1.6)
|
|
2011 net revenue
|
$319.2
|
|
Amount
|
|
(In Millions)
|
||
2010 net revenue
|
$583.1
|
|
Retail electric price
|
27.6
|
|
Net wholesale revenue
|
(8.5)
|
|
Capacity acquisition recovery
|
(8.4)
|
|
Volume/weather
|
(4.8)
|
|
Other
|
2.2
|
|
2011 net revenue
|
$591.2
|
·
|
an increase of $5.2 million in fossil costs primarily due to higher fossil plant outage costs;
|
·
|
an increase of $4.6 million in nuclear expenses primarily due to higher labor and contract costs; and
|
·
|
an increase of $3.2 million due to the deferral and subsequent amortization of 2009 rate case expenses, which began in July 2010.
|
·
|
an increase of $6.8 million in nuclear expenses primarily due to higher labor and contract costs;
|
·
|
an increase of $4.5 million in fossil costs due to higher fossil plant outage costs; and
|
·
|
an increase of $3.2 million due to the deferral and subsequent amortization of 2009 rate case expenses, which began in July 2010.
|
2011
|
2010
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$106,102
|
$86,233
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
164,799
|
351,346
|
|||
Investing activities
|
(251,633)
|
(155,857)
|
|||
Financing activities
|
(8,837)
|
(183,430)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(95,671)
|
12,059
|
|||
Cash and cash equivalents at end of period
|
$10,431
|
$98,292
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
55.5%
|
55.9%
|
||
Effect of excluding the securitization bonds
|
(1.6)%
|
(1.6)%
|
||
Debt to capital, excluding securitization bonds (1)
|
53.9%
|
54.3%
|
||
Effect of subtracting cash
|
(0.1)%
|
(1.5)%
|
||
Net debt to net capital, excluding securitization bonds (1)
|
53.8%
|
52.8%
|
(1)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Arkansas.
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
December 31,
2009
|
|||
(In Thousands)
|
||||||
$11,992
|
$41,463
|
$31,782
|
$28,859
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 516,833 | $ | 540,535 | $ | 960,331 | $ | 1,072,429 | ||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operation and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
86,882 | 116,739 | 169,113 | 282,469 | ||||||||||||
Purchased power
|
115,489 | 108,830 | 208,343 | 216,980 | ||||||||||||
Nuclear refueling outage expenses
|
10,258 | 10,748 | 20,219 | 21,859 | ||||||||||||
Other operation and maintenance
|
127,246 | 113,518 | 244,230 | 225,658 | ||||||||||||
Decommissioning
|
9,442 | 8,877 | 18,739 | 17,619 | ||||||||||||
Taxes other than income taxes
|
18,952 | 20,033 | 38,531 | 42,557 | ||||||||||||
Depreciation and amortization
|
54,252 | 60,705 | 109,510 | 124,703 | ||||||||||||
Other regulatory credits - net
|
(4,760 | ) | (7,708 | ) | (8,331 | ) | (10,126 | ) | ||||||||
TOTAL
|
417,761 | 431,742 | 800,354 | 921,719 | ||||||||||||
OPERATING INCOME
|
99,072 | 108,793 | 159,977 | 150,710 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
1,815 | 1,304 | 2,880 | 2,758 | ||||||||||||
Interest and investment income
|
5,381 | 6,034 | 9,161 | 13,722 | ||||||||||||
Miscellaneous - net
|
(1,140 | ) | (323 | ) | (1,889 | ) | (85 | ) | ||||||||
TOTAL
|
6,056 | 7,015 | 10,152 | 16,395 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest expense
|
20,960 | 23,023 | 42,023 | 45,359 | ||||||||||||
Allowance for borrowed funds used during construction
|
(622 | ) | (762 | ) | (1,101 | ) | (1,611 | ) | ||||||||
TOTAL
|
20,338 | 22,261 | 40,922 | 43,748 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
84,790 | 93,547 | 129,207 | 123,357 | ||||||||||||
Income taxes
|
34,492 | 38,146 | 53,301 | 52,703 | ||||||||||||
NET INCOME
|
50,298 | 55,401 | 75,906 | 70,654 | ||||||||||||
Preferred dividend requirements and other
|
1,718 | 1,718 | 3,437 | 3,437 | ||||||||||||
EARNINGS APPLICABLE TO
|
||||||||||||||||
COMMON STOCK
|
$ | 48,580 | $ | 53,683 | $ | 72,469 | $ | 67,217 | ||||||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 75,906 | $ | 70,654 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
167,451 | 179,316 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
53,803 | (156,174 | ) | |||||
Changes in working capital:
|
||||||||
Receivables
|
(42,944 | ) | (21,628 | ) | ||||
Fuel inventory
|
719 | (4,815 | ) | |||||
Accounts payable
|
35,435 | (51,095 | ) | |||||
Prepaid taxes and taxes accrued
|
(7,142 | ) | 172,506 | |||||
Interest accrued
|
2,204 | (836 | ) | |||||
Deferred fuel costs
|
9,409 | 137,385 | ||||||
Other working capital accounts
|
(22,042 | ) | 70,417 | |||||
Changes in provisions for estimated losses
|
(2,486 | ) | (8,125 | ) | ||||
Changes in other regulatory assets
|
13,074 | (38,326 | ) | |||||
Changes in pension and other postretirement liabilities
|
(91,437 | ) | (28,336 | ) | ||||
Other
|
(27,151 | ) | 30,403 | |||||
Net cash flow provided by operating activities
|
164,799 | 351,346 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction expenditures
|
(173,311 | ) | (144,478 | ) | ||||
Allowance for equity funds used during construction
|
3,518 | 2,758 | ||||||
Nuclear fuel purchases
|
(110,848 | ) | (12,129 | ) | ||||
Proceeds from sale of equipment
|
- | 2,489 | ||||||
Changes in other investments
|
- | 2,415 | ||||||
Proceeds from nuclear decommissioning trust fund sales
|
46,176 | 132,340 | ||||||
Investment in nuclear decommissioning trust funds
|
(57,102 | ) | (136,329 | ) | ||||
Change in money pool receivable - net
|
29,471 | (2,923 | ) | |||||
Investment in affiliates
|
10,994 | - | ||||||
Remittances to transition charge account
|
(6,867 | ) | - | |||||
Payments from transition charge account
|
6,336 | - | ||||||
Net cash flow used in investing activities
|
(251,633 | ) | (155,857 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from the issuance of long-term debt
|
54,905 | - | ||||||
Retirement of long-term debt
|
(4,145 | ) | (100,000 | ) | ||||
Changes in short-term borrowings - net
|
(27,160 | ) | (25,777 | ) | ||||
Dividends paid:
|
||||||||
Common stock
|
(29,000 | ) | (53,400 | ) | ||||
Preferred stock
|
(3,437 | ) | (3,437 | ) | ||||
Other
|
- | (816 | ) | |||||
Net cash flow used in financing activities
|
(8,837 | ) | (183,430 | ) | ||||
Net increase (decrease) in cash and cash equivalents
|
(95,671 | ) | 12,059 | |||||
Cash and cash equivalents at beginning of period
|
106,102 | 86,233 | ||||||
Cash and cash equivalents at end of period
|
$ | 10,431 | $ | 98,292 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 37,358 | $ | 43,570 | ||||
Income taxes
|
$ | - | $ | 10,000 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 5,537 | $ | 4,250 | ||||
Temporary cash investments
|
4,894 | 101,852 | ||||||
Total cash and cash equivalents
|
10,431 | 106,102 | ||||||
Securitization recovery trust account
|
2,943 | 2,412 | ||||||
Accounts receivable:
|
||||||||
Customer
|
96,199 | 79,905 | ||||||
Allowance for doubtful accounts
|
(23,955 | ) | (24,402 | ) | ||||
Associated companies
|
52,555 | 82,583 | ||||||
Other
|
64,754 | 61,135 | ||||||
Accrued unbilled revenues
|
97,368 | 74,227 | ||||||
Total accounts receivable
|
286,921 | 273,448 | ||||||
Deferred fuel costs
|
52,093 | 61,502 | ||||||
Fuel inventory - at average cost
|
36,980 | 37,699 | ||||||
Materials and supplies - at average cost
|
139,289 | 140,095 | ||||||
Deferred nuclear refueling outage costs
|
38,893 | 23,099 | ||||||
System agreement cost equalization
|
66,351 | 52,160 | ||||||
Prepaid taxes
|
93,835 | 86,693 | ||||||
Prepayments and other
|
10,052 | 7,877 | ||||||
TOTAL
|
737,788 | 791,087 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Decommissioning trust funds
|
551,003 | 520,841 | ||||||
Non-utility property - at cost (less accumulated depreciation)
|
1,681 | 1,684 | ||||||
Other
|
3,182 | 14,176 | ||||||
TOTAL
|
555,866 | 536,701 | ||||||
UTILITY PLANT
|
||||||||
Electric
|
7,871,282 | 7,787,348 | ||||||
Property under capital lease
|
1,269 | 1,303 | ||||||
Construction work in progress
|
182,127 | 114,324 | ||||||
Nuclear fuel
|
260,315 | 188,611 | ||||||
TOTAL UTILITY PLANT
|
8,314,993 | 8,091,586 | ||||||
Less - accumulated depreciation and amortization
|
3,775,019 | 3,683,001 | ||||||
UTILITY PLANT - NET
|
4,539,974 | 4,408,585 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
93,203 | 98,836 | ||||||
Other regulatory assets (includes securitization property of
|
||||||||
$113,023 as of June 30, 2011 and $118,505 as of
|
||||||||
December 31, 2010)
|
885,492 | 892,449 | ||||||
Other
|
29,553 | 23,710 | ||||||
TOTAL
|
1,008,248 | 1,014,995 | ||||||
TOTAL ASSETS
|
$ | 6,841,876 | $ | 6,751,368 | ||||
See Notes to Financial Statements.
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Currently maturing long-term debt
|
$ | 35,000 | $ | 35,000 | ||||
Short-term borrowings
|
35,617 | 62,777 | ||||||
Accounts payable:
|
||||||||
Associated companies
|
106,654 | 92,627 | ||||||
Other
|
138,034 | 114,454 | ||||||
Customer deposits
|
78,209 | 72,535 | ||||||
Accumulated deferred income taxes
|
91,148 | 82,820 | ||||||
Interest accrued
|
29,224 | 27,020 | ||||||
Other
|
24,753 | 21,115 | ||||||
TOTAL
|
538,639 | 508,348 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
1,704,262 | 1,661,365 | ||||||
Accumulated deferred investment tax credits
|
43,933 | 44,928 | ||||||
Other regulatory liabilities
|
150,017 | 140,801 | ||||||
Decommissioning
|
620,903 | 602,164 | ||||||
Accumulated provisions
|
5,484 | 7,970 | ||||||
Pension and other postretirement liabilities
|
324,488 | 415,925 | ||||||
Long-term debt (includes securitization bonds of $119,922 as
|
||||||||
of June 30, 2011 and $124,066 as of December 31, 2010)
|
1,879,895 | 1,828,910 | ||||||
Other
|
10,530 | 20,701 | ||||||
TOTAL
|
4,739,512 | 4,722,764 | ||||||
Commitments and Contingencies
|
||||||||
Preferred stock without sinking fund
|
116,350 | 116,350 | ||||||
COMMON EQUITY
|
||||||||
Common stock, $0.01 par value, authorized 325,000,000
|
||||||||
shares; issued and outstanding 46,980,196 shares in 2011
|
||||||||
and 2010
|
470 | 470 | ||||||
Paid-in capital
|
588,444 | 588,444 | ||||||
Retained earnings
|
858,461 | 814,992 | ||||||
TOTAL
|
1,447,375 | 1,403,906 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 6,841,876 | $ | 6,751,368 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||||||
Common Equity
|
||||||||||||||||
Common Stock
|
Paid-in Capital
|
Retained Earnings
|
Total
|
|||||||||||||
Balance at December 31, 2009
|
$ | 470 | $ | 588,444 | $ | 822,647 | $ | 1,411,561 | ||||||||
Net income
|
- | - | 70,654 | 70,654 | ||||||||||||
Common stock dividends
|
- | - | (53,400 | ) | (53,400 | ) | ||||||||||
Preferred stock dividends
|
- | - | (3,437 | ) | (3,437 | ) | ||||||||||
Balance at June 30, 2010
|
$ | 470 | $ | 588,444 | $ | 836,464 | $ | 1,425,378 | ||||||||
Balance at December 31, 2010
|
$ | 470 | $ | 588,444 | $ | 814,992 | $ | 1,403,906 | ||||||||
Net income
|
- | - | 75,906 | 75,906 | ||||||||||||
Common stock dividends
|
- | - | (29,000 | ) | (29,000 | ) | ||||||||||
Preferred stock dividends
|
- | - | (3,437 | ) | (3,437 | ) | ||||||||||
Balance at June 30, 2011
|
$ | 470 | $ | 588,444 | $ | 858,461 | $ | 1,447,375 | ||||||||
See Notes to Financial Statements.
|
||||||||||||||||
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011
|
2010
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 157 | $ | 164 | $ | (7 | ) | (4 | ) | |||||||
Commercial
|
107 | 111 | (4 | ) | (4 | ) | ||||||||||
Industrial
|
101 | 109 | (8 | ) | (7 | ) | ||||||||||
Governmental
|
6 | 4 | 2 | 50 | ||||||||||||
Total retail
|
371 | 388 | (17 | ) | (4 | ) | ||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
73 | 76 | (3 | ) | (4 | ) | ||||||||||
Non-associated companies
|
23 | 16 | 7 | 44 | ||||||||||||
Other
|
50 | 61 | (11 | ) | (18 | ) | ||||||||||
Total
|
$ | 517 | $ | 541 | $ | (24 | ) | (4 | ) | |||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,654 | 1,624 | 30 | 2 | ||||||||||||
Commercial
|
1,425 | 1,429 | (4 | ) | - | |||||||||||
Industrial
|
1,704 | 1,739 | (35 | ) | (2 | ) | ||||||||||
Governmental
|
65 | 62 | 3 | 5 | ||||||||||||
Total retail
|
4,848 | 4,854 | (6 | ) | - | |||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
1,723 | 2,070 | (347 | ) | (17 | ) | ||||||||||
Non-associated companies
|
301 | 139 | 162 | 117 | ||||||||||||
Total
|
6,872 | 7,063 | (191 | ) | (3 | ) | ||||||||||
Six Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011 | 2010 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 332 | $ | 383 | $ | (51 | ) | (13 | ) | |||||||
Commercial
|
199 | 220 | (21 | ) | (10 | ) | ||||||||||
Industrial
|
184 | 210 | (26 | ) | (12 | ) | ||||||||||
Governmental
|
9 | 9 | - | - | ||||||||||||
Total retail
|
724 | 822 | (98 | ) | (12 | ) | ||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
137 | 155 | (18 | ) | (12 | ) | ||||||||||
Non-associated companies
|
47 | 40 | 7 | 18 | ||||||||||||
Other
|
52 | 55 | (3 | ) | (5 | ) | ||||||||||
Total
|
$ | 960 | $ | 1,072 | $ | (112 | ) | (10 | ) | |||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
3,905 | 4,025 | (120 | ) | (3 | ) | ||||||||||
Commercial
|
2,785 | 2,809 | (24 | ) | (1 | ) | ||||||||||
Industrial
|
3,317 | 3,325 | (8 | ) | - | |||||||||||
Governmental
|
129 | 126 | 3 | 2 | ||||||||||||
Total retail
|
10,136 | 10,285 | (149 | ) | (1 | ) | ||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
3,381 | 4,057 | (676 | ) | (17 | ) | ||||||||||
Non-associated companies
|
625 | 387 | 238 | 61 | ||||||||||||
Total
|
14,142 | 14,729 | (587 | ) | (4 | ) | ||||||||||
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$229.3
|
|
Volume/weather
|
7.6
|
|
Other
|
2.7
|
|
2011 net revenue
|
$239.6
|
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$447.3
|
|
Volume/weather
|
7.6
|
|
Fuel recovery
|
7.0
|
|
Net wholesale revenue
|
4.0
|
|
Other
|
(1.2)
|
|
2011 net revenue
|
$464.7
|
·
|
interest expense accrued in 2010 related to the expected result of the LPSC staff audit of the fuel adjustment clause for the period 1995 through 2004; and
|
·
|
redemptions of first mortgage bonds of $68 million in June 2010 and $304 million in November 2010, partially offset by the issuance of first mortgage bonds of $250 million in October 2010. See Note 4 to the financial statements in the Form 10-K for details of long-term debt.
|
·
|
interest expense accrued in 2010 related to the expected result of the LPSC staff audit of the fuel adjustment clause for the period 1995 through 2004; and
|
·
|
redemptions of first mortgage bonds of $68 million in June 2010 and $304 million in November 2010, partially offset by the issuance of first mortgage bonds of $250 million in October 2010. See Note 4 to the financial statements in the Form 10-K for details of long-term debt.
|
2011
|
2010
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$155,173
|
$144,460
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
176,653
|
208,179
|
|||
Investing activities
|
(203,048)
|
(128,780)
|
|||
Financing activities
|
(90,861)
|
(75,311)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(117,256)
|
4,088
|
|||
Cash and cash equivalents at end of period
|
$37,917
|
$148,548
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
52.2%
|
51.2%
|
||
Effect of subtracting cash
|
(0.6)%
|
(2.6)%
|
||
Net debt to net capital
|
51.6%
|
48.6%
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
December 31,
2009
|
|||
(In Thousands)
|
||||||
$91,453
|
$63,003
|
$50,032
|
$50,131
|
INCOME STATEMENTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 511,648 | $ | 497,004 | $ | 978,689 | $ | 954,785 | ||||||||
Natural gas
|
10,914 | 12,221 | 39,771 | 53,115 | ||||||||||||
TOTAL
|
522,562 | 509,225 | 1,018,460 | 1,007,900 | ||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operation and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
75,923 | 68,853 | 156,558 | 132,989 | ||||||||||||
Purchased power
|
207,389 | 213,417 | 398,497 | 432,027 | ||||||||||||
Nuclear refueling outage expenses
|
4,324 | 5,605 | 9,342 | 11,323 | ||||||||||||
Other operation and maintenance
|
87,472 | 87,240 | 166,485 | 166,879 | ||||||||||||
Decommissioning
|
3,522 | 3,325 | 6,993 | 6,604 | ||||||||||||
Taxes other than income taxes
|
18,777 | 17,954 | 37,578 | 36,410 | ||||||||||||
Depreciation and amortization
|
35,675 | 32,613 | 71,399 | 67,802 | ||||||||||||
Other regulatory credits - net
|
(380 | ) | (2,376 | ) | (1,322 | ) | (4,430 | ) | ||||||||
TOTAL
|
432,702 | 426,631 | 845,530 | 849,604 | ||||||||||||
OPERATING INCOME
|
89,860 | 82,594 | 172,930 | 158,296 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
2,163 | 1,525 | 3,903 | 2,811 | ||||||||||||
Interest and investment income
|
10,473 | 8,780 | 19,831 | 19,378 | ||||||||||||
Miscellaneous - net
|
(1,712 | ) | (1,773 | ) | (3,873 | ) | (3,352 | ) | ||||||||
TOTAL
|
10,924 | 8,532 | 19,861 | 18,837 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest expense
|
21,231 | 30,423 | 42,580 | 55,605 | ||||||||||||
Allowance for borrowed funds used during construction
|
(828 | ) | (982 | ) | (1,693 | ) | (1,799 | ) | ||||||||
TOTAL
|
20,403 | 29,441 | 40,887 | 53,806 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
80,381 | 61,685 | 151,904 | 123,327 | ||||||||||||
Income taxes
|
31,071 | 29,531 | 56,923 | 53,090 | ||||||||||||
NET INCOME
|
49,310 | 32,154 | 94,981 | 70,237 | ||||||||||||
Preferred distribution requirements and other
|
206 | 208 | 412 | 414 | ||||||||||||
EARNINGS APPLICABLE TO COMMON EQUITY
|
$ | 49,104 | $ | 31,946 | $ | 94,569 | $ | 69,823 | ||||||||
See Notes to Financial Statements.
|
STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 94,981 | $ | 70,237 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
101,561 | 98,435 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
13,995 | (301,383 | ) | |||||
Changes in working capital:
|
||||||||
Receivables
|
(58,808 | ) | (66,006 | ) | ||||
Fuel inventory
|
(2,435 | ) | 1,973 | |||||
Accounts payable
|
(17,147 | ) | 62,841 | |||||
Prepaid taxes and taxes accrued
|
63,111 | 325,175 | ||||||
Interest accrued
|
(692 | ) | 229 | |||||
Deferred fuel costs
|
(38,044 | ) | (29,431 | ) | ||||
Other working capital accounts
|
(10,757 | ) | 39,676 | |||||
Changes in provisions for estimated losses
|
840 | (7,322 | ) | |||||
Changes in other regulatory assets
|
21,505 | (2,998 | ) | |||||
Changes in pension and other postretirement liabilities
|
(14,164 | ) | (3,428 | ) | ||||
Other
|
22,707 | 20,181 | ||||||
Net cash flow provided by operating activities
|
176,653 | 208,179 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction expenditures
|
(108,261 | ) | (118,261 | ) | ||||
Allowance for equity funds used during construction
|
3,903 | 2,811 | ||||||
Nuclear fuel purchases
|
(70,728 | ) | (12,023 | ) | ||||
Proceeds from the sale of nuclear fuel
|
9,647 | - | ||||||
Proceeds from nuclear decommissioning trust fund sales
|
20,668 | 78,849 | ||||||
Investment in nuclear decommissioning trust funds
|
(29,749 | ) | (83,391 | ) | ||||
Change in money pool receivable - net
|
(28,450 | ) | 99 | |||||
Changes in other investments
|
(78 | ) | 3,136 | |||||
Net cash flow used in investing activities
|
(203,048 | ) | (128,780 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Changes in credit borrowings - net
|
32,100 | (9,500 | ) | |||||
Dividends/distributions paid:
|
||||||||
Common equity
|
(122,250 | ) | (64,300 | ) | ||||
Preferred membership interests
|
(412 | ) | (414 | ) | ||||
Other
|
(299 | ) | (1,097 | ) | ||||
Net cash flow used in financing activities
|
(90,861 | ) | (75,311 | ) | ||||
Net increase (decrease) in cash and cash equivalents
|
(117,256 | ) | 4,088 | |||||
Cash and cash equivalents at beginning of period
|
155,173 | 144,460 | ||||||
Cash and cash equivalents at end of period
|
$ | 37,917 | $ | 148,548 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid/(received) during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 41,695 | $ | 53,905 | ||||
Income taxes
|
$ | (7 | ) | $ | 394 | |||
Noncash financing activities:
|
||||||||
Repayment by Entergy Texas of assumed long-term debt
|
$ | - | $ | 167,742 | ||||
See Notes to Financial Statements.
|
BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 183 | $ | 231 | ||||
Temporary cash investments
|
37,734 | 154,942 | ||||||
Total cash and cash equivalents
|
37,917 | 155,173 | ||||||
Accounts receivable:
|
||||||||
Customer
|
78,021 | 60,369 | ||||||
Allowance for doubtful accounts
|
(1,511 | ) | (1,306 | ) | ||||
Associated companies
|
181,304 | 119,252 | ||||||
Other
|
26,014 | 27,728 | ||||||
Accrued unbilled revenues
|
66,089 | 56,616 | ||||||
Total accounts receivable
|
349,917 | 262,659 | ||||||
Deferred fuel costs
|
15,743 | - | ||||||
Fuel inventory - at average cost
|
28,262 | 25,827 | ||||||
Materials and supplies - at average cost
|
110,638 | 113,302 | ||||||
Deferred nuclear refueling outage costs
|
30,164 | 7,372 | ||||||
Prepaid taxes
|
- | 40,946 | ||||||
Prepayments and other
|
7,721 | 5,127 | ||||||
TOTAL
|
580,362 | 610,406 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Investment in affiliate preferred membership interests
|
339,664 | 339,664 | ||||||
Decommissioning trust funds
|
418,129 | 393,580 | ||||||
Non-utility property - at cost (less accumulated depreciation)
|
161,964 | 156,845 | ||||||
Storm reserve escrow account
|
90,204 | 90,125 | ||||||
Other
|
12,519 | 12,011 | ||||||
TOTAL
|
1,022,480 | 992,225 | ||||||
UTILITY PLANT
|
||||||||
Electric
|
6,985,003 | 6,907,268 | ||||||
Natural gas
|
127,473 | 124,020 | ||||||
Construction work in progress
|
118,621 | 119,017 | ||||||
Nuclear fuel
|
205,730 | 202,609 | ||||||
TOTAL UTILITY PLANT
|
7,436,827 | 7,352,914 | ||||||
Less - accumulated depreciation and amortization
|
3,860,793 | 3,812,394 | ||||||
UTILITY PLANT - NET
|
3,576,034 | 3,540,520 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
228,514 | 234,406 | ||||||
Other regulatory assets
|
254,317 | 270,883 | ||||||
Deferred fuel costs
|
100,124 | 100,124 | ||||||
Other
|
17,571 | 14,832 | ||||||
TOTAL
|
600,526 | 620,245 | ||||||
TOTAL ASSETS
|
$ | 5,779,402 | $ | 5,763,396 | ||||
See Notes to Financial Statements.
|
ENTERGY GULF STATES LOUISIANA, L.L.C.
|
||||||||
BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable:
|
||||||||
Associated companies
|
$ | 100,634 | $ | 71,601 | ||||
Other
|
110,589 | 160,246 | ||||||
Customer deposits
|
49,462 | 48,631 | ||||||
Taxes accrued
|
22,165 | - | ||||||
Accumulated deferred income taxes
|
12,367 | 1,749 | ||||||
Interest accrued
|
26,569 | 27,261 | ||||||
Deferred fuel costs
|
- | 22,301 | ||||||
Pension and other postretirement liabilities
|
7,606 | 7,415 | ||||||
System agreement cost equalization
|
10,282 | - | ||||||
Other
|
15,710 | 15,049 | ||||||
TOTAL
|
355,384 | 354,253 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
1,406,839 | 1,405,374 | ||||||
Accumulated deferred investment tax credits
|
83,189 | 84,858 | ||||||
Other regulatory liabilities
|
94,518 | 83,479 | ||||||
Decommissioning and asset retirement cost liabilities
|
349,717 | 339,925 | ||||||
Accumulated provisions
|
98,520 | 97,680 | ||||||
Pension and other postretirement liabilities
|
206,268 | 220,432 | ||||||
Long-term debt
|
1,616,551 | 1,584,332 | ||||||
Long-term payables - associated companies
|
31,791 | 32,596 | ||||||
Other
|
53,879 | 51,254 | ||||||
TOTAL
|
3,941,272 | 3,899,930 | ||||||
Commitments and Contingencies
|
||||||||
EQUITY
|
||||||||
Preferred membership interests without sinking fund
|
10,000 | 10,000 | ||||||
Member's equity
|
1,511,821 | 1,539,517 | ||||||
Accumulated other comprehensive loss
|
(39,075 | ) | (40,304 | ) | ||||
TOTAL
|
1,482,746 | 1,509,213 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 5,779,402 | $ | 5,763,396 | ||||
See Notes to Financial Statements.
|
||||||||
STATEMENTS OF CHANGES IN EQUITY AND COMPREHENSIVE INCOME
|
||||||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||||||
Common Equity
|
||||||||||||||||
Preferred Membership Interests
|
Member's Equity
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
|||||||||||||
Balance at December 31, 2009
|
$ | 10,000 | $ | 1,473,930 | $ | (42,171 | ) | $ | 1,441,759 | |||||||
Net income
|
- | 70,237 | - | 70,237 | ||||||||||||
Other comprehensive income:
|
||||||||||||||||
Pension and other postretirement liabilities (net of tax expense of $1,048)
|
- | - | 1,098 | 1,098 | ||||||||||||
Total comprehensive income
|
71,335 | |||||||||||||||
Dividends/distributions declared on common equity
|
- | (64,300 | ) | - | (64,300 | ) | ||||||||||
Dividends/distributions declared on preferred membership interests
|
- | (414 | ) | - | (414 | ) | ||||||||||
Other
|
- | (10 | ) | - | (10 | ) | ||||||||||
Balance at June 30, 2010
|
$ | 10,000 | $ | 1,479,443 | $ | (41,073 | ) | $ | 1,448,370 | |||||||
Balance at December 31, 2010
|
$ | 10,000 | $ | 1,539,517 | $ | (40,304 | ) | $ | 1,509,213 | |||||||
Net income
|
- | 94,981 | - | 94,981 | ||||||||||||
Other comprehensive income:
|
||||||||||||||||
Pension and other postretirement liabilities (net of tax expense of $1,015)
|
- | - | 1,229 | 1,229 | ||||||||||||
Total comprehensive income
|
96,210 | |||||||||||||||
Dividends/distributions declared on common equity
|
- | (122,250 | ) | - | (122,250 | ) | ||||||||||
Dividends/distributions declared on preferred membership interests
|
- | (412 | ) | - | (412 | ) | ||||||||||
Other
|
- | (15 | ) | - | (15 | ) | ||||||||||
Balance at June 30, 2011
|
$ | 10,000 | $ | 1,511,821 | $ | (39,075 | ) | $ | 1,482,746 | |||||||
See Notes to Financial Statements.
|
||||||||||||||||
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011
|
2010
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 110 | $ | 107 | $ | 3 | 3 | |||||||||
Commercial
|
103 | 101 | 2 | 2 | ||||||||||||
Industrial
|
128 | 128 | 0 | - | ||||||||||||
Governmental
|
6 | 5 | 1 | 20 | ||||||||||||
Total retail
|
347 | 341 | 6 | 2 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
126 | 116 | 10 | 9 | ||||||||||||
Non-associated companies
|
15 | 22 | (7 | ) | (32 | ) | ||||||||||
Other
|
24 | 18 | 6 | 33 | ||||||||||||
Total
|
$ | 512 | $ | 497 | $ | 15 | 3 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,229 | 1,195 | 34 | 3 | ||||||||||||
Commercial
|
1,275 | 1,244 | 31 | 2 | ||||||||||||
Industrial
|
2,345 | 2,319 | 26 | 1 | ||||||||||||
Governmental
|
54 | 51 | 3 | 6 | ||||||||||||
Total retail
|
4,903 | 4,809 | 94 | 2 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
2,262 | 2,216 | 46 | 2 | ||||||||||||
Non-associated companies
|
306 | 480 | (174 | ) | (36 | ) | ||||||||||
Total
|
7,471 | 7,505 | (34 | ) | - | |||||||||||
Six Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011 | 2010 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 220 | $ | 226 | $ | (6 | ) | (3 | ) | |||||||
Commercial
|
200 | 199 | 1 | 1 | ||||||||||||
Industrial
|
243 | 241 | 2 | 1 | ||||||||||||
Governmental
|
11 | 10 | 1 | 10 | ||||||||||||
Total retail
|
674 | 676 | (2 | ) | - | |||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
245 | 209 | 36 | 17 | ||||||||||||
Non-associated companies
|
28 | 46 | (18 | ) | (39 | ) | ||||||||||
Other
|
32 | 24 | 8 | 33 | ||||||||||||
Total
|
$ | 979 | $ | 955 | $ | 24 | 3 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
2,476 | 2,520 | (44 | ) | (2 | ) | ||||||||||
Commercial
|
2,488 | 2,443 | 45 | 2 | ||||||||||||
Industrial
|
4,520 | 4,329 | 191 | 4 | ||||||||||||
Governmental
|
107 | 107 | - | - | ||||||||||||
Total retail
|
9,591 | 9,399 | 192 | 2 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
4,136 | 3,906 | 230 | 6 | ||||||||||||
Non-associated companies
|
510 | 957 | (447 | ) | (47 | ) | ||||||||||
Total
|
14,237 | 14,262 | (25 | ) | - | |||||||||||
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$269.1
|
|
Retail electric price
|
16.9
|
|
2011 net revenue
|
$286.0
|
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$507.4
|
|
Retail electric price
|
9.2
|
|
Other
|
3.2
|
|
2011 net revenue
|
$519.8
|
·
|
an increase of $2.9 million in nuclear expenses due to higher nuclear labor costs;
|
·
|
an increase of $1.6 million in loss provisions in 2011; and
|
·
|
an increase of $1.3 million in legal expenses primarily resulting from an increase in legal and regulatory activity increasing the use of outside legal services.
|
2011
|
2010
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$123,254
|
$151,849
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
51,486
|
226,060
|
|||
Investing activities
|
(578,247)
|
(175,517)
|
|||
Financing activities
|
405,519
|
(103,357)
|
|||
Net decrease in cash and cash equivalents
|
(121,242)
|
(52,814)
|
|||
Cash and cash equivalents at end of period
|
$2,012
|
$99,035
|
·
|
the issuance of $200 million of 4.8% Series first mortgage bonds in March 2011;
|
·
|
money pool activity;
|
·
|
borrowings of $100 million on Entergy Louisiana’s credit facility;
|
·
|
an increase in borrowings on the nuclear fuel company variable interest entity’s credit facility;
|
·
|
the issuance of the $20 million Series F note by the nuclear fuel company variable interest entity in March 2011;
|
·
|
the retirement of $55 million of 4.67% Series first mortgage bonds in June 2010; and
|
·
|
the retirement of the $30 million Series D note by the nuclear fuel company variable interest entity in January 2010.
|
·
|
a principal payment of $30.3 million in 2011 for the Waterford 3 sale-leaseback obligation compared to a principal payment of $17.3 million in 2010; and
|
·
|
$31.2 million in common equity dividends paid in 2011.
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
49.3%
|
46.1%
|
||
Effect of subtracting cash
|
0.0%
|
(1.7)%
|
||
Net debt to net capital
|
49.3%
|
44.4%
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
December 31,
2009
|
|||
(In Thousands)
|
||||||
($111,848)
|
$49,887
|
$34,131
|
$52,807
|
INCOME STATEMENTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 651,847 | $ | 619,473 | $ | 1,167,281 | $ | 1,230,997 | ||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operation and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
143,532 | 143,426 | 228,757 | 302,675 | ||||||||||||
Purchased power
|
230,546 | 212,402 | 430,924 | 432,475 | ||||||||||||
Nuclear refueling outage expenses
|
6,706 | 6,172 | 14,181 | 12,270 | ||||||||||||
Other operation and maintenance
|
106,439 | 104,706 | 212,804 | 206,686 | ||||||||||||
Decommissioning
|
6,108 | 5,688 | 12,109 | 11,275 | ||||||||||||
Taxes other than income taxes
|
18,345 | 15,158 | 35,084 | 33,158 | ||||||||||||
Depreciation and amortization
|
51,777 | 47,291 | 101,423 | 97,518 | ||||||||||||
Other regulatory credits - net
|
(8,254 | ) | (5,485 | ) | (12,210 | ) | (11,503 | ) | ||||||||
TOTAL
|
555,199 | 529,358 | 1,023,072 | 1,084,554 | ||||||||||||
OPERATING INCOME
|
96,648 | 90,115 | 144,209 | 146,443 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
8,277 | 6,990 | 15,651 | 13,527 | ||||||||||||
Interest and investment income
|
23,716 | 18,566 | 44,126 | 34,908 | ||||||||||||
Miscellaneous - net
|
(134 | ) | (1,250 | ) | (656 | ) | (2,072 | ) | ||||||||
TOTAL
|
31,859 | 24,306 | 59,121 | 46,363 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest expense
|
30,700 | 30,152 | 59,335 | 61,189 | ||||||||||||
Allowance for borrowed funds used during construction
|
(4,306 | ) | (4,668 | ) | (8,403 | ) | (9,036 | ) | ||||||||
TOTAL
|
26,394 | 25,484 | 50,932 | 52,153 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
102,113 | 88,937 | 152,398 | 140,653 | ||||||||||||
Income taxes
|
27,010 | 27,678 | 36,997 | 42,562 | ||||||||||||
NET INCOME
|
75,103 | 61,259 | 115,401 | 98,091 | ||||||||||||
Preferred distribution requirements and other
|
1,738 | 1,738 | 3,475 | 3,475 | ||||||||||||
EARNINGS APPLICABLE TO
|
||||||||||||||||
COMMON EQUITY
|
$ | 73,365 | $ | 59,521 | $ | 111,926 | $ | 94,616 | ||||||||
See Notes to Financial Statements.
|
STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 115,401 | $ | 98,091 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
137,175 | 140,665 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
92,865 | 86,180 | ||||||
Changes in working capital:
|
||||||||
Receivables
|
(91,060 | ) | (56,595 | ) | ||||
Fuel inventory
|
(27,750 | ) | - | |||||
Accounts payable
|
27,363 | 25,101 | ||||||
Prepaid taxes and taxes accrued
|
(32,083 | ) | (25,993 | ) | ||||
Interest accrued
|
3,749 | (1,646 | ) | |||||
Deferred fuel costs
|
(77,308 | ) | 16,177 | |||||
Other working capital accounts
|
(27,956 | ) | (27,190 | ) | ||||
Changes in provisions for estimated losses
|
(6,315 | ) | 3,120 | |||||
Changes in other regulatory assets
|
(18,412 | ) | (26,468 | ) | ||||
Changes in pension and other postretirement liabilities
|
(35,923 | ) | (5,859 | ) | ||||
Other
|
(8,260 | ) | 477 | |||||
Net cash flow provided by operating activities
|
51,486 | 226,060 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction expenditures
|
(219,667 | ) | (213,121 | ) | ||||
Allowance for equity funds used during construction
|
15,651 | 13,527 | ||||||
Nuclear fuel purchases
|
(130,489 | ) | - | |||||
Proceeds from sale of nuclear fuel
|
11,570 | - | ||||||
Payment for purchase of plant
|
(299,589 | ) | - | |||||
Changes in other investments - net
|
- | 9,353 | ||||||
Proceeds from nuclear decommissioning trust fund sales
|
7,785 | 26,668 | ||||||
Investment in nuclear decommissioning trust funds
|
(13,224 | ) | (30,176 | ) | ||||
Change in money pool receivable - net
|
49,887 | 18,676 | ||||||
Other
|
(171 | ) | (444 | ) | ||||
Net cash flow used in investing activities
|
(578,247 | ) | (175,517 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from the issuance of long-term debt
|
217,047 | - | ||||||
Changes in short-term borrowings - net
|
141,583 | 7,990 | ||||||
Retirement of long-term debt
|
(30,284 | ) | (102,326 | ) | ||||
Changes in money pool payable - net
|
111,848 | - | ||||||
Distributions paid:
|
||||||||
Common equity
|
(31,200 | ) | - | |||||
Preferred membership interests
|
(3,475 | ) | (3,475 | ) | ||||
Other
|
- | (5,546 | ) | |||||
Net cash flow provided by (used in) financing activities
|
405,519 | (103,357 | ) | |||||
Net decrease in cash and cash equivalents
|
(121,242 | ) | (52,814 | ) | ||||
Cash and cash equivalents at beginning of period
|
123,254 | 151,849 | ||||||
Cash and cash equivalents at end of period
|
$ | 2,012 | $ | 99,035 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid/(received) during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 53,606 | $ | 60,992 | ||||
Income taxes
|
$ | (77 | ) | $ | 4,527 | |||
Noncash investing and financing activities:
|
||||||||
Proceeds from long-term debt issued for the purpose
|
||||||||
of refunding prior long-term debt
|
$ | - | $ | 150,000 | ||||
Long-term debt refunded with proceeds from long-term
|
||||||||
debt issued in prior period
|
$ | - | $ | (150,000 | ) | |||
See Notes to Financial Statements.
|
||||||||
BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 2,012 | $ | 708 | ||||
Temporary cash investments
|
- | 122,546 | ||||||
Total cash and cash equivalents
|
2,012 | 123,254 | ||||||
Accounts receivable:
|
||||||||
Customer
|
153,827 | 85,799 | ||||||
Allowance for doubtful accounts
|
(1,878 | ) | (1,961 | ) | ||||
Associated companies
|
35,705 | 81,050 | ||||||
Other
|
10,327 | 14,594 | ||||||
Accrued unbilled revenues
|
94,333 | 71,659 | ||||||
Total accounts receivable
|
292,314 | 251,141 | ||||||
Deferred fuel costs
|
18,081 | - | ||||||
Accumulated deferred income taxes
|
- | 7,072 | ||||||
Fuel inventory
|
27,753 | 3 | ||||||
Materials and supplies - at average cost
|
139,724 | 138,047 | ||||||
Deferred nuclear refueling outage costs
|
36,420 | 11,364 | ||||||
Prepaid taxes
|
57,093 | 25,010 | ||||||
Prepayments and other
|
18,723 | 10,719 | ||||||
TOTAL
|
592,120 | 566,610 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Investment in affiliate preferred membership interests
|
807,424 | 807,424 | ||||||
Decommissioning trust funds
|
254,659 | 240,535 | ||||||
Storm reserve escrow account
|
201,147 | 200,972 | ||||||
Non-utility property - at cost (less accumulated depreciation)
|
851 | 946 | ||||||
TOTAL
|
1,264,081 | 1,249,877 | ||||||
UTILITY PLANT
|
||||||||
Electric
|
7,732,472 | 7,216,146 | ||||||
Property under capital lease
|
264,266 | 264,266 | ||||||
Construction work in progress
|
560,935 | 521,172 | ||||||
Nuclear fuel
|
156,262 | 134,528 | ||||||
TOTAL UTILITY PLANT
|
8,713,935 | 8,136,112 | ||||||
Less - accumulated depreciation and amortization
|
3,599,637 | 3,457,190 | ||||||
UTILITY PLANT - NET
|
5,114,298 | 4,678,922 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
245,047 | 235,404 | ||||||
Other regulatory assets
|
670,296 | 662,746 | ||||||
Deferred fuel costs
|
67,998 | 67,998 | ||||||
Other
|
32,415 | 26,866 | ||||||
TOTAL
|
1,015,756 | 993,014 | ||||||
TOTAL ASSETS
|
$ | 7,986,255 | $ | 7,488,423 | ||||
See Notes to Financial Statements.
|
ENTERGY LOUISIANA, LLC
|
||||||||
BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Currently maturing long-term debt
|
$ | 24,864 | $ | 35,550 | ||||
Short-term borrowings
|
64,649 | 23,066 | ||||||
Accounts payable:
|
||||||||
Associated companies
|
176,861 | 148,528 | ||||||
Other
|
165,080 | 140,564 | ||||||
Customer deposits
|
85,989 | 84,437 | ||||||
Accumulated deferred income taxes
|
11,117 | - | ||||||
Interest accrued
|
35,638 | 31,889 | ||||||
Deferred fuel costs
|
- | 59,227 | ||||||
Pension and other postretirement liabilities
|
8,767 | 8,632 | ||||||
Other
|
22,608 | 17,514 | ||||||
TOTAL
|
595,573 | 549,407 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
1,985,025 | 1,896,685 | ||||||
Accumulated deferred investment tax credits
|
74,868 | 76,453 | ||||||
Other regulatory liabilities
|
101,542 | 88,899 | ||||||
Decommissioning
|
333,285 | 321,176 | ||||||
Accumulated provisions
|
217,241 | 223,556 | ||||||
Pension and other postretirement liabilities
|
309,802 | 345,725 | ||||||
Long-term debt
|
2,071,697 | 1,771,566 | ||||||
Other
|
78,524 | 78,085 | ||||||
TOTAL
|
5,171,984 | 4,802,145 | ||||||
Commitments and Contingencies
|
||||||||
EQUITY
|
||||||||
Preferred membership interests without sinking fund
|
100,000 | 100,000 | ||||||
Member's equity
|
2,142,559 | 2,061,833 | ||||||
Accumulated other comprehensive loss
|
(23,861 | ) | (24,962 | ) | ||||
TOTAL
|
2,218,698 | 2,136,871 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 7,986,255 | $ | 7,488,423 | ||||
See Notes to Financial Statements.
|
STATEMENTS OF CHANGES IN EQUITY AND COMPREHENSIVE INCOME
|
||||||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||||||
Common Equity
|
||||||||||||||||
Preferred Membership Interests
|
Member's Equity
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
|||||||||||||
Balance at December 31, 2009
|
$ | 100,000 | $ | 1,837,348 | $ | (25,539 | ) | $ | 1,911,809 | |||||||
Net income
|
- | 98,091 | - | 98,091 | ||||||||||||
Other comprehensive income:
|
||||||||||||||||
Pension and other postretirement liabilities (net of tax expense of $754)
|
- | - | 891 | 891 | ||||||||||||
Total comprehensive income
|
98,982 | |||||||||||||||
Dividends/distributions declared on preferred membership interests
|
- | (3,475 | ) | - | (3,475 | ) | ||||||||||
Balance at June 30, 2010
|
$ | 100,000 | $ | 1,931,964 | $ | (24,648 | ) | $ | 2,007,316 | |||||||
Balance at December 31, 2010
|
$ | 100,000 | $ | 2,061,833 | $ | (24,962 | ) | $ | 2,136,871 | |||||||
Net income
|
- | 115,401 | - | 115,401 | ||||||||||||
Other comprehensive income:
|
||||||||||||||||
Pension and other postretirement liabilities (net of tax expense of $731)
|
- | - | 1,101 | 1,101 | ||||||||||||
Total comprehensive income
|
116,502 | |||||||||||||||
Dividends/distributions declared on common equity
|
- | (31,200 | ) | - | (31,200 | ) | ||||||||||
Dividends/distributions declared on preferred membership interests
|
- | (3,475 | ) | - | (3,475 | ) | ||||||||||
Balance at June 30, 2011
|
$ | 100,000 | $ | 2,142,559 | $ | (23,861 | ) | $ | 2,218,698 | |||||||
See Notes to Financial Statements.
|
||||||||||||||||
SELECTEED OPERATING RESULSTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011
|
2010
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 199 | $ | 177 | $ | 22 | 12 | |||||||||
Commercial
|
139 | 127 | 12 | 9 | ||||||||||||
Industrial
|
218 | 205 | 13 | 6 | ||||||||||||
Governmental
|
10 | 10 | - | - | ||||||||||||
Total retail
|
566 | 519 | 47 | 9 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
37 | 58 | (21 | ) | (36 | ) | ||||||||||
Non-associated companies
|
3 | 1 | 2 | 200 | ||||||||||||
Other
|
46 | 41 | 5 | 12 | ||||||||||||
Total
|
$ | 652 | $ | 619 | $ | 33 | 5 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
2,101 | 2,022 | 79 | 4 | ||||||||||||
Commercial
|
1,493 | 1,455 | 38 | 3 | ||||||||||||
Industrial
|
3,784 | 3,703 | 81 | 2 | ||||||||||||
Governmental
|
115 | 112 | 3 | 3 | ||||||||||||
Total retail
|
7,493 | 7,292 | 201 | 3 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
631 | 959 | (328 | ) | (34 | ) | ||||||||||
Non-associated companies
|
44 | 8 | 36 | 450 | ||||||||||||
Total
|
8,168 | 8,259 | (91 | ) | (1 | ) | ||||||||||
Six Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011 | 2010 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 371 | $ | 392 | $ | (21 | ) | (5 | ) | |||||||
Commercial
|
253 | 259 | (6 | ) | (2 | ) | ||||||||||
Industrial
|
393 | 409 | (16 | ) | (4 | ) | ||||||||||
Governmental
|
20 | 22 | (2 | ) | (9 | ) | ||||||||||
Total retail
|
1,037 | 1,082 | (45 | ) | (4 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
69 | 95 | (26 | ) | (27 | ) | ||||||||||
Non-associated companies
|
5 | 3 | 2 | 67 | ||||||||||||
Other
|
56 | 51 | 5 | 10 | ||||||||||||
Total
|
$ | 1,167 | $ | 1,231 | $ | (64 | ) | (5 | ) | |||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
4,352 | 4,411 | (59 | ) | (1 | ) | ||||||||||
Commercial
|
2,896 | 2,839 | 57 | 2 | ||||||||||||
Industrial
|
7,415 | 6,927 | 488 | 7 | ||||||||||||
Governmental
|
234 | 240 | (6 | ) | (3 | ) | ||||||||||
Total retail
|
14,897 | 14,417 | 480 | 3 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
1,103 | 1,193 | (90 | ) | (8 | ) | ||||||||||
Non-associated companies
|
83 | 59 | 24 | 41 | ||||||||||||
Total
|
16,083 | 15,669 | 414 | 3 | ||||||||||||
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$154.0
|
|
Retail electric price
|
(7.0)
|
|
Other
|
(0.8)
|
|
2011 net revenue
|
$146.2
|
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$266.5
|
|
Volume/weather
|
3.6
|
|
Other
|
1.5
|
|
2011 net revenue
|
$271.6
|
2011
|
2010
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$1,216
|
$91,451
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
(2,462)
|
4,482
|
|||
Investing activities
|
(76,670)
|
(70,940)
|
|||
Financing activities
|
78,487
|
(23,775)
|
|||
Net decrease in cash and cash equivalents
|
(645)
|
(90,233)
|
|||
Cash and cash equivalents at end of period
|
$571
|
$1,218
|
·
|
the issuance of $275 million of first mortgage bonds in 2011 compared to the issuance of $80 million of first mortgage bonds in 2010; and
|
·
|
a decrease of $16.9 million in common equity distributions; partially offset by:
|
·
|
the redemption of $180 million of first mortgage bonds in 2011 compared to the redemption of $100 million of first mortgage bonds in 2010; and
|
·
|
money pool activity.
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
53.3%
|
51.8%
|
||
Effect of subtracting cash
|
0.0%
|
0.0%
|
||
Net debt to net capital
|
53.3%
|
51.8%
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
December 31,
2009
|
|||
(In Thousands)
|
||||||
($27,494)
|
($33,255)
|
($20,591)
|
$31,435
|
INCOME STATEMENTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 302,263 | $ | 308,492 | $ | 591,175 | $ | 552,050 | ||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operation and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
50,564 | 75,236 | 131,870 | 83,289 | ||||||||||||
Purchased power
|
100,370 | 83,758 | 175,504 | 184,094 | ||||||||||||
Other operation and maintenance
|
55,339 | 51,379 | 103,346 | 98,780 | ||||||||||||
Taxes other than income taxes
|
17,391 | 16,561 | 34,562 | 32,609 | ||||||||||||
Depreciation and amortization
|
23,167 | 22,275 | 46,154 | 44,380 | ||||||||||||
Other regulatory charges (credits) - net
|
5,083 | (4,521 | ) | 12,175 | 18,173 | |||||||||||
TOTAL
|
251,914 | 244,688 | 503,611 | 461,325 | ||||||||||||
OPERATING INCOME
|
50,349 | 63,804 | 87,564 | 90,725 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
2,225 | 1,708 | 4,319 | 3,099 | ||||||||||||
Interest and investment income
|
16 | 133 | 67 | 321 | ||||||||||||
Miscellaneous - net
|
(1,283 | ) | 25 | (1,837 | ) | 55 | ||||||||||
TOTAL
|
958 | 1,866 | 2,549 | 3,475 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest expense
|
15,046 | 15,493 | 28,449 | 29,143 | ||||||||||||
Allowance for borrowed funds used during construction
|
(1,237 | ) | (953 | ) | (2,402 | ) | (1,729 | ) | ||||||||
TOTAL
|
13,809 | 14,540 | 26,047 | 27,414 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
37,498 | 51,130 | 64,066 | 66,786 | ||||||||||||
Income taxes
|
13,626 | 16,861 | 22,924 | 21,324 | ||||||||||||
NET INCOME
|
23,872 | 34,269 | 41,142 | 45,462 | ||||||||||||
Preferred dividend requirements and other
|
707 | 707 | 1,414 | 1,414 | ||||||||||||
EARNINGS APPLICABLE TO
|
||||||||||||||||
COMMON STOCK
|
$ | 23,165 | $ | 33,562 | $ | 39,728 | $ | 44,048 | ||||||||
See Notes to Financial Statements.
|
||||||||||||||||
STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 41,142 | $ | 45,462 | ||||
Adjustments to reconcile net income to net cash flow provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
46,154 | 44,380 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
26,630 | (14,794 | ) | |||||
Changes in working capital:
|
||||||||
Receivables
|
(12,059 | ) | (33,931 | ) | ||||
Fuel inventory
|
(48,329 | ) | (1,512 | ) | ||||
Accounts payable
|
23,229 | 10,020 | ||||||
Taxes accrued
|
(24,760 | ) | 15,305 | |||||
Interest accrued
|
258 | 904 | ||||||
Deferred fuel costs
|
(22,371 | ) | (83,156 | ) | ||||
Other working capital accounts
|
(4,103 | ) | 35,061 | |||||
Changes in provision for estimated losses
|
(181 | ) | (2,870 | ) | ||||
Changes in other regulatory assets
|
(2,225 | ) | (14,171 | ) | ||||
Changes in pension and other postretirement liabilities
|
(21,690 | ) | (7,070 | ) | ||||
Other
|
(4,157 | ) | 10,854 | |||||
Net cash flow provided by (used in) operating activities
|
(2,462 | ) | 4,482 | |||||
INVESTING ACTIVITIES
|
||||||||
Construction expenditures
|
(86,497 | ) | (117,021 | ) | ||||
Allowance for equity funds used during construction
|
4,319 | 3,099 | ||||||
Proceeds from sale of assets
|
- | 3,951 | ||||||
Change in money pool receivable - net
|
- | 31,435 | ||||||
Changes in other investments - net
|
- | 7,610 | ||||||
Investments in affiliates
|
5,527 | - | ||||||
Other
|
(19 | ) | (14 | ) | ||||
Net cash flow used in investing activities
|
(76,670 | ) | (70,940 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from the issuance of long-term debt
|
268,962 | 77,248 | ||||||
Retirement of long-term debt
|
(180,000 | ) | (100,000 | ) | ||||
Change in money pool payable - net
|
(5,761 | ) | 20,591 | |||||
Dividends paid:
|
||||||||
Common stock
|
(3,300 | ) | (20,200 | ) | ||||
Preferred stock
|
(1,414 | ) | (1,414 | ) | ||||
Net cash flow provided by (used in) financing activities
|
78,487 | (23,775 | ) | |||||
Net decrease in cash and cash equivalents
|
(645 | ) | (90,233 | ) | ||||
Cash and cash equivalents at beginning of period
|
1,216 | 91,451 | ||||||
Cash and cash equivalents at end of period
|
$ | 571 | $ | 1,218 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 26,874 | $ | 26,957 | ||||
Income taxes
|
$ | - | $ | 1,500 | ||||
See Notes to Financial Statements.
|
BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 562 | $ | 1,207 | ||||
Temporary cash investments
|
9 | 9 | ||||||
Total cash and cash equivalents
|
571 | 1,216 | ||||||
Accounts receivable:
|
||||||||
Customer
|
66,147 | 58,204 | ||||||
Allowance for doubtful accounts
|
(828 | ) | (985 | ) | ||||
Associated companies
|
39,413 | 41,803 | ||||||
Other
|
7,534 | 7,500 | ||||||
Accrued unbilled revenues
|
48,029 | 41,714 | ||||||
Total accounts receivable
|
160,295 | 148,236 | ||||||
Deferred fuel costs
|
25,528 | 3,157 | ||||||
Accumulated deferred income taxes
|
14,509 | 19,308 | ||||||
Fuel inventory - at average cost
|
55,207 | 6,878 | ||||||
Materials and supplies - at average cost
|
33,946 | 34,499 | ||||||
Prepayments and other
|
8,134 | 4,902 | ||||||
TOTAL
|
298,190 | 218,196 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Non-utility property - at cost (less accumulated depreciation)
|
4,739 | 4,753 | ||||||
Storm reserve escrow account
|
31,880 | 31,862 | ||||||
TOTAL
|
36,619 | 36,615 | ||||||
UTILITY PLANT
|
||||||||
Electric
|
3,261,985 | 3,174,148 | ||||||
Property under capital lease
|
11,960 | 13,197 | ||||||
Construction work in progress
|
131,465 | 147,169 | ||||||
TOTAL UTILITY PLANT
|
3,405,410 | 3,334,514 | ||||||
Less - accumulated depreciation and amortization
|
1,201,334 | 1,166,463 | ||||||
UTILITY PLANT - NET
|
2,204,076 | 2,168,051 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
64,374 | 63,533 | ||||||
Other regulatory assets
|
254,750 | 253,231 | ||||||
Other
|
23,253 | 22,009 | ||||||
TOTAL
|
342,377 | 338,773 | ||||||
TOTAL ASSETS
|
$ | 2,881,262 | $ | 2,761,635 | ||||
See Notes to Financial Statements.
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Currently maturing long-term debt
|
$ | - | $ | 80,000 | ||||
Accounts payable:
|
||||||||
Associated companies
|
75,687 | 75,128 | ||||||
Other
|
66,689 | 53,417 | ||||||
Customer deposits
|
67,031 | 65,873 | ||||||
Taxes accrued
|
2,979 | 27,739 | ||||||
Interest accrued
|
21,352 | 21,094 | ||||||
System agreement cost equalization
|
34,269 | 36,650 | ||||||
Other
|
9,694 | 9,895 | ||||||
TOTAL
|
277,701 | 369,796 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
704,236 | 680,467 | ||||||
Accumulated deferred investment tax credits
|
6,063 | 6,541 | ||||||
Obligations under capital lease
|
9,355 | 10,747 | ||||||
Other regulatory liabilities
|
- | 262 | ||||||
Asset retirement cost liabilities
|
5,534 | 5,375 | ||||||
Accumulated provisions
|
39,285 | 39,466 | ||||||
Pension and other postretirement liabilities
|
83,222 | 104,912 | ||||||
Long-term debt
|
920,409 | 745,378 | ||||||
Other
|
22,424 | 22,086 | ||||||
TOTAL
|
1,790,528 | 1,615,234 | ||||||
Commitments and Contingencies
|
||||||||
Preferred stock without sinking fund
|
50,381 | 50,381 | ||||||
COMMON EQUITY
|
||||||||
Common stock, no par value, authorized 12,000,000
|
||||||||
shares; issued and outstanding 8,666,357 shares in 2011 and 2010
|
199,326 | 199,326 | ||||||
Capital stock expense and other
|
(690 | ) | (690 | ) | ||||
Retained earnings
|
564,016 | 527,588 | ||||||
TOTAL
|
762,652 | 726,224 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 2,881,262 | $ | 2,761,635 | ||||
See Notes to Financial Statements.
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||||||
Common Equity
|
||||||||||||||||
Common Stock
|
Capital Stock Expense and Other
|
Retained Earnings
|
Total
|
|||||||||||||
Balance at December 31, 2009
|
$ | 199,326 | $ | (690 | ) | $ | 490,129 | $ | 688,765 | |||||||
Net income
|
- | - | 45,462 | 45,462 | ||||||||||||
Common stock dividends
|
- | - | (20,200 | ) | (20,200 | ) | ||||||||||
Preferred stock dividends
|
- | - | (1,414 | ) | (1,414 | ) | ||||||||||
Balance at June 30, 2010
|
$ | 199,326 | $ | (690 | ) | $ | 513,977 | $ | 712,613 | |||||||
Balance at December 31, 2010
|
$ | 199,326 | $ | (690 | ) | $ | 527,588 | $ | 726,224 | |||||||
Net income
|
- | - | 41,142 | 41,142 | ||||||||||||
Common stock dividends
|
- | - | (3,300 | ) | (3,300 | ) | ||||||||||
Preferred stock dividends
|
- | - | (1,414 | ) | (1,414 | ) | ||||||||||
Balance at June 30, 2011
|
$ | 199,326 | $ | (690 | ) | $ | 564,016 | $ | 762,652 | |||||||
See Notes to Financial Statements.
|
||||||||||||||||
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011
|
2010
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 110 | $ | 110 | $ | - | - | |||||||||
Commercial
|
99 | 97 | 2 | 2 | ||||||||||||
Industrial
|
38 | 37 | 1 | 3 | ||||||||||||
Governmental
|
9 | 9 | - | - | ||||||||||||
Total retail
|
256 | 253 | 3 | 1 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
12 | 12 | - | - | ||||||||||||
Non-associated companies
|
8 | 10 | (2 | ) | (20 | ) | ||||||||||
Other
|
26 | 33 | (7 | ) | (21 | ) | ||||||||||
Total
|
$ | 302 | $ | 308 | $ | ( 6 | ) | (2 | ) | |||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,253 | 1,235 | 18 | 1 | ||||||||||||
Commercial
|
1,188 | 1,173 | 15 | 1 | ||||||||||||
Industrial
|
565 | 566 | (1 | ) | - | |||||||||||
Governmental
|
101 | 99 | 2 | 2 | ||||||||||||
Total retail
|
3,107 | 3,073 | 34 | 1 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
35 | 87 | (52 | ) | (60 | ) | ||||||||||
Non-associated companies
|
100 | 107 | (7 | ) | (7 | ) | ||||||||||
Total
|
3,242 | 3,267 | (25 | ) | (1 | ) | ||||||||||
Six Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011 | 2010 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 235 | $ | 216 | $ | 19 | 9 | |||||||||
Commercial
|
194 | 181 | 13 | 7 | ||||||||||||
Industrial
|
74 | 66 | 8 | 12 | ||||||||||||
Governmental
|
18 | 18 | - | - | ||||||||||||
Total retail
|
521 | 481 | 40 | 8 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
28 | 20 | 8 | 40 | ||||||||||||
Non-associated companies
|
13 | 18 | (5 | ) | (28 | ) | ||||||||||
Other
|
29 | 33 | (4 | ) | (12 | ) | ||||||||||
Total
|
$ | 591 | $ | 552 | $ | 39 | 7 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
2,695 | 2,780 | (85 | ) | (3 | ) | ||||||||||
Commercial
|
2,312 | 2,269 | 43 | 2 | ||||||||||||
Industrial
|
1,104 | 1,068 | 36 | 3 | ||||||||||||
Governmental
|
196 | 196 | - | - | ||||||||||||
Total retail
|
6,307 | 6,313 | (6 | ) | - | |||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
205 | 154 | 51 | 33 | ||||||||||||
Non-associated companies
|
152 | 182 | (30 | ) | (16 | ) | ||||||||||
Total
|
6,664 | 6,649 | 15 | - | ||||||||||||
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$65.9
|
|
Retail electric price
|
(4.2)
|
|
Volume/weather
|
3.0
|
|
Other
|
(1.0)
|
|
2011 net revenue
|
$63.7
|
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$136.3
|
|
Retail electric price
|
(8.2)
|
|
Net gas revenue
|
(5.2)
|
|
Volume/weather
|
4.2
|
|
Other
|
0.6
|
|
2011 net revenue
|
$127.7
|
·
|
a decrease of $13.8 million in gross gas revenues primarily due to lower fuel cost recovery revenues as a result of lower fuel rates and the effect of milder weather;
|
·
|
a formula rate plan decrease effective October 2010, as discussed above; and
|
·
|
a decrease of $7.0 million in electric fuel cost recovery revenues due to lower fuel rates.
|
2011
|
2010
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$54,986
|
$191,191
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
19,098
|
49,828
|
|||
Investing activities
|
(44,172)
|
(10,226)
|
|||
Financing activities
|
(13,671)
|
(90,398)
|
|||
Net decrease in cash and cash equivalents
|
(38,745)
|
(50,796)
|
|||
Cash and cash equivalents at end of period
|
$16,241
|
$140,395
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
43.6%
|
44.2%
|
||
Effect of subtracting cash
|
(2.5)%
|
(9.5)%
|
||
Net debt to net capital
|
41.1%
|
34.7%
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
December 31,
2009
|
|||
(In Thousands)
|
||||||
$38,048
|
$21,820
|
$48,078
|
$66,149
|
INCOME STATEMENTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 132,521 | $ | 119,666 | $ | 248,511 | $ | 244,632 | ||||||||
Natural gas
|
17,977 | 18,915 | 60,243 | 74,048 | ||||||||||||
TOTAL
|
150,498 | 138,581 | 308,754 | 318,680 | ||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operation and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
34,832 | 11,867 | 80,685 | 71,958 | ||||||||||||
Purchased power
|
51,475 | 60,229 | 99,381 | 109,138 | ||||||||||||
Other operation and maintenance
|
28,960 | 37,053 | 56,106 | 65,181 | ||||||||||||
Taxes other than income taxes
|
10,131 | 10,125 | 21,152 | 22,071 | ||||||||||||
Depreciation and amortization
|
8,906 | 8,816 | 17,898 | 17,525 | ||||||||||||
Other regulatory charges - net
|
478 | 568 | 957 | 1,332 | ||||||||||||
TOTAL
|
134,782 | 128,658 | 276,179 | 287,205 | ||||||||||||
OPERATING INCOME
|
15,716 | 9,923 | 32,575 | 31,475 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
116 | 192 | 222 | 361 | ||||||||||||
Interest and investment income
|
9 | 162 | 63 | 296 | ||||||||||||
Miscellaneous - net
|
(293 | ) | (287 | ) | (529 | ) | (471 | ) | ||||||||
TOTAL
|
(168 | ) | 67 | (244 | ) | 186 | ||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest expense
|
2,764 | 3,536 | 5,553 | 7,593 | ||||||||||||
Allowance for borrowed funds used during construction
|
(52 | ) | (92 | ) | (100 | ) | (174 | ) | ||||||||
TOTAL
|
2,712 | 3,444 | 5,453 | 7,419 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
12,836 | 6,546 | 26,878 | 24,242 | ||||||||||||
Income taxes
|
4,626 | 1,079 | 9,785 | 7,214 | ||||||||||||
NET INCOME
|
8,210 | 5,467 | 17,093 | 17,028 | ||||||||||||
Preferred dividend requirements and other
|
241 | 241 | 482 | 482 | ||||||||||||
EARNINGS APPLICABLE TO
|
||||||||||||||||
COMMON STOCK
|
$ | 7,969 | $ | 5,226 | $ | 16,611 | $ | 16,546 | ||||||||
See Notes to Financial Statements.
|
||||||||||||||||
STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 17,093 | $ | 17,028 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
||||||||
Depreciation and amortization
|
17,898 | 17,525 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
(13,330 | ) | 29,868 | |||||
Changes in working capital:
|
||||||||
Receivables
|
(2,865 | ) | 4,508 | |||||
Fuel inventory
|
(4,836 | ) | (919 | ) | ||||
Accounts payable
|
(9,271 | ) | 1,960 | |||||
Prepaid taxes and taxes accrued
|
20,023 | (24,619 | ) | |||||
Interest accrued
|
(357 | ) | (672 | ) | ||||
Deferred fuel costs
|
(6,532 | ) | (4,910 | ) | ||||
Other working capital accounts
|
2,287 | (13,168 | ) | |||||
Changes in provisions for estimated losses
|
3,280 | (7,875 | ) | |||||
Changes in other regulatory assets
|
4,920 | 7,627 | ||||||
Changes in pension and other postretirement liabilities
|
(8,770 | ) | (3,823 | ) | ||||
Other
|
(442 | ) | 27,298 | |||||
Net cash flow provided by operating activities
|
19,098 | 49,828 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction expenditures
|
(28,400 | ) | (35,568 | ) | ||||
Allowance for equity funds used during construction
|
222 | 361 | ||||||
Change in money pool receivable - net
|
(16,228 | ) | 18,071 | |||||
Investment in affiliates
|
3,256 | - | ||||||
Changes in other investments - net
|
(3,022 | ) | 6,910 | |||||
Net cash flow used in investing activities
|
(44,172 | ) | (10,226 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Retirement of long-term debt
|
- | (74,993 | ) | |||||
Dividends paid:
|
||||||||
Common stock
|
(12,600 | ) | (14,900 | ) | ||||
Preferred stock
|
(482 | ) | (482 | ) | ||||
Other
|
(589 | ) | (23 | ) | ||||
Net cash flow used in financing activities
|
(13,671 | ) | (90,398 | ) | ||||
Net decrease in cash and cash equivalents
|
(38,745 | ) | (50,796 | ) | ||||
Cash and cash equivalents at beginning of period
|
54,986 | 191,191 | ||||||
Cash and cash equivalents at end of period
|
$ | 16,241 | $ | 140,395 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 5,427 | $ | 7,936 | ||||
See Notes to Financial Statements.
|
||||||||
BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
||||||||
Cash
|
$ | 714 | $ | 1,386 | ||||
Temporary cash investments
|
15,527 | 53,600 | ||||||
Total cash and cash equivalents
|
16,241 | 54,986 | ||||||
Accounts receivable:
|
||||||||
Customer
|
37,659 | 38,160 | ||||||
Allowance for doubtful accounts
|
(628 | ) | (734 | ) | ||||
Associated companies
|
61,268 | 44,842 | ||||||
Other
|
4,835 | 1,824 | ||||||
Accrued unbilled revenues
|
19,151 | 19,100 | ||||||
Total accounts receivable
|
122,285 | 103,192 | ||||||
Accumulated deferred income taxes
|
15,489 | 15,092 | ||||||
Fuel inventory - at average cost
|
7,482 | 2,646 | ||||||
Materials and supplies - at average cost
|
9,667 | 9,896 | ||||||
Prepayments and other
|
9,752 | 5,375 | ||||||
TOTAL
|
180,916 | 191,187 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Non-utility property at cost (less accumulated depreciation)
|
1,016 | 1,016 | ||||||
Storm reserve escrow account
|
8,975 | 5,953 | ||||||
TOTAL
|
9,991 | 6,969 | ||||||
UTILITY PLANT
|
||||||||
Electric
|
811,824 | 822,003 | ||||||
Natural gas
|
208,902 | 206,148 | ||||||
Construction work in progress
|
8,649 | 11,669 | ||||||
TOTAL UTILITY PLANT
|
1,029,375 | 1,039,820 | ||||||
Less - accumulated depreciation and amortization
|
517,410 | 531,871 | ||||||
UTILITY PLANT - NET
|
511,965 | 507,949 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Deferred fuel costs
|
4,080 | 4,080 | ||||||
Other regulatory assets
|
130,035 | 135,282 | ||||||
Other
|
5,974 | 8,081 | ||||||
TOTAL
|
140,089 | 147,443 | ||||||
TOTAL ASSETS
|
$ | 842,961 | $ | 853,548 | ||||
See Notes to Financial Statements.
|
ENTERGY NEW ORLEANS, INC.
|
||||||||
BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable:
|
||||||||
Associated companies
|
$ | 22,780 | $ | 25,140 | ||||
Other
|
23,326 | 30,093 | ||||||
Customer deposits
|
21,524 | 21,206 | ||||||
Taxes accrued
|
20,023 | - | ||||||
Interest accrued
|
2,471 | 2,828 | ||||||
Deferred fuel costs
|
395 | 6,927 | ||||||
System agreement cost equalization
|
21,779 | 15,510 | ||||||
Other
|
2,503 | 2,655 | ||||||
TOTAL CURRENT LIABILITIES
|
114,801 | 104,359 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
165,868 | 180,290 | ||||||
Accumulated deferred investment tax credits
|
1,687 | 1,835 | ||||||
Regulatory liability for income taxes - net
|
42,250 | 40,142 | ||||||
Asset retirement cost liabilities
|
3,513 | 3,396 | ||||||
Accumulated provisions
|
14,486 | 11,206 | ||||||
Pension and other postretirement liabilities
|
40,045 | 48,815 | ||||||
Long-term debt
|
166,714 | 167,215 | ||||||
Gas system rebuild insurance proceeds
|
68,380 | 75,700 | ||||||
Other
|
9,800 | 9,184 | ||||||
TOTAL NON-CURRENT LIABILITIES
|
512,743 | 537,783 | ||||||
Commitments and Contingencies
|
||||||||
Preferred stock without sinking fund
|
19,780 | 19,780 | ||||||
COMMON EQUITY
|
||||||||
Common stock, $4 par value, authorized 10,000,000
|
||||||||
shares; issued and outstanding 8,435,900 shares in 2011
|
||||||||
and 2010
|
33,744 | 33,744 | ||||||
Paid-in capital
|
36,294 | 36,294 | ||||||
Retained earnings
|
125,599 | 121,588 | ||||||
TOTAL
|
195,637 | 191,626 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 842,961 | $ | 853,548 | ||||
See Notes to Financial Statements.
|
||||||||
STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||||||
Common Equity
|
||||||||||||||||
Common Stock
|
Paid-in Capital
|
Retained Earnings
|
Total
|
|||||||||||||
Balance at December 31, 2009
|
$ | 33,744 | $ | 36,294 | $ | 138,548 | $ | 208,586 | ||||||||
Net income
|
- | - | 17,028 | 17,028 | ||||||||||||
Common stock dividends
|
- | - | (14,900 | ) | (14,900 | ) | ||||||||||
Preferred stock dividends
|
- | - | (482 | ) | (482 | ) | ||||||||||
Balance at June 30, 2010
|
$ | 33,744 | $ | 36,294 | $ | 140,194 | $ | 210,232 | ||||||||
Balance at December 31, 2010
|
$ | 33,744 | $ | 36,294 | $ | 121,588 | $ | 191,626 | ||||||||
Net income
|
- | - | 17,093 | 17,093 | ||||||||||||
Common stock dividends
|
- | - | (12,600 | ) | (12,600 | ) | ||||||||||
Preferred stock dividends
|
- | - | (482 | ) | (482 | ) | ||||||||||
Balance at June 30, 2011
|
$ | 33,744 | $ | 36,294 | $ | 125,599 | $ | 195,637 | ||||||||
See Notes to Financial Statements.
|
||||||||||||||||
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011
|
2010
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 41 | $ | 41 | $ | - | - | |||||||||
Commercial
|
39 | 41 | (2 | ) | (5 | ) | ||||||||||
Industrial
|
8 | 9 | (1 | ) | (11 | ) | ||||||||||
Governmental
|
15 | 17 | (2 | ) | (12 | ) | ||||||||||
Total retail
|
103 | 108 | (5 | ) | (5 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
21 | 2 | 19 | 950 | ||||||||||||
Other
|
9 | 10 | (1 | ) | (10 | ) | ||||||||||
Total
|
$ | 133 | $ | 120 | $ | 13 | 11 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
424 | 379 | 45 | 12 | ||||||||||||
Commercial
|
480 | 458 | 22 | 5 | ||||||||||||
Industrial
|
129 | 134 | (5 | ) | (4 | ) | ||||||||||
Governmental
|
196 | 191 | 5 | 3 | ||||||||||||
Total retail
|
1,229 | 1,162 | 67 | 6 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
281 | 24 | 257 | 1,071 | ||||||||||||
Non-associated companies
|
5 | 1 | 4 | 400 | ||||||||||||
Total
|
1,515 | 1,187 | 328 | 28 | ||||||||||||
Six Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011 | 2010 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 82 | $ | 87 | $ | (5 | ) | (6 | ) | |||||||
Commercial
|
74 | 78 | (4 | ) | (5 | ) | ||||||||||
Industrial
|
15 | 16 | (1 | ) | (6 | ) | ||||||||||
Governmental
|
29 | 32 | (3 | ) | (9 | ) | ||||||||||
Total retail
|
200 | 213 | (13 | ) | (6 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
39 | 22 | 17 | 77 | ||||||||||||
Other
|
10 | 10 | - | - | ||||||||||||
Total
|
$ | 249 | $ | 245 | $ | 4 | 2 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
891 | 865 | 26 | 3 | ||||||||||||
Commercial
|
919 | 886 | 33 | 4 | ||||||||||||
Industrial
|
241 | 241 | - | - | ||||||||||||
Governmental
|
379 | 374 | 5 | 1 | ||||||||||||
Total retail
|
2,430 | 2,366 | 64 | 3 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
598 | 304 | 294 | 97 | ||||||||||||
Non-associated companies
|
11 | 9 | 2 | 22 | ||||||||||||
Total
|
3,039 | 2,679 | 360 | 13 | ||||||||||||
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$139.7
|
|
Retail electric price
|
11.1
|
|
Volume/weather
|
6.1
|
|
Net wholesale revenue
|
(7.5)
|
|
Purchased power capacity
|
(7.4)
|
|
Other
|
0.1
|
|
2011 net revenue
|
$142.1
|
·
|
a decrease of $58.1 million in gross wholesale revenues due to a decrease in sales to affiliated customers; and
|
·
|
a decrease of $47.8 million in fuel cost recovery revenues due to lower fuel rates and the interim fuel refund of $15 million in the second quarter 2011. The interim fuel refund and the PUCT approval is discussed in Note 2 to the financial statements in the Form 10-K.
|
·
|
an increase of $63 million in rider revenues due to lower System Agreement credits to customers in 2011;
|
·
|
base rate increases effective August 2010 and May 2011, as discussed above; and
|
·
|
an increase of $6.1 million related to volume/weather, as discussed above.
|
Amount
|
||
(In Millions)
|
||
2010 net revenue
|
$260.8
|
|
Retail electric price
|
21.6
|
|
Volume/weather
|
10.0
|
|
Purchased power capacity
|
(13.7)
|
|
Net wholesale revenue
|
(7.6)
|
|
Other
|
(1.8)
|
|
2011 net revenue
|
$269.3
|
·
|
a decrease of $64.9 million in gross wholesale revenues due to a decrease in sales to affiliated customers; and
|
·
|
a decrease of $25 million in fuel cost recovery revenues due to lower fuel rates, offset by lower interim fuel refunds in 2011 versus 2010. The interim fuel refunds and the PUCT approvals are discussed in Note 2 to the financial statements in the Form 10-K.
|
·
|
an increase of $44.2 million in rider revenues due to lower System Agreement credits to customers in 2011;
|
·
|
base rate increases effective August 2010 and May 2011, as discussed above; and
|
·
|
an increase of $10 million related to volume/weather, as discussed above.
|
·
|
an increase of $0.9 million due to a change in the classification of over-recovery of energy efficiency costs, which has no effect on net income;
|
·
|
an increase of $0.7 million in transmission expenses primarily due to higher transmission equalization expenses in 2011; and
|
·
|
several individually insignificant items.
|
·
|
an increase of $2.3 million due to a change in the classification of over-recovery of energy efficiency costs, which has no effect on net income;
|
·
|
an increase of $1.7 million in transmission expenses primarily due to higher transmission equalization expenses in 2011; and
|
·
|
several individually insignificant items.
|
2011
|
2010
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$35,342
|
$200,703
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
25,917
|
4,680
|
|||
Investing activities
|
(50,767)
|
(60,964)
|
|||
Financing activities
|
(10,149)
|
(42,655)
|
|||
Net decrease in cash and cash equivalents
|
(34,999)
|
(98,939)
|
|||
Cash and cash equivalents at end of period
|
$343
|
$101,764
|
·
|
the retirement of $177.3 million of debt assumption liabilities and securitization bonds in 2010 compared to the retirement of $31.2 million of securitization bonds in 2011;
|
·
|
the decrease of $63.9 million in common equity distributions; and
|
·
|
money pool activity.
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
65.4%
|
66.8%
|
||
Effect of excluding the securitization bonds
|
(15.7)%
|
(16.0)%
|
||
Debt to capital, excluding securitization bonds (1)
|
49.7%
|
50.8%
|
||
Effect of subtracting cash
|
0.0%
|
(1.0)%
|
||
Net debt to net capital, excluding securitization bonds (1)
|
49.7%
|
49.8%
|
(1)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
December 31,
2009
|
|||
(In Thousands)
|
||||||
($21,067)
|
$13,672
|
$34,505
|
$69,317
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 444,423 | $ | 471,153 | $ | 793,307 | $ | 807,359 | ||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operation and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
75,742 | 128,897 | 119,823 | 135,456 | ||||||||||||
Purchased power
|
210,847 | 188,882 | 391,511 | 381,576 | ||||||||||||
Other operation and maintenance
|
49,677 | 51,954 | 96,918 | 95,323 | ||||||||||||
Taxes other than income taxes
|
15,030 | 14,234 | 29,887 | 30,759 | ||||||||||||
Depreciation and amortization
|
19,710 | 19,880 | 39,236 | 39,008 | ||||||||||||
Other regulatory charges - net
|
15,735 | 13,691 | 12,657 | 29,539 | ||||||||||||
TOTAL
|
386,741 | 417,538 | 690,032 | 711,661 | ||||||||||||
OPERATING INCOME
|
57,682 | 53,615 | 103,275 | 95,698 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
781 | 3,497 | 1,547 | 4,138 | ||||||||||||
Interest and investment income
|
2,048 | 2,582 | 2,738 | 3,636 | ||||||||||||
Miscellaneous - net
|
(795 | ) | (305 | ) | (970 | ) | 1,149 | |||||||||
TOTAL
|
2,034 | 5,774 | 3,315 | 8,923 | ||||||||||||
INTERET EXPENSE
|
||||||||||||||||
Interest expense
|
22,964 | 25,294 | 45,041 | 49,202 | ||||||||||||
Allowance for borrowed funds used during construction
|
(542 | ) | (2,031 | ) | (1,068 | ) | (2,511 | ) | ||||||||
TOTAL
|
22,422 | 23,263 | 43,973 | 46,691 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
37,294 | 36,126 | 62,617 | 57,930 | ||||||||||||
Income taxes
|
14,197 | 13,793 | 23,794 | 23,179 | ||||||||||||
NET INCOME
|
$ | 23,097 | $ | 22,333 | $ | 38,823 | $ | 34,751 | ||||||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 38,823 | $ | 34,751 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
||||||||
Depreciation, amortization, and decommissioning
|
39,236 | 39,008 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
24,535 | 96,423 | ||||||
Changes in working capital:
|
||||||||
Receivables
|
(49,396 | ) | (85,930 | ) | ||||
Fuel inventory
|
179 | 315 | ||||||
Accounts payable
|
43,543 | 60,626 | ||||||
Taxes accrued
|
(10,501 | ) | (67,785 | ) | ||||
Interest accrued
|
(789 | ) | 8,031 | |||||
Deferred fuel costs
|
(62,683 | ) | (38,134 | ) | ||||
Other working capital accounts
|
5,188 | (56,630 | ) | |||||
Changes in provisions for estimated losses
|
(89 | ) | (2,200 | ) | ||||
Changes in other regulatory assets
|
36,660 | 33,603 | ||||||
Changes in pension and other postretirement liabilities
|
(13,603 | ) | (6,181 | ) | ||||
Other
|
(25,186 | ) | (11,217 | ) | ||||
Net cash flow provided by operating activities
|
25,917 | 4,680 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction expenditures
|
(75,623 | ) | (79,704 | ) | ||||
Allowance for equity funds used during construction
|
1,547 | 4,138 | ||||||
Change in money pool receivable - net
|
13,672 | 34,812 | ||||||
Increase in other investments
|
- | 2,318 | ||||||
Remittances to transition charge account
|
(39,178 | ) | (40,800 | ) | ||||
Payments from transition charge account
|
48,815 | 18,272 | ||||||
Net cash flow used in investing activities
|
(50,767 | ) | (60,964 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from the issuance of long-term debt
|
- | 198,534 | ||||||
Retirement of long-term debt
|
(31,177 | ) | (177,289 | ) | ||||
Change in money pool payable - net
|
21,067 | - | ||||||
Dividends paid:
|
||||||||
Common stock
|
- | (63,900 | ) | |||||
Other
|
(39 | ) | - | |||||
Net cash flow used in financing activities
|
(10,149 | ) | (42,655 | ) | ||||
Net decrease in cash and cash equivalents
|
(34,999 | ) | (98,939 | ) | ||||
Cash and cash equivalents at beginning of period
|
35,342 | 200,703 | ||||||
Cash and cash equivalents at end of period
|
$ | 343 | $ | 101,764 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 43,659 | $ | 39,083 | ||||
Income taxes
|
$ | - | $ | 1,745 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 305 | $ | 1,719 | ||||
Temporary cash investments
|
38 | 33,623 | ||||||
Total cash and cash equivalents
|
343 | 35,342 | ||||||
Securitization recovery trust account
|
30,994 | 40,632 | ||||||
Accounts receivable:
|
||||||||
Customer
|
74,408 | 56,358 | ||||||
Allowance for doubtful accounts
|
(2,000 | ) | (2,185 | ) | ||||
Associated companies
|
58,429 | 53,128 | ||||||
Other
|
10,622 | 11,605 | ||||||
Accrued unbilled revenues
|
52,642 | 39,471 | ||||||
Total accounts receivable
|
194,101 | 158,377 | ||||||
Accumulated deferred income taxes
|
38,191 | 44,752 | ||||||
Fuel inventory - at average cost
|
53,693 | 53,872 | ||||||
Materials and supplies - at average cost
|
28,869 | 28,842 | ||||||
Prepayments and other
|
8,358 | 14,856 | ||||||
TOTAL
|
354,549 | 376,673 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Investments in affiliates - at equity
|
804 | 812 | ||||||
Non-utility property - at cost (less accumulated depreciation)
|
1,077 | 1,223 | ||||||
Other
|
17,697 | 17,037 | ||||||
TOTAL
|
19,578 | 19,072 | ||||||
UTILITY PLANT
|
||||||||
Electric
|
3,276,716 | 3,205,566 | ||||||
Construction work in progress
|
77,057 | 80,096 | ||||||
TOTAL UTILITY PLANT
|
3,353,773 | 3,285,662 | ||||||
Less - accumulated depreciation and amortization
|
1,273,422 | 1,245,729 | ||||||
UTILITY PLANT - NET
|
2,080,351 | 2,039,933 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
125,495 | 127,046 | ||||||
Other regulatory assets (includes securitization property of
$739,700 as of June 30, 2011 and
$763,841 as of December 31, 2010)
|
1,128,113 | 1,168,960 | ||||||
Long-term receivables - associated companies
|
31,791 | 32,596 | ||||||
Other
|
21,568 | 19,584 | ||||||
TOTAL
|
1,306,967 | 1,348,186 | ||||||
TOTAL ASSETS
|
$ | 3,761,445 | $ | 3,783,864 | ||||
See Notes to Financial Statements.
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable:
|
||||||||
Associated companies
|
$ | 133,018 | $ | 69,862 | ||||
Other
|
72,476 | 70,325 | ||||||
Customer deposits
|
37,486 | 38,376 | ||||||
Taxes accrued
|
18,050 | 28,551 | ||||||
Interest accrued
|
32,888 | 33,677 | ||||||
Deferred fuel costs
|
14,747 | 77,430 | ||||||
Pension and other postretirement liabilities
|
1,197 | 1,354 | ||||||
Other
|
3,986 | 4,222 | ||||||
TOTAL
|
313,848 | 323,797 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
847,633 | 829,668 | ||||||
Accumulated deferred investment tax credits
|
20,137 | 20,936 | ||||||
Other regulatory liabilities
|
6,271 | 26,178 | ||||||
Asset retirement cost liabilities
|
3,759 | 3,651 | ||||||
Accumulated provisions
|
5,231 | 5,320 | ||||||
Pension and other postretirement liabilities
|
59,121 | 72,724 | ||||||
Long-term debt (includes securitization bonds of
$775,901 as of June 30, 2011 and
$807,066 as of December 31, 2010)
|
1,628,270 | 1,659,230 | ||||||
Other
|
14,062 | 18,070 | ||||||
TOTAL
|
2,584,484 | 2,635,777 | ||||||
Commitments and Contingencies
|
||||||||
COMMON EQUITY
|
||||||||
Common stock, no par value, authorized 200,000,000 shares;
|
||||||||
issued and outstanding 46,525,000 shares in 2011 and 2010
|
49,452 | 49,452 | ||||||
Paid-in capital
|
481,994 | 481,994 | ||||||
Retained earnings
|
331,667 | 292,844 | ||||||
TOTAL
|
863,113 | 824,290 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 3,761,445 | $ | 3,783,864 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||||||
Common Equity
|
||||||||||||||||
Common Stock
|
Paid-in Capital
|
Retained Earnings
|
Total
|
|||||||||||||
Balance at December 31, 2009
|
$ | 49,452 | $ | 481,994 | $ | 313,044 | $ | 844,490 | ||||||||
Net income
|
- | - | 34,751 | 34,751 | ||||||||||||
Common stock dividends
|
- | - | (63,900 | ) | (63,900 | ) | ||||||||||
Balance at June 30, 2010
|
$ | 49,452 | $ | 481,994 | $ | 283,895 | $ | 815,341 | ||||||||
Balance at December 31, 2010
|
$ | 49,452 | $ | 481,994 | $ | 292,844 | $ | 824,290 | ||||||||
Net income
|
- | - | 38,823 | 38,823 | ||||||||||||
Balance at June 30, 2011
|
$ | 49,452 | $ | 481,994 | $ | 331,667 | $ | 863,113 | ||||||||
See Notes to Financial Statements.
|
||||||||||||||||
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011
|
2010
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 142 | $ | 125 | $ | 17 | 14 | |||||||||
Commercial
|
89 | 85 | 4 | 5 | ||||||||||||
Industrial
|
96 | 82 | 14 | 17 | ||||||||||||
Governmental
|
6 | 6 | - | - | ||||||||||||
Total retail
|
333 | 298 | 35 | 12 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
74 | 133 | (59 | ) | (44 | ) | ||||||||||
Non-associated companies
|
16 | 14 | 2 | 14 | ||||||||||||
Other
|
21 | 26 | (5 | ) | (19 | ) | ||||||||||
Total
|
$ | 444 | $ | 471 | $ | (27 | ) | (6 | ) | |||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,331 | 1,251 | 80 | 6 | ||||||||||||
Commercial
|
1,083 | 1,044 | 39 | 4 | ||||||||||||
Industrial
|
1,613 | 1,402 | 211 | 15 | ||||||||||||
Governmental
|
73 | 64 | 9 | 14 | ||||||||||||
Total retail
|
4,100 | 3,761 | 339 | 9 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
1,161 | 1,019 | 142 | 14 | ||||||||||||
Non-associated companies
|
280 | 236 | 44 | 19 | ||||||||||||
Total
|
5,541 | 5,016 | 525 | 10 | ||||||||||||
Six Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2011 | 2010 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 268 | $ | 238 | $ | 30 | 13 | |||||||||
Commercial
|
162 | 151 | 11 | 7 | ||||||||||||
Industrial
|
159 | 149 | 10 | 7 | ||||||||||||
Governmental
|
11 | 11 | - | - | ||||||||||||
Total retail
|
600 | 549 | 51 | 9 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
129 | 190 | (61 | ) | (32 | ) | ||||||||||
Non-associated companies
|
36 | 39 | (3 | ) | (8 | ) | ||||||||||
Other
|
28 | 29 | (1 | ) | (3 | ) | ||||||||||
Total
|
$ | 793 | $ | 807 | $ | (14 | ) | (2 | ) | |||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
2,714 | 2,751 | (37 | ) | (1 | ) | ||||||||||
Commercial
|
2,074 | 2,029 | 45 | 2 | ||||||||||||
Industrial
|
3,061 | 2,705 | 356 | 13 | ||||||||||||
Governmental
|
142 | 129 | 13 | 10 | ||||||||||||
Total retail
|
7,991 | 7,614 | 377 | 5 | ||||||||||||
Sales for resale
|
||||||||||||||||
Associated companies
|
1,989 | 1,651 | 338 | 20 | ||||||||||||
Non-associated companies
|
601 | 694 | (93 | ) | (13 | ) | ||||||||||
Total
|
10,581 | 9,959 | 622 | 6 | ||||||||||||
2011
|
2010
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$263,772
|
$264,482
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
142,079
|
129,154
|
|||
Investing activities
|
(219,374)
|
(99,483)
|
|||
Financing activities
|
(118,071)
|
23,855
|
|||
Net increase (decrease) in cash and cash equivalents
|
(195,366)
|
53,526
|
|||
Cash and cash equivalents at end of period
|
$68,406
|
$318,008
|
·
|
the proceeds from the transfer, in the first quarter 2010, of $100.3 million in development costs related to Entergy New Nuclear Development, LLC, as discussed in the Form 10-K;
|
·
|
money pool activity;
|
·
|
an increase of $35 million in construction expenditures primarily due to the Grand Gulf power uprate project;
|
·
|
the repayment in 2010 of $25.6 million by Entergy New Orleans of a note issued in resolution of its bankruptcy proceedings; and
|
·
|
a $20 million loan made to another Entergy subsidiary under an intercompany credit agreement between Entergy New Nuclear Development, LLC (a subsidiary of System Energy) and that affiliate. The interest rate at June 30, 2011 was 4.31%.
|
June 30,
2011
|
December 31,
2010
|
|||
Debt to capital
|
49.2%
|
51.7%
|
||
Effect of subtracting cash
|
(2.3)%
|
(9.0)%
|
||
Net debt to net capital
|
46.9%
|
42.7%
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
December 31,
2009
|
|||
(In Thousands)
|
||||||
$159,655
|
$97,948
|
$105,977
|
$90,507
|
INCOME STATEMENTS
|
||||||||||||||||
For the Three and Six Months Ended June 30, 2011 and 2010
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Electric
|
$ | 129,120 | $ | 124,419 | $ | 257,515 | $ | 253,002 | ||||||||
OPERATING EXPENSES
|
||||||||||||||||
Operation and Maintenance:
|
||||||||||||||||
Fuel, fuel-related expenses, and
|
||||||||||||||||
gas purchased for resale
|
19,485 | 12,307 | 39,175 | 27,625 | ||||||||||||
Nuclear refueling outage expenses
|
4,067 | 4,545 | 8,089 | 9,218 | ||||||||||||
Other operation and maintenance
|
34,886 | 31,405 | 63,843 | 60,290 | ||||||||||||
Decommissioning
|
7,614 | 7,772 | 15,816 | 15,406 | ||||||||||||
Taxes other than income taxes
|
5,790 | 6,058 | 11,213 | 12,089 | ||||||||||||
Depreciation and amortization
|
25,583 | 24,930 | 54,246 | 53,301 | ||||||||||||
Other regulatory credits - net
|
(2,301 | ) | (4,890 | ) | (5,250 | ) | (5,615 | ) | ||||||||
TOTAL
|
95,124 | 82,127 | 187,132 | 172,314 | ||||||||||||
OPERATING INCOME
|
33,996 | 42,292 | 70,383 | 80,688 | ||||||||||||
OTHER INCOME
|
||||||||||||||||
Allowance for equity funds used during construction
|
5,376 | 2,414 | 9,521 | 4,232 | ||||||||||||
Interest and investment income
|
2,508 | 1,236 | 5,049 | 6,622 | ||||||||||||
Miscellaneous - net
|
(145 | ) | (97 | ) | (249 | ) | (229 | ) | ||||||||
TOTAL
|
7,739 | 3,553 | 14,321 | 10,625 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest expense
|
7,736 | 12,411 | 19,125 | 22,720 | ||||||||||||
Allowance for borrowed funds used during construction
|
(1,563 | ) | (835 | ) | (2,916 | ) | (1,465 | ) | ||||||||
TOTAL
|
6,173 | 11,576 | 16,209 | 21,255 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
35,562 | 34,269 | 68,495 | 70,058 | ||||||||||||
Income taxes
|
13,576 | 13,827 | 27,173 | 29,003 | ||||||||||||
NET INCOME
|
$ | 21,986 | $ | 20,442 | $ | 41,322 | $ | 41,055 | ||||||||
See Notes to Financial Statements.
|
||||||||||||||||
STATEMENTS OF CASH FLOWS
|
||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 41,322 | $ | 41,055 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
98,127 | 88,363 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
(32,655 | ) | (50,759 | ) | ||||
Changes in working capital:
|
||||||||
Receivables
|
6,926 | 6,207 | ||||||
Accounts payable
|
7,807 | (397 | ) | |||||
Prepaid taxes
|
49,348 | 68,652 | ||||||
Interest accrued
|
(43,112 | ) | (39,416 | ) | ||||
Other working capital accounts
|
2,383 | (24,959 | ) | |||||
Changes in provision for estimated losses
|
- | (2,009 | ) | |||||
Changes in other regulatory assets
|
34,791 | (9,292 | ) | |||||
Changes in pension and other postretirement liabilities
|
(19,837 | ) | (5,602 | ) | ||||
Other
|
(3,021 | ) | 57,311 | |||||
Net cash flow provided by operating activities
|
142,079 | 129,154 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction expenditures
|
(105,653 | ) | (70,695 | ) | ||||
Proceeds from the transfer of development costs
|
- | 100,280 | ||||||
Allowance for equity funds used during construction
|
9,521 | 4,232 | ||||||
Nuclear fuel purchases
|
(37,709 | ) | (129,331 | ) | ||||
Proceeds from the sale of nuclear fuel
|
12,420 | - | ||||||
Proceeds from nuclear decommissioning trust fund sales
|
106,528 | 138,232 | ||||||
Investment in nuclear decommissioning trust funds
|
(122,774 | ) | (152,291 | ) | ||||
Loan to affiliate
|
(20,000 | ) | - | |||||
Changes in money pool receivable - net
|
(61,707 | ) | (15,470 | ) | ||||
Changes in other investments
|
- | 25,560 | ||||||
Net cash flow used in investing activities
|
(219,374 | ) | (99,483 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from the issuance of long-term debt
|
- | 57,859 | ||||||
Retirement of long-term debt
|
(38,161 | ) | (41,715 | ) | ||||
Changes in credit borrowings - net
|
(37,763 | ) | 44,411 | |||||
Dividends paid:
|
||||||||
Common stock
|
(39,300 | ) | (36,700 | ) | ||||
Other
|
(2,847 | ) | - | |||||
Net cash flow provided by (used in) financing activities
|
(118,071 | ) | 23,855 | |||||
Net increase (decrease) in cash and cash equivalents
|
(195,366 | ) | 53,526 | |||||
Cash and cash equivalents at beginning of period
|
263,772 | 264,482 | ||||||
Cash and cash equivalents at end of period
|
$ | 68,406 | $ | 318,008 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 23,592 | $ | 18,305 | ||||
See Notes to Financial Statements.
|
BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 680 | $ | 903 | ||||
Temporary cash investments
|
67,726 | 262,869 | ||||||
Total cash and cash equivalents
|
68,406 | 263,772 | ||||||
Accounts receivable:
|
||||||||
Associated companies
|
201,528 | 147,180 | ||||||
Other
|
5,503 | 5,070 | ||||||
Total accounts receivable
|
207,031 | 152,250 | ||||||
Loan to affiliate
|
20,000 | - | ||||||
Materials and supplies - at average cost
|
86,432 | 84,077 | ||||||
Deferred nuclear refueling outage costs
|
14,337 | 22,627 | ||||||
Prepaid taxes
|
18,691 | 68,039 | ||||||
Prepayments and other
|
4,699 | 1,142 | ||||||
TOTAL
|
419,596 | 591,907 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Decommissioning trust funds
|
417,471 | 387,876 | ||||||
TOTAL
|
417,471 | 387,876 | ||||||
UTILITY PLANT
|
||||||||
Electric
|
3,374,061 | 3,362,422 | ||||||
Property under capital lease
|
480,899 | 489,175 | ||||||
Construction work in progress
|
292,016 | 210,536 | ||||||
Nuclear fuel
|
147,965 | 155,282 | ||||||
TOTAL UTILITY PLANT
|
4,294,941 | 4,217,415 | ||||||
Less - accumulated depreciation and amortization
|
2,462,681 | 2,417,811 | ||||||
UTILITY PLANT - NET
|
1,832,260 | 1,799,604 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
126,755 | 126,642 | ||||||
Other regulatory assets
|
260,067 | 296,715 | ||||||
Other
|
22,540 | 21,326 | ||||||
TOTAL
|
409,362 | 444,683 | ||||||
TOTAL ASSETS
|
$ | 3,078,689 | $ | 3,224,070 | ||||
See Notes to Financial Statements.
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
June 30, 2011 and December 31, 2010
|
||||||||
(Unaudited)
|
||||||||
2011
|
2010
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Currently maturing long-term debt
|
$ | 40,163 | $ | 33,740 | ||||
Short-term borrowings
|
501 | 38,264 | ||||||
Accounts payable:
|
||||||||
Associated companies
|
5,115 | 6,520 | ||||||
Other
|
42,972 | 38,447 | ||||||
Accumulated deferred income taxes
|
4,661 | 8,508 | ||||||
Interest accrued
|
12,969 | 56,081 | ||||||
Other
|
2,263 | 2,258 | ||||||
TOTAL
|
108,644 | 183,818 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
614,203 | 617,012 | ||||||
Accumulated deferred investment tax credits
|
53,017 | 54,755 | ||||||
Other regulatory liabilities
|
226,452 | 201,364 | ||||||
Decommissioning
|
429,708 | 452,782 | ||||||
Pension and other postretirement liabilities
|
85,408 | 105,245 | ||||||
Long-term debt
|
746,848 | 796,728 | ||||||
Other
|
21 | - | ||||||
TOTAL
|
2,155,657 | 2,227,886 | ||||||
Commitments and Contingencies
|
||||||||
COMMON EQUITY
|
||||||||
Common stock, no par value, authorized 1,000,000 shares;
|
||||||||
issued and outstanding 789,350 shares in 2011 and 2010
|
789,350 | 789,350 | ||||||
Retained earnings
|
25,038 | 23,016 | ||||||
TOTAL
|
814,388 | 812,366 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 3,078,689 | $ | 3,224,070 | ||||
See Notes to Financial Statements.
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||
For the Six Months Ended June 30, 2011 and 2010
|
||||||||||||
(Unaudited) (In Thousands)
|
||||||||||||
Common Equity
|
||||||||||||
Common Stock
|
Retained Earnings
|
Total
|
||||||||||
Balance at December 31, 2009
|
$ | 789,350 | $ | 40,592 | $ | 829,942 | ||||||
Net income
|
- | 41,055 | 41,055 | |||||||||
Common stock dividends
|
- | (36,700 | ) | (36,700 | ) | |||||||
Balance at June 30, 2010
|
$ | 789,350 | $ | 44,947 | $ | 834,297 | ||||||
Balance at December 31, 2010
|
$ | 789,350 | $ | 23,016 | $ | 812,366 | ||||||
Net income
|
- | 41,322 | 41,322 | |||||||||
Common stock dividends
|
- | (39,300 | ) | (39,300 | ) | |||||||
Balance at June 30, 2011
|
$ | 789,350 | $ | 25,038 | $ | 814,388 | ||||||
See Notes to Financial Statements.
|
Period
|
Total Number of
Shares Purchased
|
Average Price Paid
per Share
|
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan
|
Maximum $
Amount
of Shares that May
Yet be Purchased
Under a Plan (2)
|
||||
4/01/2011-4/30/2011
|
310,000
|
$67.58
|
310,000
|
$500,000,000
|
||||
5/01/2011-5/31/2011
|
135,000
|
$69.13
|
135,000
|
$500,000,000
|
||||
6/01/2011-6/30/2011
|
1,100,000
|
$68.11
|
1,100,000
|
$425,083,376
|
||||
Total
|
1,545,000
|
$68.09
|
1,545,000
|
(1)
|
In accordance with Entergy’s stock-based compensation plans, Entergy periodically grants stock options to key employees, which may be exercised to obtain shares of Entergy’s common stock. According to the plans, these shares can be newly issued shares, treasury stock, or shares purchased on the open market. Entergy’s management has been authorized by the Board to repurchase on the open market shares up to an amount sufficient to fund the exercise of grants under the plans. See Note 12 to the financial statements in the Form 10-K for additional discussion of the stock-based compensation plans. In addition to this authority, in October 2010 the Board granted authority for an additional $500 million share repurchase program. The amount of share repurchases under these programs may vary as a result of material changes in business results or capital spending or new investment opportunities.
|
(2)
|
Maximum amount of shares that may yet be repurchased does not include an estimate of the amount of shares that may be purchased to fund the exercise of grants under the stock-based compensation plans.
|
Ratios of Earnings to Fixed Charges
|
|||||||||||
Twelve Months Ended
|
|||||||||||
December 31,
|
June 30,
|
||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
||||||
Entergy Arkansas
|
3.37
|
3.19
|
2.33
|
2.39
|
3.91
|
4.07
|
|||||
Entergy Gulf States Louisiana
|
3.01
|
2.84
|
2.44
|
2.99
|
3.58
|
4.24
|
|||||
Entergy Louisiana
|
3.23
|
3.44
|
3.14
|
3.52
|
3.41
|
3.55
|
|||||
Entergy Mississippi
|
2.54
|
3.22
|
2.92
|
3.25
|
3.30
|
3.27
|
|||||
Entergy New Orleans
|
1.52
|
2.74
|
3.71
|
3.66
|
4.41
|
5.21
|
|||||
Entergy Texas
|
2.12
|
2.07
|
2.04
|
1.92
|
2.10
|
2.20
|
|||||
System Energy
|
4.05
|
3.95
|
3.29
|
3.73
|
3.64
|
3.80
|
Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends/Distributions
|
||||||||||||
Twelve Months Ended
|
||||||||||||
December 31,
|
June 30,
|
|||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
|||||||
Entergy Arkansas
|
3.06
|
2.88
|
1.95
|
2.09
|
3.50
|
3.65
|
||||||
Entergy Gulf States Louisiana
|
2.90
|
2.73
|
2.42
|
2.95
|
3.53
|
4.18
|
||||||
Entergy Louisiana
|
2.90
|
3.08
|
2.87
|
3.27
|
3.13
|
3.23
|
||||||
Entergy Mississippi
|
2.34
|
2.97
|
2.67
|
3.01
|
3.06
|
3.02
|
||||||
Entergy New Orleans
|
1.35
|
2.54
|
3.45
|
3.38
|
3.97
|
4.57
|
4(a) -
|
Seventy-second Supplemental Indenture, dated as of April 30, 2011, to Entergy Louisiana, LLC Mortgage and Deed of Trust, dated as of April 1, 1944.
|
|
*
|
4(b) -
|
Twenty-ninth Supplemental Indenture, dated as of May 1, 2011, to Entergy Mississippi, Inc. Mortgage and Deed of Trust, dated as of February 1, 1988 (4.38 to Form 8-K dated May 13, 2011 in 1-31508).
|
*
|
10(a) -
|
2011 Equity Ownership and Long Term Cash Incentive Plan of Entergy Corporation and Subsidiaries (Annex A to Entergy Corporation’s Definitive Proxy Statement filed on March 24, 2011 in 1-11299).
|
10(b) -
|
Entergy Corporation Outside Director Stock Program Established under the 2011 Equity Ownership and Long Term Cash Incentive Plan of Entergy Corporation and Subsidiaries.
|
|
12(a) -
|
Entergy Arkansas’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
|
|
12(b) -
|
Entergy Gulf States Louisiana’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Distributions, as defined.
|
|
12(c) -
|
Entergy Louisiana’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Distributions, as defined.
|
|
12(d) -
|
Entergy Mississippi’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
|
|
12(e) -
|
Entergy New Orleans’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
|
|
12(f) -
|
Entergy Texas’s Computation of Ratios of Earnings to Fixed Charges, as defined.
|
|
12(g) -
|
System Energy’s Computation of Ratios of Earnings to Fixed Charges, as defined.
|
|
31(a) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
|
|
31(b) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
|
|
31(c) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas. | |
31(d) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
|
|
31(e) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Gulf States Louisiana.
|
|
31(f) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Gulf States Louisiana.
|
|
31(g) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
|
|
31(h) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
|
|
31(i) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
|
|
31(j) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
|
|
31(k) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
|
|
31(l) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
|
|
31(m) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
|
|
31(n) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
|
|
31(o) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
|
|
31(p) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
|
|
32(a) -
|
Section 1350 Certification for Entergy Corporation.
|
|
32(b) -
|
Section 1350 Certification for Entergy Corporation.
|
|
32(c) -
|
Section 1350 Certification for Entergy Arkansas.
|
|
32(d) -
|
Section 1350 Certification for Entergy Arkansas.
|
|
32(e) -
|
Section 1350 Certification for Entergy Gulf States Louisiana.
|
|
32(f) -
|
Section 1350 Certification for Entergy Gulf States Louisiana.
|
|
32(g) -
|
Section 1350 Certification for Entergy Louisiana.
|
|
32(h) -
|
Section 1350 Certification for Entergy Louisiana.
|
|
32(i) -
|
Section 1350 Certification for Entergy Mississippi.
|
|
32(j) -
|
Section 1350 Certification for Entergy Mississippi.
|
|
32(k) -
|
Section 1350 Certification for Entergy New Orleans.
|
|
32(l) -
|
Section 1350 Certification for Entergy New Orleans.
|
|
32(m) -
|
Section 1350 Certification for Entergy Texas.
|
|
32(n) -
|
Section 1350 Certification for Entergy Texas.
|
|
32(o) -
|
Section 1350 Certification for System Energy.
|
|
32(p) - |
Section 1350 Certification for System Energy.
|
|
101 INS -
|
XBRL Instance Document.
|
|
101 SCH -
|
XBRL Taxonomy Extension Schema Document.
|
|
101 PRE -
|
XBRL Taxonomy Presentation Linkbase Document.
|
|
101 LAB -
|
XBRL Taxonomy Label Linkbase Document.
|
|
101 CAL -
|
XBRL Taxonomy Calculation Linkbase Document.
|
|
101 DEF -
|
XBRL Definition Linkbase Document.
|
*
|
Incorporated herein by reference as indicated.
|
ENTERGY CORPORATION
ENTERGY ARKANSAS, INC.
ENTERGY GULF STATES LOUISIANA, L.L.C.
ENTERGY LOUISIANA, LLC
ENTERGY MISSISSIPPI, INC.
ENTERGY NEW ORLEANS, INC.
ENTERGY TEXAS, INC.
SYSTEM ENERGY RESOURCES, INC.
|
/s/ Theodore H. Bunting, Jr.
Theodore H. Bunting, Jr
Senior Vice President and Chief Accounting Officer
(For each Registrant and for each as
Principal Accounting Officer)
|