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Revolving Credit Facilities, Lines Of Credit And Short-Term Borrowings | 6 Months Ended
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Jun. 30, 2014
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
Entergy Arkansas [Member] |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
Entergy Gulf States Louisiana [Member] |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
Entergy Louisiana [Member] |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
Entergy Mississippi [Member] |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
Entergy New Orleans [Member] |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
Entergy Texas [Member] |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
System Energy [Member] |
Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) Entergy Corporation has in place a credit facility that has a borrowing capacity of $3.5 billion and expires in March 2019. Entergy Corporation also has the ability to issue letters of credit against 50% of the total borrowing capacity of the credit facility. The commitment fee is currently 0.275% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. The weighted average interest rate for the six months ended June 30, 2014 was 1.92% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of June 30, 2014.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
| $3,500 |  |  |  | $195 |  |  |  | $8 |  |  |  | $3,297 |
Entergy Corporation’s facility requires it to maintain a consolidated debt ratio of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Utility operating companies (except Entergy New Orleans) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the facility maturity date may occur. Entergy Corporation has a commercial paper program with a Board-approved program limit of up to $1.5 billion. At June 30, 2014, Entergy Corporation had $909 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2014 was 0.91%. Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2014 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of June 30, 2014
Entergy Arkansas |  | April 2015 |  | $20 million (b) |  | 1.65% |  | $—
Entergy Arkansas |  | March 2019 |  | $150 million (c) |  | 1.65% |  | $—
Entergy Gulf States Louisiana |  | March 2019 |  | $150 million (d) |  | 1.40% |  | $—
Entergy Louisiana |  | March 2019 |  | $200 million (e) |  | 1.40% |  | $—
Entergy Mississippi |  | May 2015 |  | $37.5 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $35 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $20 million (f) |  | 1.65% |  | $—
Entergy Mississippi |  | May 2015 |  | $10 million (f) |  | 1.65% |  | $—
Entergy New Orleans |  | November 2014 |  | $25 million |  | 1.90% |  | $—
Entergy Texas |  | March 2019 |  | $150 million (g) |  | 1.65% |  | $—
(a) | The interest rate is the rate as of June 30, 2014 that would most likely apply to outstanding borrowings under the facility.
(b) | Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c) | The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $11 million in letters of credit were outstanding.
(d) | The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $50 million in letters of credit were outstanding.
(e) | The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $7.4 million in letters of credit were outstanding.
(f) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
(g) | The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of June 30, 2014, $23.3 million in letters of credit were outstanding.
The commitment fees on the credit facilities range from 0.125% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Mississippi and Entergy New Orleans each entered into an uncommitted letter of credit facility in 2013 as a means to post collateral to support its obligations related to MISO. As of June 30, 2014, a $9.6 million letter of credit was outstanding under Entergy Mississippi’s letter of credit facility and a $3.3 million letter of credit was outstanding under Entergy New Orleans’s letter of credit facility. As of June 30, 2014, the letter of credit fee on outstanding letters of credit under the Entergy Mississippi and Entergy New Orleans letter of credit facilities was 1.50%. The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. The current FERC-authorized limits are effective through October 31, 2015. In addition to borrowings from commercial banks, these companies are authorized under a FERC order to borrow from the Entergy System money pool. The money pool is an inter-company borrowing arrangement designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from the money pool and external short term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2014 (aggregating both money pool and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas |  | $250 |  |  |  | $11 |
Entergy Gulf States Louisiana |  | $200 |  |  |  | $— |
Entergy Louisiana |  | $250 |  |  |  | $44 |
Entergy Mississippi |  | $175 |  |  |  | $— |
Entergy New Orleans |  | $100 |  |  |  | $— |
Entergy Texas |  | $200 |  |  |  | $— |
System Energy |  | $200 |  |  |  | $— |
Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas,and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015. Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy) See Note 18 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIE). The nuclear fuel company variable interest entities have credit facilities and also issue commercial paper to finance the acquisition and ownership of nuclear fuel as follows as of June 30, 2014:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of June 30, 2014
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | June 2016 |  | $85 |  | 1.58% |  |  | $39.7 |
Entergy Gulf States Louisiana VIE |  | June 2016 |  | $100 |  | n/a |  |  | $— |
Entergy Louisiana VIE |  | June 2016 |  | $90 |  | 1.48% |  |  | $26.8 |
System Energy VIE |  | June 2016 |  | $125 |  | 1.63% |  |  | $65.4 |
(a) | Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper, but borrows directly on its bank credit facility.
Amounts outstanding on the Entergy Gulf States Louisiana nuclear fuel company variable interest entity’s credit facility, if any, are included in long-term debt on its balance sheet and commercial paper outstanding for the other nuclear fuel company variable interest entities is classified as a current liability on the respective balance sheets. The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Louisiana and Entergy Gulf States Louisiana VIEs and 0.125% of the undrawn commitment amount for the Entergy Arkansas and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio of 70% or less of its total capitalization. The nuclear fuel company variable interest entities had notes payable that are included in debt on the respective balance sheets as of June 30, 2014 as follows:
Company |  | Description |  | Amount
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 Arkansas VIE |  | 2.62% Series K due December 2017 |  | $60 million
Entergy Gulf States Louisiana VIE |  | 3.25% Series Q due July 2017 |  | $75 million
Entergy Gulf States Louisiana VIE |  | 3.38% Series R due August 2020 |  | $70 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
Entergy Louisiana VIE |  | 3.25% Series G due July 2017 |  | $25 million
Entergy Louisiana VIE |  | 3.92% Series H due February 2021 |  | $40 million
System Energy VIE |  | 5.33% Series G due April 2015 |  | $60 million
System Energy VIE |  | 4.02% Series H due February 2017 |  | $50 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense. Debt Issuances and Redemptions (Entergy Arkansas) In March 2014, Entergy Arkansas issued $375 million of 3.70% Series first mortgage bonds due June 2024. Entergy Arkansas used the proceeds to pay, prior to maturity, its $250 million term loan and to pay, prior to maturity, its $115 million of 5.0% Series first mortgage bonds due July 2018, and for general corporate purposes. In July 2014 the Entergy Arkansas nuclear fuel trust variable interest entity issued $90 million of 3.65% Series L notes due July 2021. The Entergy Arkansas nuclear fuel trust variable interest entity used the proceeds to pay, at maturity, its $70 million of 5.69% Series I notes due July 2014 and to purchase additional nuclear fuel. (Entergy Gulf States Louisiana) In July 2014, Entergy Gulf States Louisiana issued $110 million of 3.78% Series first mortgage bonds due April 2025. Entergy Gulf States Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. (Entergy Louisiana) In February 2014 the Entergy Louisiana nuclear fuel company variable interest entity issued $40 million of 3.92% Series H Notes due February 2021. The Entergy Louisiana nuclear fuel company variable interest entity used the proceeds to purchase additional nuclear fuel. In June 2014, Entergy Louisiana issued $170 million of 5% Series first mortgage bonds due July 2044. Entergy Louisiana used the proceeds to pay in July 2014, prior to maturity, its $70 million of 6.4% Series first mortgage bonds due October 2034 and to pay in July 2014, prior to maturity, its $100 million of 6.3% Series first mortgage bonds due September 2035. In July 2014, Entergy Louisiana issued $190 million of 3.78% Series first mortgage bonds due April 2025. Entergy Louisiana used the proceeds to re-establish and replenish its storm damage escrow reserves and for general corporate purposes. In July 2014 the Entergy Louisiana nuclear fuel company variable interest entity redeemed, at maturity, its $50 million of 5.69% Series E Notes. (Entergy Mississippi) In March 2014, Entergy Mississippi issued $100 million of 3.75% Series first mortgage bonds due July 2024. Entergy Mississippi used the proceeds to pay, prior to maturity, its $95 million of 4.95% Series first mortgage bonds due June 2018 and for general corporate purposes. (Entergy Texas) In May 2014, Entergy Texas issued $135 million of 5.625% Series first mortgage bonds due June 2064. Entergy Texas used the proceeds to pay, prior to maturity, a portion of its $150 million of 7.875% Series first mortgage bonds due June 2039 and for general corporate purposes. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of June 30, 2014 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,618,771 |  |  |  | $12,852,390 |
Entergy Arkansas |  | $2,409,534 |  |  |  | $2,251,140 |
Entergy Gulf States Louisiana |  | $1,512,784 |  |  |  | $1,643,803 |
Entergy Louisiana |  | $3,402,216 |  |  |  | $3,474,973 |
Entergy Mississippi |  | $1,058,775 |  |  |  | $1,103,868 |
Entergy New Orleans |  | $225,902 |  |  |  | $227,329 |
Entergy Texas |  | $1,507,817 |  |  |  | $1,677,135 |
System Energy |  | $710,750 |  |  |  | $682,562 |
(a) | The values exclude lease obligations of $132 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $96 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2013 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $12,596,244 |  |  |  | $12,439,785 |
Entergy Arkansas |  | $2,405,802 |  |  |  | $2,142,527 |
Entergy Gulf States Louisiana |  | $1,527,465 |  |  |  | $1,631,308 |
Entergy Louisiana |  | $3,219,516 |  |  |  | $3,148,877 |
Entergy Mississippi |  | $1,053,670 |  |  |  | $1,067,006 |
Entergy New Orleans |  | $225,944 |  |  |  | $217,692 |
Entergy Texas |  | $1,556,939 |  |  |  | $1,726,623 |
System Energy |  | $757,436 |  |  |  | $664,890 |
(a) | The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $95 million at Entergy, and include debt due within one year.
(b) | Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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